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No description of principal activity
2023-03-01
Sage Accounts Production Advanced 2023 - FRS102_2023
xbrli:pure
xbrli:shares
iso4217:GBP
SC722950
2023-03-01
2024-02-29
SC722950
2024-02-29
SC722950
2023-02-28
SC722950
2022-02-11
2023-02-28
SC722950
2023-02-28
SC722950
2022-02-10
SC722950
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2024-02-29
SC722950
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2024-02-29
SC722950
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SC722950
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SC722950
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2024-02-29
SC722950
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2024-02-29
SC722950
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2023-02-28
SC722950
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2024-02-29
SC722950
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2023-02-28
SC722950
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2024-02-29
SC722950
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2023-02-28
SC722950
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SC722950
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SC722950
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SC722950
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2024-02-29
SC722950
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SC722950
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2023-03-01
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SC722950
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2023-02-28
SC722950
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2024-02-29
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2024-02-29
SC722950
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2024-02-29
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2024-02-29
COMPANY REGISTRATION NUMBER:
SC722950
DT Property Rentals Limited |
|
Filleted Unaudited Financial Statements |
|
DT Property Rentals Limited |
|
Statement of Financial Position |
|
29 February 2024
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:
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.