Daniels Investments Ltd |
Registered number: |
09358730 |
Statement of Financial Position |
as at 31 May 2024 |
|
Notes |
|
|
2024 |
|
|
2023 |
£ |
£ |
Fixed assets |
Tangible assets |
4 |
|
|
1,520,877 |
|
|
1,884,347 |
|
Current assets |
Debtors |
5 |
|
110,410 |
|
|
3,730 |
Cash at bank and in hand |
|
|
27,220 |
|
|
13,047 |
|
|
|
137,630 |
|
|
16,777 |
|
Creditors: amounts falling due within one year |
6 |
|
(924,207) |
|
|
(577,176) |
|
#NAME? |
|
|
|
(786,577) |
|
|
(560,399) |
|
Total assets less current liabilities |
|
|
|
734,300 |
|
|
1,323,948 |
|
Creditors: amounts falling due after more than one year |
7 |
|
|
(695,896) |
|
|
(1,204,317) |
|
Provisions for liabilities |
|
|
|
(6,622) |
|
|
(11,993) |
|
|
#NAME? |
|
|
|
31,782 |
|
|
107,638 |
|
|
|
|
|
|
|
|
Capital and reserves |
Called up share capital |
|
|
|
100 |
|
|
100 |
Fair value reserve |
8 |
|
|
53,382 |
|
|
107,352 |
Profit and loss account |
|
|
|
(21,700) |
|
|
186 |
|
Shareholders' funds |
|
|
|
31,782 |
|
|
107,638 |
|
|
|
|
|
|
|
|
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006. |
The members have not required the company to obtain an audit in accordance with section 476 of the Act. |
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts. |
The accounts have been prepared in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies. |
|
|
|
|
Michael Daniels |
Director |
Approved by the board on 16 October 2024 |
|
Daniels Investments Ltd |
Notes to the Accounts |
for the year ended 31 May 2024 |
|
|
1 |
Accounting policies |
|
|
Basis of preparation |
|
The accounts have been prepared under the historical cost convention and in accordance with FRS 102 Section 1a small entities, the financial reporting standard applicable in the UK and the Republic of Ireland. |
|
|
Turnover |
|
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover consists of rental income which is recognised in the periods in which it is due provided that: - The amount of rent can be measured reliably; and - It is probable that the company will receive the rent due. |
|
|
Tangible fixed assets |
|
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows: |
|
|
Office equipment |
25% straight line |
|
Fixtures and fittings |
25% reducing balance |
|
|
Debtors |
|
Short term debtors are measured at transaction price, less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts. |
|
|
Creditors |
|
Short term creditors are measured at transaction price. Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. |
|
|
Taxation |
|
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted. |
|
|
Provisions |
|
Provisions are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably. |
|
|
Investment property |
|
Investment property is included at fair value. Gains and losses are recognised in the income statement. Deferred tax is provided on these gains at the rate expected to apply when the property is sold. |
|
2 |
Exceptional items |
2024 |
|
2023 |
£ |
£ |
|
|
Value adjustments on fixed assets and current asset investments |
32,808 |
|
33,000 |
|
|
|
|
|
|
32,808 |
|
33,000 |
|
|
|
|
|
|
|
|
|
|
3 |
Employees and directors |
2024 |
|
2023 |
Number |
Number |
|
|
Average number of directors and persons employed by the company |
|
2 |
|
2 |
|
|
|
|
|
|
|
|
|
|
4 |
Tangible fixed assets |
|
|
Investment Properties |
|
Plant and machinery etc |
|
Fixtures & Fittings |
|
Total |
£ |
£ |
£ |
£ |
|
Cost |
|
At 1 June 2023 |
1,877,000 |
|
2,195 |
|
18,043 |
|
1,897,238 |
|
Additions |
10,808 |
|
- |
|
- |
|
10,808 |
|
Fair value movements |
(32,808) |
|
- |
|
- |
|
(32,808) |
|
Disposals |
(340,000) |
|
- |
|
- |
|
(340,000) |
|
At 31 May 2024 |
1,515,000 |
|
2,195 |
|
18,043 |
|
1,535,238 |
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
At 1 June 2023 |
- |
|
2,195 |
|
10,696 |
|
12,891 |
|
Charge for the year |
- |
|
- |
|
1,470 |
|
1,470 |
|
At 31 May 2024 |
- |
|
2,195 |
|
12,166 |
|
14,361 |
|
|
|
|
|
|
|
|
|
|
Net book value |
|
At 31 May 2024 |
1,515,000 |
|
- |
|
5,877 |
|
1,520,877 |
|
At 31 May 2023 |
1,877,000 |
|
- |
|
7,347 |
|
1,884,347 |
|
|
|
|
|
|
|
|
|
|
|
|
5 |
Debtors |
2024 |
|
2023 |
£ |
£ |
|
|
Prepayments |
3,434 |
|
3,530 |
|
Accrued income |
6,776 |
|
- |
|
Other debtors |
100,200 |
|
200 |
|
|
|
|
|
|
110,410 |
|
3,730 |
|
|
|
|
|
|
|
|
|
|
6 |
Creditors: amounts falling due within one year |
2024 |
|
2023 |
£ |
£ |
|
|
Bank loans and overdrafts |
- |
|
4,822 |
|
Accruals |
2,332 |
|
1,643 |
|
Other creditors |
921,875 |
|
570,711 |
|
|
|
|
|
|
924,207 |
|
577,176 |
|
|
|
|
|
|
|
|
|
|
7 |
Creditors: amounts falling due after one year |
2024 |
|
2023 |
£ |
£ |
|
|
Bank loans |
695,896 |
|
1,204,317 |
|
|
|
|
|
|
|
|
|
|
8 |
Fair value reserve |
2024 |
|
2023 |
£ |
£ |
|
|
At 1 June 2023 |
107,352 |
|
123,822 |
|
#NAME? |
(59,341) |
|
(33,000) |
|
Deferred taxation arising on the revaluation of land and buildings |
5,371 |
|
16,530 |
|
|
At 31 May 2024 |
53,382 |
|
107,352 |
|
|
|
|
|
|
|
|
|
|
9 |
Other information |
|
|
Daniels Investments Ltd is a private company limited by shares and incorporated in England. Its registered office is: |
|
269 Farnborough Road |
|
Farnborough |
|
Hampshire |
|
GU14 7LY |