Company registration number 00767708 (England and Wales)
DOMO SECURITIES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
DOMO SECURITIES LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
DOMO SECURITIES LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
7,372
6,423
Investment property
5
19,677,795
23,779,400
Investments
6
8,440,713
8,230,713
28,125,880
32,016,536
Current assets
Debtors
7
17,025,327
12,397,434
Cash at bank and in hand
666,376
2,333,075
17,691,703
14,730,509
Creditors: amounts falling due within one year
8
(8,254,088)
(9,198,852)
Net current assets
9,437,615
5,531,657
Total assets less current liabilities
37,563,495
37,548,193
Creditors: amounts falling due after more than one year
9
(7,961,164)
(7,467,568)
Provisions for liabilities
(3,842,823)
(2,953,546)
Net assets
25,759,508
27,127,079
Capital and reserves
Called up share capital
10
264
264
Non-distributable profits reserve
11
15,098,862
18,556,136
Distributable profit and loss reserves
10,660,382
8,570,679
Total equity
25,759,508
27,127,079
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
DOMO SECURITIES LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2023
31 December 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 18 September 2024 and are signed on its behalf by:
Mr D Jay
Director
Company registration number 00767708 (England and Wales)
DOMO SECURITIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
1
Accounting policies
Company information
Domo Securities Limited is a private company limited by shares incorporated in England and Wales. The registered office is Foframe House, 2nd Floor, 35-37 Brent Street, London, NW4 2EF.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include investment properties at fair value. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover represents amounts receivable for rents and services.
Revenue is recognised on the commencement of and in accordance with a lease, adjusted for any incentives as required under FRS102.
A property is regarded as sold when significant risks and returns have been transferred to the buyer. For conditional exchanges, sales are recognised as the conditions are satisfied.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures, fittings & equipment
15% reducing balance
1.4
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in profit or loss.
1.5
Cash at bank and in hand
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
DOMO SECURITIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
1.6
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
1.7
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
1.8
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.
DOMO SECURITIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 5 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date 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 is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.9
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.10
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
8
8
DOMO SECURITIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2023
26,339
Additions
2,250
At 31 December 2023
28,589
Depreciation and impairment
At 1 January 2023
19,916
Depreciation charged in the year
1,301
At 31 December 2023
21,217
Carrying amount
At 31 December 2023
7,372
At 31 December 2022
6,423
5
Investment property
2023
£
Fair value
At 1 January 2023
23,779,400
Additions
155,085
Disposals
(3,373,410)
Revaluations
(883,280)
At 31 December 2023
19,677,795
The fair value of the investment property has been arrived at on the basis of a valuation carried out by a director of the company. The valuation was made on an open market value basis.
6
Fixed asset investments
2023
2022
£
£
Other investments other than loans
8,440,713
8,230,713
Fixed asset investments revalued
The fair value of the fixed asset investments has been arrived at on the basis of a valuation carried out by a director of the company. The valuation was made on an open market value basis. The historical cost of the fixed asset investments is £623,308 (2022 : £623,308).
DOMO SECURITIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
6
Fixed asset investments
(Continued)
- 7 -
Movements in fixed asset investments
Investments
£
Cost or valuation
At 1 January 2023
8,230,713
Valuation changes
210,000
At 31 December 2023
8,440,713
Carrying amount
At 31 December 2023
8,440,713
At 31 December 2022
8,230,713
7
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
32,813
41,760
Other debtors
16,992,514
12,355,674
17,025,327
12,397,434
Included in other debtors is an amount of £12,060,583 (2022 : £9,798,009) owed in total by companies under common control with this one. These loans are interest free and are repayable on demand.
8
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
161,361
1,273,339
Trade creditors
240
786
Corporation tax
182,624
280,263
Other taxation and social security
19,724
17,424
Other creditors
7,890,139
7,627,040
8,254,088
9,198,852
Included in other creditors is an amount of £3,460,036 (2022 : £3,199,752) owed in total to companies under common control with this one. These loans are interest free and are repayable on demand.
9
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
7,961,164
7,467,568
DOMO SECURITIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
9
Creditors: amounts falling due after more than one year
(Continued)
- 8 -
The long-term loans are secured by a charge over the company's property investments.
Creditors which fall due after five years are as follows:
2023
2022
£
£
Payable by instalments
325,988
331,075
Payable other than by instalments
2,096,230
2,181,230
2,422,218
2,512,305
10
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary Shares of £1 each
240
240
240
240
A Ordinary shares of £1 each
24
24
24
24
264
264
264
264
11
Non-distributable profits reserve
2023
2022
£
£
At the beginning of the year
18,556,136
19,007,345
Non distributable profits in the year
(1,558,305)
(451,209)
Transfer of non-distributable (profits)/loss relating to prior periods
(1,898,969)
-
At the end of the year
15,098,862
18,556,136
12
Directors' transactions
Description
Opening balance
Amounts advanced
Amounts repaid
Closing balance
£
£
£
£
Mr D Jay -
390,152
337,006
(414,749)
312,409
Mr P Jay -
390,152
337,006
(414,748)
312,410
Mr I S Jay -
390,152
337,006
(414,749)
312,409
1,170,456
1,011,018
(1,244,246)
937,228
Amounts advanced include personal tax payments totalling £58,467. Amounts repaid include offset of directors loan account credit balances totalling £825,777 from other companies controlled by the directors.
Interest was charged at either 2% or 2.5%. The loans were repaid on 27th September 2024.