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Registered number: 10502397
Dunn Property Limited
Unaudited Financial Statements
For The Year Ended 30 April 2024
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 10502397
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 5,728 7,637
Investment Properties 5 651,022 752,203
656,750 759,840
CURRENT ASSETS
Debtors 6 4,030 900
Cash at bank and in hand 71,633 6,222
75,663 7,122
Creditors: Amounts Falling Due Within One Year 7 (242,559 ) (244,929 )
NET CURRENT ASSETS (LIABILITIES) (166,896 ) (237,807 )
TOTAL ASSETS LESS CURRENT LIABILITIES 489,854 522,033
Creditors: Amounts Falling Due After More Than One Year 8 (396,882 ) (472,632 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (17,890 ) (7,093 )
NET ASSETS 75,082 42,308
CAPITAL AND RESERVES
Called up share capital 100 100
Revaluation reserve 9 102,500 62,894
Profit and Loss Account (27,518 ) (20,686 )
SHAREHOLDERS' FUNDS 75,082 42,308
Page 1
Page 2
For the year ending 30 April 2024 the company was entitled to exemption from audit 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.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
K J Dunn
Director
E L Dunn
Director
04/10/2024
The notes on pages 3 to 5 form part of these financial statements.
Page 2
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Notes to the Financial Statements
1. General Information
Dunn Property Limited is a private company, limited by shares, incorporated in England & Wales, registered number 10502397 . The registered office is 2 & 3 Westfield House Millfield Lane, Nether Poppleton, York, YO26 6GA.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 25% Reducing Balance
Motor Vehicles 25% Reducing Balance
2.4. Investment Properties
All investment properties are carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided for. Changes in fair value are recognised in the profit and loss account.
2.5. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
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3. Average Number of Employees
Average number of employees, including directors, during the year was: 2 (2023: 2)
2 2
4. Tangible Assets
Plant & Machinery Motor Vehicles Total
£ £ £
Cost or Valuation
As at 1 May 2023 1,671 12,324 13,995
As at 30 April 2024 1,671 12,324 13,995
Depreciation
As at 1 May 2023 966 5,392 6,358
Provided during the period 176 1,733 1,909
As at 30 April 2024 1,142 7,125 8,267
Net Book Value
As at 30 April 2024 529 5,199 5,728
As at 1 May 2023 705 6,932 7,637
5. Investment Property
2024
£
Fair Value
As at 1 May 2023 752,203
Disposals (136,181 )
Revaluations 35,000
As at 30 April 2024 651,022
If investment property had been accounted for under historical cost accounting rules, the amounts would be:
2024 2023
£ £
Cost 548,522 684,701
6. Debtors
2024 2023
£ £
Due within one year
Other debtors - Tenant Deposits in Schemes 900 900
Elementary intercompany loan 3,130 -
4,030 900
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7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Bank loans and overdrafts - 482
Other creditors - Tenant Deposits Owed To Tenants 900 900
Accruals and deferred income 1,442 1,440
Directors' loan accounts 240,217 242,107
242,559 244,929
8. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Mortgages 396,882 472,632
A charge was created on 18th October 2017 which is held by Charter Court Financial Services Ltd. It is a fixed
charge which covers the property at Martindale Court, Houghton-le-Spring.
A charge was created on 6th April 2017 which is held by One Savings Bank PLC. It is a fixed charge which
covers the property at Newborough Street, York.
A charge was created on 11th March 2022 which is held by Kensington Mortgage Company PLC. It is a fixed
charge which covers the property at Scarborough Terrace, York.
9. Reserves
Revaluation Reserve
£
As at 1 May 2023 62,894
Surplus on revaluation 39,606
As at 30 April 2024 102,500
10. Related Party Transactions
At the balance sheet date, the company owed £240,217 (2023 - £242,107) to members of key management
personnel. No interest has been charged to the company in respect of this loan which is repayable on demand
and is presented within creditors due within one year.
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