Registered number
09592021
DWD Associates Limited
Unaudited Filleted Accounts
31 May 2024
DWD Associates Limited
Registered number: 09592021
Balance Sheet
as at 31 May 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 4,668 6,535
Investment properties 4 1,590,000 1,535,000
1,594,668 1,541,535
Current assets
Cash at bank and in hand 5,655 5,844
Creditors: amounts falling due within one year 5 (1,290) (3,362)
Net current assets 4,365 2,482
Total assets less current liabilities 1,599,033 1,544,017
Creditors: amounts falling due after more than one year 6 (1,277,680) (1,273,848)
Provisions for liabilities (59,990) (49,895)
Net assets 261,363 220,274
Capital and reserves
Called up share capital 2 2
Revaluation reserve on Investment Properties 8 251,964 207,414
Profit and loss account 9,397 12,858
Shareholders' funds 261,363 220,274
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their 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.
D W Doyne
Director
Approved by the board on 17 October 2024
DWD Associates Limited
Notes to the Accounts
for the year ended 31 May 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).
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 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, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and equipment over 5 years
Investment properties
Investment properties are initially recognised at cost and then measured at fair value with any revaluation increase or decrease recognised in the profit and loss. The fair value is based on a valuation carried out using independent residential property valuation software.
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.
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 2
3 Tangible fixed assets
Plant and equipment
£
Cost
At 1 June 2023 10,738
Disposals (1,402)
At 31 May 2024 9,336
Depreciation
At 1 June 2023 4,203
Charge for the year 1,867
On disposals (1,402)
At 31 May 2024 4,668
Net book value
At 31 May 2024 4,668
At 31 May 2023 6,535
4 Investment Properties
Freehold
Investment
Properties
£
Cost/fair value
At 1 June 2023 1,535,000
Revaluation 55,000
At 31 May 2024 1,590,000
The investment properties have been valued using independent residential valuation software and this provides values based on the area, market & property details. The valuations for investment properties was reviewed to identify any changes in value. The Directors review the valuation performed by the independent valuation software for financial reporting purposes and at each financial year end:
- Verifies all major inputs to the independent valuation;
- Assesses property valuation movements when compared to the prior year valuation report; and
- Holds discussions with the independent valuer as relevant.
5 Creditors: amounts falling due within one year 2024 2023
£ £
Taxation and social security costs 12 2,083
Other creditors 1,278 1,279
1,290 3,362
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 928,130 925,849
Loans from directors to the company 349,550 347,999
1,277,680 1,273,848
7 Loans 2024 2023
£ £
Creditors include:
Amounts payable otherwise than by instalment falling due for payment after more than five years 925,512 925,849
Secured bank loans 925,512 925,849
The bank loans are secured by fixed charges on the freehold investment properties.
8 Fair value reserve on investment properties 2024 2023
£ £
At 1 June 2023 207,414 -
Gain on revaluation of land and buildings 55,000 256,067
Deferred taxation arising on the revaluation of land and buildings (10,450) (48,653)
At 31 May 2024 251,964 207,414
9 Related party transactions
In the year the directors have continued to provide funding to the company. The balance outstanding at 31 May 2024 was £349,550 (2023 - £347,999). The directors do not charge any interest on this balance and it has been disclosed as creditors due after more than 1 year based on the directors expectations for this funding.
10 Controlling party
The company is controlled jointly by the directors by virtue of their shareholdings.
11 Other information
DWD Associates Limited is a private company limited by shares and incorporated in England. Its registered office is:
All Saints Cottage
Cwmbach
Glasbury On Wye
Powys
HR3 5LT
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