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Registration number: 06272514

Darlow Properties Limited

Unaudited Filleted Abridged Financial Statements

for the Year Ended 30 June 2024

 

Darlow Properties Limited

Contents

Abridged Balance Sheet

1 to 2

Notes to the Abridged Financial Statements

3 to 4

 

Darlow Properties Limited

(Registration number: 06272514)
Abridged Balance Sheet as at 30 June 2024

Note

2024
£

2023
£

Current assets

 

Stocks

411,096

411,096

Cash at bank and in hand

 

30,914

51,970

 

442,010

463,066

Creditors: Amounts falling due within one year

(234,512)

(265,758)

Total assets less current liabilities

 

207,498

197,308

Accruals and deferred income

 

(1,320)

(1,320)

Net assets

 

206,178

195,988

Capital and reserves

 

Allotted, called up and fully paid share capital

100

100

Profit and loss account

206,078

195,888

Total equity

 

206,178

195,988

 

Darlow Properties Limited

(Registration number: 06272514)
Abridged Balance Sheet as at 30 June 2024

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

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

All of the company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

Approved and authorised for issue by the director on 10 January 2025
 

.........................................

Mr G J Darlow
Director

 

Darlow Properties Limited

Notes to the Abridged Financial Statements for the Year Ended 30 June 2024

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
45 Lemon Street
Truro
Cornwall
TR1 2NS

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These abridged financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These abridged financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

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

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services and sale of property in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

Sale of property
Turnover is recognised when there is an unconditional and binding contract for the sale of a property. Property held as stock is accounted for in accordance with the stock policy below.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits.

 

Darlow Properties Limited

Notes to the Abridged Financial Statements for the Year Ended 30 June 2024

Trade debtors

Trade debtors are amounts due from customers for services performed in the ordinary course of business.

Debtors with no stated interest rate and receivable 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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.

Creditors with no stated interest rate and payable within one year are recorded at transaction price.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2023 - 1).

4

Related party transactions

The director advanced loans to the company on an interest free basis. The loan is unsecured and at the balance sheet date the amount due to the director was £230,109 (2023 - £259,048).