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COMPANY REGISTRATION NUMBER: 3858425
Dashrent Ltd
Filleted Unaudited Financial Statements
31 March 2024
Dashrent Ltd
Statement of Financial Position
31 March 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
5
25,722,186
25,672,320
Current assets
Debtors
6
1,023,002
710,788
Cash at bank and in hand
175,200
614,188
---------------
---------------
1,198,202
1,324,976
Creditors: amounts falling due within one year
7
( 16,402,146)
( 20,513,355)
---------------
---------------
Net current liabilities
( 15,203,944)
( 19,188,379)
---------------
---------------
Total assets less current liabilities
10,518,242
6,483,941
Creditors: amounts falling due after more than one year
8
( 2,629,560)
---------------
---------------
Net assets
7,888,682
6,483,941
---------------
---------------
Dashrent Ltd
Statement of Financial Position (continued)
31 March 2024
2024
2023
Note
£
£
£
Capital and reserves
Called up share capital
9
26
26
Profit and loss account
7,888,656
6,483,915
---------------
---------------
Shareholders funds
7,888,682
6,483,941
---------------
---------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31st March 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 year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 21 January 2025 , and are signed on behalf of the board by:
Mr Sarabjit Singh Sohal
Director
Company registration number: 3858425
Dashrent Ltd
Notes to the Financial Statements
Year Ended 31st March 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Direct 2 Industrial Park, Roway Lane, Oldbury, West Midlands, B69 3ES, United Kingdom.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
Dashrent Ltdis a company limited by shares incorporated in England within the United Kingdom. The registered office address is given in the company information on page 1 of these financial statements. The principal activity of the company during the year is that of letting out commercial property. The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss. The financial statements are prepared in UK sterling, which is the functional currency of the entity. The significant accounting policies applied in the presentation of the financial statements are set out below. These policies have been applied consistently to all years presented unless otherwise stated.
Disclosure exemptions
(a) No cash flow statement has been presented for the company. (b) Disclosures in respect of financial instruments have not been presented.
Revenue recognition
The turnover shown in the profit and loss account represents amounts derived from rental income and is recognised on a receivable basis. The turnover is stated after deduction of trade discounts and net of Value Added Tax (on properties which are option to tax).
Income tax
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. Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. 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 balance sheet date that are expected to apply to the reversal of timing differences. Deferred tax on revalued non-depreciable tangible fixed assets and investment properties is measured using the rates and allowances that apply to the sale of the asset.
Investment property
Investment property are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any investment property carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures and fittings
-
10% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. Provision is made for any impairment
4. Tax on profit
Major components of tax expense
2024
2023
£
£
Current tax:
UK current tax expense
437,769
415,982
-----------
-----------
Tax on profit
437,769
415,982
-----------
-----------
Reconciliation of tax expense
The tax assessed on the profit on ordinary activities for the year is lower than (2023: lower than) the standard rate of corporation tax in the UK of 25 % (2023: 19 %).
2024
2023
£
£
Profit on ordinary activities before taxation
1,842,510
2,206,116
---------------
---------------
Profit on ordinary activities by rate of tax
460,627
419,162
Effect of expenses not deductible for tax purposes
760
Effect of capital allowances and depreciation
( 22,859)
( 3,940)
Rounding on tax charge
1
---------------
---------------
Tax on profit
437,769
415,982
---------------
---------------
5. Tangible assets
Investment freehold property
Investment long leasehold property
Fixtures and fittings
Total
£
£
£
£
Cost or valuation
At 1st April 2023
24,089,651
1,467,400
195,175
25,752,226
Revaluations
61,393
61,393
---------------
---------------
-----------
---------------
At 31st March 2024
24,151,044
1,467,400
195,175
25,813,619
---------------
---------------
-----------
---------------
Depreciation
At 1st April 2023
79,906
79,906
Charge for the year
11,527
11,527
---------------
---------------
-----------
---------------
At 31st March 2024
91,433
91,433
---------------
---------------
-----------
---------------
Carrying amount
At 31st March 2024
24,151,044
1,467,400
103,742
25,722,186
---------------
---------------
-----------
---------------
At 31st March 2023
24,089,651
1,467,400
115,269
25,672,320
---------------
---------------
-----------
---------------
Investment freehold property: Property 1, which had a historic cost of £3,579,237, was revalued in April 2019 to £4,650,000 by Stuart Smith MRICS and Dave Findlay MRICS of Jones Lang LaSalle Limited. Property 2, which had a historic cost of £670,602, was revalued in August 2019 to £650,000 by Jamanul Hoque MRICS of HLA Surveyors Limited. Property 4, which had a historic cost of £5,506,000, was revalued in January 2019 to £5,500,000, which includes fixtures and fittings at net book value of £103,742 by Stuart Smith MRICS and Dave Findlay MRICS of Jones Lang LaSalle Limited. Property 5, which had a historic cost of £1,510,755 was revalued in March 2020 to £1,025,000 by F J Mellor of Harris Lamb Ltd. Property 6, which had a historic cost of £4,731,041 was revalued in December 2020 to £4,500,000 by Laurie O' Hanlon of Jones Lang LaSalle Ltd. Property 7, which had a historic cost of £6,698,264 was revalued in October 2020 to £6,250,000 by Niall Bryers of Jones Lang LaSalle Ltd. Property 8, which was acquired during 2022 at cost of £1,679,786 has not been revalued. However, the directors believe that the value of the property is similar to the cost price at the current time. The directors believe that there has been no change in market value of the above properties and should be valued the same as the previous valuations as noted above. Investment long leasehold property: Property 3, which had a historic cost of £1,666,148, was revalued in September 2019 to £1,467,400 by Mohammed Basharat of CPM Surveyors. The director's believe that the market value of this property was same as revaluations at the year end date. Should these properties be sold at their estimated market value, no corporation tax will be due after indexation and capital losses. The company is carrying capital losses of £488,643 which will be utilised against any capital gains first. The directors have no present intention to dispose of these properties in the foreseeable future and no deferred tax provision has been provided due to there being no liability present. Revaluation: In accordance with FRS 102 Investment properties paragraph 16.7, the change in the fair value of the freehold and leasehold properties has been recorded in the profit and loss statement.
6. Debtors
2024
2023
£
£
Trade debtors
668,601
358,070
Prepayments
19,221
406
Other debtors
335,180
352,312
---------------
-----------
1,023,002
710,788
---------------
-----------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
927,573
Trade creditors
1,464
190
Corporation tax
261,840
227,755
Social security and other taxes
91,851
116,291
Director's loan account
800,446
1,601,264
Accruals
19,264
4,500
Other creditors
13,855,500
18,055,474
Other creditors
444,208
507,881
---------------
---------------
16,402,146
20,513,355
---------------
---------------
8. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
2,629,560
---------------
-----
9. Called up share capital
Authorised share capital
2024
2023
No.
£
No.
£
Ordinary shares of £ 1 each
100,000
100,000
100,000
100,000
-----------
-----------
-----------
-----------
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary shares of £ 1 each
26
26
26
26
-----
-----
-----
-----
10. Directors' advances, credits and guarantees
The directors loan account was not overdrawn during the current year.
11. Related party transactions
Controlling Party The company is owned equally by the directors throughout the current year and they were the key management personnel. Related Party Transactions The balance due to a related company with the same directors at the end of the current year was £13,856,000 (2023 - £18,000,000) and is included in other creditors.
12. Profit & loss
The profit & loss reserves figure includes a valuation loss of £135,063 (2023 - loss of £196,456) from property revaluations.