Company registration number 09992478 (England and Wales)
DG PROPERTY SOLUTIONS LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2024
PAGES FOR FILING WITH REGISTRAR
DG PROPERTY SOLUTIONS LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 5
DG PROPERTY SOLUTIONS LTD (REGISTERED NUMBER: 09992478)
BALANCE SHEET
AS AT 28 FEBRUARY 2024
28 February 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
2,741
3,655
Investment property
5
520,000
520,000
522,741
523,655
Current assets
Debtors
6
9,517
11,530
Cash at bank and in hand
5,457
756
14,974
12,286
Creditors: amounts falling due within one year
7
(125,184)
(124,607)
Net current liabilities
(110,210)
(112,321)
Total assets less current liabilities
412,531
411,334
Creditors: amounts falling due after more than one year
8
(314,939)
(318,584)
Provisions for liabilities
(19,685)
(19,858)
Net assets
77,907
72,892
Capital and reserves
Called up share capital
200
200
Non-distributable profits reserve
9
81,698
81,698
Distributable profit and loss reserves
(3,991)
(9,006)
Total equity
77,907
72,892

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 28 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their 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.

DG PROPERTY SOLUTIONS LTD (REGISTERED NUMBER: 09992478)
BALANCE SHEET (CONTINUED)
AS AT 28 FEBRUARY 2024
28 February 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 1 October 2024 and are signed on its behalf by:
Mr D Gerhardt
Director
DG PROPERTY SOLUTIONS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2024
- 3 -
1
Accounting policies
Company information

DG Property Solutions Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 2 Forest Walk, London, N10 2ER.

1.1
Accounting convention

These financial statements have been prepared in accordance with 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 disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

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 £1.

The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

1.2
Going concern

Atruet 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 the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover represents rental income and management income received during the period.

 

Rental income is credited to the profit and loss on a straight line basis over the lease term.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures and fittings
25% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
Investment property

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.

1.6
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

DG PROPERTY SOLUTIONS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2024
- 4 -
2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
2
2
4
Tangible fixed assets
Fixtures and fittings
£
Cost
At 1 March 2023 and 28 February 2024
11,267
Depreciation and impairment
At 1 March 2023
7,612
Depreciation charged in the year
914
At 28 February 2024
8,526
Carrying amount
At 28 February 2024
2,741
At 28 February 2023
3,655
5
Investment property
2024
£
Fair value
At 1 March 2023 and 28 February 2024
520,000
DG PROPERTY SOLUTIONS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2024
5
Investment property
(Continued)
- 5 -

 

Investment property comprises properties at fair value of £520,000. The fair value of the investment property has been arrived at by the director of the company. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.

 

6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
9,517
11,530
7
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
3,645
3,645
Taxation and social security
1,350
843
Other creditors
120,189
120,119
125,184
124,607
8
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
314,939
318,584

Included in other creditors is a bank loan secured by way of fixed charge and negative pledge against the property held in the company.

9
Non-distributable profits reserve
2024
2023
£
£
At the beginning of the year
81,698
66,115
Non distributable profits in the year
-
15,583
At the end of the year
81,698
81,698
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