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COMPANY REGISTRATION NUMBER: 13027790
DKC Property Holdings Ltd
Unaudited financial statements
26 February 2024
DKC Property Holdings Ltd
Statement of financial position
26 February 2024
2024
2023
Note
£
£
£
£
Fixed assets
Tangible assets
5
720,000
675,000
Investments
6
25,286
25,306
---------
---------
745,286
700,306
Current assets
Debtors
7
309,517
261,050
Creditors: Amounts falling due within one year
8
( 181,586)
( 175,344)
---------
---------
Net current assets
127,931
85,706
---------
---------
Total assets less current liabilities
873,217
786,012
Creditors: Amounts falling due after more than one year
9
( 157,184)
( 176,730)
Provisions
Taxation including deferred tax
( 63,256)
( 38,947)
---------
---------
Net assets
652,777
570,335
---------
---------
Capital and reserves
Called up share capital
100
100
Revaluation reserve
189,767
168,499
Profit and loss account
462,910
401,736
---------
---------
Shareholders funds
652,777
570,335
---------
---------
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 income statement has not been delivered.
For the year ending 26 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 .
DKC Property Holdings Ltd
Statement of financial position (continued)
26 February 2024
These financial statements were approved by the board of directors and authorised for issue on 26 November 2024 , and are signed on behalf of the board by:
D Cooper
Director
Company registration number: 13027790
DKC Property Holdings Ltd
Notes to the financial statements
Year ended 26 February 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 131 Mereside, Soham, Ely, CB7 5EG.
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.
Consolidation
The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts and of Value Added Tax.
Income 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.
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.
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
4. Employee numbers
The average number of employees during the year was 1 (2023: 1 ).
5. Tangible assets
Investment property
£
Cost or valuation
At 27 February 2023
675,000
Revaluations
45,000
---------
At 26 February 2024
720,000
---------
Depreciation
At 27 February 2023 and 26 February 2024
---------
Carrying amount
At 26 February 2024
720,000
---------
At 26 February 2023
675,000
---------
The director valued the property at 26 February 2024.
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 26 February 2024
Aggregate cost
466,977
Aggregate depreciation
---------
Carrying value
466,977
---------
At 26 February 2023
Aggregate cost
466,977
Aggregate depreciation
---------
Carrying value
466,977
---------
6. Investments
Shares in group undertakings
£
Cost
At 27 February 2023
25,306
Disposals
( 20)
-------
At 26 February 2024
25,286
-------
Impairment
At 27 February 2023 and 26 February 2024
-------
Carrying amount
At 26 February 2024
25,286
-------
At 26 February 2023
25,306
-------
7. Debtors
2024
2023
£
£
Amounts owed by group undertakings and undertakings in which the company has a participating interest
309,497
261,050
Other debtors
20
---------
---------
309,517
261,050
---------
---------
8. Creditors: Amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
17,090
14,196
Trade creditors
1,740
1,200
Amounts owed to group undertakings and undertakings in which the company has a participating interest
8,784
389
Social security and other taxes
2,754
1,739
Other creditors
151,218
157,820
---------
---------
181,586
175,344
---------
---------
The following liabilities disclosed under creditors falling due within one year are secured by the company: Bank loan - £17,090 (2023 - £14,196). The bank loan is secured by way of a fixed and floating charge over certain assets of the company present and future.
9. Creditors: Amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
157,184
176,730
---------
---------
The following liabilities disclosed under creditors falling due after one year are secured by the company: Bank loan - £157,184 (2023 - £176,730). The bank loan is secured by way of a fixed and floating charge over certain assets of the company present and future. Included within creditors amounts falling due after one year is an amount of £51,270 (2023 - £119,948) in respect of liabilities repayable by instalments which fall due for payment after more than five years from the reporting date. The bank loan is secured over assets held by the company. The loan interest is charged at 4% above base rate and is due to mature on 17/01/2032.