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Company No: 10225711 (England and Wales)

DFSM LIMITED

Unaudited Financial Statements
For the financial year ended 31 March 2024
Pages for filing with the registrar

DFSM LIMITED

Unaudited Financial Statements

For the financial year ended 31 March 2024

Contents

DFSM LIMITED

STATEMENT OF FINANCIAL POSITION

As at 31 March 2024
DFSM LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 March 2024
Note 2024 2023
£ £
Fixed assets
Investment property 3 1,058,775 1,058,775
1,058,775 1,058,775
Current assets
Debtors 4 1 0
Cash at bank and in hand 43,601 26,566
43,602 26,566
Creditors: amounts falling due within one year 5 ( 929,065) ( 946,825)
Net current liabilities (885,463) (920,259)
Total assets less current liabilities 173,312 138,516
Net assets 173,312 138,516
Capital and reserves
Called-up share capital 6 100 100
Profit and loss account 173,212 138,416
Total shareholders' funds 173,312 138,516

For the financial year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of DFSM Limited (registered number: 10225711) were approved and authorised for issue by the Board of Directors. They were signed on its behalf by:

D Freeney
Director

08 November 2024

DFSM LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
DFSM LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

DFSM Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the company's registered office is 35 Ballards Lane, London, N3 1XW, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

The fair value is determined annually by the directors, on an open market value for existing use basis.

Cash and cash equivalents

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 creditors: amounts falling due within one year.

Financial instruments

The Company only enters into basic financial instruments and transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to and from related parties and investments in non-puttable ordinary shares.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the company during the year, including directors 2 2

3. Investment property

Investment property
£
Valuation
As at 01 April 2023 1,058,775
As at 31 March 2024 1,058,775

Valuation

Investment property comprises of land and buildings. The directors do not believe that there has been a change to the valuation. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.

4. Debtors

2024 2023
£ £
Other debtors 1 0

5. Creditors: amounts falling due within one year

2024 2023
£ £
Taxation and social security 20,810 17,804
Other creditors 908,255 929,021
929,065 946,825

6. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
90 Ordinary shares of £ 1.00 each 90 90
5 Ordinary A shares of £ 1.00 each (2023: 10 shares of £ 1.00 each) 5 10
5 Ordinary B shares of £ 1.00 each (2023: nil shares) 5 0
100 100

7. Related party transactions

Other related party transactions

2024 2023
£ £
Rent received from companies under common control 84,167 84,375

The related party balance refers to the rent received from Furnishing Fabric Agencies Ltd which is under common control by D Freeney and S Freeney.

8. Ultimate controlling party

The company is controlled by D and S Freeney