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Registered number: 07120299









DEERLEAP PROPERTIES LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 JANUARY 2024

 
DEERLEAP PROPERTIES LIMITED
REGISTERED NUMBER: 07120299

BALANCE SHEET
AS AT 31 JANUARY 2024

2024
2023
Note
£
£

Fixed assets
  

Investment property
 4 
27,500
27,500

  
27,500
27,500

Current assets
  

Stocks and work in progress
 5 
1,758,770
2,163,358

Cash at bank and in hand
 6 
274,322
4,132

  
2,033,092
2,167,490

Creditors: amounts falling due within one year
 7 
(717,871)
(836,008)

Net current assets
  
 
 
1,315,221
 
 
1,331,482

Total assets less current liabilities
  
1,342,721
1,358,982

Provisions for liabilities
  

Deferred tax
  
(5,225)
(6,375)

  
 
 
(5,225)
 
 
(6,375)

Net assets
  
1,337,496
1,352,607


Capital and reserves
  

Called up share capital 
  
4
4

Profit and loss account
  
1,337,492
1,352,603

  
1,337,496
1,352,607


Page 1

 
DEERLEAP PROPERTIES LIMITED
REGISTERED NUMBER: 07120299
    
BALANCE SHEET (CONTINUED)
AS AT 31 JANUARY 2024

The directors consider that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 



David John Sullivan
Director

Date: 28 January 2025

The notes on pages 3 to 7 form part of these financial statements.

Page 2

 
DEERLEAP PROPERTIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

1.


General information

Deerleap Properties Limited is a private company limited by shares incorporated in England and Wales. The registered office is Charles Lake House, Claire Causeway, Crossways Business Park, Dartford, Kent, DA2 6QA. The principal activity of the company during the period has been that of property development.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of properties and development stocks

Revenue from the sale of properties and development stocks are recognised when all of the following conditions are satisfied:
the company has transferred the significant risks and rewards of ownership to the buyer;
the company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Management Income and ground rent 
The management income and ground rent are in respect of the investment property. Income is recognised in accordance with the management fees and ground rent in leased property.

Page 3

 
DEERLEAP PROPERTIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

2.Accounting policies (continued)

 
2.3

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


 
2.4

Investment property

Investment property represents residual ground rents retained and is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

 
2.5

Stocks and work in progress

Stocks and work in progress of property for development are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks and work in progress are assessed for impairment. If stock or work in progress is 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.

 
2.6

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Page 4

 
DEERLEAP PROPERTIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

2.Accounting policies (continued)

 
2.7

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.8

Financial instruments

The company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.


3.


Employees

The average monthly number of employees, including directors, during the year was 4 (2023 - 4).


4.


Investment property


Freehold investment property

£



Valuation


At 1 February 2023
27,500



At 31 January 2024
27,500

The 2024 ground rent valuations were made by directors, on an open market value for existing use basis.







5.


Work in progress

2024
2023
£
£

Work in progress
1,758,770
2,163,358

1,758,770
2,163,358


Page 5

 
DEERLEAP PROPERTIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

6.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
274,322
4,132

274,322
4,132



7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
1,444
1,321

Corporation tax
-
58,584

Other creditors
713,427
774,043

Accruals and deferred income
3,000
2,060

717,871
836,008



8.


Deferred taxation




2024


£






At beginning of year
(6,375)


Charged to the profit or loss
1,150



At end of year
(5,225)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(5,225)
(6,375)

(5,225)
(6,375)

Page 6

 
DEERLEAP PROPERTIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

9.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



4 (2023 - 4) Ordinary shares of £1.00 each
4
4



10.


Related party transactions

Included within other creditors due within one year is an amount due to the directors of the company totalling £713,427 (2023: £774,043). This amount  is interest free and repayable upon demand.

 
Page 7