Caseware UK (AP4) 2023.0.135 2023.0.135 2024-01-312024-01-312023-02-01false00truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 06586943 2023-02-01 2024-01-31 06586943 2022-02-01 2023-01-31 06586943 2024-01-31 06586943 2023-01-31 06586943 c:Director1 2023-02-01 2024-01-31 06586943 d:FreeholdInvestmentProperty 2024-01-31 06586943 d:FreeholdInvestmentProperty 2023-01-31 06586943 d:FreeholdInvestmentProperty 2 2023-02-01 2024-01-31 06586943 d:CurrentFinancialInstruments 2024-01-31 06586943 d:CurrentFinancialInstruments 2023-01-31 06586943 d:Non-currentFinancialInstruments 2024-01-31 06586943 d:Non-currentFinancialInstruments 2023-01-31 06586943 d:CurrentFinancialInstruments d:WithinOneYear 2024-01-31 06586943 d:CurrentFinancialInstruments d:WithinOneYear 2023-01-31 06586943 d:Non-currentFinancialInstruments d:AfterOneYear 2024-01-31 06586943 d:Non-currentFinancialInstruments d:AfterOneYear 2023-01-31 06586943 d:ShareCapital 2024-01-31 06586943 d:ShareCapital 2023-01-31 06586943 d:InvestmentPropertiesRevaluationReserve 2024-01-31 06586943 d:InvestmentPropertiesRevaluationReserve 2023-01-31 06586943 d:RetainedEarningsAccumulatedLosses 2024-01-31 06586943 d:RetainedEarningsAccumulatedLosses 2023-01-31 06586943 d:AcceleratedTaxDepreciationDeferredTax 2024-01-31 06586943 d:AcceleratedTaxDepreciationDeferredTax 2023-01-31 06586943 c:OrdinaryShareClass1 2023-02-01 2024-01-31 06586943 c:OrdinaryShareClass1 2024-01-31 06586943 c:OrdinaryShareClass1 2023-01-31 06586943 c:FRS102 2023-02-01 2024-01-31 06586943 c:AuditExemptWithAccountantsReport 2023-02-01 2024-01-31 06586943 c:FullAccounts 2023-02-01 2024-01-31 06586943 c:PrivateLimitedCompanyLtd 2023-02-01 2024-01-31 06586943 2 2023-02-01 2024-01-31 06586943 f:PoundSterling 2023-02-01 2024-01-31 iso4217:GBP xbrli:shares xbrli:pure

Registered number: 06586943









DEBNAM ESTATES LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 JANUARY 2024

 
DEBNAM ESTATES LIMITED
 
 
  
CHARTERED ACCOUNTANTS' REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF DEBNAM ESTATES LIMITED
FOR THE YEAR ENDED 31 JANUARY 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Debnam Estates Limited for the year ended 31 January 2024 which comprise  the Balance Sheet and the related notes from the Company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW)we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com /regulation.

This report is made solely to the director of Debnam Estates Limited in accordance with the terms of our engagement letter dated 15 October 2024Our work has been undertaken solely to prepare for your approval the financial statements of Debnam Estates Limited and state those matters that we have agreed to state to the director of Debnam Estates Limited in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Debnam Estates Limited and its director for our work or for this report. 

It is your duty to ensure that Debnam Estates Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Debnam Estates Limited. You consider that Debnam Estates Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or review of the financial statements of Debnam Estates Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

  



Peters Elworthy & Moore
 
Chartered Accountants
  
Salisbury House
Station Road
Cambridge
CB1 2LA
 
Date: 
31 October 2024
Page 1

 
DEBNAM ESTATES LIMITED
REGISTERED NUMBER: 06586943

BALANCE SHEET
AS AT 31 JANUARY 2024

2024
2023
Note
£
£

FIXED ASSETS
  

Investment property
 4 
958,000
1,062,000

CURRENT ASSETS
  

Debtors: amounts falling due within one year
 5 
132,881
120,200

Cash at bank and in hand
  
56,996
29,256

  
189,877
149,456

Creditors: amounts falling due within one year
 6 
(16,977)
(13,445)

NET CURRENT ASSETS
  
 
 
