REGISTERED NUMBER: |
Audited Financial Statements |
for the Year Ended 31 March 2024 |
for |
Derbyshire Property Trust Limited (The) |
REGISTERED NUMBER: |
Audited Financial Statements |
for the Year Ended 31 March 2024 |
for |
Derbyshire Property Trust Limited (The) |
Derbyshire Property Trust Limited (The) (Registered number: 00297189) |
Contents of the Financial Statements |
for the Year Ended 31 March 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
Derbyshire Property Trust Limited (The) |
Company Information |
for the Year Ended 31 March 2024 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants |
Statutory Auditors |
50 Osmaston Road |
Derby |
DE1 2HU |
BANKERS: |
16 Lower Parliament Street |
Nottingham |
NG1 3DA |
Derbyshire Property Trust Limited (The) (Registered number: 00297189) |
Balance Sheet |
31 March 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 5 |
Investment property | 6 |
CURRENT ASSETS |
Debtors | 7 |
Investments | 8 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 9 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES | 10 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 11 |
Fair value reserve | 12 |
Retained earnings |
SHAREHOLDERS' FUNDS |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
Derbyshire Property Trust Limited (The) (Registered number: 00297189) |
Notes to the Financial Statements |
for the Year Ended 31 March 2024 |
1. | STATUTORY INFORMATION |
Derbyshire Property Trust Limited (The) is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | STATEMENT OF COMPLIANCE |
3. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Turnover derives from rental income which is recognised when the invoices are raised in accordance with the terms of the leases. Turnover takes account of rent arrears, amounts invoiced in advance and bad debt provisions. |
Tangible fixed assets |
Computer equipment | - |
Tangible fixed assets are stated at cost less accumulated depreciation. Cost includes costs directly attributable to making the asset capable of operating as intended. |
Investment property |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
Deferred taxation is provided on these gains at the rate expected to apply when the property is sold. |
Debtors and creditors receivable/payable within one year |
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in administrative expenses. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Derbyshire Property Trust Limited (The) (Registered number: 00297189) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
3. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Investments |
Current asset investments are measured at fair value with changes in fair value recognised in the profit and loss. |
Impairment |
Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss. |
Provisions |
Provisions are recognised when the company has an obligation at the balance sheet date as a result of a past event, it is probable that the outflow of economic benefits will be required in settlement and the amount can be reliably estimated. |
4. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
5. | TANGIBLE FIXED ASSETS |
Computer |
equipment |
£ |
COST |
At 1 April 2023 |
and 31 March 2024 |
DEPRECIATION |
At 1 April 2023 |
and 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
Derbyshire Property Trust Limited (The) (Registered number: 00297189) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
6. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 April 2023 |
Revaluations | 540,000 |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
Fair value at 31 March 2024 is represented by: |
£ |
Valuation in 2024 | 5,508,001 |
Cost | 7,383,499 |
12,891,500 |
Investment property were valued on a fair value basis on 31 March 2024 by the Directors and R J Harmer (MRICS) . |
7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade debtors |
Other debtors |
Prepayments |
8. | CURRENT ASSET INVESTMENTS |
2024 | 2023 |
£ | £ |
Deposit bank account |
9. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Corporation tax |
Social security and other taxes |
Other creditors |
Accruals & deferred income |
Derbyshire Property Trust Limited (The) (Registered number: 00297189) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
10. | PROVISIONS FOR LIABILITIES |
2024 | 2023 |
£ | £ |
Deferred tax | 688,410 | 596,975 |
Deferred |
tax |
£ |
Balance at 1 April 2023 |
Other timing differences | 91,435 |
Balance at 31 March 2024 |
Deferred tax liabilities relate to the provision for tax payable on potential future sales of investment properties. |
11. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Ordinary | £1 | 16,582 | 16,582 |
12. | RESERVES |
Fair |
value |
reserve |
£ |
At 1 April 2023 |
Fair value gains, net of deferred tax | 448,565 |
At 31 March 2024 |
13. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |