Deltatide Limited
Unaudited Financial Statements
For the year ended 31 January 2024
Pages for Filing with Registrar
Company Registration No. 02877418 (England and Wales)
Deltatide Limited
Contents
Page
Balance sheet
1 - 2
Statement of changes in equity
3
Notes to the financial statements
4 - 6
Deltatide Limited
Balance Sheet
As at 31 January 2024
Page 1
2024
2023
Notes
£
£
£
£
Fixed assets
Investment properties
3
425,000
607,900
Current assets
Debtors
4
6,249
Cash at bank and in hand
67,360
83,867
67,360
90,116
Creditors: amounts falling due within one year
5
(91,993)
(91,993)
Net current liabilities
(24,633)
(1,877)
Total assets less current liabilities
400,367
606,023
Creditors: amounts falling due after more than one year
6
(272,081)
(272,081)
Provisions for liabilities
(4,179)
(28,759)
Net assets
124,107
305,183
Capital and reserves
Called up share capital
7
2
2
Revaluation reserve
99,892
282,792
Profit and loss reserves
24,213
22,389
Total equity
124,107
305,183
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
Deltatide Limited
Balance Sheet (Continued)
As at 31 January 2024
Page 2
For the financial year ended 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved and signed by the director and authorised for issue on 11 October 2024
A.E. Wakeford
Director
Company Registration No. 02877418
Deltatide Limited
Statement of Changes in Equity
For the year ended 31 January 2024
Page 3
Share capital
Revaluation reserve
Profit and loss reserves
Total
£
£
£
£
Balance at 1 February 2022
2
282,792
25,395
308,189
Year ended 31 January 2023:
Loss and total comprehensive income for the year
-
-
(3,006)
(3,006)
Balance at 31 January 2023
2
282,792
22,389
305,183
Year ended 31 January 2024:
Loss and total comprehensive income for the year
-
-
(181,076)
(181,076)
Transfers
-
(182,900)
182,900
-
Balance at 31 January 2024
2
99,892
24,213
124,107
Deltatide Limited
Notes to the Financial Statements
For the year ended 31 January 2024
Page 4
1
Accounting policies
Company information
Deltatide Limited is a private company limited by shares incorporated in England and Wales. The registered office is Orbital House, 20 Eastern Road, Romford, Essex, RM1 3PJ and the business address is 7 High Street, Carlby, Stamford, Lincolnshire, PE9 4LX.
1.1
Accounting convention
These financial statements have been prepared in accordance with Section 1A of FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for thetrue foreseeable future and for a period of at least twelve months following the approval of these financial statements. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover represents the rental income from properties held for investment.
1.4
Tangible fixed assets
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
1.5
Cash and cash equivalents
Cash at bank and in hand are basic financial assets and include cash in hand and deposits held at call with banks.
1.6
Financial instruments
The Company only has basic financial instruments measured at amortised cost, with no financial instruments classified as other or basic instruments measured at fair value.
Deltatide Limited
Notes to the Financial Statements (Continued)
For the year ended 31 January 2024
1
Accounting policies
(Continued)
Page 5
1.7
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 1 (2023: 1).
3
Investment property
2024
£
Fair value
At 1 February 2023
607,900
Revaluations
(182,900)
At 31 January 2024
425,000
The historic cost of the investment properties is £325,108 (2023: £325,108).
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
-
6,249
Deltatide Limited
Notes to the Financial Statements (Continued)
For the year ended 31 January 2024
Page 6
5
Creditors: amounts falling due within one year
2024
2023
£
£
Other creditors
89,593
89,593
Accruals and deferred income
2,400
2,400
91,993
91,993
6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
272,081
272,081
The mortgage is secured by a legal charge over the property held within the company.
7
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
2
2
2
2
8
Related party transactions
Included within other creditors is a director's loan account balance of £87,193 (2023: £87,193).
9
Events after the reporting date
On the 4th September 2024 the business completed the sale the investment property for £425,000. The value of the property as at the balance sheet date has been revalued to reflect the post year end proceeds received.