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REGISTERED NUMBER: 02454132 (England and Wales)









UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

DANESDALE LAND LIMITED

DANESDALE LAND LIMITED (REGISTERED NUMBER: 02454132)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


DANESDALE LAND LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTOR: S A Church FCA





SECRETARY: S A Church FCA





REGISTERED OFFICE: 14 Wilton Road
Salisbury
SP2 7EE





REGISTERED NUMBER: 02454132 (England and Wales)





ACCOUNTANTS: Fawcetts LLP
Chartered Accountants
Windover House
St. Ann Street
Salisbury
SP1 2DR

DANESDALE LAND LIMITED (REGISTERED NUMBER: 02454132)

BALANCE SHEET
31 DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Investments 4 19,662,127 19,517,814
Investment property 5 12,316,841 12,267,262
31,978,968 31,785,076

CURRENT ASSETS
Debtors 6 1,066,005 1,153,838
Cash at bank 1,414,699 1,147,539
2,480,704 2,301,377
CREDITORS
Amounts falling due within one year 7 3,541,040 2,520,741
NET CURRENT LIABILITIES (1,060,336 ) (219,364 )
TOTAL ASSETS LESS CURRENT LIABILITIES 30,918,632 31,565,712

CREDITORS
Amounts falling due after more than one
year

8

(16,326,390

)

(17,516,515

)

PROVISIONS FOR LIABILITIES (1,687,857 ) (1,741,799 )
NET ASSETS 12,904,385 12,307,398

CAPITAL AND RESERVES
Called up share capital 11 100,000 100,000
Non-distributable reserve 12 2,494,850 2,631,279
Retained earnings 12 10,309,535 9,576,119
SHAREHOLDERS' FUNDS 12,904,385 12,307,398

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

DANESDALE LAND LIMITED (REGISTERED NUMBER: 02454132)

BALANCE SHEET - continued
31 DECEMBER 2023


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 Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 19 September 2024 and were signed by:





S A Church FCA - Director


DANESDALE LAND LIMITED (REGISTERED NUMBER: 02454132)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023


1. STATUTORY INFORMATION

Danesdale Land 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.

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.

The financial statements are prepared on a going concern basis and are presented in Sterling (£) which is the functional currency of the company.

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

Preparation of consolidated financial statements
The financial statements contain information about Danesdale Land Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Significant judgements and estimates
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for turnover and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates.

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements:

Valuation of investment property:

The company carries its investment property at fair value. The company engaged a firm of professionally qualified Chartered Surveyors to determine fair value at 30 June 2020 and in the opinion of the director this remains unchanged at 31 December 2023, taking into account the company's acquisitions, disposals, and general market conditions. The method and significant assumptions used to determine the fair value of investment property are further explained in the notes to the financial statements.

Deferred taxation:

Deferred tax liabilities are assessed on the basis of assumptions regarding the future, the likelihood that assets will be realised and liabilities will be settled, and estimates as to the timing of those future events and as to the future tax rates that will be applicable.

Turnover
Turnover represents the amounts derived from ground rents, property management and other fees from freehold reversionary interests, stated net of Value Added Tax, all of which is attributable to continuing operations generated in the United Kingdom. Rental income is recognised on the accruals basis. All other income is recognised at the transaction date.

DANESDALE LAND LIMITED (REGISTERED NUMBER: 02454132)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


2. ACCOUNTING POLICIES - continued

Investment property
Investment property represents the company's portfolio of freehold ground rents. It is initially recognised at cost, which includes purchase cost and any directly attributable expenditure.

Investment property is measured at fair value at each reporting date. Any fair value gains arising are not realised profits and therefore are transferred to a separately designated non-distributable reserve. Any loss arising from revaluation is also recognised in the non-distributable reserve unless it represents a loss below original cost, or its reversal, on an individual investment property is expected to be permanent, in which case it is recognised in the Income Statement for the year.

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 balance sheet date.

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

Debtors
Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method, less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases, the receivable are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents
Cash and cash equivalents in the balance sheet comprise cash at bank and in hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less and bank overdrafts.

Creditors
Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method unless the effect of discounting would be immaterial, in which case they are stated at cost.

DANESDALE LAND LIMITED (REGISTERED NUMBER: 02454132)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


2. ACCOUNTING POLICIES - continued

Financial instruments
The company only enters into basic financial instruments and transactions that result in the recognition of financial assets and liabilities such as trade and other debtors and creditors, loans from banks and other third parties, and loans to and from related parties.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other debtors and creditors, are initially measured at the present value of future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade creditors and debtors, are measured initially and subsequently, at the undiscounted amount of the cash, or other consideration, expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, such as the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or, in the case of an outright short-term loan, not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.

Fixed asset investments
Investments held as fixed assets are stated at cost less provision for any impairment.

