1 27 September 2024 false false false false false false false false false true false false false false false false No description of principal activity 2023-04-01 Sage Accounts Production Advanced 2021 - FRS102_2021 62,836 7,164 70,000 70,000 62,836 1,791 1,791 xbrli:pure xbrli:shares iso4217:GBP 14178196 2023-04-01 2024-03-31 14178196 2024-03-31 14178196 2023-03-31 14178196 2022-06-16 2023-03-31 14178196 2023-03-31 14178196 bus:OrdinaryShareClass1 2023-04-01 2024-03-31 14178196 bus:Director2 2023-04-01 2024-03-31 14178196 core:DeferredTaxation 2023-04-01 2024-03-31 14178196 core:WithinOneYear 2024-03-31 14178196 core:WithinOneYear 2023-03-31 14178196 core:AfterOneYear 2023-03-31 14178196 core:ShareCapital 2024-03-31 14178196 core:ShareCapital 2023-03-31 14178196 core:RevaluationReserve 2024-03-31 14178196 core:RetainedEarningsAccumulatedLosses 2024-03-31 14178196 core:RetainedEarningsAccumulatedLosses 2023-03-31 14178196 core:RevaluationInvestmentPropertyDeferredTax 2024-03-31 14178196 core:DeferredTaxation 2024-03-31 14178196 bus:SmallEntities 2023-04-01 2024-03-31 14178196 bus:Audited 2023-04-01 2024-03-31 14178196 bus:FullAccounts 2023-04-01 2024-03-31 14178196 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 14178196 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 14178196 bus:OrdinaryShareClass1 2024-03-31 14178196 bus:OrdinaryShareClass1 2023-03-31 14178196 core:InvestmentPropertyIncludedWithinPPE 2023-03-31 14178196 core:InvestmentPropertyIncludedWithinPPE 2023-04-01 2024-03-31 14178196 core:InvestmentPropertyIncludedWithinPPE 2024-03-31
COMPANY REGISTRATION NUMBER: 14178196
Dragon Properties (NE) Limited
Filleted Financial Statements
31 March 2024
Dragon Properties (NE) Limited
Balance Sheet
31 March 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
5
70,000
62,836
Current assets
Debtors
6
1,394
1,191
Cash at bank and in hand
289,477
37,823
---------
--------
290,871
39,014
Creditors: amounts falling due within one year
7
352,687
59,474
---------
--------
Net current liabilities
61,816
20,460
--------
--------
Total assets less current liabilities
8,184
42,376
Creditors: amounts falling due after more than one year
8
41,184
Provisions
9
1,791
-------
--------
Net assets
6,393
1,192
-------
--------
Capital and reserves
Called up share capital
11
1
1
Revaluation reserve
5,373
Profit and loss account
1,019
1,191
-------
-------
Shareholder funds
6,393
1,192
-------
-------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the profit and loss account has not been delivered.
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.
These financial statements were approved by the board of directors and authorised for issue on 27 September 2024 , and are signed on behalf of the board by:
Mr Z H Younis
Director
Company registration number: 14178196
Dragon Properties (NE) Limited
Notes to the Financial Statements
Year ended 31 March 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is The Cube Storage, Haverton Hill Road, Billingham, County Durham, TS23 1QG, England.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for the rental of investment properties, stated net of discounts and of Value Added Tax.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the balance sheet and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2023: 1 ).
5. Tangible assets
Investment property
£
Cost or valuation
At 1 April 2023
62,836
Revaluations
7,164
--------
At 31 March 2024
70,000
--------
Carrying amount
At 31 March 2024
70,000
--------
At 31 March 2023
62,836
--------
Tangible assets held at valuation
The property owned by the company at 31 March 2024 has been valued by an independent valuer, Parker Barras, on 14 June 2024. It is the opinion of the director that this was materially representative of the fair value of the property at 31 March 2024.
In respect of tangible assets held at valuation, the aggregate cost, depreciation and comparable carrying amount that would have been recognised if the assets had been carried under the historical cost model are as follows:
Investment property
£
At 31 March 2024
Aggregate cost
62,836
Aggregate depreciation
--------
Carrying value
62,836
--------
At 31 March 2023
Aggregate cost
62,836
Aggregate depreciation
--------
Carrying value
62,836
--------
6. Debtors
2024
2023
£
£
Trade debtors
1,190
1,190
Other debtors
204
1
-------
-------
1,394
1,191
-------
-------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
2,995
Amounts owed to group undertakings
295,379
Corporation tax
808
279
Other creditors
56,500
56,200
---------
--------
352,687
59,474
---------
--------
8. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
41,184
----
--------
9. Provisions
Deferred tax (note 10)
£
At 1 April 2023
Additions
1,791
-------
At 31 March 2024
1,791
-------
10. Deferred tax
The deferred tax included in the balance sheet is as follows:
2024
2023
£
£
Included in provisions (note 9)
1,791
-------
----
The deferred tax account consists of the tax effect of timing differences in respect of:
2024
2023
£
£
Fair value adjustment of investment property
1,791
-------
----
11. Called up share capital
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary shares of £ 1 each
1
1
1
1
----
----
----
----
12. Summary audit opinion
The auditor's report for the year dated 27 September 2024 was unqualified .
The senior statutory auditor was Graeme Richard Boagey BA FCA CTA , for and on behalf of Chipchase Manners .
13. Director's advances, credits and guarantees
There were no directors advances, credits or guarantees in the year.