REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 5 APRIL 2024 |
FOR |
DARUS INVESTMENTS LIMITED |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 5 APRIL 2024 |
FOR |
DARUS INVESTMENTS LIMITED |
DARUS INVESTMENTS LIMITED (REGISTERED NUMBER: 00656630) |
CONTENTS OF THE FINANCIAL STATEMENTS |
for the Year Ended 5 April 2024 |
Page |
Company Information | 1 |
Statement of Financial Position | 2 |
Notes to the Financial Statements | 4 |
DARUS INVESTMENTS LIMITED |
COMPANY INFORMATION |
for the Year Ended 5 April 2024 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Langley House |
Park Road |
East Finchley |
London |
N2 8EY |
DARUS INVESTMENTS LIMITED (REGISTERED NUMBER: 00656630) |
STATEMENT OF FINANCIAL POSITION |
5 April 2024 |
5.4.24 | 5.4.23 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Investments | 4 |
Investment property | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Capital redemption reserve |
Undistributable reserves |
Fair value reserve | 8 |
Retained earnings | 1,659,400 | 1,815,811 |
The director acknowledges her 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. |
DARUS INVESTMENTS LIMITED (REGISTERED NUMBER: 00656630) |
STATEMENT OF FINANCIAL POSITION - continued |
5 April 2024 |
In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered. |
The financial statements were approved by the director and authorised for issue on |
DARUS INVESTMENTS LIMITED (REGISTERED NUMBER: 00656630) |
NOTES TO THE FINANCIAL STATEMENTS |
for the Year Ended 5 April 2024 |
1. | STATUTORY INFORMATION |
Darus Investments Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Investment property |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
This is a departure from the Companies Act which requires assets to be depreciated. However, in the opinion of the directors, property is held primarily for its investment potential and so fair value is of more significance as a measure of consumption. They therefore have applied a true and fair override with respect to investment properties. |
Financial instruments |
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares. |
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. |
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 Statement of Comprehensive Income. |
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. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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 statement of financial position date. |
DARUS INVESTMENTS LIMITED (REGISTERED NUMBER: 00656630) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 5 April 2024 |
2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date. |
Timing differences arise from the inclusion of income and expenses and capital gains 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 or capital gains. |
Basis financial assets and liabilities |
Listed investments |
Listed investments are revalued annually and included within the accounts at fair value in accordance with FRS 102 Section 1A. The surplus or deficit on the fair value adjustment is transferred to a fair value reserve except where the deficit reduces the investments below their historical cost, in which case it is taken to the profit and loss account. |
Impairment |
A review of indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversals at each reporting date. |
When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the assets and generates cash inflows that are largely independent of the cash inflows from other assets or group of assets. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | FIXED ASSET INVESTMENTS |
Listed investments were valued on a fair value basis on 5 April 2024 Quilter Cheviot. |
5. | INVESTMENT PROPERTY |
The 2022 property valuations were made by the director based on a report dated 30th April 2022 prepared by Prickett and Ellis Surveyors Limited, on an open market value for existing use basis. |
No depreciation is provided in respect of these properties. |
The 2005 valuations listed below include all other previous valuations from 6th April 1982 to 5th April 2005. |
DARUS INVESTMENTS LIMITED (REGISTERED NUMBER: 00656630) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 5 April 2024 |
5. | INVESTMENT PROPERTY - continued |
Fair value at 5 April 2024 is represented by: |
£ |
Valuation in 2005 | 1,020,523 |
Valuation in 2008 | 385,000 |
Valuation in 2014 | 740,000 |
Valuation in 2015 | 610,000 |
Valuation in 2016 | 810,000 |
Valuation in 2022 | 90,000 |
Cost | 414,477 |
4,070,000 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
5.4.24 | 5.4.23 |
£ | £ |
Trade debtors |
Other debtors |
Included within other debtors are prepayment of £9,625 (2023: £13,239) and accrued income of £6.793 (2023: £Nil) |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Included in creditors is deferred income of £6,119 (2023: £17,553) and accrued expenses of £5,760 (2023: £11,878). |
8. | RESERVES |
Fair |
value |
reserve |
£ |
At 6 April 2023 |
Current year adjustment | 9,530 |
At 5 April 2024 |
Within the retained earnings are the following amounts that represent fair value adjustments and deferred tax: |
Investment property: fair value adjustment £2,155,369 (2023: £2,327,799) and deferred tax £718,456 (2023: £546,027). |
Listed Investments: fair value adjustment £19,073 (2023: £9,543) and deferred tax £6,357 (2023: £2,238). |
FRS 102 requires that the changes in fair value be recognised in the profit and loss, but that the fair value gains cannot be distributed to the shareholders as a dividend. Deferred tax has been provided in accordance with the requirements of FRS 102 section 1A based on the potential capital gains payable if the above assets were to be disposed of at a fair value. |
DARUS INVESTMENTS LIMITED (REGISTERED NUMBER: 00656630) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 5 April 2024 |
9. | RELATED PARTY DISCLOSURES |
The director of the company occupies a flat owned by Darus Investments Limited for which they pay a rent of £10,800 (2023: £10,800) per annum which is considered to be a commercial rent for this property. It is directly comparable with rents paid by two other tenants with similar flats in the same property. At balance sheet date, the average market value of the flat occupied by directors is £215,000. |