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REGISTERED NUMBER: 06434162 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 March 2024

for

Duston Properties Ltd

Duston Properties Ltd (Registered number: 06434162)






Contents of the Financial Statements
for the Year Ended 31 March 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Duston Properties Ltd

Company Information
for the Year Ended 31 March 2024







DIRECTORS: M N Carr
D H Ward





REGISTERED OFFICE: Carlton House
High Street
Higham Ferrers
Northamptonshire
NN10 8BW





REGISTERED NUMBER: 06434162 (England and Wales)





ACCOUNTANTS: Willsons
Chartered Accountants
Carlton House
High Street
Higham Ferrers
Northamptonshire
NN10 8BW

Duston Properties Ltd (Registered number: 06434162)

Balance Sheet
31 March 2024

31.3.24 31.3.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 52,458 69,944
Investment property 5 1,749,000 2,100,000
1,801,458 2,169,944

CURRENT ASSETS
Debtors 6 306,111 205,815
Cash at bank 21,209 56,118
327,320 261,933
CREDITORS
Amounts falling due within one year 7 20,013 26,901
NET CURRENT ASSETS 307,307 235,032
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,108,765

2,404,976

CREDITORS
Amounts falling due after more than one year 8 (1,197,023 ) (1,398,930 )

PROVISIONS FOR LIABILITIES (32,189 ) (52,429 )
NET ASSETS 879,553 953,617

CAPITAL AND RESERVES
Called up share capital 10 2 2
Non-distributable reserve 11 448,022 567,317
Retained earnings 11 431,529 386,298
SHAREHOLDERS' FUNDS 879,553 953,617

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Duston Properties Ltd (Registered number: 06434162)

Balance Sheet - continued
31 March 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 23 September 2024 and were signed on its behalf by:





M N Carr - Director


Duston Properties Ltd (Registered number: 06434162)

Notes to the Financial Statements
for the Year Ended 31 March 2024

1. STATUTORY INFORMATION

Duston Properties Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
Turnover represents the rental income due to the company for the period.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Motor vehicles - 25% on reducing balance

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

The deferred tax liability on the balance sheet reflects the potential tax liability on the disposal of the investment properties at their fair value.

Investment property
The Investment property is shown at fair value as valued by the directors at the balance sheet date. Any change in fair value is shown within the profit and loss account.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2023 - NIL ) .

Duston Properties Ltd (Registered number: 06434162)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

4. TANGIBLE FIXED ASSETS
Motor
vehicles
£   
COST
At 1 April 2023
and 31 March 2024 72,985
DEPRECIATION
At 1 April 2023 3,041
Charge for year 17,486
At 31 March 2024 20,527
NET BOOK VALUE
At 31 March 2024 52,458
At 31 March 2023 69,944

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2023 2,100,000
Disposals (320,000 )
Revaluations (31,000 )
At 31 March 2024 1,749,000
NET BOOK VALUE
At 31 March 2024 1,749,000
At 31 March 2023 2,100,000

Fair value at 31 March 2024 is represented by:
£   
Valuation in 2013 1,398,000
Valuation in 2014 226,260
Valuation in 2015 97,456
Valuation in 2016 92,284
Valuation in 2017 (115,600 )
Valuation in 2018 101,600
Valuation in 2021 500,000
Valuation in 2023 (200,000 )
Valuation in 2024 (351,000 )
1,749,000

If the investment property had not been revalued it would have been included at the following historical cost:

31.3.24 31.3.23
£    £   
Cost 1,268,789 1,480,254

The investment property was valued on an open market basis on 31 March 2024 by the directors .

Duston Properties Ltd (Registered number: 06434162)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Trade debtors 2,826 1,455
Other debtors 300,000 200,000
Prepayments 3,285 4,360
306,111 205,815

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Bank loans and overdrafts 475 408
Trade creditors 209 1,073
Amounts owed to group undertakings 12,702 17,871
Corporation Tax 1,006 -
Rent Deposits 1,475 1,475
Other creditors 3,186 4,852
Accrued expenses 960 1,222
20,013 26,901

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31.3.24 31.3.23
£    £   
Bank loans - 2-5 years 153,664 234,177
Other loans - 2-5 years 1,043,359 1,164,753
1,197,023 1,398,930

9. SECURED DEBTS

The following secured debts are included within creditors:

31.3.24 31.3.23
£    £   
Bank loans 154,139 234,585
Other loans 1,043,359 1,164,753
1,197,498 1,399,338

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.3.24 31.3.23
value: £    £   
2 Ordinary £1 2 2

Duston Properties Ltd (Registered number: 06434162)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

11. RESERVES
Retained Non-distributable
earnings reserve Totals
£    £    £   

At 1 April 2023 386,298 567,317 953,615
Deficit for the year (74,064 ) - (74,064 )
Investment properties 119,295 (119,295 ) -
At 31 March 2024 431,529 448,022 879,551

The Non-distributable reserve reflects the fair value movements in investment properties, as adjusted for the deferred tax effect. This reserve is not available for distribution as dividends.

12. RELATED PARTY DISCLOSURES

At the balance sheet date, the company was owed £300,000 (2023 £200,000) from a company controlled by M N Carr and D H Ward. No interest was charged on this loan.

13. ULTIMATE CONTROLLING PARTY

The company is wholly owned by Cornerstone Property Group Ltd, which is also the ultimate parent company. It is registered in the UK.