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Registration number: 08314536

Dean Clarke Estate Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2023

 

Dean Clarke Estate Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

Dean Clarke Estate Limited

Company Information

Directors

Mr M D Edworthy

Mr P N Scantlebury

Registered office

Winslade House, Winslade Drive
Clyst St. Mary
EX51FY

Accountants

Houndiscombe Consultants Limited
T/A Condy Mathias Chartered Accountants
6 Houndiscombe Road
Plymouth
Devon
PL4 6HH

 

Dean Clarke Estate Limited

(Registration number: 08314536)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

13,259

17,679

Investment property

5

1,000,000

1,170,000

 

1,013,259

1,187,679

Current assets

 

Debtors

6

1,314,862

1,317,774

Cash at bank and in hand

 

1,210

7,183

 

1,316,072

1,324,957

Creditors: Amounts falling due within one year

7

(249,873)

(135,091)

Net current assets

 

1,066,199

1,189,866

Total assets less current liabilities

 

2,079,458

2,377,545

Creditors: Amounts falling due after more than one year

7

(1,218,377)

(1,196,726)

Provisions for liabilities

-

(54,842)

Net assets

 

861,081

1,125,977

Capital and reserves

 

Called up share capital

100

100

Other reserves

428,875

598,875

Retained earnings

432,106

527,002

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:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

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 Board on 23 September 2024 and signed on its behalf by:
 

.........................................

Mr M D Edworthy

Director

 

Dean Clarke Estate Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Winslade House, Winslade Drive
Clyst St. Mary
EX51FY
United Kingdom

2

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

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2022 - 3).

4

Tangible assets

Furniture, fittings and equipment
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 January 2023

24,771

2,855

27,626

At 31 December 2023

24,771

2,855

27,626

Depreciation

At 1 January 2023

8,530

1,417

9,947

Charge for the year

4,060

360

4,420

At 31 December 2023

12,590

1,777

14,367

Carrying amount

At 31 December 2023

12,181

1,078

13,259

At 31 December 2022

16,241

1,438

17,679

 

Dean Clarke Estate Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

5

Investment properties

£

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.

6

Debtors

2023
£

2022
£

Trade debtors

3,469

4,436

Prepayments

90,087

61,555

Other debtors

1,221,306

1,251,783

1,314,862

1,317,774

 

Dean Clarke Estate Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

8

29,863

34,754

Trade creditors

 

85,239

43,280

Taxation and social security

 

534

6,878

Accruals and deferred income

 

123,591

42,771

Other creditors

 

10,646

7,408

 

249,873

135,091

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

8

428,344

426,860

Other non-current financial liabilities

 

790,033

769,866

 

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

8

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

28,344

26,860

Other borrowings

400,000

400,000

428,344

426,860

2023
£

2022
£

Current loans and borrowings

Bank borrowings

5,758

10,649

Other borrowings

24,105

24,105

29,863

34,754

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.

 

9

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

10

Parent and ultimate parent undertaking

Burrington Estates (Commercial) Limited owns 100% of the issued share capital of the company.

 The company's immediate parent is Burrington Estates (Commercial) Limited, incorporated in England and Wales.

 The ultimate parent is Burrington Estates Commercial Holding Limited, incorporated in England and Wales.

  These financial statements are available upon request from Companies House