Registered number
04224357
DMK INVESTMENT PROPERTIES NORTHERN LIMITED
Filleted Accounts
31 May 2024
DMK INVESTMENT PROPERTIES NORTHERN LIMITED
Registered number: 04224357
Balance Sheet
as at 31 May 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 36,365 24,033
Investments 4 4,175,168 4,184,069
4,211,533 4,208,102
Current assets
Debtors 5 12,110 -
Cash at bank and in hand 11,552 112,590
23,662 112,590
Creditors: amounts falling due within one year 6 (79,891) (63,070)
Net current (liabilities)/assets (56,229) 49,520
Total assets less current liabilities 4,155,304 4,257,622
Creditors: amounts falling due after more than one year 7 (3,967,841) (4,074,596)
Provisions for liabilities (29,091) (26,008)
Net assets 158,372 157,018
Capital and reserves
Called up share capital 1 1
Revaluation reserve 9 60,001 60,001
Profit and loss account 98,370 97,016
Shareholder's funds 158,372 157,018
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr D B McKenna
Director
Approved by the board on 4 February 2025
DMK INVESTMENT PROPERTIES NORTHERN LIMITED
Notes to the Accounts
for the year ended 31 May 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration receivable. Turnover includes revenue earned from the rendering of services and from the letting out of own property.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset over its expected useful life, as follows:
Motor vehicles 25% per annum reducing balance basis
Plant and machinery 15% per annum reducing balance basis
Investments
Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Pensions
The company did not operate a pension scheme during the year.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 1 1
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 June 2023 70,799 - 70,799
Additions - 17,000 17,000
At 31 May 2024 70,799 17,000 87,799
Depreciation
At 1 June 2023 46,766 - 46,766
Charge for the year 3,605 1,063 4,668
At 31 May 2024 50,371 1,063 51,434
Net book value
At 31 May 2024 20,428 15,937 36,365
At 31 May 2023 24,033 - 24,033
4 Investments
Other
investments
£
Cost
At 1 June 2023 4,184,069
Additions (8,901)
At 31 May 2024 4,175,168
Historical cost
At 1 June 2023 4,175,168
At 31 May 2024 4,184,069
5 Debtors 2024 2023
£ £
Trade debtors and prepayments 12,110 -
6 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors and accruals 65,780 48,959
Corporation tax 14,111 14,111
79,891 63,070
7 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 2,518,750 2,232,515
Other creditors - director's loan account 1,449,091 1,842,081
3,967,841 4,074,596
8 Loans 2024 2023
£ £
Creditors include:
Secured bank loans 2,518,750 2,232,515
Secured on the company's commercial premises.
9 Non-distributable reserves 2024 2023
£ £
At 1 June 2023 60,001 64,801
Deferred taxation arising on the revaluation of land and buildings - (4,800)
At 31 May 2024 60,001 60,001
10 Events after the reporting date
There were no events after the reporting date which would affect the user's understanding of these accounts.
11 Contingent liabilities
There were no contingent liabilities in existence at the year end.
12 Controlling party
The controlling party is the director, Mr D B McKenna, by virtue of his holding 100% of the issued ordinary share capital of the company.
13 Other information
DMK INVESTMENT PROPERTIES NORTHERN LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
24 Oswald Road
Chorlton Cum Hardy
Manchester
M21 9LP
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