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Registration number: 11480206

Danros Investments Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2023

 

Danros Investments Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 8

 

Danros Investments Ltd

Company Information

Directors

D A Glinert

R R Pathman

Registered office

3rd Floor
Lawford House
Albert Place
London
N3 1QA

Accountants

Sterlings Ltd
Chartered Accountants
Lawford House
Albert Place
London
N3 1QA

 

Danros Investments Ltd

(Registration number: 11480206)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Investment property

5

3,340,000

3,340,000

Current assets

 

Debtors

6

37,108

70,809

Cash at bank and in hand

 

7,676

72,091

 

44,784

142,900

Creditors: Amounts falling due within one year

7

(229,138)

(160,129)

Net current liabilities

 

(184,354)

(17,229)

Total assets less current liabilities

 

3,155,646

3,322,771

Creditors: Amounts falling due after more than one year

7

(2,651,144)

(2,650,705)

Provisions for liabilities

(169,972)

(174,920)

Net assets

 

334,530

497,146

Capital and reserves

 

Called up share capital

8

2

2

Profit and loss account

334,528

497,144

Shareholders' funds

 

334,530

497,146

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. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 24 September 2024 and signed on its behalf by:
 

 

Danros Investments Ltd

(Registration number: 11480206)
Balance Sheet as at 31 December 2023

.........................................
D A Glinert
Director

.........................................
R R Pathman
Director

 

Danros Investments Ltd

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:
3rd Floor
Lawford House
Albert Place
London
N3 1QA

These financial statements were authorised for issue by the Board on 24 September 2024.

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 financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

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.

 

Danros Investments Ltd

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.

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.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Financial instruments

Classification
The company only enters into basic financial instruments that result in the recognition of financial assets or liabilities like trade debtors, other debtors, trade creditors and other creditors, loans from banks or other third parties and loans to/from related parties.

 Recognition and measurement
Debt instruments like bank loans are initially measured at present value of future payments and subsequently at amortised cost using the effective interest method. Debt instruments which are payable or receivable within one year such as trade debtors or trade creditors are measured, initially and subsequently at the undiscounted amount of the cash or other consideration expected to be paid or received.

 Impairment
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the profit & loss account.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2022 - 2).

 

Danros Investments Ltd

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

4

Taxation

Tax charged/(credited) in the profit and loss account

2023
£

2022
£

Deferred taxation

Arising from origination and reversal of timing differences

(4,948)

41,981

5

Investment property

2023
£

At 1 January 2023

3,340,000

Additions

19,800

Fair value adjustments

(19,800)

At 31 December 2023

3,340,000

The investment property is stated at fair value as determined by the directors of the company as at 31 December 2023.

If the investment property had not been stated at fair value, it would have been included at historical cost of £2,643,674 (2022 - £2,623,874).


 

6

Debtors

Current

2023
£

2022
£

Trade debtors

26,472

19,720

Prepayments

5,314

18,315

Other debtors

5,322

32,774

 

37,108

70,809

 

Danros Investments Ltd

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

7

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

16,221

17,450

Taxation and social security

2,400

1,800

Accruals and deferred income

46,332

44,569

Other creditors

164,185

96,310

229,138

160,129

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

2,651,144

2,650,705

8

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary shares of £1 each

2

2

2

2

       

9

Loans and borrowings

Non-current loans and borrowings

2023
£

2022
£

Bank borrowings

1,451,144

1,450,705

Other borrowings

1,200,000

1,200,000

2,651,144

2,650,705

Secured debts

The bank borrowings are secured.

 

Danros Investments Ltd

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

10

Related party transactions

As at the balance sheet date, the company owed the directors the sum of £1,336,000 (2022 - £1,276,000). Interest, in the sum of £48,000, is included in the profit and loss account in respect of a loan from one of the directors (2022 - £41,038).

11

Retained Earnings

None of the Retained Earnings were distributable as at the balance sheet date. If the company's investment property had not been revalued by the directors, the balance sheet would have depicted negative Retained Earnings of £191,826 (2022 - negative Retained Earnings of £44,062).