Registered number
SC056777
DMS Partners Limited
Filleted Accounts
29 February 2024
DMS Partners Limited
Registered number: SC056777
Balance Sheet
as at 29 February 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 6,955,293 7,103,036
Current assets
Debtors 4 81,144 45,420
Cash at bank and in hand 293,279 225,363
374,423 270,783
Creditors: amounts falling due within one year 5 (929,526) (876,005)
Net current liabilities (555,103) (605,222)
Total assets less current liabilities 6,400,190 6,497,814
Creditors: amounts falling due after more than one year 6 (2,684,661) (3,348,220)
Provisions for liabilities (126,018) (58,399)
Net assets 3,589,511 3,091,195
Capital and reserves
Called up share capital 149,413 149,413
Profit and loss account 3,440,098 2,941,782
Shareholder's funds 3,589,511 3,091,195
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
A E Morrison
Director
Approved by the board on 24 June 2024
DMS Partners Limited
Notes to the Accounts
for the year ended 29 February 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard). The adoption of FRS 102 instead of FRS 105 took place with effect from 1 March 2022 and prior year balances have been restated accordingly.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from property rents, the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land and investment properties, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings over 50 years
Plant and machinery over 5 years
Fixtures, fittings, tools and equipment over 5 years
Investments
Investments in investment properties are measured at fair value. Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted. Deferred tax is provided on any potential gains on investment properties on a property by property basis.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 2 1
3 Tangible fixed assets
Investment properties
Cost or Valuation £
At 1 March 2023 7,103,036
Fair value revaluation 247,257
Disposals - at cost (395,000)
At 29 February 2024 6,955,293
Depreciation
At 29 February 2024 -
Net book value
At 29 February 2024 6,955,293
At 28 February 2023 7,103,036
4 Debtors 2024 2023
£ £
Trade debtors 1,144 33,195
Other debtors 80,000 12,225
81,144 45,420
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 248,000 242,300
Trade creditors 52,907 35,950
Taxation and social security costs 125,351 90,311
Other creditors 503,268 507,444
929,526 876,005
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 2,684,661 3,348,220
7 Loans 2024 2023
£ £
Creditors include:
Instalments falling due for payment after more than five years 1,842,745 2,019,683
Secured bank loans 2,932,661 3,590,520
All bank loans are secured by way of fixed and floating charges granted by the company in favour of the lender, Bank of Scotland.
8 Controlling party
The controlling party is considered to be Mr A E Morrison by virtue of his shareholding in the company.
9 Other information
DMS Partners Limited is a private company limited by shares and incorporated in Scotland. Its registered office is:
14 Kingsburgh Road
Edinburgh
EH12 6DZ
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