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REGISTERED NUMBER: SC042090















DANOBE SECURITIES LIMITED

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2024






DANOBE SECURITIES LIMITED (REGISTERED NUMBER: SC042090)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024




Page

Balance Sheet 1

Notes to the Financial Statements 3


DANOBE SECURITIES LIMITED (REGISTERED NUMBER: SC042090)

BALANCE SHEET
30 APRIL 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 126,591 98,110
Investments 5 58,766 58,766
Investment property 6 40,725,000 39,625,000
40,910,357 39,781,876

CURRENT ASSETS
Debtors 7 4,052,980 3,922,256
Cash at bank 1,105,656 417,748
5,158,636 4,340,004
CREDITORS
Amounts falling due within one year 8 7,194,274 2,872,381
NET CURRENT (LIABILITIES)/ASSETS (2,035,638 ) 1,467,623
TOTAL ASSETS LESS CURRENT
LIABILITIES

38,874,719

41,249,499

CREDITORS
Amounts falling due after more than one
year

9

(7,477,774

)

(9,161,391

)

PROVISIONS FOR LIABILITIES (694,145 ) (1,135,157 )
NET ASSETS 30,702,800 30,952,951

CAPITAL AND RESERVES
Called up share capital 30,300 30,300
Non-distributable reserve 5,342,400 6,047,279
Retained earnings 25,330,100 24,875,372
SHAREHOLDERS' FUNDS 30,702,800 30,952,951

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

DANOBE SECURITIES LIMITED (REGISTERED NUMBER: SC042090)

BALANCE SHEET - continued
30 APRIL 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 18 December 2024 and were signed on its behalf by:





B R Naftalin - Director


DANOBE SECURITIES LIMITED (REGISTERED NUMBER: SC042090)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

1. STATUTORY INFORMATION

Danobe Securities Limited is a private company, limited by shares, registered in Scotland. The registered office is Caledonia House, 89 Seaward Street, Glasgow, Scotland, G41 1HJ.

The financial statements are presented in Sterling (£).

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets. There were no material departures from that standard.

Judgements
The company considers on an annual basis the judgements that are made by management when applying its significant accounting policies that would have the most significant effect on amounts that are recognised in the financial statements. The directors consider there to be none.

Turnover
Turnover represents rental, recharge and dilapidations income, excluding value added tax. The company's policy is to recognise a sale when substantively all the risks and rewards in connection with the services have been passed to the buyer and to recognise rental income in accordance with the terms of the lease agreements.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Plant and machinery etc - 33.3% on cost, 25% on cost and 20% on reducing balance

Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses.

Impairment of non-financial assets
At each reporting date non-financial assets not carried at fair value, like plant and equipment, are reviewed to determine whether there is an indication that an asset may be impaired. If there is an indication of possible impairment, the recoverable amount which is the higher of value in use and the fair value less cost to sell, is estimated and compared with the carrying amount. If the recoverable amount is lower, the carrying amount of the asset is reduced to its recoverable amount and an impairment loss is recognised immediately in profit and loss.

Investment property
All of the company's properties are held for long term investment. Investment properties are accounted for as follows:

(i) Investment properties are initially recorded at cost which includes purchase cost and any directly attributable expenditure.

(ii) Thereafter, investment properties are revalued at each balance sheet date to their fair value, where this can be measured reliably.

(iii) The surplus or deficit arising on revaluation in the financial year is recognised in the profit and loss account for that year. Revaluation gains and losses are accumulated in the profit and loss account reserve, unless the revaluation amount exceeds original cost in which case, a transfer is made of the surplus to a non- distributable reserve (fair value reserve) in the balance sheet.

(iv) Deferred taxation is provided on any gains at the rate expected to apply when a property is sold.

DANOBE SECURITIES LIMITED (REGISTERED NUMBER: SC042090)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024

2. ACCOUNTING POLICIES - continued

Financial instruments
The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties, loans to and from related parties and investments in non-puttable ordinary shares.

