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Company No: 14061433 (England and Wales)

DART DEVELOPMENTS (PENGOVER) LIMITED

Unaudited Financial Statements
For the financial year ended 30 April 2024
Pages for filing with the registrar

DART DEVELOPMENTS (PENGOVER) LIMITED

Unaudited Financial Statements

For the financial year ended 30 April 2024

Contents

DART DEVELOPMENTS (PENGOVER) LIMITED

STATEMENT OF FINANCIAL POSITION

As at 30 April 2024
DART DEVELOPMENTS (PENGOVER) LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 30 April 2024
Note 30.04.2024 30.04.2023
£ £
Fixed assets
Tangible assets 3 34,449 5,166
34,449 5,166
Current assets
Stocks 374,617 241,103
Cash at bank and in hand 2,501 5,591
377,118 246,694
Creditors: amounts falling due within one year 4 ( 449,571) ( 251,590)
Net current liabilities (72,453) (4,896)
Total assets less current liabilities (38,004) 270
Provision for liabilities 5 0 ( 93)
Net (liabilities)/assets ( 38,004) 177
Capital and reserves
Called-up share capital 6 1 1
Profit and loss account ( 38,005 ) 176
Total shareholder's (deficit)/funds ( 38,004) 177

For the financial year ending 30 April 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Dart Developments (Pengover) Limited (registered number: 14061433) were approved and authorised for issue by the Board of Directors on 29 November 2024. They were signed on its behalf by:

William Alan Northmore
Director
DART DEVELOPMENTS (PENGOVER) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 April 2024
DART DEVELOPMENTS (PENGOVER) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 April 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial period, unless otherwise stated.

General information and basis of accounting

Dart Developments (Pengover) Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 33 Pollards Way, Saltash, PL12 6UJ, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The directors note that the business has net liabilities of £38,004. The Company is supported through loans from the directors. The directors have confirmed that the loan facilities will continue to be available for at least 12 months from the date of signing these financial statements and the directors will continue to support the Company. Given the current position, the directors believe that any foreseeable debts can be met for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Reporting period length

The company is presenting accounts for the year ended 30 April 2024. The prior period to 30 April 2023 was from incorporation on 22 April 2022 and is for a period of 1 year and 9 days.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. Depreciation is provided on all tangible fixed assets, other than investment properties and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line basis over its expected useful life, as follows:

Plant and machinery 3 years straight line
Vehicles 4 years straight line
Computer equipment 3 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

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 creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Statement of Financial Position date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

2. Employees

Year ended
30.04.2024
Period from
22.04.2022 to
30.04.2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 2 2

3. Tangible assets

Plant and machinery Vehicles Computer equipment Total
£ £ £ £
Cost
At 01 May 2023 382 4,900 225 5,507
Additions 40,793 0 0 40,793
At 30 April 2024 41,175 4,900 225 46,300
Accumulated depreciation
At 01 May 2023 74 204 63 341
Charge for the financial year 10,210 1,225 75 11,510
At 30 April 2024 10,284 1,429 138 11,851
Net book value
At 30 April 2024 30,891 3,471 87 34,449
At 30 April 2023 308 4,696 162 5,166

4. Creditors: amounts falling due within one year

30.04.2024 30.04.2023
£ £
Trade creditors 4,278 509
Amounts owed to Parent undertakings 318,358 215,683
Amounts owed to directors 120,178 28,086
Accruals 3,200 3,000
Other taxation and social security 1,772 1,729
Other creditors 1,785 2,583
449,571 251,590

There are no amounts included above in respect of which any security has been given by the small entity.

5. Deferred tax

30.04.2024 30.04.2023
£ £
At the beginning of financial year/period ( 93) 0
Credited/(charged) to the Statement of Income and Retained Earnings 93 ( 93)
At the end of financial year/period 0 ( 93)

6. Called-up share capital

30.04.2024 30.04.2023
£ £
Allotted, called-up and fully-paid
1 Ordinary share of £ 1.00 1 1

7. Related party transactions

Transactions with owners holding a participating interest in the entity

As a wholly owned subsidiary undertaking of their parent company, Dart Developments Ltd, (Registered office: 33 Pollards Way, Saltash, United Kingdom, PL12 6UJ), the company has taken advantage of the exemption in paragraph 1AC.35 of FRS102 in not disclosing intra group transactions where 100% of the voting rights are controlled within the group.

Transactions with the entity's directors

30.04.2024 30.04.2023
£ £
Director's Loan Account 120,178 28,086

Interest is charged at the official HMRC rate on any overdrawn balance during the year.