Danewell Limited 05425799 false 2023-04-06 2024-04-05 2024-04-05 The principal activity of the company is letting of furnished residential accomodation in the UK. Digita Accounts Production Advanced 6.30.9574.0 true 05425799 2023-04-06 2024-04-05 05425799 2024-04-05 05425799 core:CurrentFinancialInstruments 2024-04-05 05425799 core:CurrentFinancialInstruments core:WithinOneYear 2024-04-05 05425799 core:OtherPropertyPlantEquipment 2024-04-05 05425799 bus:SmallEntities 2023-04-06 2024-04-05 05425799 bus:AuditExemptWithAccountantsReport 2023-04-06 2024-04-05 05425799 bus:FilletedAccounts 2023-04-06 2024-04-05 05425799 bus:SmallCompaniesRegimeForAccounts 2023-04-06 2024-04-05 05425799 bus:RegisteredOffice 2023-04-06 2024-04-05 05425799 bus:CompanySecretaryDirector1 2023-04-06 2024-04-05 05425799 bus:PrivateLimitedCompanyLtd 2023-04-06 2024-04-05 05425799 core:FurnitureFittings 2023-04-06 2024-04-05 05425799 core:OtherPropertyPlantEquipment 2023-04-06 2024-04-05 05425799 core:PlantMachinery 2023-04-06 2024-04-05 05425799 countries:EnglandWales 2023-04-06 2024-04-05 05425799 2023-04-05 05425799 core:OtherPropertyPlantEquipment 2023-04-05 05425799 2022-04-06 2023-04-05 05425799 2023-04-05 05425799 core:CurrentFinancialInstruments 2023-04-05 05425799 core:CurrentFinancialInstruments core:WithinOneYear 2023-04-05 05425799 core:OtherPropertyPlantEquipment 2023-04-05 iso4217:GBP xbrli:pure

Registration number: 05425799

Danewell Limited

Unaudited Filleted Financial Statements

for the Year Ended 5 April 2024

 

Danewell Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 6

 

Danewell Limited

(Registration number: 05425799)
Balance Sheet as at 5 April 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

2,051

816

Investment property

5

5,286,394

5,265,252

 

5,288,445

5,266,068

Current assets

 

Debtors

6

5,929

22,015

Cash at bank and in hand

 

13,818

42,742

 

19,747

64,757

Creditors: Amounts falling due within one year

7

(4,700,880)

(4,521,676)

Net current liabilities

 

(4,681,133)

(4,456,919)

Total assets less current liabilities

 

607,312

809,149

Provisions for liabilities

(233,052)

(272,707)

Net assets

 

374,260

536,442

Capital and reserves

 

Called up share capital

1

1

Revaluation reserve

1,489,493

1,424,966

Retained earnings

(1,115,234)

(888,525)

Shareholders' funds

 

374,260

536,442

For the financial year ending 5 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:

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 director acknowledges her 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.

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.

 

Danewell Limited

(Registration number: 05425799)
Balance Sheet as at 5 April 2024

Approved and authorised by the director on 17 November 2024
 

.........................................
Ms R Brown
Company secretary and director

   
     
 

Danewell Limited

Notes to the Unaudited Financial Statements for the Year Ended 5 April 2024

1

General information

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

The address of its registered office is:
166 College Road
Harrow
Middlesex
HA1 1BH
United Kingdom

These financial statements were authorised for issue by the director on 17 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 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

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold and leasehold properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

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 £.

Revenue recognition

Rental income from investment properties is accounted for on the accrual basis.

Tax

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

 

Danewell Limited

Notes to the Unaudited Financial Statements for the Year Ended 5 April 2024

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

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

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

Plant and equipment

20% Straight Line Method

Furniture and fittings

20% Straight Line Method

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Investment property

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. Changes in fair value are recognised in profit or loss.

Impairment of fixed assets

At the each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the assets is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

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.

 

Danewell Limited

Notes to the Unaudited Financial Statements for the Year Ended 5 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.

Judgements and key sources of estimation uncertainty

In the application of the company's accounting policies, the director is 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 factos 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

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 0 (2023 - 0).

4

Tangible assets

Other tangible assets
 £

Total
£

Cost or valuation

At 6 April 2023

47,637

47,637

Additions

1,422

1,422

At 5 April 2024

49,059

49,059

Depreciation

At 6 April 2023

46,821

46,821

Charge for the year

187

187

At 5 April 2024

47,008

47,008

Carrying amount

At 5 April 2024

2,051

2,051

At 5 April 2023

816

816

 

Danewell Limited

Notes to the Unaudited Financial Statements for the Year Ended 5 April 2024

5

Investment properties

2024
£

At 6 April

5,265,252

Additions

21,142

Transfers

(32,573)

Revaluations

32,573

At 5 April

5,286,394

Investment properties were valued by Raines, Estates Agents, using open market value in 2021. The Director considers that the balance sheet value for investment properties are not materially different from the current market value.

6

Debtors

Current

2024
£

2023
£

Trade debtors

4,486

8,504

Prepayments

1,443

1,943

Other debtors

-

11,568

 

5,929

22,015

7

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

180

1,117

Accruals and deferred income

16,080

26,261

Other creditors

4,684,620

4,494,298

4,700,880

4,521,676

8

Related party transactions

At the balance sheet date, the company owed its director and shareholders £ 4,684,620 (2023: £4,494,298). This loan is unsecured and repayable on demand.

At the balance sheet date, unpaid interest on the loan stood at interest of £375,642 (2023: £263,469) has been charged during the year.