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COMPANY REGISTRATION NUMBER: 02119251
Deekay Property Limited
Filleted Unaudited Financial Statements
30 June 2024
Deekay Property Limited
Financial Statements
Year ended 30 June 2024
Contents
Page
Balance sheet
1
Notes to the financial statements
3
Deekay Property Limited
Balance Sheet
30 June 2024
2024
2023
Note
£
£
£
Fixed assets
Intangible assets
5
16,000
10,667
Tangible assets
6
585,565
565,563
---------
---------
601,565
576,230
Current assets
Debtors
7
206,884
142,431
Cash at bank and in hand
2,038,675
1,656,928
------------
------------
2,245,559
1,799,359
Creditors: amounts falling due within one year
8
2,429,625
2,096,440
------------
------------
Net current liabilities
184,066
297,081
---------
---------
Total assets less current liabilities
417,499
279,149
Creditors: amounts falling due after more than one year
9
31,704
12,518
Provisions
Taxation including deferred tax
10
106,220
99,876
---------
---------
Net assets
279,575
166,755
---------
---------
Capital and reserves
Called up share capital
100
100
Profit and loss account
279,475
166,655
---------
---------
Shareholders funds
279,575
166,755
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- 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 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Deekay Property Limited
Balance Sheet (continued)
30 June 2024
These financial statements were approved by the board of directors and authorised for issue on 19 February 2025 , and are signed on behalf of the board by:
Mr N Shah
Director
Company registration number: 02119251
Deekay Property Limited
Notes to the Financial Statements
Year ended 30 June 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Deekay House, 67-69 The Broadway, Stanmore, Greater London, HA7 4DJ.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover represents commissions and fees receivable from property management and arrangement of finance & consultancy services for the acquisition and sale of properties. It is stated net of value added tax.
Deferred tax
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Software and development costs
-
Straight line over 3 years
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Leasehold property
-
Straight line over 20 years
Fixtures and fittings
-
15% reducing balance
Motor vehicles
-
25% reducing balance
Equipment
-
25% reducing balance
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the balance sheet as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the balance sheet and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Defined contribution plans
The company operates a defined contribution pension scheme and the pension charge represents the amounts payable by the company to the fund in respect of the year.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 11 (2023: 9 ).
5. Intangible assets
Software development costs
£
Cost
At 1 July 2023
16,000
Additions
16,000
--------
At 30 June 2024
32,000
--------
Amortisation
At 1 July 2023
5,333
Charge for the year
10,667
--------
At 30 June 2024
16,000
--------
Carrying amount
At 30 June 2024
16,000
--------
At 30 June 2023
10,667
--------
6. Tangible assets
Leasehold property
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
£
Cost
At 1 July 2023
581,291
50,379
58,135
135,300
825,105
Additions
21,450
2,100
49,950
7,692
81,192
---------
--------
---------
---------
---------
At 30 June 2024
602,741
52,479
108,085
142,992
906,297
---------
--------
---------
---------
---------
Depreciation
At 1 July 2023
85,628
38,891
25,434
109,589
259,542
Charge for the year
30,137
2,039
20,663
8,351
61,190
---------
--------
---------
---------
---------
At 30 June 2024
115,765
40,930
46,097
117,940
320,732
---------
--------
---------
---------
---------
Carrying amount
At 30 June 2024
486,976
11,549
61,988
25,052
585,565
---------
--------
---------
---------
---------
At 30 June 2023
495,663
11,488
32,701
25,711
565,563
---------
--------
---------
---------
---------
7. Debtors
2024
2023
£
£
Amounts owed by group undertakings
2,248
Other debtors
204,636
142,431
---------
---------
206,884
142,431
---------
---------
8. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
598,530
924,228
Amounts owed to group undertakings
863,987
341,987
Other creditors
967,108
830,225
------------
------------
2,429,625
2,096,440
------------
------------
9. Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
31,704
12,518
--------
--------
10. Provisions
Deferred tax (note 11)
£
At 1 July 2023
99,876
Additions
6,344
---------
At 30 June 2024
106,220
---------
11. Deferred tax
The deferred tax included in the balance sheet is as follows:
2024
2023
£
£
Included in provisions (note 10)
106,220
99,876
---------
--------
The deferred tax account consists of the tax effect of timing differences in respect of:
2024
2023
£
£
Accelerated capital allowances
106,220
99,876
---------
--------
12. Parent company
The immediate and ultimate parent company is Deekay Holdings (UK) Limited, a company incorporated in England and Wales.