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Filleted

Registration number: 05359756

Denver Developments Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2024

 

Denver Developments Limited

Contents

Balance Sheet

1 to 2

Notes to the Financial Statements

3 to 7

 

Denver Developments Limited

(Registration number: 05359756)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

262,500

350,000

Current assets

 

Debtors

5

-

860

Cash at bank and in hand

 

6,687

18,412

 

6,687

19,272

Creditors: Amounts falling due within one year

6

(95,606)

(118,694)

Net current liabilities

 

(88,919)

(99,422)

Total assets less current liabilities

 

173,581

250,578

Creditors: Amounts falling due after more than one year

6

-

(104,770)

Net assets

 

173,581

145,808

Capital and reserves

 

Called up share capital

5

5

Revaluation reserve

112,500

150,000

Profit and loss account

61,076

(4,197)

Total equity

 

173,581

145,808

For the financial year ending 31 March 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

 

Denver Developments Limited

(Registration number: 05359756)
Balance Sheet as at 31 March 2024

Approved and authorised by the Board on 25 September 2024 and signed on its behalf by:
 

.........................................
Mr Ian Harris
Company secretary and director

   
     
 

Denver Developments Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Suite 3 & 6,
Block B Llys Y Barcud
Cross Hands
SA14 6RX

These financial statements were authorised for issue by the Board on 25 September 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Denver Developments Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

Denver Developments Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2023 - 2).

 

Denver Developments Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

4

Tangible assets

Land and buildings
£

Total
£

Cost or valuation

At 1 April 2023

350,000

350,000

Disposals

(87,500)

(87,500)

At 31 March 2024

262,500

262,500

Depreciation

Carrying amount

At 31 March 2024

262,500

262,500

At 31 March 2023

350,000

350,000

5

Debtors

2024
£

2023
£

Trade debtors

-

860

-

860

6

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Bank loans and overdrafts

8

-

7,560

Trade creditors

 

-

21,600

Other related parties

 

77,455

87,962

Corporation tax liability

 

16,716

-

Other creditors

 

1,435

1,572

 

95,606

118,694

Due after one year

 

Loans and borrowings

8

-

104,770

Creditors: amounts falling due after more than one year

 

Denver Developments Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

7

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary Shares of £1 each

2

2

2

2

Ordinary B shares of £1 each

1

1

1

1

Ordinary C shares of £1 each

2

2

2

2

 

5

5

5

5

8

Loans and borrowings

2024
£

2023
£

Non-current loans and borrowings

Bank borrowings

-

104,770

2024
£

2023
£

Current loans and borrowings

Bank borrowings

-

7,560