REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 31 August 2024 |
for |
DEPENDABLE INVESTMENTS LIMITED |
REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 31 August 2024 |
for |
DEPENDABLE INVESTMENTS LIMITED |
DEPENDABLE INVESTMENTS LIMITED (REGISTERED NUMBER: 00567476) |
Contents of the Financial Statements |
for the year ended 31 August 2024 |
Page |
Company Information | 1 |
Statement of Financial Position | 2 |
Notes to the Financial Statements | 4 |
DEPENDABLE INVESTMENTS LIMITED |
Company Information |
for the year ended 31 August 2024 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
5th Floor |
Palladium House |
1-4 Argyll Street |
London |
W1F 7TA |
DEPENDABLE INVESTMENTS LIMITED (REGISTERED NUMBER: 00567476) |
Statement of Financial Position |
31 August 2024 |
2024 | 2023 |
Notes | £ | £ |
FIXED ASSETS |
Property, plant and equipment | 5 |
Investments | 6 |
CURRENT ASSETS |
Inventories | 7 |
Debtors | 8 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 9 | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital | 11 |
Retained earnings |
SHAREHOLDERS' FUNDS |
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. |
DEPENDABLE INVESTMENTS LIMITED (REGISTERED NUMBER: 00567476) |
Statement of Financial Position - continued |
31 August 2024 |
The financial statements were approved by the Board of Directors and authorised for issue on |
DEPENDABLE INVESTMENTS LIMITED (REGISTERED NUMBER: 00567476) |
Notes to the Financial Statements |
for the year ended 31 August 2024 |
1. | STATUTORY INFORMATION |
Dependable Investments Limited is a |
2. | STATEMENT OF COMPLIANCE |
3. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover represents the total amount receivable for sales and services provided during the period in the ordinary course of business. |
Investments in associates |
Investments in associate undertakings are recognised at cost. |
Stocks |
Stocks are valued at the lower of cost or net realisable value. |
Properties purchased for their development potential are classified as stocks, notwithstanding that there may be a period of time before they can be developed. During these periods the properties are let on operating leases or have recoverable ground rents. Such properties are not classified as investment properties within tangible fixed assets as they are not held for their investment potential. |
DEPENDABLE INVESTMENTS LIMITED (REGISTERED NUMBER: 00567476) |
Notes to the Financial Statements - continued |
for the year ended 31 August 2024 |
3. | ACCOUNTING POLICIES - continued |
Financial instruments |
Basic financial assets |
Trade and other debtors, amounts owed by related undertakings, cash and bank balances are initially recognised at transaction price and subsequently carried at amortised cost using the effective interest method. |
At the end of each reporting period basic financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit or loss. |
If there is decrease in the impairment loss arising from an event occurring after the impairment was recognised the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss. |
Basic financial assets are derecognised when (a) the contractual rights to the cash flows from the assets expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions. |
Basic financial liabilities |
Trade and other creditors, directors' current accounts and accruals are initially recognised at transaction price and subsequently carried at amortised cost, using the effective interest rate method. |
Basic financial liabilities are derecognised when the contractual obligation is discharged, cancelled or expired. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
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. |
Equity instrument |
The ordinary share capital of the company is classified as equity and recorded at fair value of the cash or other resources received or receivable, net of direct costs of issuing the equity instruments. |
DEPENDABLE INVESTMENTS LIMITED (REGISTERED NUMBER: 00567476) |
Notes to the Financial Statements - continued |
for the year ended 31 August 2024 |
3. | ACCOUNTING POLICIES - continued |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
Investments |
Fixed asset investments are stated at cost less provision for any permanent diminution in value. For listed investments, market value is based on the closing middle market price on a recognised stock exchange. |
Dividends receivable are credited to the profit and loss account on an accruals basis. UK dividends are recorded net of attributable tax credits. Foreign dividends are stated inclusive of withholding tax and the tax suffered is included in the taxation charge. |
Investment properties |
Freehold investment properties are stated at cost less provision, where necessary, for permanent diminution in value. |
In accordance with FRS 102 (Section 1A) no depreciation is provided in respect of freehold investment properties. This is not in accordance with the Companies Act 2006 which requires tangible fixed assets to be depreciated over their estimated useful lives, and is necessary to show a true and fair view. Depreciation is only one of many factors reflected in the value of investment properties and the amount which might otherwise have been shown cannot be separately identified or quantified. |
Cash and cash equivalents |
Cash and cash equivalents in the balance sheet comprise cash at banks and in hand and short term deposits with an original maturity date of three months or less. |
4. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was NIL (2023 - NIL). |
5. | PROPERTY, PLANT AND EQUIPMENT |
Investment |
properties |
£ |
COST |
At 1 September 2023 |
and 31 August 2024 |
NET BOOK VALUE |
At 31 August 2024 |
At 31 August 2023 |
DEPENDABLE INVESTMENTS LIMITED (REGISTERED NUMBER: 00567476) |
Notes to the Financial Statements - continued |
for the year ended 31 August 2024 |
6. | FIXED ASSET INVESTMENTS |
Interest |
in | Listed |
associate | investments | Totals |
£ | £ | £ |
COST |
At 1 September 2023 | 1,762,979 |
Additions | 8,843 |
Disposals | ( |
) | (41,832 | ) |
At 31 August 2024 | 1,729,990 |
NET BOOK VALUE |
At 31 August 2024 | 1,729,990 |
At 31 August 2023 | 1,762,979 |
Market value of listed investments at 31 August 2024 £3,178,556 (2023: £2,926,766). |
7. | INVENTORIES |
2024 | 2023 |
£ | £ |
Freehold ground rents |
Freehold properties | 719,498 | 719,498 |
Freehold properties are held for their development potential and are currently being let on operating leases. |
8. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Amounts owed by related undertakings |
Other debtors |
9. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade creditors | ( |
) |
Corporation tax |
Other creditors |
Accruals |
DEPENDABLE INVESTMENTS LIMITED (REGISTERED NUMBER: 00567476) |
Notes to the Financial Statements - continued |
for the year ended 31 August 2024 |
10. | FINANCIAL INSTRUMENTS |
The company has the following financial instruments: |
2024 | 2023 |
£ | £ |
- Amounts owed by related undertakings | 1,547,883 | 1,029,704 |
- Other debtors | 4,890 | 5,150 |
1,552,773 | 1,034,854 |
Financial liabilities measured at amortised cost: |
- Trade creditors | (1 | ) | - |
- Corporation tax | 57,352 | 51,263 |
- Other creditors | 13,172 | 14,014 |
- Accruals | 7,200 | 7,200 |
77,723 | 72,477 |
11. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Ordinary | £1 | 2,100 | 2,100 |
12. | RELATED PARTY DISCLOSURES |
At the balance sheet date, the company is owed £1,547,883 (2023: £1,029,704) by Dennis Reed Limited, a company under common control. This balance is unsecured, interest-free and has no fixed repayment date. |