Other investments represent payments on account and are in respect of an option agreement with Cala Homes (Midlands) Limited to purchase the freehold ground rents in residential developments as they are built.

Exceptional items
The company classifies one-off charges or credits that have a material impact on the company's financial results, either by virtue of their size or nature, as 'exceptional items'. These are disclosed separately to provide further understanding of the financial performance of the company.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2022 - NIL).

4. FIXED ASSET INVESTMENTS
Shares in
group Other
undertakings investments Totals
£    £    £   
COST
At 1 January 2023 19,387,656 130,158 19,517,814
Additions 279,478 - 279,478
Disposals - (116,666 ) (116,666 )
Impairments (18,499 ) - (18,499 )
At 31 December 2023 19,648,635 13,492 19,662,127
NET BOOK VALUE
At 31 December 2023 19,648,635 13,492 19,662,127
At 31 December 2022 19,387,656 130,158 19,517,814

DANESDALE LAND LIMITED (REGISTERED NUMBER: 02454132)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


4. FIXED ASSET INVESTMENTS - continued

Other investments represent payments on account and are in respect of an option agreement with Cala Homes (Midlands) Limited to purchase the freehold ground rents in residential developments as they are built.

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 January 2023 12,267,262
Additions 313,264
Disposals (258,423 )
Revaluations (5,262 )
At 31 December 2023 12,316,841
NET BOOK VALUE
At 31 December 2023 12,316,841
At 31 December 2022 12,267,262

Fair value at 31 December 2023 is represented by:
£   
Valuation in 2023 3,736,190
Cost 8,580,651
12,316,841

Investment property (representing the company's portfolio of freehold ground rents) was valued at fair value (open market basis) on 30 June 2020 by Bureau Property Consultants and in the opinion of the director this remains unchanged at 31 December 2023, taking into account the company's acquisitions, disposals, and general market conditions.

Investment property was valued at a multiple of ground rents discounted for the quality of the investment portfolio together with an allowance for future lease extensions.

The valuation assumes that all properties have been maintained in good order and that the freeholder is not in breach of any landlord obligations under the respective leases; all properties were built in compliance with the then planning agreements, applicable building regulations and all s106 obligations were complied with; there are no defects in title which will materially affect the value of one or more of the properties; there is no unresolved dispute as to the amount of ground rent payable; no property is more than 18m high with ACM cladding; and no property has been served with an enforcement notice which could affect its value.

Bureau Property Consultants are a firm of Chartered Surveyors regulated by RICS. They specialise in providing residential valuation advice to freeholders and hold relevant experience in the location and class of investment property being valued.

DANESDALE LAND LIMITED (REGISTERED NUMBER: 02454132)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


6. DEBTORS
2023 2022
£    £   
Amounts falling due within one year:
Trade debtors 344,582 344,444
Other debtors 721,423 730,487
1,066,005 1,074,931

Amounts falling due after more than one year:
Amounts owed by group undertakings - 78,907

Aggregate amounts 1,066,005 1,153,838

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 940,125 -
Trade creditors 137,160 79,588
Amounts owed to group undertakings 305,782 151,690
Taxation and social security 104,884 209,214
Other creditors 2,053,089 2,080,249
3,541,040 2,520,741

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans - 940,125
Other creditors 16,326,390 16,576,390
16,326,390 17,516,515

Amounts falling due in more than five years:

Repayable by instalments
Other loans more 5yrs instal 15,076,390 15,326,390

DANESDALE LAND LIMITED (REGISTERED NUMBER: 02454132)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


9. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
£    £   
Within one year 11,000 11,000
Between one and five years 5,500 16,500
16,500 27,500

10. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 940,125 940,125
Other loans 16,576,390 16,826,390
17,516,515 17,766,515

The bank loan is secured by way of a first legal charge over certain assets of the company.

Other loans represent loan notes which are secured by way of a legal charge with the loan note holder.

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
100,000 Ordinary £1 100,000 100,000

12. RESERVES
Retained Non-distributable
earnings reserve Totals
£    £    £   

At 1 January 2023 9,576,119 2,631,279 12,207,398
Profit for the year 1,396,987 - 1,396,987
Dividends (800,000 ) - (800,000 )
Transfer of realised surplus on sale
of properties

190,371

(190,371

)

-

Transfer of movement in deferred
tax on fair value changes

(53,942

)

53,942

-

At 31 December 2023 10,309,535 2,494,850 12,804,385

DANESDALE LAND LIMITED (REGISTERED NUMBER: 02454132)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


13. 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 wholly owned subsidiaries within the group.

14. ULTIMATE PARENT COMPANY AND CONTROLLING PARTY

The ultimate parent company is Sarum Lands Limited, a company incorporated in England. In the opinion of the director, no one individual has control of the ultimate parent company Sarum Lands Limited.