DREAMGATE PROPERTIES LIMITED

Company Registration Number:
02526572 (England and Wales)

Unaudited abridged accounts for the year ended 31 December 2023

Period of accounts

Start date: 01 January 2023

End date: 31 December 2023

DREAMGATE PROPERTIES LIMITED

Contents of the Financial Statements

for the Period Ended 31 December 2023

Balance sheet
Notes

DREAMGATE PROPERTIES LIMITED

Balance sheet

As at 31 December 2023


Notes

2023

2022


£

£
Fixed assets
Tangible assets: 3 18,181 24,155
Investments: 4 601,777 1,351,777
Total fixed assets: 619,958 1,375,932
Current assets
Debtors:   8,528,029 8,710,742
Cash at bank and in hand: 788,750 624,280
Total current assets: 9,316,779 9,335,022
Creditors: amounts falling due within one year:   (371,490) (704,008)
Net current assets (liabilities): 8,945,289 8,631,014
Total assets less current liabilities: 9,565,247 10,006,946
Provision for liabilities: (25,752) (123,554)
Total net assets (liabilities): 9,539,495 9,883,392
Capital and reserves
Called up share capital: 1,000 1,000
Profit and loss account: 9,538,495 9,882,392
Shareholders funds: 9,539,495 9,883,392

The notes form part of these financial statements

DREAMGATE PROPERTIES LIMITED

Balance sheet statements

For the year ending 31 December 2023 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with Section 444(2A).

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The directors have chosen to not file a copy of the company’s profit & loss account.

This report was approved by the board of directors on 18 September 2024
and signed on behalf of the board by:

Name: S Nachoom
Status: Director

The notes form part of these financial statements

DREAMGATE PROPERTIES LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2023

1. Accounting policies

These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

Turnover policy

Turnover is measured at the fair value of the consideration received or receivable and represents gross rents receivable in the year

Tangible fixed assets and depreciation policy

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses. Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases: Computer equipment – 33.3% straight line Fixtures, fittings & equipment - 20% reducing balance Motor vehicles - 25% reducing balance 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.

Valuation and information policy

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. Changes in fair value are recognised in profit or loss. Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss. A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities. An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate. Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

Other accounting policies

Cash at bank and in hand 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. Financial instruments The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments. 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, loans from fellow group companies and preference shares that are classified as debt, 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. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. 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. 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. Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk. 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. 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 tax 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 is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. 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. Foreign exchange Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

DREAMGATE PROPERTIES LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2023

2. Employees

2023 2022
Average number of employees during the period 5 5

DREAMGATE PROPERTIES LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2023

3. Tangible Assets

Total
Cost £
At 01 January 2023 136,723
At 31 December 2023 136,723
Depreciation
At 01 January 2023 112,568
Charge for year 5,974
At 31 December 2023 118,542
Net book value
At 31 December 2023 18,181
At 31 December 2022 24,155

DREAMGATE PROPERTIES LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2023

4. Fixed investments

Fair value of investment property £14,000 (2022 £764,000) The investment property is comprised of properties held for rental purposes. The fair value of the investment property has been arrived at on the basis of an independent valuation. The valuation was made on an open market basis by reference to market evidence of transaction prices for similar properties. Shares in group undertakings and participating interests £487,777 (2022 £487,777) Other investments other than loans £100,000 (2022 £100,000) In the opinion of the directors the value of the company’s investment in subsidiary undertakings is not less than the value included in the balance sheet.

DREAMGATE PROPERTIES LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2023

5. Loans to directors

Name of director receiving advance or credit: S Nachoom
Description of the loan: Advance
£
Balance at 01 January 2023 42,393
Balance at 31 December 2023 42,393
Name of director receiving advance or credit: B Nachoom
Description of the loan: Advance
£
Balance at 01 January 2023 5,000
Balance at 31 December 2023 5,000

DREAMGATE PROPERTIES LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2023

6. Related party transactions

Name of the related party:
Relationship:
Close family member of a director
Description of the Transaction: During the year management fees of £77,388 (2022 £143,179) were paid to a close family member of a director.
£
Balance at 01 January 2023 0
Balance at 31 December 2023 0