Registration number:
Dean Clarke Estate Limited
for the Year Ended 31 December 2023
Dean Clarke Estate Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
Dean Clarke Estate Limited
Company Information
Directors |
Mr M D Edworthy Mr P N Scantlebury |
Registered office |
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Accountants |
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Dean Clarke Estate Limited
(Registration number: 08314536)
Balance Sheet as at 31 December 2023
Note |
2023 |
2022 |
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Fixed assets |
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Tangible assets |
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Investment property |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Provisions for liabilities |
- |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
100 |
100 |
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Other reserves |
428,875 |
598,875 |
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Retained earnings |
432,106 |
527,002 |
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Shareholders' funds |
861,081 |
1,125,977 |
Dean Clarke Estate Limited
(Registration number: 08314536)
Balance Sheet as at 31 December 2023
For the financial year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
.........................................
Mr M D Edworthy
Director
Dean Clarke Estate Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
United Kingdom
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Going concern
The company has incurred a loss during the year, due to vacant office space in the company's investment property and increased costs of debt, arising from changes in wider UK economic conditions. Whilst the company's balance sheet shows overall net assets of £861,081 (2022 - £1,125,977), due to continued losses and the high cost of debt, the Directors have had to consider the basis upon which the accounts should be prepared and determine whether a going concern basis remains appropriate. The accounts have been prepared on a going concern basis, as the Directors and Group companies which have provided financial support to the Company will continue to do so, to enable the company to return to profitability or to realise value through the sale of the company's assets. The Directors have reviewed the position for 12 months from the date that the accounts were approved.
Revenue recognition
Turnover comprises the fair value of the rent received from tenants of the company’s investment properties in the ordinary course of the company’s activities. Turnover is shown net of value added tax, rebates and discounts.
Tax
The tax expense for the period comprises deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
Dean Clarke Estate Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Office equipment |
25% reducing balance |
Plant and equipment |
25% reducing balance |
Fixtures and fittings |
25% reducing balance |
Investment property
Debtors
Debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
Dean Clarke Estate Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023
Creditors
Creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method. Creditors are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Tangible assets |
Furniture, fittings and equipment |
Other tangible assets |
Total |
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Cost or valuation |
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At 1 January 2023 |
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At 31 December 2023 |
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Depreciation |
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At 1 January 2023 |
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Charge for the year |
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At 31 December 2023 |
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Carrying amount |
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At 31 December 2023 |
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At 31 December 2022 |
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Dean Clarke Estate Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023
Investment properties |
£ |
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Balance at 1 January 2023 |
1,170,000 |
Fair value adjustment |
(170,000) |
Balance at 31 December 2023 |
1,000,000 |
The investment property is held in the financial statements at fair value. The property was valued by a RICS professional valuer at £1,170,000 in 2022. The directors have reviewed the carrying amount which has resulted in a fair value loss of £170,000. The directors deem this to be a fair reflection based on the properties condition and current market. The property remains held at a value greater than cost.
Debtors |
2023 |
2022 |
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Trade debtors |
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Prepayments |
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Other debtors |
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Dean Clarke Estate Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023
Creditors |
Creditors: amounts falling due within one year
Note |
2023 |
2022 |
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Due within one year |
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Loans and borrowings |
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Trade creditors |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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Creditors: amounts falling due after more than one year
Note |
2023 |
2022 |
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Due after one year |
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Loans and borrowings |
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Other non-current financial liabilities |
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1,218,377 |
1,196,726 |
Creditors include amounts due to group undertakings of £790,033 (2022 £769,865).
Dean Clarke Estate Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023
Loans and borrowings |
2023 |
2022 |
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Non-current loans and borrowings |
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Bank borrowings |
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Other borrowings |
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2023 |
2022 |
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Current loans and borrowings |
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Bank borrowings |
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Other borrowings |
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Included within current loans and borrowings is an amount of £24,105 (2022 - £24,105) and £400,000 (2022 - £400,000) included in non-current borrowings that are owed to Prydis Security Trustees Ltd. These amounts are secured by a fixed charge over the investment property.
Related party transactions |
Included within of trade debtors of £3,469 (2022 - £4,436), was £396 (2022 - £396) owed by a director for recharges of costs incurred by the company.
The property owned by the company, is used as security against loans provided to its parent company, Burrington Estates (Commercial) Limited.
Dean Clarke Estate Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023
Parent and ultimate parent undertaking |
The company's immediate parent is
The ultimate parent is
These financial statements are available upon request from Companies House