Company registration number 10446394 (England and Wales)
DELTAGLOBE TWO LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
DELTAGLOBE TWO LIMITED
COMPANY INFORMATION
Director
Mrs S M MacDonald-Hall
Company number
10446394
Registered office
C/O Azets
Carnac Place
Cams Hall Estate
Fareham
Hampshire
United Kingdom
PO16 8UY
Accountants
Azets
Carnac Place
Cams Hall Estate
Fareham
Hampshire
United Kingdom
PO16 8UY
DELTAGLOBE TWO LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
DELTAGLOBE TWO LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investment property
3
4,626,985
4,626,985
Investments
4
2,559,746
2,435,198
7,186,731
7,062,183
Current assets
Debtors
5
827,750
707,682
Cash at bank and in hand
447,818
561,586
1,275,568
1,269,268
Creditors: amounts falling due within one year
6
(7,237,753)
(7,062,659)
Net current liabilities
(5,962,185)
(5,793,391)
Total assets less current liabilities
1,224,546
1,268,792
Provisions for liabilities
(134,817)
(103,680)
Net assets
1,089,729
1,165,112
Capital and reserves
Called up share capital
1
1
Revaluation Reserve
532,802
379,774
Distributable profit and loss reserves
556,926
785,337
Total equity
1,089,729
1,165,112

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

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

The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

DELTAGLOBE TWO LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2023
31 December 2023
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 21 September 2024
Mrs S M MacDonald-Hall
Director
Company Registration No. 10446394
DELTAGLOBE TWO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
1
Accounting policies
Company information

Deltaglobe Two Limited is a private company limited by shares incorporated in England and Wales. The registered office is C/O Azets, Carnac Place, Cams Hall Estate, Fareham, Hampshire, United Kingdom, PO16 8UY.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties at fair value. The principal accounting policies adopted are set out below.

The financial statements relate to Deltaglobe Two Limited as an individual entity.

1.2
Turnover

Turnover is the total amount receivable by the company for rental income, profit shares and the provision of related services, excluding VAT and trade discounts. The total revenue from each lease is recognised on a straight line basis over the period of the lease. Revenue from profit shares is generated from rental income and is recognised on a straight line basis over the period of the the related lease.

1.3
Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

1.4
Fixed asset investments

Fixed asset investments represent the proportion of investment property for which the company is entitled to receive rentals. Initially recognised at cost but subsequently it is measured at the proportion of fair value of the investment property at the reporting end date. Changes in fair value are recognised in profit or loss.

1.5
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.6
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

DELTAGLOBE TWO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

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 company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.7
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.8
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

DELTAGLOBE TWO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 5 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
1
1
3
Investment property
2023
£
Fair value
At 1 January 2023 and 31 December 2023
4,626,985

The investment property was valued on an open market basis on 31 December 2023 by the director.

 

The historical cost of the investment property is £4,579,327.

4
Fixed asset investments
2023
2022
£
£
Other investments other than loans
2,559,746
2,435,198
DELTAGLOBE TWO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
4
Fixed asset investments
(Continued)
- 6 -
Movements in fixed asset investments
Other investments
£
Cost or valuation
At 1 January 2023
2,435,198
Valuation changes
124,548
At 31 December 2023
2,559,746
Carrying amount
At 31 December 2023
2,559,746
At 31 December 2022
2,435,198
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
66,248
72,027
Other debtors
761,502
635,655
827,750
707,682
6
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
69,944
51,389
Taxation and social security
110,904
98,355
Other creditors
7,056,905
6,912,915
7,237,753
7,062,659
7
Related party disclosures

Included within other creditors is £160,739 (2022 - £160,739) owed to the director No interest is charged on this amount.

 

Included within other debtors is £492,873 (2022 - £492,873) owed by companies under common control. No interest is charged on this amount.

 

Investment gain on client's joint venture totals £124,548 (2022 - £367,062) as per partner's internal valuation - bringing total value of investment to £2,559,746 (2022 - £2,435,198) .

 

If the investments had not been revalued, they would be shown at cost of £2,068,136

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