REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 JANUARY 2024 |
FOR |
DAWN DEVELOPMENTS LIMITED |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 JANUARY 2024 |
FOR |
DAWN DEVELOPMENTS LIMITED |
DAWN DEVELOPMENTS LIMITED (REGISTERED NUMBER: 00674932) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 JANUARY 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
DAWN DEVELOPMENTS LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 JANUARY 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Arran House |
15D Skye Road |
Prestwick |
Ayrshire |
KA9 2TA |
BANKERS: |
Level 6 |
110 St Vincent Street |
Glasgow |
G2 5ER |
DAWN DEVELOPMENTS LIMITED (REGISTERED NUMBER: 00674932) |
BALANCE SHEET |
31 JANUARY 2024 |
31.1.24 | 31.1.23 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investments | 5 |
CURRENT ASSETS |
Stocks | 6 |
Debtors | 7 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 8 |
NET CURRENT ASSETS/(LIABILITIES) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital |
Share premium |
Retained earnings |
SHAREHOLDERS' FUNDS |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
DAWN DEVELOPMENTS LIMITED (REGISTERED NUMBER: 00674932) |
BALANCE SHEET - continued |
31 JANUARY 2024 |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
DAWN DEVELOPMENTS LIMITED (REGISTERED NUMBER: 00674932) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 JANUARY 2024 |
1. | STATUTORY INFORMATION |
Dawn Developments Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Preparation of consolidated financial statements |
The financial statements contain information about Dawn Developments Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements. |
Significant judgements and estimates |
Key sources of estimation uncertainty |
The company make judgements, estimates and assumptions about the carrying amounts of assets and liabilities based on historical experience and other relevant factors and are reviewed on an ongoing basis. Actual outcomes may differ from these estimates. The estimates that have the most significant effect on the amounts recognised in the financial statements are as follows: |
Valuation of Work in Progress |
Development work in progress is stated at the lower of cost and net realisable value. Net realisable value is based on estimated selling price less the estimated costs of completion and disposal assuming where appropriate that the site will be fully developed and sold in the ordinary course of business. Whilst there is a degree of uncertainty in these estimates, reviews to monitor are carried out regularly. |
Basic financial instruments |
Trade and other debtors/creditors are recognised initially at transaction price. Subsequent to initial recognition they are measured at amortised cost using the effective interest method. If the arrangement constitutes a financing transaction, where payment is deferred beyond normal business terms, it is measured at present value of future payments discounted at an appropriate market rate of interest. |
Turnover |
Turnover represents the amount derived from the provision of goods and services falling within the company's activities stated net of value added tax. |
Tangible fixed assets |
Fixtures and fittings | - |
Investments in subsidiaries and associates |
Investments in subsidiary and associate undertakings are recognised at cost. |
DAWN DEVELOPMENTS LIMITED (REGISTERED NUMBER: 00674932) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JANUARY 2024 |
2. | ACCOUNTING POLICIES - continued |
Stocks and work in progress |
Stocks are valued at the lower of cost and net realisable value. Work in progress consists of all land and building project costs on property developments held for eventual resale. The cost of work in progress includes all production overheads and depreciation and the attributable proportion of indirect overheads based on the normal level of activity and where applicable the cost of specific finance. Net realisable value is based on estimated selling price less the estimated costs of completion and disposal assuming where appropriate that sites will be fully developed and sold in the ordinary course of business. Profit on development sales is recognised on completion of the sale of individual properties. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Taxation |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
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. |
Pension costs and other post-retirement benefits |
Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme. |
Fixed asset investments |
These are stated at the lower of cost or directors' valuation. Provisions are made where necessary to reflect any permanent impairment in value. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
DAWN DEVELOPMENTS LIMITED (REGISTERED NUMBER: 00674932) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JANUARY 2024 |
4. | TANGIBLE FIXED ASSETS |
Fixtures |
and |
fittings |
£ |
COST |
At 1 February 2023 |
and 31 January 2024 |
DEPRECIATION |
At 1 February 2023 |
and 31 January 2024 |
NET BOOK VALUE |
At 31 January 2024 |
At 31 January 2023 |
5. | FIXED ASSET INVESTMENTS |
31.1.24 | 31.1.23 |
£ | £ |
Shares in group undertakings |
Participating interests |
Other investments not loans |
Additional information is as follows: |
Shares in | Interest | Interest |
group | in joint | in |
undertakings | venture | associate | Totals |
£ | £ | £ | £ |
COST |
At 1 February 2023 | 1,365,780 |
Disposals | ( |
) | (50 | ) |
Reclassification/transfer | ( |
) | - |
At 31 January 2024 | 1,365,730 |
NET BOOK VALUE |
At 31 January 2024 | 1,365,730 |
At 31 January 2023 | 1,365,780 |
Investments (neither listed nor unlisted) were as follows: |
31.1.24 | 31.1.23 |
£ | £ |
Other investments | 25,000 | 25,000 |
DAWN DEVELOPMENTS LIMITED (REGISTERED NUMBER: 00674932) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JANUARY 2024 |
6. | STOCKS |
31.1.24 | 31.1.23 |
£ | £ |
Work-in-progress |
Work in progress comprises project costs on development sites held for eventual resale. There are no payments received to account on these balances. |
7. | DEBTORS |
31.1.24 | 31.1.23 |
£ | £ |
Amounts falling due within one year: |
Trade debtors |
Amounts owed by group undertakings |
Amounts owed by participating interests | 2,115,299 | 2,060,532 |
Other debtors |
Amounts falling due after more than one year: |
Deferred share consideration |
Aggregate amounts |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.1.24 | 31.1.23 |
£ | £ |
Trade creditors |
Amounts owed to group undertakings |
Amounts owed to participating interests | - | 50 |
Tax |
Social security and other taxes |
Other creditors |
Amounts owed to related companies | 1,994,987 | 1,903,720 |
Accruals and deferred income |
9. | RELATED PARTY DISCLOSURES |
At the year end interest free loan balances of £4,214,095 (2023 - £5,116,826) were owed to the participators. There are no fixed repayment terms. |
10. | ULTIMATE CONTROLLING PARTY |
The directors consider DDev Holdings Limited to be the ultimate holding company. The company's registered address is 204 West George Street, Glasgow. |
The director Alan G. Macdonald held the majority of the issued ordinary share capital of this company throughout the year. |