172,900
 
 
136,011

TOTAL ASSETS LESS CURRENT LIABILITIES
  
1,130,900
1,198,011

Creditors: amounts falling due after more than one year
 7 
(273,900)
(273,900)

PROVISIONS FOR LIABILITIES
  

Deferred tax
 8 
(52,121)
(78,121)

NET ASSETS
  
804,879
845,990


CAPITAL AND RESERVES
  

Called up share capital 
 9 
100
100

Investment property reserve
  
306,524
384,524

Profit and loss account
  
498,255
461,366

  
804,879
845,990


The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

Page 2

 
DEBNAM ESTATES LIMITED
REGISTERED NUMBER: 06586943
    
BALANCE SHEET (CONTINUED)
AS AT 31 JANUARY 2024

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




Mr S I Debnam
Director

Date: 31 October 2024

The notes on pages 4 to 8 form part of these financial statements.

Page 3

 
DEBNAM ESTATES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

1.


GENERAL INFORMATION

The company is limited by shares and incorporated in England and Wales. The address of the registered office is 108 Ashley Road, Newmarket, Suffolk, CB8 8DB.
The financial statements are presented in sterling, which is the functional currency of the company and rounded to the nearest pound.
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

2.ACCOUNTING POLICIES

 
2.1

BASIS OF PREPARATION OF FINANCIAL STATEMENTS

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

 
2.2

TURNOVER

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

Rental income is recognised in the period that it is contractually due.

 
2.3

INTEREST INCOME

Interest income is recognised in profit or loss using the effective interest method.

 
2.4

BORROWING COSTS

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 4

 
DEBNAM ESTATES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

2.ACCOUNTING POLICIES (CONTINUED)

 
2.5

CURRENT AND DEFERRED TAXATION

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.6

INVESTMENT PROPERTIES

Investment properties are included in the Balance Sheet at their fair value in accordance with Section
1A of Financial Reporting Standard 102 and are not depreciated. The treatment is contrary to the
Companies Act 2006, which states that fixed assets should be depreciated but is, in the opinion of
the directors, necessary in order to give a true and fair view of the financial position of the company.

 
2.7

DEBTORS

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.8

CREDITORS

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.


3.


EMPLOYEES

The Company has no employees other than the director, who did not receive any remuneration (2023 - £NIL).

Page 5

 
DEBNAM ESTATES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

4.


INVESTMENT PROPERTIES


Freehold investment properties

£



VALUATION


At 1 February 2023
1,062,000


Surplus on revaluation
(104,000)



AT 31 JANUARY 2024
958,000


COMPRISING


Cost
599,355

Annual revaluation surplus/(deficit):


2022 and earlier
462,645

2024
(104,000)

At 31 January 2024
958,000

The 2024 valuations were made by the director, on an open market value for existing use basis.

2024
2023
£
£

REVALUATION RESERVES


At 1 February 2023
384,524
384,524

Net deficit on revaluation
(78,000)
-

AT 31 JANUARY 2024
306,524
384,524





5.


DEBTORS

2024
2023
£
£


Amounts owed by group undertakings
132,881
120,200


Page 6

 
DEBNAM ESTATES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

6.


CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024
2023
£
£

Corporation tax
10,388
7,082

Accruals and deferred income
6,589
6,363

16,977
13,445



7.


CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2024
2023
£
£

Bank loans
273,900
273,900


The aggregate amount of liabilities repayable wholly or in part more than five years after the balance sheet date is:

2024
2023
£
£


Repayable other than by instalments
273,900
273,900

The above liabilities are secured on the company's investment property, subject to interest at market rates and repayable in full at the end of the term of the facility. 


8.


DEFERRED TAXATION




2024


£






At beginning of year
78,121


Charged to profit or loss
(26,000)



AT END OF YEAR
52,121

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Unrealised investment property gains
52,121
78,121

Page 7

 
DEBNAM ESTATES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

9.


SHARE CAPITAL

2024
2023
£
£
ALLOTTED, CALLED UP AND FULLY PAID



100 (2023 - 100) Ordinary shares of £1.00 each
100
100


 
Page 8