Registration number:
DS Holdings (Penarth) Ltd
Filleted
for the Year Ended 30 April 2024
DS Holdings (Penarth) Ltd
Contents
Company Information |
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Abridged Balance Sheet |
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Notes to the Unaudited Abridged Financial Statements |
DS Holdings (Penarth) Ltd
Company Information
Director |
Mr SM Baston |
Registered office |
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Accountants |
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DS Holdings (Penarth) Ltd
(Registration number: 09701702)
Abridged Balance Sheet as at 30 April 2024
Note |
2024 |
2023 |
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Fixed assets |
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Intangible assets |
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- |
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Tangible assets |
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- |
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Investment property |
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Investments |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Prepayments and accrued income |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Provisions for liabilities |
( |
( |
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Accruals and deferred income |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
80 |
80 |
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Capital redemption reserve |
20 |
20 |
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Revaluation reserve |
793,880 |
1,310,479 |
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Retained earnings |
60,924 |
(139,599) |
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Shareholders' funds |
854,904 |
1,170,980 |
DS Holdings (Penarth) Ltd
(Registration number: 09701702)
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.
Director's responsibilities:
• |
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• |
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
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.
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 director has not delivered to the registrar a copy of the Profit and Loss Account.
Approved and authorised by the
.........................................
Director
DS Holdings (Penarth) Ltd
Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 April 2024
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
These financial statements were authorised for issue by the
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.
Going concern
The financial statements have been prepared on a going concern basis. Total liabilities exceed current assets at the balance sheet date. The director considers, however that the company, with their continued support, has sufficient liquid assets to meet its liabilities as and when they fall due. Accordingly the director considers that it is appropriate to prepare the accounts on a going concern basis.
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.
Government grants
Government grants related to assets are initially recognised as deferred income at fair value if there is reasonable assurance that they will be received and the company will comply with the conditions associated with the grant. Grants related to the acquisition of assets are recognised in profit or loss as other income on a systematic basis over the useful life of the asset.
Grants that compensate the company for expenses incurred are recognised in profit or loss as other income on a systematic basis in the periods in which the expenses are recognised, unless the conditions for receiving the grant are met after the related expenses have been recognised. In this case, the grant is recognised when it becomes receivable.
DS Holdings (Penarth) Ltd
Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 April 2024
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:
Asset class |
Depreciation method and rate |
Investment properties |
Not depreciated |
Office equipment |
25% Straight line |
Investment property
Business combinations
Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
Asset class |
Amortisation method and rate |
Software & Development cost |
25% Straight line |
Investments
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.
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.
DS Holdings (Penarth) Ltd
Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 April 2024
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.
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
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.
Staff numbers |
The average number of persons employed by the company (including the director) during the year, was
DS Holdings (Penarth) Ltd
Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 April 2024
Intangible assets |
Total |
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Cost or valuation |
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Additions acquired separately |
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At 30 April 2024 |
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Amortisation |
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Amortisation charge |
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At 30 April 2024 |
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Carrying amount |
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At 30 April 2024 |
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Tangible assets |
Office Equipment |
Total |
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Cost or valuation |
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Additions |
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At 30 April 2024 |
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Depreciation |
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Charge for the year |
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At 30 April 2024 |
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Carrying amount |
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At 30 April 2024 |
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Investment properties
2024 |
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At 1 May |
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Additions |
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Disposals |
( |
At 30 April |
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DS Holdings (Penarth) Ltd
Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 April 2024
The directors have employed registered property advisers and consultants who are external to the company to assess fair value of the investment properties.
Investments |
Total |
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Cost or valuation |
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At 1 May 2023 |
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Provision |
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Carrying amount |
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At 30 April 2024 |
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At 30 April 2023 |
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DS Holdings (Penarth) Ltd
Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 April 2024
Details of undertakings
Details of the investments in which the company holds 20% or more of the nominal value of any class of share capital are as follows:
Undertaking |
Registered office |
Holding |
Proportion of voting rights and shares held |
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2024 |
2023 |
Subsidiary undertakings |
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Ordinary |
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England and Wales |
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Ordinary |
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England and Wales |
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Ordinary |
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England and Wales |
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Ordinary |
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England and Wales |
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Ordinary |
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England and Wales |
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Ordinary |
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England and Wales |
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Ordinary |
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England and Wales |
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Ordinary |
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England and Wales |
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Ordinary |
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England and Wales |
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Ordinary |
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England and Wales |
Creditors |
Creditors: amounts falling due within one year
Creditors include bank loans and overdrafts which are secured of £48,565 (2023 - £91,729).
Creditors: amounts falling due after more than one year
Creditors include bank loans which are secured of £9,201 (2023 - £1,213,899).
DS Holdings (Penarth) Ltd
Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 April 2024
Share capital |
Allotted, called up and fully paid shares
2024 |
2023 |
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No. |
£ |
No. |
£ |
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80 |
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80 |
Government grants |
Included within accruals and deferred income are government grants that have been awarded to the company amounting to £5,099,761 (2023 - £2,112,513). The asset that the grant relates has yet to start being constructed at the balance sheet date and therefore this amount is recognised in accordance with the recognition criteria as set out in note 2.
Financial commitments, guarantees and contingencies |
Amounts not provided for in the balance sheet
The total amount of guarantees not included in the balance sheet is £Nil (2023 - £375,000). Director has personally agreed to be a guarantor for the Monmouthshire Builiding Society (£250,000) and Development Bank of Wales (£125,000) loans.
DS Holdings (Penarth) Ltd
Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 April 2024
Related party transactions |
Key management personnel
Director
Summary of transactions with key management
Summary of transactions with subsidiaries
During the year the company made interest free, unsecured, payable on demand loans with related parties. At the balance sheet date the amount due from the company was £211,302 (2023 - £874,831).
Summary of transactions with other related parties
During the year the company made interest free, unsecured, payable on demand loans with related parties. At the balance sheet date the amount due from the company was £115,177 (2023 - £105,186).