Company registration number 00262326 (England and Wales)
THE DARENTH RIVER BALLAST COMPANY LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
THE DARENTH RIVER BALLAST COMPANY LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Statement of changes in equity
3
Notes to the financial statements
4 - 10
THE DARENTH RIVER BALLAST COMPANY LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
202,898
715,551
Investment property
5
15,755,508
12,450,000
15,958,406
13,165,551
Current assets
Debtors
6
779,254
92,949
Cash at bank and in hand
1,998,590
1,158,898
2,777,844
1,251,847
Creditors: amounts falling due within one year
7
(4,000,747)
(530,281)
Net current (liabilities)/assets
(1,222,903)
721,566
Total assets less current liabilities
14,735,503
13,887,117
Creditors: amounts falling due after more than one year
8
(163,150)
(16,564)
Provisions for liabilities
9
(2,241,224)
(2,190,773)
Net assets
12,331,129
11,679,780
Capital and reserves
Called up share capital
11
3,800
3,800
Capital redemption reserve
200
200
Profit and loss reserves
12,327,129
11,675,780
Total equity
12,331,129
11,679,780

The directors of the company have 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 directors acknowledge their 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.

THE DARENTH RIVER BALLAST COMPANY LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2023
31 December 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 20 September 2024 and are signed on its behalf by:
A W Durtnell
Director
Company Registration No. 00262326
THE DARENTH RIVER BALLAST COMPANY LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
Share capital
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 January 2022
3,800
200
11,426,572
11,430,572
Year ended 31 December 2022:
Profit and total comprehensive income for the year
-
-
363,208
363,208
Dividends
-
-
(114,000)
(114,000)
Balance at 31 December 2022
3,800
200
11,675,780
11,679,780
Year ended 31 December 2023:
Profit and total comprehensive income for the year
-
-
765,349
765,349
Dividends
-
-
(114,000)
(114,000)
Balance at 31 December 2023
3,800
200
12,327,129
12,331,129
THE DARENTH RIVER BALLAST COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
1
Accounting policies
Company information

The Darenth River Ballast Company Limited is a private company limited by shares incorporated in England and Wales. The registered office is Rectory Lane, Brasted, Westerham, Kent, TN16 1JR.

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 investment properties at fair value. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover represents rents receivable in accordance with the terms of the tenants' leases and income from fishing rights, net of value added tax.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Tangible fixed assets, other than freehold investment property, are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:

Freehold buildings
2% on cost
Freehold investment properties
No depreciation
Equipment
10% on cost
Motor vehicles
20% on cost

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.4
Investment property

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. The surplus or deficit on revaluation is recognised in the profit and loss account.

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.

THE DARENTH RIVER BALLAST COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 5 -
1.6
Financial instruments

The company applies the provisions of Section 11 ‘Basic Financial Instruments’ of FRS 102 to all of its financial instruments, which are classified as basic.

 

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.

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 and loans from related companies 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.

 

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.

THE DARENTH RIVER BALLAST COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 6 -
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 taxable 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 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.

1.9
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

1.10
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.11
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to the profit and loss account so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. 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.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

THE DARENTH RIVER BALLAST COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
3
Employees

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

2023
2022
Number
Number
Total
3
3
4
Tangible fixed assets
Freehold land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 January 2023
694,726
191,872
886,598
Additions
-
0
74,127
74,127
Disposals
(13,961)
-
0
(13,961)
Transfers
(553,681)
-
0
(553,681)
At 31 December 2023
127,084
265,999
393,083
Depreciation and impairment
At 1 January 2023
34,831
136,216
171,047
Depreciation charged in the year
2,542
19,577
22,119
Transfers
(2,981)
-
0
(2,981)
At 31 December 2023
34,392
155,793
190,185
Carrying amount
At 31 December 2023
92,692
110,206
202,898
At 31 December 2022
659,895
55,656
715,551
5
Investment property
2023
£
Fair value
At 1 January 2023
12,450,000
Additions
2,443,558
Transfers
550,700
Revaluations
311,250
At 31 December 2023
15,755,508

Valuations reflect fair value of the company’s investment properties, and have been undertaken by a director of the company, Mr A Durtnell, with input provided by third party professionals, providing market evidence of estimated open market value.

 

THE DARENTH RIVER BALLAST COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
5
Investment property
(Continued)
- 8 -

 

6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
63,011
47,899
Other debtors
716,243
45,050
779,254
92,949
7
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
23,108
5,576
Corporation tax
134,492
98,097
Other taxation and social security
1,376
4,680
Other creditors
3,841,771
421,928
4,000,747
530,281
8
Creditors: amounts falling due after more than one year
2023
2022
£
£
Other creditors
163,150
16,564
9
Provisions for liabilities
2023
2022
£
£
Deferred tax liabilities
10
2,241,224
2,190,773
THE DARENTH RIVER BALLAST COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 9 -
10
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
2023
2022
Balances:
£
£
Investment property
2,251,449
2,173,636
Accelerated capital allowances
(10,225)
17,137
2,241,224
2,190,773
2023
Movements in the year:
£
Liability at 1 January 2023
2,190,773
Charge to profit or loss
50,451
Liability at 31 December 2023
2,241,224

Deferred tax assets and liabilities are offset where the company has a legally enforceable right to do so. The deferred tax liability is recognised using a corporation tax rate of 25%, reflecting the period during which the timing differences are expected to reverse.

11
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary 'A' shares of 50p each
3,800
3,800
1,900
1,900
Ordinary 'B' shares of 50p each
3,800
3,800
1,900
1,900
7,600
7,600
3,800
3,800
12
Related party transactions

i) R. Durtnell & Sons Limited

 

At 31 December 2023 the company was owed £12,065 (2022: £12,065) from R. Durtnell & Sons Limited, a company with certain common directors. No interest was charged on the intercompany account.

 

ii) Durtnell Limited

 

At 31 December 2023 the company owed £42,144 (2022: £30,713) to Durtnell Limited, a company with certain common directors. No interest was charged on the inercompany account.

 

iii) Director's loan

 

In addition, other debtors includes £2,505 due from Mr A Durtnell, a director of the company (2022: £2,505). Interest has not been charged on this loan. Capital repayments amounted to £Nil (2022: £Nil).

THE DARENTH RIVER BALLAST COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 10 -
13
Undistributable reserves

The profit and loss account balance of the company includes the sum of £8,406,424 (2022: £8,172,987) representing the excess of the fair value of investment properties over their historic cost less the potential tax liability of investment properties that would arise on the sale of those properties at their book value. Accordingly, this element of the company's reserves is not distributable.

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