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Registered number: 10810195
Dry Arch Real Estate Ltd
Unaudited Financial Statements
For The Year Ended 30 June 2024
Optimise Accountants Ltd
Office 15 Bramley House 2a
Bramley Road
Long Eaton
Nottinghamshire
NG10 3SX
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 10810195
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 58,084 30,291
Investment Properties 5 7,177,242 5,087,467
7,235,326 5,117,758
CURRENT ASSETS
Debtors 6 42,926 3,083
Cash at bank and in hand 883 517
43,809 3,600
Creditors: Amounts Falling Due Within One Year 7 (11,965 ) (274,048 )
NET CURRENT ASSETS (LIABILITIES) 31,844 (270,448 )
TOTAL ASSETS LESS CURRENT LIABILITIES 7,267,170 4,847,310
Creditors: Amounts Falling Due After More Than One Year 8 (5,412,054 ) (3,360,680 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (507,856 ) (406,099 )
NET ASSETS 1,347,260 1,080,531
CAPITAL AND RESERVES
Called up share capital 10 100 100
Fair value reserve 12 1,760,535 1,326,724
Profit and Loss Account (413,375 ) (246,293 )
SHAREHOLDERS' FUNDS 1,347,260 1,080,531
Page 1
Page 2
For the year ending 30 June 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
Mr Harry Padbury
Director
23/10/2024
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Dry Arch Real Estate Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 10810195 . The registered office is Office 15 Bramley House 2a, Bramley Road, Long Eaton, Nottinghamshire, NG10 3SX.
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. Going Concern Disclosure
The directors have not identified any material uncertainties related to events or conditions that may cast significant doubt about the company's ability to continue as a going concern.
2.3. 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.
2.4. 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:
Fixtures & Fittings 20% on a reducing balance basis
Computer Equipment 20% on a reducing balance basis
2.5. Investment Properties
All Investment properties are measured at fair value determined annually and adjusted if necessary for any difference in the nature, location or condition of the specific asset. The fair value of property was obtained from an online property resource company and has not been based on a valuation by an independent valuer with a professional qualification.
2.6. 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 year 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 asset reflects 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:
2024 2023
Office and administration 2 2
2 2
4. Tangible Assets
Fixtures & Fittings Computer Equipment Total
£ £ £
Cost or Valuation
As at 1 July 2023 50,319 1,218 51,537
Additions 38,601 - 38,601
As at 30 June 2024 88,920 1,218 90,138
Depreciation
As at 1 July 2023 21,002 244 21,246
Provided during the period 10,613 195 10,808
As at 30 June 2024 31,615 439 32,054
Net Book Value
As at 30 June 2024 57,305 779 58,084
As at 1 July 2023 29,317 974 30,291
5. Investment Property
2024
£
Fair Value
As at 1 July 2023 5,087,467
Additions 1,554,206
Revaluations 535,569
As at 30 June 2024 7,177,242
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors - 398
Prepayments and accrued income 8,100 2,685
Directors' loan accounts 34,826 -
42,926 3,083
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Page 5
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 7,675 13,168
Other taxes and social security 871 -
Net wages 3,419 -
Directors' loan accounts - 260,880
11,965 274,048
8. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 5,412,054 3,360,680
9. Secured Creditors
Of the creditors falling due within and after more than one year the following amounts are secured.
The below bank loans are secured on the investment properties. They are interest only with a term of 25 years.
2024 2023
£ £
Bank loans and overdrafts 5,406,221 3,351,933
10. Share Capital
2024 2023
Allotted, called up and fully paid £ £
50 Ordinary A shares of £ 1 each 50 50
50 Ordinary B shares of £ 1 each 50 50
100 100
11. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
As at 1 July 2023 Amounts advanced Amounts repaid Amounts written off As at 30 June 2024
£ £ £ £ £
Mr Samuel Padbury - 14,907 - - 14,907
Mr Harry Padbury - 19,918 - - 19,918
The above loan is unsecured, interest is paid and all loan repaid by 23rd Oct 2024.
12. Reserves
Fair Value Reserve
£
As at 1 July 2023 1,326,724
Transfer to profit and loss 433,811
As at 30 June 2024 1,760,535
13. Ultimate Controlling Party
There is no ultimate controlling party due to each shareholder owning an equal proportion of the total issued share capital.
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