Company registration number 09891558 (England and Wales)
DARENT WAX PROPERTIES LIMITED (FORMERLY DARENT WAX HOLDINGS LIMITED)
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
DARENT WAX PROPERTIES LIMITED (FORMERLY DARENT WAX HOLDINGS LIMITED)
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
DARENT WAX PROPERTIES LIMITED (FORMERLY DARENT WAX HOLDINGS LIMITED)
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
5
2,329,044
2,382,427
Investments
6
1,005,576
2,329,044
3,388,003
Current assets
Debtors
7
685,321
86
Cash at bank and in hand
1,314
213
686,635
299
Creditors: amounts falling due within one year
8
(760,026)
(1,493,060)
Net current liabilities
(73,391)
(1,492,761)
Total assets less current liabilities
2,255,653
1,895,242
Creditors: amounts falling due after more than one year
9
(1,451,305)
(1,640,064)
Net assets
804,348
255,178
Capital and reserves
Called up share capital
86
86
Capital redemption reserve
14
14
Profit and loss reserves
804,248
255,078
Total equity
804,348
255,178
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 15 November 2024 and are signed on its behalf by:
Mr L Finlayson-Green
Director
Company registration number 09891558 (England and Wales)
DARENT WAX PROPERTIES LIMITED (FORMERLY DARENT WAX HOLDINGS LIMITED)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -
1
Accounting policies
Company information
Darent Wax Properties Limited (formerly Darent Wax Holdings Limited) is a private company limited by shares incorporated in England and Wales. The registered office is 1 The Mills, Station Road, South Darenth, Kent, DA4 9BD.
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.
Darent Wax Properties Limited (formerly Darent Wax Holdings Limited) is a wholly owned subsidiary of The Darent Wax Group Limited and the results of Darent Wax Properties Limited (formerly Darent Wax Holdings Limited) are included in the consolidated financial statements of The Darent Wax Group Limited which are available from 1 The Mills, Station Road, South Darenth, Kent, DA4 9BD.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for rental services and service charges provided in the normal course of business, and is shown net of VAT and other sales related taxes.
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:
Freehold land and buildings
2-4% straight line
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.
1.4
Fixed asset investments
Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
DARENT WAX PROPERTIES LIMITED (FORMERLY DARENT WAX HOLDINGS LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 3 -
1.5
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks and other short-term liquid investments with original maturities of three months or less. Bank overdrafts are shown within borrowings in current liabilities.
1.6
Financial instruments
The company only has financial instruments which are classified as basic financial instruments.
Short-term debtors and creditors are measured at the settlement value. Any losses from impairment are recognised in profit and loss.
Bank loans are initially recorded at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method.
1.7
Taxation
The tax expense represents the sum of the tax currently payable.
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.
2
Judgements and key sources of estimation uncertainty
Key sources of estimation uncertainty
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.
Depreciation
Depreciation is calculated to write off the cost or valuation of assets over their estimated useful economic lives. See note 1.3 for specific rates.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
4
4
4
Exceptional item
In March 2024, there was a group restructure and the company transferred its investment in its subsidiary to its parent company. An exceptional dividend of £1,500,000 was received during the year, as part of the group restructure.
DARENT WAX PROPERTIES LIMITED (FORMERLY DARENT WAX HOLDINGS LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 4 -
5
Tangible fixed assets
Land and buildings
£
Cost
At 1 April 2023 and 31 March 2024
2,665,025
Depreciation
At 1 April 2023
282,598
Depreciation charged in the year
53,383
At 31 March 2024
335,981
Carrying amount
At 31 March 2024
2,329,044
At 31 March 2023
2,382,427
6
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
1,005,576
Movements in fixed asset investments
Shares in subsidiaries
£
Cost or valuation
At 1 April 2023
1,005,576
Disposals
(1,005,576)
At 31 March 2024
-
Carrying amount
At 31 March 2024
-
At 31 March 2023
1,005,576
DARENT WAX PROPERTIES LIMITED (FORMERLY DARENT WAX HOLDINGS LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 5 -
7
Debtors
2024
2023
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
439,792
Other debtors
245,529
86
685,321
86
8
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
104,014
98,624
Amounts owed to group undertakings
619,091
1,341,547
Corporation tax
33,421
17,900
Other taxation and social security
12,108
Other creditors
3,500
22,881
760,026
1,493,060
9
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
1,451,305
1,640,064
The above loan is secured against the land and properties held by the company in a charge dated 31 May 2017. There is also a fixed and floating charge over the company's other assets dated 16 May 2017 in relation to the above loan.
10
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
Senior Statutory Auditor:
Jonathan Healey FCA
Statutory Auditor:
Lindeyer Francis Ferguson Limited
Date of audit report:
18 November 2024
DARENT WAX PROPERTIES LIMITED (FORMERLY DARENT WAX HOLDINGS LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 6 -
11
Financial commitments, guarantees and contingent liabilities
In addition, there is also a fixed and floating charge dated 28 June 2021 over the assets of Darent Wax Properties Limited in respect of an amount due to a director of the parent company, The Darent Wax Group Limited. The amount owed by The Darent Wax Group Limited in respect of this security at 31 March 2024 is £640,000 (2023: £1,080,000).
12
Related party transactions
The company has taken advantage of the exemption provided in 33.1A of FRS 102 not to include details of transactions with 100% group companies.true
13
Ultimate controlling party
The parent company is The Darent Wax Group Limited by virtue of owning the entire share capital of the company. Their address is the same as that of Darent Wax Properties Limited.
There is no ultimate controlling party.