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Registered number: 08209525
DSG PROPERTY MANAGEMENT LTD
Unaudited Financial Statements
For The Year Ended 30 September 2024
Kent Coast Accounts Ltd
AAT Licenced Accountants
39 Brooke Avenue
Margate
Kent
CT9 5NG
Contents
Page
Balance Sheet 1—2
Statement of Changes in Equity 3
Notes to the Financial Statements 4—6
Page 1
Balance Sheet
Registered number: 08209525
2024 2023
Notes £ £ £ £
FIXED ASSETS
Investment Properties 4 27,336,302 16,014,352
Investments 10,050 10,050
27,346,352 16,024,402
CURRENT ASSETS
Debtors 5 724,918 512,361
Cash at bank and in hand 65,999 38,335
790,917 550,696
Creditors: Amounts Falling Due Within One Year 6 (220,911 ) (188,826 )
NET CURRENT ASSETS (LIABILITIES) 570,006 361,870
TOTAL ASSETS LESS CURRENT LIABILITIES 27,916,358 16,386,272
Creditors: Amounts Falling Due After More Than One Year 7 (16,208,778 ) (9,624,312 )
PROVISIONS FOR LIABILITIES
Deferred Taxation 8 (2,646,301 ) (1,520,444 )
NET ASSETS 9,061,279 5,241,516
CAPITAL AND RESERVES
Called up share capital 10 100 100
Revaluation reserve 11 8,007,207 4,629,637
Profit and Loss Account 1,053,972 611,779
SHAREHOLDERS' FUNDS 9,061,279 5,241,516
Page 1
Page 2
For the year ending 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his 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 Dayne Gooding
Director
24th October 2024
The notes on pages 4 to 6 form part of these financial statements.
Page 2
Page 3
Statement of Changes in Equity
Share Capital Revaluation reserve Profit and Loss Account Total
£ £ £ £
As at 1 October 2022 100 3,879,055 292,505 4,171,660
Profit for year - - 1,069,856 1,069,856
Net investment property revaluation reserve - 750,582 - 750,582
Other comprehensive income for the year - 750,582 - 750,582
Total comprehensive income for the year - 750,582 1,069,856 1,820,438
Transfer to/from Other Reserves - - (750,582) (750,582)
As at 30 September 2023 and 1 October 2023 100 4,629,637 611,779 5,241,516
Profit for year - - 3,819,763 3,819,763
Net investment property revaluation reserve - 3,377,570 - 3,377,570
Other comprehensive income for the year - 3,377,570 - 3,377,570
Total comprehensive income for the year - 3,377,570 3,819,763 7,197,333
Transfer to/from Other Reserves - - (3,377,570) (3,377,570)
As at 30 September 2024 100 8,007,207 1,053,972 9,061,279
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Page 4
Notes to the Financial Statements
1. General Information
DSG PROPERTY MANAGEMENT LTD is a private company, limited by shares, incorporated in England & Wales, registered number 08209525 . The registered office is 146 Northdown Road, Cliftonville, Margate, Kent, CT9 2QN.
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.
Rental income
Turnover from rental income in relation to the rent charged on investment properties is recognised in the period for which it relates to.
2.4. Investment Properties
All investment properties are carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided for. Changes in fair value are recognised in the profit and loss account with those values held in a separate non-distributable reserve. These reserves are ring-fenced from distribution.
Deferred taxation is recognised at each valuation period based on 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.
2.5. 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. 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. This is generally for accelerated capital allowances.
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.
2.6. Registrar Filing Requirements
The company has taken advantage of Companies Act 2006 section 444(1) and opted not to file the profit and loss account, directors report, and notes to the financial statements relating to the profit and loss account.
3. Average Number of Employees
The Company had no employees during the financial year.
1 (2023: 1)
1 1
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4. Investment Property
2024
£
Fair Value
As at 1 October 2023 16,014,352
Additions 6,818,523
Revaluations 4,503,427
As at 30 September 2024 27,336,302
If investment property had been accounted for under historical cost accounting rules, the amounts would be:
2024 2023
£ £
Cost 12,179,367 8,863,493
The valuation for investment properties has been carried out by Prospects Assured (UK) Ltd which is the letting agent to the Company managing the portfolio. The sole director Dayne Gooding is also the sole director of the letting agency company.
5. Debtors
2024 2023
£ £
Due within one year
Trade debtors 1,666 1,666
Other debtors 489,980 433,565
491,646 435,231
Due after more than one year
Amounts owed by participating interests 23,919 62,777
Other debtors 209,353 14,353
233,272 77,130
724,918 512,361
6. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 36,865 83,276
Bank loans and overdrafts 34,425 10,057
Other creditors 2,223 5,398
Taxation and social security 147,398 90,095
220,911 188,826
7. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 14,625,663 8,603,537
Amounts owed to participating interests 881,861 521,612
Other creditors 701,254 499,163
16,208,778 9,624,312
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8. Deferred Taxation
The provision for deferred taxation is made up from fair value valuation surplus measurements.
Deferred taxation is recognised at each valuation period based on 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.
2024 2023
£ £
Other timing differences 2,646,301 1,520,444
9. Provisions for Liabilities
Deferred Tax Total
£ £
As at 1 October 2023 1,520,444 1,520,444
Deferred taxation 1,125,857 1,125,857
Balance at 30 September 2024 2,646,301 2,646,301
10. Share Capital
2024 2023
Allotted, called up and fully paid £ £
100 Ordinary Shares of £ 1 each 100 100
11. Reserves
Revaluation Reserve
£
As at 1 October 2023 4,629,637
Net investment property revaluation reserve 3,377,570
As at 30 September 2024 8,007,207
Non-distributable reserves relate to the surplus on the revaluation of investment properties under IAS16 of the Financial Reporting Standards 102. These reserves are ring-fenced from distribution.
12. Related Party Transactions
During the financial year the Company paid commission to a close company (Prospects Assured UK Ltd related by common ownership and control to key members of the directors for the rental management and finders fee. This totaled to 2023 - £13,260 ( 2023 - £12,000). The Company had also during this financial year received a loan from Prospects Assured (UK) Ltd. The highest amount outstanding during the financial year was 2024 - £830,718 (2023 - £521,612) with the balance outstanding at the financial year end being 2024 - £830,718 (2023 - £521,612).  This loan is interest free with no fixed repayment term, however it is expected to be repaid more than one year.
During the financial year the Company maintained loans to a Company related by common control and ownership to a key member of the board. At the financial year end DSG Property Freehold Ltd was owed 2024 - £51,142 (2023- £38,858 was owed to this COmpany), this loan is interest free.
13. Ultimate Controlling Party
The company's ultimate controlling party is Dayne Stephen Gooding by virtue of his ownership of 100% of the issued share capital in the company.
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