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Company Registration No. 10907881 (England and Wales)
Divine Real Estate Ltd Unaudited accounts for the year ended 31 March 2024
Divine Real Estate Ltd Unaudited accounts Contents
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Divine Real Estate Ltd Company Information for the year ended 31 March 2024
Directors
David Hanson Diana Hanson
Company Number
10907881 (England and Wales)
Registered Office
166 LICHFIELD ROAD BLOXWICH WALSALL WEST MIDLANDS WS3 3BJ UNITED KINGDOM
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Divine Real Estate Ltd Statement of financial position as at 31 March 2024
2024 
2023 
Notes
£ 
£ 
Fixed assets
Tangible assets
1,852 
2,259 
Investment property
934,000 
870,000 
935,852 
872,259 
Current assets
Cash at bank and in hand
38,871 
5,845 
Creditors: amounts falling due within one year
(545,095)
(445,253)
Net current liabilities
(506,224)
(439,408)
Total assets less current liabilities
429,628 
432,851 
Creditors: amounts falling due after more than one year
(372,315)
(375,945)
Net assets
57,313 
56,906 
Capital and reserves
Called up share capital
2 
2 
Capital contribution reserve
50,000 
50,000 
Profit and loss account
7,311 
6,904 
Shareholders' funds
57,313 
56,906 
For the year ending 31 March 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 in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
The members have agreed to the preparation of abridged accounts for the year in accordance with Section 444(2A).
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 1 December 2024 and were signed on its behalf by
David Hanson Director Company Registration No. 10907881
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Divine Real Estate Ltd Notes to the Accounts for the year ended 31 March 2024
1
Statutory information
Divine Real Estate Ltd is a private company, limited by shares, registered in England and Wales, registration number 10907881. The registered office is 166 LICHFIELD ROAD, BLOXWICH, WALSALL, WEST MIDLANDS, WS3 3BJ, UNITED KINGDOM.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
3
Accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. 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 and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Fixtures & fittings
18%
Investment property
Investment property is carried at fair value determined annually by the directors and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any diference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the Statement of Comprehensive Income.
Deferred taxation
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 accounts. 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.
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Divine Real Estate Ltd Notes to the Accounts for the year ended 31 March 2024
Leased assets
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term. Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
Investments
Investments in shares are included at fair value.
4
Tangible fixed assets
Total 
£ 
Cost or valuation
At 1 April 2023
2,755 
At 31 March 2024
2,755 
Depreciation
At 1 April 2023
496 
Charge for the year
407 
At 31 March 2024
903 
Net book value
At 31 March 2024
1,852 
At 31 March 2023
2,259 
5
Share capital
2024 
2023 
£ 
£ 
Allotted, called up and fully paid:
2 Ordinary shares of £1 each
2 
2 
6
Capital contribution reserve
Capital Contribution Reserve Movements Opening Balance: The capital contribution reserve had an opening balance of £50,000 as of 1st April 2023. Contributions Received: During the financial year, the company received additional capital contributions totaling £50,000 from shareholders. Utilization of Funds: - £45,000 was used to repay a portion of the company's long-term debt. Adjustments: - An adjustment of £2,000 was made to correct a previous overstatement of contributions. Closing Balance: The capital contribution reserve had a closing balance of £3,000 as of 31st March 2024.
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Divine Real Estate Ltd Notes to the Accounts for the year ended 31 March 2024
7
Pension commitments
The company operates a Small Self-Administered Scheme (SSAS) for the benefit of its directors and employees. The SSAS is administered by Sestini & Co Ltd and is designed to provide retirement benefits. During the financial year, the company contributed a total of £65,500 to the SSAS, taking into consideration the previous years' allowance. These contributions are recorded as an expense in the profit and loss account and have been deducted from the company's taxable profits. The company has committed to making annual contributions to the SSAS, subject to the annual allowance limits set by HMRC. All contributions are made in compliance with relevant pension regulations. The contributions are fully deductible for corporation tax purposes, reducing the company's taxable income for the year.
8
Average number of employees
During the year the average number of employees was 0 (2023: 0).
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