REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MAY 2024 |
FOR |
DJM PROPERTIES LIMITED |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MAY 2024 |
FOR |
DJM PROPERTIES LIMITED |
DJM PROPERTIES LIMITED (REGISTERED NUMBER: 04218078) |
CONTENTS OF THE FINANCIAL STATEMENTS |
For The Year Ended 31 May 2024 |
Page |
Company information | 1 |
Statement of financial position | 2 |
Notes to the financial statements | 4 |
DJM PROPERTIES LIMITED |
COMPANY INFORMATION |
For The Year Ended 31 May 2024 |
Directors: |
Registered office: |
Registered number: |
Accountants: |
Chartered Certified Accountants & |
Statutory Auditor |
Unit 2, 32-34 Station Close |
Potters Bar |
Hertfordshire |
EN6 1TL |
DJM PROPERTIES LIMITED (REGISTERED NUMBER: 04218078) |
STATEMENT OF FINANCIAL POSITION |
31 May 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
Fixed assets |
Tangible assets | 4 |
Current assets |
Cash at bank |
Creditors |
Amounts falling due within one year | 5 |
Net current liabilities | ( |
) | ( |
) |
Total assets less current liabilities |
Creditors |
Amounts falling due after more than one year |
6 |
Net liabilities | ( |
) | ( |
) |
Capital and reserves |
Called up share capital |
Revaluation reserve | 8 |
Retained earnings | ( |
) | ( |
) |
Shareholders' funds | ( |
) | ( |
) |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
DJM PROPERTIES LIMITED (REGISTERED NUMBER: 04218078) |
STATEMENT OF FINANCIAL POSITION - continued |
31 May 2024 |
In accordance with Section 444 of the Companies Act 2006, the Statement of income and retained earnings has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
DJM PROPERTIES LIMITED (REGISTERED NUMBER: 04218078) |
NOTES TO THE FINANCIAL STATEMENTS |
For The Year Ended 31 May 2024 |
1. | Statutory information |
DJM Properties Limited is a |
2. | Accounting policies |
Basis of preparing the financial statements |
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of certain fixed assets, and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008). |
Turnover |
a) Turnover consists of rents receivable. |
b) Investment properties are shown at their open market value. The surplus or deficit arising from the annual revaluation is transfered to the investment revaluation reserve unless a deficit, or its reversal, on an individual investment property is expected to be permanent, in which case it is recognised in the profit and loss account for the year. |
This is in accordance with the FRSSE which, unlike the Companies Act 2006, does not require depreciation of investment properties. Investment properties are held for their investment potential and not for use by the company and so their current value is of prime importance. The departure from the provisions of the Act is required in order to give a true and fair view. |
Tangible fixed assets |
No depreciation has been provided on Freehold Property and improvements to Property as, in the opinion of the directors the buildings are maintained to a high standard and their market values are in excess of the original cost. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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. |
DJM PROPERTIES LIMITED (REGISTERED NUMBER: 04218078) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
For The Year Ended 31 May 2024 |
2. | Accounting policies - continued |
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. |
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. |
Financial instruments |
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. |
3. | Employees and directors |
The average number of employees during the year was NIL (2023 - |
4. | Tangible fixed assets |
Improvements |
Freehold | to |
property | property | Totals |
£ | £ | £ |
Cost or valuation |
At 1 June 2023 |
and 31 May 2024 |
Net book value |
At 31 May 2024 |
At 31 May 2023 |
Cost or valuation at 31 May 2024 is represented by: |
Improvements |
Freehold | to |
property | property | Totals |
£ | £ | £ |
Valuation in 2010 | 183,018 | - | 183,018 |
Valuation in 2012 | 34,339 | - | 34,339 |
Cost | - | 682,643 | 682,643 |
217,357 | 682,643 | 900,000 |
DJM PROPERTIES LIMITED (REGISTERED NUMBER: 04218078) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
For The Year Ended 31 May 2024 |
4. | Tangible fixed assets - continued |
If freehold land and buildings had not been revalued they would have been included at the following historical cost: |
2024 | 2023 |
£ | £ |
Cost | 183,018 | 183,018 |
Value of land in freehold land and buildings | 183,018 | 183,018 |
Freehold land and buildings were valued on an open market basis on 30 June 2019 by Mark Cohen MRICS RICS registered valuer . |
5. | Creditors: amounts falling due within one year |
2024 | 2023 |
£ | £ |
Bank loan |
Bank loan | 40,000 | - |
Trade creditors |
Accrued expenses |
6. | Creditors: amounts falling due after more than one year |
2024 | 2023 |
£ | £ |
Bank loans more 5 yrs non-inst | - | 295,001 |
Bank loan | 207,037 | 207,037 |
Bank loan | 6,042 | 8,679 |
Bank loan | 40,200 | 34,001 |
Directors' loans | 298,051 | 14,975 |
Inter company | 381,800 | 381,100 |
Amounts falling due in more than five years: |
Repayable otherwise than by instalments |
Bank loans more 5 yrs non-inst |
Bank loan | 207,037 | 207,037 |
Bank loan | 6,042 | 8,679 |
Bank loan | 40,200 | 34,001 |
DJM PROPERTIES LIMITED (REGISTERED NUMBER: 04218078) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
For The Year Ended 31 May 2024 |
7. | Secured debts |
The following secured debts are included within creditors: |
2024 | 2023 |
£ | £ |
Bank loans |
The bank loan is secured by a charge on the property. |
8. | Reserves |
Revaluation |
reserve |
£ |
At 1 June 2023 |
and 31 May 2024 |