1 June 2023 v2024.46.1 limited_company_frs_102_section_1a_v1_1_2 companies_houseSoftwarefalsetruetruetrueNo description of principal activityfalsetruexbrli:purexbrli:sharesiso4217:GBP101712982023-06-012024-05-31101712982024-05-31101712982023-05-3110171298core:WithinOneYear2024-05-3110171298core:WithinOneYear2023-05-3110171298core:ShareCapital2024-05-3110171298core:ShareCapital2023-05-3110171298core:OtherReservesSubtotal2024-05-3110171298core:OtherReservesSubtotal2023-05-3110171298core:RetainedEarningsAccumulatedLosses2024-05-3110171298core:RetainedEarningsAccumulatedLosses2023-05-3110171298bus:Director12023-06-012024-05-3110171298bus:RegisteredOffice2023-06-012024-05-31101712982022-06-012023-05-3110171298core:LandBuildings2023-06-0110171298core:PlantMachinery2023-06-01101712982023-06-0110171298core:LandBuildings2023-06-012024-05-3110171298core:LandBuildings2024-05-3110171298core:PlantMachinery2024-05-3110171298core:PlantMachinery2023-06-012024-05-3110171298core:LandBuildings2023-05-3110171298core:PlantMachinery2023-05-311017129812023-06-012024-05-3110171298countries:EnglandWales2023-06-012024-05-3110171298bus:AuditExemptWithAccountantsReport2023-06-012024-05-3110171298bus:PrivateLimitedCompanyLtd2023-06-012024-05-3110171298bus:SmallEntities2023-06-012024-05-3110171298bus:FullAccounts2023-06-012024-05-31
Company registration number:
10171298
DCS Property Ltd
Unaudited Filleted Financial Statements for the year ended
31 May 2024
DCS Property Ltd
Report to the board of directors on the preparation of the unaudited statutory financial statements of DCS Property Ltd
Year ended
31 May 2024
As described on the statement of financial position, the Board of Directors of
DCS Property Ltd
are responsible for the preparation of the
financial statements
for the year ended
31 May 2024
, which comprise the income statement, statement of total comprehensive income, statement of financial position, statement of changes in equity and related notes.
You consider that the company is exempt from an audit under the Companies Act 2006.
In accordance with your instructions we have compiled these unaudited financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to us.
Gritstone Ilkeston Ltd
Accountants
109 Bath Street
Ilkeston
Derbyshire
DE7 8AP
United Kingdom
Date:
4 October 2024
DCS Property Ltd
Statement of Financial Position
31 May 2024
20242023
Note££
Fixed assets    
Tangible assets 5
790,003
 
753,337
 
Current assets    
Debtors 6
634
 
5,753
 
Cash at bank and in hand
22,074
 
17,573
 
22,708
 
23,326
 
Creditors: amounts falling due within one year 7
(276,610
)
(311,217
)
Net current liabilities
(253,902
)
(287,891
)
Total assets less current liabilities 536,101   465,446  
Provisions for liabilities
(56,177
)
(45,791
)
Net assets
479,924
 
419,655
 
Capital and reserves    
Called up share capital
100
 
100
 
Other reserves
296,998
 
259,644
 
Profit and loss account
182,826
 
159,911
 
Shareholders funds
479,924
 
419,655
 
For the year ending
31 May 2024
, 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 financial statements for the year in question in accordance with section 476;
  • The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These
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.
These
financial statements
were approved by the board of directors and authorised for issue on
4 October 2024
, and are signed on behalf of the board by:
S Hamid
Director
Company registration number:
10171298
DCS Property Ltd
Notes to the Financial Statements
Year ended
31 May 2024

1 General information

The company is a private company limited by shares and is registered in England and Wales. The address of the registered office is
C/O The Accounting House 36 Twyford Road
,
Barrow-On-Trent
,
Derby
,
DE73 7HA
, United Kingdom.

2 Statement of compliance

These
financial statements
have been prepared in compliance with FRS 102 Section 1A, 'The Financial Reporting Standard applicable to the UK and Republic of Ireland'.

3 Accounting policies

Basis of preparation

The
financial statements
have been prepared on the historical cost basis, as modified by the revaluation of certain assets.
The
financial statements
are prepared in sterling, which is the functional currency of the company.

Current tax

Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Tangible assets

Tangible assets are initially measured at cost, and are subsequently measured at cost less any accumulated depreciation and accumulated impairment losses or at a revalued amount.
Any tangible assets carried at a revalued amount are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
An increase in the carrying amount of an asset as a result of a revaluation is recognised in other comprehensive income and accumulated in capital and reserves. However, the increase is recognised in profit or loss to the extent that it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves. If a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess is recognised in profit or loss.

Investment properties

Investment property is measured initially at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.

Impairment

A review for 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 reversal at each reporting date.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price and are subsequently measured as follows: Debt instruments are subsequently measured at amortised cost and commitments to receive a loan and to make a loan to another entity are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment.
All other financial instruments, including derivatives, are initially recognised at fair value, which is normally the transaction price and are subsequently measured at fair value, with any changes recognised in profit or loss.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.
All equity instruments regardless of significance, and other financial assets that are individually significant, are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics.
Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is more likely than not that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured on an undiscounted basis at the tax rates that would apply in the periods in which timing differences are expected to reverse, based on tax rates and laws enacted at the statement of financial position date.

Provisions for liabilities

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.
Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.

4 Average number of employees

The average number of persons employed by the company during the year was
2
(2023:
2
).

5 Tangible assets

Land and buildingsPlant and machinery etc.Total
£££
Cost or valuation      
At
1 June 2023
750,000
 
25,000
 
775,000
 
Additions
146
  -  
146
 
Revaluations
37,354
  -  
37,354
 
At
31 May 2024
787,500
 
25,000
 
812,500
 
Depreciation      
At
1 June 2023
-  
21,663
 
21,663
 
Charge -  
834
 
834
 
At
31 May 2024
-  
22,497
 
22,497
 
Carrying amount      
At
31 May 2024
787,500
 
2,503
 
790,003
 
At 31 May 2023
750,000
 
3,337
 
753,337
 

Investment property

Included in land and buildings are the following amounts in relation to investment properties:
2024
£
Carrying amount at
1 June 2023
750,000
 
Additions
146
 
Fair value adjustments
37,354
 
Carrying amount at
31 May 2024
787,500
 

6 Debtors

20242023
££
Other debtors
634
 
5,753
 

7 Creditors: amounts falling due within one year

20242023
££
Trade creditors
84
 
2,084
 
Taxation and social security
17,324
 
14,964
 
Other creditors
259,202
 
294,169
 
276,610
 
311,217
 

8 Fair value reserve

Included within other reserves is the fair value reserve as follows:
20242023
££
At start of year 259,644   259,644  
Reclassification from fair reserve to profit and loss account 37,354   -  
At end of year 296,998   259,644