Debt instruments like loans and other accounts receivable and payable are initially measured at present value of the future payments and subsequently at amortised cost using the effective interest method; debt instruments that are payable or receivable within one year, are measured initially and subsequently at the undiscounted amount of the cash or other consideration expected to be paid or received.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment; if found, an impairment loss is recognised in the profit and loss.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Cash and cash equivalents includes cash in hand, deposits held at call with banks and other short-term highly liquid investments.

Taxation
Taxation represents the sum of tax currently payable and deferred tax. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

The charge for taxation takes into account taxation deferred as a result of timing differences between the treatment of certain items for taxation and accounting purposes. In general, deferred taxation is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. However, deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred taxation is measured on a non-discounted basis at the average tax rates that would apply when the timing differences are expected to reverse, based on tax rates and laws that have been enacted by the balance sheet date.

With the exception of changes arising on the initial recognition of a business combination, the tax expense is presented either in profit or loss, other comprehensive income or statement of changes in equity depending on the transaction that resulted in the tax expense.

Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors.

Provisions
Provisions are recognised when the company has a legal or constructive obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle the obligation and the amount of the obligation can be reliably estimated. Provisions are recognised at the best estimate of the amount required to settle the obligation at the reporting date.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Investments
Investments in shares are included at fair value.

DANOBE SECURITIES LIMITED (REGISTERED NUMBER: SC042090)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit and loss on a straight line basis over the period of the lease.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2023 - 2 ) .

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 May 2023 172,243
Additions 79,792
Disposals (62,445 )
At 30 April 2024 189,590
DEPRECIATION
At 1 May 2023 74,133
Charge for year 23,556
Eliminated on disposal (34,690 )
At 30 April 2024 62,999
NET BOOK VALUE
At 30 April 2024 126,591
At 30 April 2023 98,110

Security is provided for assets included above with a net book value of £37,987 (2023 : £27,755).

5. FIXED ASSET INVESTMENTS
Other
investments
£   
COST
At 1 May 2023
and 30 April 2024 58,766
NET BOOK VALUE
At 30 April 2024 58,766
At 30 April 2023 58,766

DANOBE SECURITIES LIMITED (REGISTERED NUMBER: SC042090)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024

5. FIXED ASSET INVESTMENTS - continued

The directors are of the opinion that cost represents fair value, at the balance sheet date.

6. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 May 2023 39,625,000
Additions 2,647,501
Revaluations (1,547,501 )
At 30 April 2024 40,725,000
NET BOOK VALUE
At 30 April 2024 40,725,000
At 30 April 2023 39,625,000

The fair value of the investment property at 30 April 2024, has been arrived at on the basis of a valuation carried out at that date by the company directors, who are not professionally qualified valuers. The valuation was arrived at by reference to market evidence of transaction prices for similar properties in their location and takes into account the current state of the rental market in the area where the properties are situated.

7. DEBTORS
2024 2023
£    £   
Amounts falling due within one year:
Trade debtors 62,531 58,974
Other debtors 325,587 138,420
388,118 197,394

Amounts falling due after more than one year:
Other debtors 3,664,862 3,724,862

Aggregate amounts 4,052,980 3,922,256

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 4,159,460 376,785
Trade creditors 714,745 219,860
Taxation and social security 7,386 103,691
Other creditors 2,312,683 2,172,045
7,194,274 2,872,381

DANOBE SECURITIES LIMITED (REGISTERED NUMBER: SC042090)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans 7,477,774 9,161,391

10. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 11,637,234 9,538,176

The bank loans are secured over the investment properties. The hire purchase liability is secured over the related assets.

11. RELATED PARTY DISCLOSURES

Included in other creditors is £38,041 (2023: £508) owing to directors and loans of £1,544,764 (2023: £1,599,764) owing to a business controlled by the directors. The loan balances are unsecured with no fixed repayment terms and interest is charged at a commercial rate.

Included in other debtors is £3,664,862 (2023: £3,724,862) owing from businesses controlled by the directors. The balance has no fixed repayment terms and interest is charged at a commercial rate.