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REGISTERED NUMBER: 08299002 (England and Wales)















FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

FOR

THE DAVENTRY ESTATE COMPANY LIMITED

THE DAVENTRY ESTATE COMPANY LIMITED (REGISTERED NUMBER: 08299002)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024










Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 3


THE DAVENTRY ESTATE COMPANY LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2024







DIRECTORS: S Hibbert
J Slack
JWE Aldridge
T Gilford





SECRETARY: Z Campbell





REGISTERED OFFICE: One Angel Square
Angel Street
Northampton
Northamptonshire
NN1 1ED





REGISTERED NUMBER: 08299002 (England and Wales)





AUDITORS: Shaw Gibbs (Audit) Limited
Chartered Certified Accountants
Statutory Auditor
Eagle House
28 Billing Road
Northampton
Northamptonshire
NN1 5AJ

THE DAVENTRY ESTATE COMPANY LIMITED (REGISTERED NUMBER: 08299002)

STATEMENT OF FINANCIAL POSITION
31 MARCH 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Investment property 4 8,465,000 8,260,000

CURRENT ASSETS
Debtors 5 33,264 11,547
Cash at bank 258,026 344,281
291,290 355,828
CREDITORS
Amounts falling due within one year 6 19,673 117,839
NET CURRENT ASSETS 271,617 237,989
TOTAL ASSETS LESS CURRENT
LIABILITIES

8,736,617

8,497,989

CREDITORS
Amounts falling due after more than one
year

7

(5,918,216

)

(5,918,711

)

PROVISIONS FOR LIABILITIES (486,053 ) (434,803 )
NET ASSETS 2,332,348 2,144,475

CAPITAL AND RESERVES
Called up share capital 1,000 1,000
Investment property reserve 8 2,056,074 1,902,324
Retained earnings 8 275,274 241,151
SHAREHOLDERS' FUNDS 2,332,348 2,144,475

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 16 September 2024 and were signed on its behalf by:





JWE Aldridge - Director


THE DAVENTRY ESTATE COMPANY LIMITED (REGISTERED NUMBER: 08299002)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024


1. STATUTORY INFORMATION

The Daventry Estate Company Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Significant judgements and estimates
The preparation of financial statements requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the company accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the financial statements are disclosed within the individual accounting policies below.

Turnover
Turnover represents rental income from investment properties.

Investment property
Investment property is shown at the most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in the Statement of Comprehensive Income. The fair value is stated on the basis that the properties are valued on an individual basis, rather than collectively.

Financial instruments
Cash and cash equivalents in the balance sheet comprise cash at bank and in hand and short term deposits with an original maturity date of three months or less.

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the statement of comprehensive income under administrative expenses.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.

Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.

Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.


THE DAVENTRY ESTATE COMPANY LIMITED (REGISTERED NUMBER: 08299002)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Deferred tax is recognised on fair value gains on investment properties.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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

Finance leases
Assets held under finance leases are capitalised in the balance sheet. The interest element of these obligations is charged to the statement of comprehensive income over the relevant period. The capital element of future payments is treated as a liability.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2023 - NIL).

4. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2023 8,260,000
Revaluations 205,000
At 31 March 2024 8,465,000
NET BOOK VALUE
At 31 March 2024 8,465,000
At 31 March 2023 8,260,000

THE DAVENTRY ESTATE COMPANY LIMITED (REGISTERED NUMBER: 08299002)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


4. INVESTMENT PROPERTY - continued

The investment properties were valued on a fair value basis as at 31 March 2024 by Phillip Smith MRICS of Wilkes Head & Eve LLP.

The constitution of West Northamptonshire Council states that, in the absence of specific alternative objectives, any disposal shall have the objective of securing the best financial return for the council. Consequently any future disposal would be undertaken by means of individual property disposal. Therefore open market value represents fair value for the company.

If the properties were to be sold as one investment portfolio the RICS guidance note 'Valuing Residential Property purpose built for renting' would be followed. On that basis the value of the properties would be £4.43m.

The investment properties were all held under finance leases. The fair value of these assets is as stated above.

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 27,658 4,355
Tax 61 -
Prepayments and accrued income 5,545 7,192
33,264 11,547

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Finance leases 496 450
Amounts owed to group undertakings 150 92,572
Tax 7,990 9,620
Accruals and deferred income 11,037 15,197
19,673 117,839

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Finance leases 5,918,216 5,918,711

Amounts falling due in more than five years:

Repayable by instalments
Finance leases 5,916,256 5,916,798

THE DAVENTRY ESTATE COMPANY LIMITED (REGISTERED NUMBER: 08299002)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


8. RESERVES
Investment
Retained property
earnings reserve Totals
£    £    £   

At 1 April 2023 241,151 1,902,324 2,143,475
Profit for the year 187,873 187,873
Reserves transfer (153,750 ) 153,750 -
At 31 March 2024 275,274 2,056,074 2,331,348

9. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Robyn Liddell (Senior Statutory Auditor)
for and on behalf of Shaw Gibbs (Audit) Limited

10. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with other members of the group.

11. CONTROLLING PARTY

The directors consider that The Daventry Estate Company Limited (TDECL) is a "controlled" company under the terms of the Local Government and Housing Act 1989 and the Local Authorities (Companies) Order 1995. This is because West Northants Council (WNC) is the sole shareholder of the company. As such WNC has 100% of the voting rights at general meetings and has the sole right to appoint and remove directors.

WNC can be contacted at One Angel Square, Northampton, NN1 1ED.