REGISTERED NUMBER: |
Daventry Area Properties For You Limited |
Report of the Director and |
Unaudited Financial Statements |
for the Year Ended 31st May 2024 |
REGISTERED NUMBER: |
Daventry Area Properties For You Limited |
Report of the Director and |
Unaudited Financial Statements |
for the Year Ended 31st May 2024 |
Daventry Area Properties For You Limited (Registered number: 10524452) |
Contents of the Financial Statements |
for the year ended 31st May 2024 |
Page |
Company Information | 1 |
Report of the Director | 2 |
Chartered Accountants' Report | 3 |
Income Statement | 4 |
Balance Sheet | 5 |
Notes to the Financial Statements | 6 | to | 8 |
Daventry Area Properties For You Limited |
Company Information |
for the year ended 31st May 2024 |
DIRECTOR: |
REGISTERED OFFICE: |
BUSINESS ADDRESS: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
310 Wellingborough Road |
Northampton |
NN1 4EP |
Daventry Area Properties For You Limited (Registered number: 10524452) |
Report of the Director |
for the year ended 31st May 2024 |
The director presents his report with the financial statements of the company for the year ended 31st May 2024. |
REVIEW OF BUSINESS |
The cost of living crisis continues with one of the companies tenants circa 2 months behind on rent. Despite this, I am pleased to report another year of profit, £96 before Tax with the company covering its interest cost of £4,843 (2023 £4,440) on circa £152,000 of debt. |
The cash balance is healthy £4,033 giving a net debt figure of £148,000 (2023 £149,000). |
The owned property has been provisionally been revalued upwards by circa £15,000. The Director has chosen NOT to revalue the property in the accounts due to the uncertainty in the property market. |
The Director continues to look at ways to grow the company turnover & profitability with the continuing cost of living crisis and increase in interest rates making it harder to find suitable profitable opportunities.- |
DIRECTOR |
DIRECTOR'S RESPONSIBILITIES STATEMENT |
The director is responsible for preparing the Report of the Director and the financial statements in accordance with applicable law and regulations. |
Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the director is required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies. |
ON BEHALF OF THE BOARD: |
Chartered Accountants' Report to the Director |
on the Unaudited Financial Statements of |
Daventry Area Properties For You Limited |
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Daventry Area Properties For You Limited for the year ended 31st May 2024 which comprise the Income Statement, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us. |
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance. |
This report is made solely to the director of Daventry Area Properties For You Limited in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Daventry Area Properties For You Limited and state those matters that we have agreed to state to the director of Daventry Area Properties For You Limited in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Daventry Area Properties For You Limited and its director for our work or for this report. |
It is your duty to ensure that Daventry Area Properties For You Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Daventry Area Properties For You Limited. You consider that Daventry Area Properties For You Limited is exempt from the statutory audit requirement for the year. |
We have not been instructed to carry out an audit or a review of the financial statements of Daventry Area Properties For You Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements. |
310 Wellingborough Road |
Northampton |
NN1 4EP |
Daventry Area Properties For You Limited (Registered number: 10524452) |
Income Statement |
for the year ended 31st May 2024 |
2024 | 2023 |
Notes | £ | £ |
TURNOVER |
Administrative expenses |
(11,391 | ) | (11,660 | ) |
Other operating income |
OPERATING PROFIT |
Interest payable and similar expenses |
PROFIT BEFORE TAXATION |
Tax on profit | 5 |
PROFIT FOR THE FINANCIAL YEAR |
Daventry Area Properties For You Limited (Registered number: 10524452) |
Balance Sheet |
31st May 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 6 |
CURRENT ASSETS |
Debtors | 7 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 8 |
NET CURRENT ASSETS/(LIABILITIES) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
9 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 10 |
Retained earnings |
SHAREHOLDERS' FUNDS |
The director acknowledges his 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. |
The financial statements were approved by the director and authorised for issue on |
Daventry Area Properties For You Limited (Registered number: 10524452) |
Notes to the Financial Statements |
for the year ended 31st May 2024 |
1. | STATUTORY INFORMATION |
Daventry Area Properties For You Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
The principal activity of the company in the year under review was that of a property development company. |
2. | STATEMENT OF COMPLIANCE |
3. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The significant accounting policies applied in the preparation of the financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated. |
Tangible fixed assets |
Freehold property | - |
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 balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
4. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
Daventry Area Properties For You Limited (Registered number: 10524452) |
Notes to the Financial Statements - continued |
for the year ended 31st May 2024 |
5. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
2024 | 2023 |
£ | £ |
Current tax: |
UK corporation tax |
Tax on profit |
6. | TANGIBLE FIXED ASSETS |
Freehold |
property |
£ |
COST OR VALUATION |
At 1st June 2023 |
and 31st May 2024 |
NET BOOK VALUE |
At 31st May 2024 |
At 31st May 2023 |
Cost or valuation at 31st May 2024 is represented by: |
Freehold |
property |
£ |
Valuation in 2021 | 16,223 |
Cost | 138,777 |
155,000 |
7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade debtors |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Taxation and social security |
Other creditors |
9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2024 | 2023 |
£ | £ |
Other creditors |
10. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Ordinary | 1 | 100 | 100 |
Daventry Area Properties For You Limited (Registered number: 10524452) |
Notes to the Financial Statements - continued |
for the year ended 31st May 2024 |
11. | CONTINGENT LIABILITIES |
There were no contingent liabilities as at 31st May 2024 or 31st May 2023. |
12. | CAPITAL COMMITMENTS |
There were no capital commitments as at 31st May 2024 or 31st May 2023. |