Company registration number 12474167 (England and Wales)
DUNSTON ESTATES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024
PAGES FOR FILING WITH REGISTRAR
DUNSTON ESTATES LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
DUNSTON ESTATES LIMITED
BALANCE SHEET
AS AT
29 FEBRUARY 2024
29 February 2024
- 1 -
29 February 2024
28 February 2023
Notes
£
£
£
£
Fixed assets
Investment property
3
334,132
334,132
Current assets
Debtors
4
6,819
3,607
Cash at bank and in hand
29,699
32,483
36,518
36,090
Creditors: amounts falling due within one year
5
(128,812)
(125,638)
Net current liabilities
(92,294)
(89,548)
Total assets less current liabilities
241,838
244,584
Creditors: amounts falling due after more than one year
6
(231,758)
(243,135)
Provisions for liabilities
8
(2,371)
(4,845)
Net assets/(liabilities)
7,709
(3,396)
Capital and reserves
Called up share capital
10
100
100
Profit and loss reserves
7,609
(3,496)
Total equity
7,709
(3,396)
DUNSTON ESTATES LIMITED
BALANCE SHEET (CONTINUED)
AS AT
29 FEBRUARY 2024
29 February 2024
- 2 -
For the financial year ended 29 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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 directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved by the board of directors and authorised for issue on 29 November 2024 and are signed on its behalf by:
Mr Z Ellinson
Director
Company registration number 12474167 (England and Wales)
DUNSTON ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 3 -
1
Accounting policies
Company information
Dunston Estates Limited is a private company limited by shares incorporated in England and Wales. The registered office is 2nd Floor Durham House, 530-534 Durham Road, Gateshead, Tyne and Wear, England, NE9 6HU.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in UK sterling which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £1.
The financial statements have been prepared under the historical cost convention, modified to include investment properties at fair value. The principal accounting policies adopted are set out below.
1.2
Going concern
The financial statements have been prepared on a going concern basis which, in the opinion of the directors, is the appropriate basis. The company's ability to continue operating is dependent upon the ongoing support of its directors. In the event that the company is unable to continue operating, adjustments would have to be made to reduce the value of assets to their recoverable amount. true
1.3
Turnover
Turnover represents rents receivable in accordance with the underlying property leases.
1.4
Investment properties
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.
The methods and significant assumptions used to ascertain the fair value of £334,132 and fair value movement of £Nil credited to profit/loss for the year are as follows:
The investment property has been valued at fair value based on estimates by the directors
1.5
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
DUNSTON ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
1
Accounting policies
(Continued)
- 4 -
1.6
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the profit and loss account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.
Current and deferred taxation assets and liabilities are not discounted.
Current tax
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.
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 profits.
1.7
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 other administrative expenses.
1.8
Loans and borrowings are initially recognised at the transaction price including transaction costs.Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
3
Investment property
2024
£
Fair value
At 1 March 2023 and 29 February 2024
334,132
The investment property has been valued based on estimates by the directors.
DUNSTON ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
3
Investment property
(Continued)
- 5 -
If investment properties were stated on an historical cost basis rather than a fair value basis, the amounts would have been included as follows:
2024
2023
£
£
Cost
314,752
314,752
Accumulated depreciation
-
-
Carrying amount
314,752
314,752
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
1
Prepayments and accrued income
6,818
3,607
6,819
3,607
5
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
7
8,259
4,586
Other creditors
117,160
117,160
Accruals and deferred income
3,393
3,892
128,812
125,638
6
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Bank loans and overdrafts
7
231,758
243,135
Amounts included above which fall due after five years are as follows:
Payable by instalments
209,094
222,691
DUNSTON ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 6 -
7
Loans and overdrafts
2024
2023
£
£
Bank loans
240,017
247,721
Payable within one year
8,259
4,586
Payable after one year
231,758
243,135
The mortgages are secured on the company's investment property.
8
Provisions for liabilities
2024
2023
£
£
Deferred tax liabilities
9
2,371
4,845
9
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2024
2023
Balances:
£
£
Tax losses carried forward
(1,311)
-
Revaluation of investment property
3,682
4,845
2,371
4,845
2024
Movements in the year:
£
Liability at 1 March 2023
4,845
Credit to profit or loss
(2,474)
Liability at 29 February 2024
2,371
10
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
100
100
100
100
11
Related party transactions
DUNSTON ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
11
Related party transactions
(Continued)
- 7 -
The following amounts were outstanding at the reporting end date:
2024
2023
Amounts due to related parties
£
£
Key management personnel
58,280
58,280
No interest is charged on the above loans.