Company No: 00085767 (England and Wales)

Contents

• Balance Sheet
• Notes to the Financial Statements

	Note	2024		2023
		£		£
Fixed assets
Tangible assets	3	4,165,613		7,020,817
Investments	4	100		100
		4,165,713		7,020,917
Current assets
Debtors	5	22,160		2,906
Cash at bank and in hand		351,060		308,680
		373,220		311,586
Creditors: amounts falling due within one year	6	( 45,714)		( 36,107)
Net current assets		327,506		275,479
Total assets less current liabilities		4,493,219		7,296,396
Creditors: amounts falling due after more than one year	7	( 22,000)		( 218,000)
Net assets		4,471,219		7,078,396
Capital and reserves
Called-up share capital	8	18,812		18,812
Other reserves		100,954		100,954
Profit and loss account	10	4,351,453		6,958,630
Total shareholders' funds		4,471,219		7,078,396

For the financial year ending 31 August 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

• The members have not required the Company to obtain an audit of its financial statements for the financial year in accordance with section 476;
• The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Statement of Income and Retained Earnings has not been delivered.

The financial statements of Dart and Francis Limited (registered number: 00085767) were approved and authorised for issue by the Board of Directors on 15 January 2025. They were signed on its behalf by:

Mr M G Discombe Director

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 year, unless otherwise stated.

General information and basis of accounting

Dart and Francis 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 and principal place of business is Ecclesiastical Art Works, 127a High Street, Crediton, EX17 3LQ, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and 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 £.

Group accounts exemption

Group accounts exemption s399
The Company has taken advantage of the exemption in section 399 of the Companies Act 2006 not to prepare consolidated accounts, because the group it heads qualifies as small. The financial statements present information about the Company as an individual entity only.

Turnover

Turnover represents rent receivable. Revenue is recognised on a straight line basis over the term of the lease.

Employee benefits

Defined contribution schemes
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

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 Balance Sheet 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 tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a reducing balance basis over its expected useful life, as follows:

Investment property	not depreciated
Plant and machinery	25 % reducing balance
Vehicles	25 % reducing balance

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 Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Investment property

Investment property is carried out at fair value, derived from the current market prices for comparable real estate determined annually by the directors. The directors use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Fixed asset investments

Fixed asset investments are stated at historical cost less provision for any diminution in value.

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.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

2. Employees

	2024		2023
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	6		6

3. Tangible assets

	Investment property		Plant and machinery		Vehicles		Total
	£		£		£		£
Cost
At 01 September 2023	7,000,000		5,436		47,366		7,052,802
Revaluations	( 2,850,000)		0		0		( 2,850,000)
At 31 August 2024	4,150,000		5,436		47,366		4,202,802
Accumulated depreciation
At 01 September 2023	0		5,156		26,829		31,985
Charge for the financial year	0		70		5,134		5,204
At 31 August 2024	0		5,226		31,963		37,189
Net book value
At 31 August 2024	4,150,000		210		15,403		4,165,613
At 31 August 2023	7,000,000		280		20,537		7,020,817

During the year the investment properties were professionally valued and the directors have assessed that this represents the value as at the year ended 31 August 2024.

4. Fixed asset investments

	2024		2023
	£		£
Subsidiary undertakings	100		100

The company has 100% proportion of voting rights and shares held in Dart & Francis Developments Limited which is dormant. The registered office of the subsidiary is Centenary House Peninsula Park, Rydon Lane, Exeter, EX2 7XE, United Kingdom.

5. Debtors

	2024		2023
	£		£
Trade debtors	632		1,240
Amounts owed by directors	19,556		113
Prepayments	1,972		1,553
	22,160		2,906

6. Creditors: amounts falling due within one year

	2024		2023
	£		£
Amounts owed to Group undertakings	100		100
Accruals and deferred income	7,650		7,542
Taxation and social security	36,041		26,952
Other creditors	1,923		1,513
	45,714		36,107

7. Creditors: amounts falling due after more than one year

	2024		2023
	£		£
Other creditors	22,000		218,000

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

8. Called-up share capital

	2024		2023
	£		£
Allotted, called-up and fully-paid
11,200 Ordinary shares of £ 0.01 each	112		112
3,360 Ordinary C shares of £ 1.00 each	3,360		3,360
1,120 Ordinary D shares of £ 1.00 each	1,120		1,120
1,120 Ordinary E shares of £ 1.00 each	1,120		1,120
1,120 Ordinary F shares of £ 1.00 each	1,120		1,120
1,120 Ordinary G shares of £ 1.00 each	1,120		1,120
3,360 Ordinary H shares of £ 1.00 each	3,360		3,360
	11,312		11,312
2,500 Preference A shares of £ 1.00 each	2,500		2,500
5,000 Preference B shares of £ 1.00 each	5,000		5,000
	7,500		7,500
	18,812		18,812

9. Events after the Balance Sheet date

After the balance sheet date, the company sold one of its investment properties for £3,700,000.

10. Reserves

Included in the profit and loss reserve is £2,273,997 (2023: £4,932,097) in respect of unrealised fair value gains on investment properties.