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COMPANY REGISTRATION NUMBER: SC722950
DT Property Rentals Limited
Filleted Unaudited Financial Statements
29 February 2024
DT Property Rentals Limited
Statement of Financial Position
29 February 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
4
71,010
59,891
Current assets
Debtors
5
317
134
Cash at bank and in hand
13,856
1,160
--------
-------
14,173
1,294
Creditors: amounts falling due within one year
6
34,902
23,764
--------
--------
Net current liabilities
20,729
22,470
--------
--------
Total assets less current liabilities
50,281
37,421
Creditors: amounts falling due after more than one year
7
41,230
41,230
Provisions
Taxation including deferred tax
2,209
--------
--------
Net assets/(liabilities)
6,842
( 3,809)
--------
--------
Capital and reserves
Called up share capital
1
1
Revaluation reserve
8
9,415
Profit and loss account
8
( 2,574)
( 3,810)
-------
-------
Shareholders funds/(deficit)
6,842
( 3,809)
-------
-------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the year ending 29 February 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 financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
DT Property Rentals Limited
Statement of Financial Position (continued)
29 February 2024
These financial statements were approved by the board of directors and authorised for issue on 11 November 2024 , and are signed on behalf of the board by:
Mr D Thomson
Director
Company registration number: SC722950
DT Property Rentals Limited
Notes to the Financial Statements
Year ended 29 February 2024
1. General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is Stannergate House, 41 Dundee Road West, Broughty Ferry, Dundee, DD5 1NB.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The director has assessed that the company has adequate resources to meet the ongoing costs of the business for the foreseeable future. For this reason the financial statements have been prepared on a going concern basis which presumes the realisation of assets and liabilities in the normal course of business.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
The turnover shown in the statement of income and retained earnings represents property rental amounts charged during the year.
Corporation and deferred tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures and fittings
-
33% reducing balance
Investment property
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss. If a reliable measure of fair value is no longer available without undue cost or effort for an item of investment property, it shall be transferred to tangible assets and treated as such until it is expected that fair value will be reliably measurable on an on-going basis. This is in accordance with the FRS 102 1A which, unlike the Companies Act 2006, does not require depreciation of investment properties. Investment properties are held for their investment potential and not for use by the company and so their current value is of prime importance. The departure from the provisions of the Companies Act 2006 is required in order to give a true and fair view.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.
4. Tangible assets
Investment Property
Fixtures and fittings
Total
£
£
£
Cost or valuation
At 1 March 2023
58,376
1,976
60,352
Revaluations
11,624
11,624
--------
-------
--------
At 29 February 2024
70,000
1,976
71,976
--------
-------
--------
Depreciation
At 1 March 2023
461
461
Charge for the year
505
505
--------
-------
--------
At 29 February 2024
966
966
--------
-------
--------
Carrying amount
At 29 February 2024
70,000
1,010
71,010
--------
-------
--------
At 28 February 2023
58,376
1,515
59,891
--------
-------
--------
During the year, the director revalued the company's investment property on an open market basis.
Tangible assets held at valuation
In respect of tangible assets held at valuation, the aggregate cost, depreciation and comparable carrying amount that would have been recognised if the assets had been carried under the historical cost model are as follows:
Investment property
£
At 29 February 2024
Aggregate cost
58,736
Aggregate depreciation
--------
Carrying value
58,736
--------
At 28 February 2023
Aggregate cost
58,376
Aggregate depreciation
--------
Carrying value
58,376
--------
5. Debtors
2024
2023
£
£
Other debtors
317
134
----
----
6. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
10,999
Other creditors
23,903
23,764
--------
--------
34,902
23,764
--------
--------
7. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
41,230
41,230
--------
--------
8. Reserves
The Profit and loss account reserve records retained earnings and accumulated losses. The Fair value reserve records the value of assets revaluations and fair value movements on assets recognised in other comprehensive income. The Fair value reserve is undistributable.
9. Transactions with directors
The company was under the control of the director throughout the current and previous year. At the end of the year the company was due to pay the director £22,847 (2023 - £22,804) This loan is interest free and repayable on demand.
10. Related party transactions
At the end of the year the company was to due pay DT Nutrition Limited £11,000 (2023 - Nil) This is a company under common control of the director.