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Registration number: NI032340

Dapok Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2023

 

Dapok Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 8

 

Dapok Limited

(Registration number: NI032340)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

6,565,000

6,685,042

Current assets

 

Debtors

5

98,193

69,311

Cash at bank and in hand

 

33,295

81,999

 

131,488

151,310

Creditors: Amounts falling due within one year

6

(1,936,629)

(2,081,956)

Net current liabilities

 

(1,805,141)

(1,930,646)

Total assets less current liabilities

 

4,759,859

4,754,396

Provisions for liabilities

(250,376)

(232,242)

Net assets

 

4,509,483

4,522,154

Capital and reserves

 

Called up share capital

7

100

100

Revaluation reserve

2,135,379

2,325,399

Retained earnings

2,374,004

2,196,655

Shareholders' funds

 

4,509,483

4,522,154

 

Dapok Limited

(Registration number: NI032340)
Balance Sheet as at 31 December 2023

For the financial year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 19 August 2024 and signed on its behalf by:
 

.........................................
Mr Christopher Brooke
Company secretary and director

.........................................
Mr Gary Henry
Director

 
     
 

Dapok Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

1

General information

The company is a private company limited by share capital, incorporated in Northern Ireland.

The address of its registered office is:
51-53 Thomas Street
Ballymena
Co. Antrim
BT43 6AZ
Northern Ireland

These financial statements were authorised for issue by the Board on 19 August 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
The presentational currency of these financial statements is sterling , and all amounts have been rounded to the nearest £1.

Going concern

The financial statements have been prepared on a going concern basis.The directors have assessed a period of 12 months from the date of approving the financial statements with regard to the appropriateness of the going concern assumption in preparing the financial statements. As at the date of sign off of the financial statements, the directors believe that the company will continue as a going concern and be able to realise its assets and discharge its liabilities in the normal course of business.

Judgements

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amount of assets and liabilities, income and expenses. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. actual results may differ from these estimates.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.

 

Dapok Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used.

Tangible assets

Tangible assets are stated in the statement of financial position at cost or valuation, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.The company assesses at each reporting date whether tangible fixed assets are impaired.

The cost or valuation of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost or valuation of assets (other than land and properties under construction ) less their residual value over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Property,plant and equipment

nil

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

Dapok Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Financial instruments

Classification
Financial assets and liabilities are recognised when the company becomes party to the contractual provisions of the instrument. Financial liabilities and equity instruments are classified according to the substance of the related contractual arrangements. An equity arrangement is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
 Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified at fair value through profit & loss which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction.

The company only has financial assets and liabilities of the kind that qualify as basic financial instruments. Basic financial instruments are initially recognised by transaction value and subsequently measured at their settlement value.

 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 6 (2022 - 5).

 

Dapok Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

4

tangible assets

Property, plant
& Equipment
£

Total
£

Cost or valuation

At 1 January 2023

6,685,042

6,685,042

Revaluations

(172,851)

(172,851)

Additions

52,809

52,809

At 31 December 2023

6,565,000

6,565,000

Depreciation

Carrying amount

At 31 December 2023

6,565,000

6,565,000

At 31 December 2022

6,685,042

6,685,042

Included within the net book value of property, plant & equipment above is £6,565,000 (2022 - £6,685,042) in respect of freehold land and buildings.
 

Revaluation

The fair value of the company's Land & Buildings was revalued on 31 December 2023 by an independent valuer. . The name and qualification of the independent valuer are Colin McDowell BSc FRICS at Cushman wakefield.
Had this class of asset been measured on a historical cost basis, the carrying amount would have been £4,221,242 (2022 - £4,168,434).

5

Debtors

Current

2023
£

2022
£

Trade debtors

62,575

65,125

Prepayments

2,496

4,186

Other debtors

33,122

-

 

98,193

69,311

 

Dapok Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Trade creditors

 

21,083

53,461

Amounts due to related parties

9

1,300,682

1,417,922

Social security and other taxes

 

25,857

17,940

Other payables

 

542,231

542,231

Accruals

 

4,599

2,807

Income tax liability

42,177

47,595

 

1,936,629

2,081,956

7

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

       

8

Reserves

The changes to each component of equity resulting from items of other comprehensive income for the current year were as follows:

Revaluation reserve
£

Total
£

Surplus/deficit on property, plant and equipment revaluation

(190,020)

(190,020)

Deferred tax has been provided for on the difference between the revalued amount and the cost plus indexation of the revalued assets

9

Related party transactions

Summary of transactions with other related parties

Directors
 At the balance sheet date the amount owed to Directors and their related parties was £542,231 (2022 £542,231).These amounts are included in creditors
 

 

Dapok Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

10

Parent and ultimate parent undertaking

The company's immediate parent is Galgorm Castle Holdings Limited, incorporated in Northern Ireland.