Company No:
Contents
Note | 2024 | 2023 | ||
£ | £ | |||
Fixed assets | ||||
Investment property | 3 |
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2,120,717 | 2,120,587 | |||
Current assets | ||||
Debtors | 4 |
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Cash at bank and in hand |
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8,721 | 17,988 | |||
Creditors: amounts falling due within one year | 5 | (
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Net current liabilities | (29,803) | (78,725) | ||
Total assets less current liabilities | 2,090,914 | 2,041,862 | ||
Provision for liabilities | 6 | (
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Net assets |
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Capital and reserves | ||||
Called-up share capital |
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Fair value reserve | 7 |
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Profit and loss account |
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Total shareholders' funds |
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Directors' responsibilities:
These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of Dalstock Property Co Limited (registered number:
M V Woolcott
Director |
D V Woolcott
Director |
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.
Dalstock Property Co 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 is Peacross Farm, Yarcombe, Honiton, Devon, EX14 9LX, 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 £.
Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.
Turnover also includes rents receivable, which is recognised in the period to which it relates. Rental income received in advance of the period to which it relates is included as deferred income within other creditors on the balance sheet.
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. Tax is recognised in the profit and loss account, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
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 tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date that are expected to apply when the timing differences reverse. Deferred tax assets and liabilities are not discounted.
Deferred tax liabilities are presented within provisions for liabilities on the balance sheet.
The fair value is determined annually by the directors, on an open market value for existing use basis.
Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.
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.
Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.
2024 | 2023 | ||
Number | Number | ||
Monthly average number of persons employed by the Company during the year, including directors |
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Investment property | |
£ | |
Valuation | |
As at 01 October 2023 |
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Additions | 130 |
As at 30 September 2024 |
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Valuation
The company’s investment properties were revalued on 30 September 2023 by the directors on a current open market basis. The fair value of investment properties has not materially changed since 30 September 2023 and therefore no further revaluation is required.
There has been no valuation of investment property by an independent valuer.
2024 | 2023 | ||
£ | £ | ||
Trade debtors |
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2024 | 2023 | ||
£ | £ | ||
Taxation and social security |
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Other creditors |
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2024 | 2023 | ||
£ | £ | ||
Deferred tax |
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Fair value reserve | |
£ | |
At 01 October 2023 |
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At 30 September 2024 |
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At 01 October 2022 |
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Transfer of fair value adjustment from profit & loss |
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Transfer of deferred tax on fair value adjustments from profit & loss | (
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Total comprehensive income |
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At 30 September 2023 |
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The joint directors' loan account is repayable on demand and interest is charged on overdrawn balances exceeding £10,000 per director at the official HMRC rates.
At 1 October 2022 the balance owed by the directors was £667. During the year, £0 was advanced to the directors, and £1,864 was repaid by the directors. At 30 September 2023, the balance owed to the directors was £1,197.
There have been no further amounts advanced to the directors in the current year.