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Registration number: 11311473

DS Properties (Goods Shed) Limited

Filleted Annual Report and Unaudited Abridged Financial Statements

for the Year Ended 30 April 2024

 

DS Properties (Goods Shed) Limited

Contents

Company Information

1

Abridged Balance Sheet

2 to 3

Notes to the Unaudited Abridged Financial Statements

4 to 8

 

DS Properties (Goods Shed) Limited

Company Information

Directors

Mr SM Baston

Mr ASW Baston

Registered office

c/o Number One Property Management
Office M1.06 Mezzanine Level
Newport Market
Newport
NP20 1FX

Accountants

HSJ Accountants Ltd
Severn House
Hazell Drive
Newport
South Wales
NP10 8FY

 

DS Properties (Goods Shed) Limited

(Registration number: 11311473)
Abridged Balance Sheet as at 30 April 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

6,007,071

5,600,000

Current assets

 

Debtors

198,304

345,915

Cash at bank and in hand

 

50,870

13,918

 

249,174

359,833

Prepayments and accrued income

 

16,162

20,111

Creditors: Amounts falling due within one year

5.1

(1,051,008)

(1,078,002)

Net current liabilities

 

(785,672)

(698,058)

Total assets less current liabilities

 

5,221,399

4,901,942

Creditors: Amounts falling due after more than one year

5.2

(3,509,257)

(3,230,284)

Provisions for liabilities

(277,073)

(277,073)

Accruals and deferred income

 

(58,349)

(50,196)

Net assets

 

1,376,720

1,344,389

Capital and reserves

 

Called up share capital

6

4

4

Revaluation reserve

831,220

831,220

Retained earnings

545,496

513,165

Shareholders' funds

 

1,376,720

1,344,389

 

DS Properties (Goods Shed) Limited

(Registration number: 11311473)
Abridged Balance Sheet as at 30 April 2024

For the financial year ending 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

All of the company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 6 November 2024 and signed on its behalf by:
 

.........................................

Mr SM Baston
Director

 

DS Properties (Goods Shed) Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 April 2024

1

General information

The company is a private company limited by share capital, incorporated in Wales.

The address of its registered office is:
c/o Number One Property Management
Office M1.06 Mezzanine Level
Newport Market
Newport
NP20 1FX

These financial statements were authorised for issue by the Board on 6 November 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These abridged financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These abridged financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tangible assets

Tangible assets are stated in the balance sheet at market value, as valued by the directors.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

No depreciation has been charged on the Land and Buildings.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

 

DS Properties (Goods Shed) Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 April 2024

Asset class

Depreciation method and rate

Land and buildings

Land and Buildings are not depreciated

Computer equipment

20% Straight line

Motor vehicles

20% Straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

DS Properties (Goods Shed) Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 April 2024

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2023 - 1).

4

Tangible assets

Land and buildings
£

Office Equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 May 2023

5,600,000

-

-

5,600,000

Additions

370,076

3,743

34,250

408,069

At 30 April 2024

5,970,076

3,743

34,250

6,008,069

Depreciation

Charge for the year

-

427

571

998

At 30 April 2024

-

427

571

998

Carrying amount

At 30 April 2024

5,970,076

3,316

33,679

6,007,071

At 30 April 2023

5,600,000

-

-

5,600,000

Included within the net book value of land and buildings above is £5,970,076 (2023 - £5,600,000) in respect of freehold land and buildings.
 

5

Creditors

Creditors: amounts falling due within one year

Creditors include bank loans which are secured one the assets of the parent company and net obligations under hire purchase contracts which are secured of £4,193 (2023 - £nil).

 

DS Properties (Goods Shed) Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 April 2024

Creditors: amounts falling due after more than one year

Creditors include bank loans which are secured on the assets of the parent company and net obligations under hire purchase contracts which are secured of £3,509,257 (2023 - £3,230,284). This amount is due after more than five years.

6

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

4

4

4

4

       

7

Reserves

The changes to each component of equity resulting from items of other comprehensive income for the prior year were as follows:

Revaluation reserve
£

Total
£

Surplus/deficit on property, plant and equipment revaluation

831,220

831,220

8

Financial commitments, guarantees and contingencies

Amounts disclosed in the balance sheet

Included in the balance sheet are guarantees of £650,000 (2023 - £650,000). The director has provided personal guarantees on these creditors.

 

DS Properties (Goods Shed) Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 April 2024

9

Related party transactions

Summary of transactions with key management

Relationship: Director
During the year the director made unsecured, interest free, repayable on demand loans to the company. At the balance sheet date, the amount due to the director was £1,500 (2023 - £nil).

 

Summary of transactions with parent

DS Holdings (Penarth) Limited
Relationship: Parent Company

 During the year the company has made unsecured, interest free repayable on-demand loans. The amount due from the company at the Balance Sheet date was £504,095 (2023 - £470,383).
 

Summary of transactions with entities with joint control or significant interest

SMB Consultancy Services Limited
Relationship: Common Director

 During the year the business purchased consultancy services from SMB Consultancy Services
Limited for £ nil (2023 - £51,520), a company connected through common control. The amount due from the company at the balance sheet date was £ nil (2023 - £209,538).

 

Summary of transactions with other related parties

Provision of bad debts
 During the year the company has raised a provision for bad debts. At the balance sheet date the amount owed by the related party was £135,000.