Company registration number 04445184 (England and Wales)
DNA PROPERTIES LTD.
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
PAGES FOR FILING WITH REGISTRAR
DNA PROPERTIES LTD.
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 7
DNA PROPERTIES LTD.
ACCOUNTANTS' REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF DNA PROPERTIES LTD. FOR THE YEAR ENDED 31 MAY 2024
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of DNA Properties Ltd. for the year ended 31 May 2024 which comprise, the 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 at https://www.icaew.com/regulation.
This report is made solely to the board of directors of DNA Properties Ltd., as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of DNA Properties Ltd. and state those matters that we have agreed to state to the board of directors of DNA Properties Ltd., as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than DNA Properties Ltd. and its board of directors as a body, for our work or for this report.
It is your duty to ensure that DNA Properties Ltd. 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 DNA Properties Ltd.. You consider that DNA Properties Ltd. 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 DNA Properties Ltd.. 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.
Ormerod Rutter Limited
13 February 2025
Chartered Accountants
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
DNA PROPERTIES LTD.
BALANCE SHEET
- 2 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
946
1,052
Investment property
4
374,093
368,864
375,039
369,916
Current assets
Debtors
5
69,434
66,362
Cash at bank and in hand
85,805
80,588
155,239
146,950
Creditors: amounts falling due within one year
6
(454,088)
(444,406)
Net current liabilities
(298,849)
(297,456)
Total assets less current liabilities
76,190
72,460
Provisions for liabilities
7
(23,099)
(23,182)
Net assets
53,091
49,278
Capital and reserves
Called up share capital
8
100
100
Non-distributable profits reserve
11
68,757
68,757
Distributable profit and loss reserves
(15,766)
(19,579)
Total equity
53,091
49,278
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
DNA PROPERTIES LTD.
BALANCE SHEET (CONTINUED)
- 3 -
The financial statements were approved and signed by the director and authorised for issue on 13 February 2025
Mrs D Fellows
Director
Company registration number 04445184 (England and Wales)
DNA PROPERTIES LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
- 4 -
1
Accounting policies
Company information
DNA Properties Ltd. is a private company limited by shares incorporated in England and Wales. The registered office is 13 Greenhill, Blackwell, Bromsgrove, Worcestershire, England, B60 1BJ.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 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 financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Going concern
These financial statements have been drawn up on the going concern basis. If the going concern basis were not appropriate, adjustments would have been made to reduce assets to recoverable amounts, to provide for any further liabilities that might arise, and to re-classify fixed assets as current assets and long term liabilities as current liabilities.true
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for rents provided in the normal course of business. The fair value of consideration takes into account any lease premiums or rent free periods, which are recognised on a straight line basis over the lease term.
Revenue from the provision of property rental is recognised by reference to the period of its occupancy and where the amount of rent can be measured reliably.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Improvements to property
10% on reducing balance
Plant and machinery
10% on reducing balance
Fixtures and fittings
10% on reducing balance
1.5
Investment property
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in profit or loss.
1.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
DNA PROPERTIES LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
1
Accounting policies
(Continued)
- 5 -
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
1
1
3
Tangible fixed assets
Improvements to property
Plant and machinery
Fixtures and fittings
Total
£
£
£
£
Cost
At 1 June 2023 and 31 May 2024
600
2,818
2,952
6,370
Depreciation and impairment
At 1 June 2023
535
2,483
2,300
5,318
Depreciation charged in the year
7
34
65
106
At 31 May 2024
542
2,517
2,365
5,424
Carrying amount
At 31 May 2024
58
301
587
946
At 31 May 2023
65
335
652
1,052
DNA PROPERTIES LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 6 -
4
Investment property
2024
£
Fair value
At 1 June 2023
368,864
Additions
5,229
At 31 May 2024
374,093
The director has assessed the market value of the property and considers that there has been no significant change in the fair value at the year end.
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
1,918
491
Other debtors
67,516
65,871
69,434
66,362
6
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
258
71
Amounts owed to group undertakings
450,148
440,930
Taxation and social security
900
623
Other creditors
2,782
2,782
454,088
444,406
7
Provisions for liabilities
2024
2023
£
£
Deferred tax liabilities
23,099
23,182
8
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
100
100
100
100
DNA PROPERTIES LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 7 -
9
Related party transactions
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.
10
Control
Ultimate parent company
The ultimate parent company is DNA Unique Business Solutions Limited, a company registered in England and Wales.
Ultimate controlling party
The ultimate controlling party is Mrs D Fellows by virtue of her controlling interest in the ultimate parent company.
11
Non-distributable profits reserve
2024
2023
£
£
At the beginning of the year
68,757
-
Fair value adjustment on investment property
-
91,676
Deferred tax on fair value adjustments
-
(22,919)
At the end of the year
68,757
68,757