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Registered number: 07319054
Danahar Property Limited
Unaudited Financial Statements
For The Year Ended 31 July 2024
Unaudited Financial Statements
Contents
Page
Company Information 1
Accountant's Report 2
Balance Sheet 3—4
Notes to the Financial Statements 5—7
Page 1
Company Information
Director Mrs B J Danahar
Company Number 07319054
Registered Office 5 Cornfield Terrace
Eastbourne
East Sussex
BN21 4NN
Accountants Cornfield Accountants Limited
Chartered Accountants
5 Cornfield Terrace
Eastbourne
East Sussex
BN21 4NN
Page 1
Page 2
Accountant's Report
Chartered Accountant's report to the director on the preparation of the unaudited statutory accounts of Danahar Property Limited for the year ended 31 July 2024.
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Danahar Property Limited for the year ended 31 July 2024 which comprise the Profit and Loss Account, the Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given to us.
As a practising member 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 ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.
This report is made solely to the board of directors of Danahar Property Limited , as a body, in accordance with the terms of our engagement letter dated 21 April 2023. Our work has been undertaken solely to prepare for your approval the accounts of Danahar Property Limited and state those matters that we have agreed to state to the board of directors of Danahar Property Limited , 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 Danahar Property Limited and the board of directors, as a body, for our work or for this report.
It is your duty to ensure that Danahar Property Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit or loss of Danahar Property Limited . You consider that Danahar Property Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit of the accounts of Danahar Property 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 financial statements.
Signed
25/02/2025
Cornfield Accountants Limited
Chartered Accountants
5 Cornfield Terrace
Eastbourne
East Sussex
BN21 4NN
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Page 3
Balance Sheet
Registered number: 07319054
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 2,239 2,378
Investment Properties 5 1,970,000 1,990,000
1,972,239 1,992,378
CURRENT ASSETS
Cash at bank and in hand 85,869 77,021
85,869 77,021
Creditors: Amounts Falling Due Within One Year 6 (291,521 ) (294,074 )
NET CURRENT ASSETS (LIABILITIES) (205,652 ) (217,053 )
TOTAL ASSETS LESS CURRENT LIABILITIES 1,766,587 1,775,325
Creditors: Amounts Falling Due After More Than One Year 7 (759,000 ) (945,000 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (132,470 ) (88,031 )
NET ASSETS 875,117 742,294
CAPITAL AND RESERVES
Called up share capital 100 100
Fair value reserve 589,523 481,012
Profit and Loss Account 285,494 261,182
SHAREHOLDERS' FUNDS 875,117 742,294
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Page 4
For the year ending 31 July 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mrs B J Danahar
Director
25/02/2025
The notes on pages 5 to 7 form part of these financial statements.
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Page 5
Notes to the Financial Statements
1. General Information
Danahar Property Limited is a private company, limited by shares, incorporated in England & Wales, registered number 07319054 . The registered office is 5 Cornfield Terrace, Eastbourne, East Sussex, BN21 4NN.
The presentation currency of the financial statements is the Pound Sterling (£).
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with the FRS 102 Section 1A Small Entities - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases, assets held under finance leases are depreciated in the same way as owned assets:
Plant & Machinery 15% on reducing balance
Fixtures & Fittings 15% on reducing balance
Computer Equipment 33.33% on cost
Assets held under finance leases are depreciated in the same way as owned assets.
At each balance sheet date the company reviews the carrying amounts of its property, plant and equipment to determine whether there is any indication that any items of property, plant and equipment have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss if any. If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. Impairment loss is recognised as an expense immediately.
2.4. Investment Properties
Investment properties are properties held to earn rentals and/or for capital appreciation.
Investment properties are initially measured at cost, including transaction costs. Subsequently investment properties are measured at fair value. Gains and losses arising from changes in the fair value of investment properties are included in profit or loss in the period in which they arise.
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2.5. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was as follows: 1 (2023: 1)
1 1
4. Tangible Assets
Plant & Machinery Fixtures & Fittings Computer Equipment Total
£ £ £ £
Cost or Valuation
As at 1 August 2023 4,122 2,964 6,429 13,515
Additions - - 449 449
As at 31 July 2024 4,122 2,964 6,878 13,964
Depreciation
As at 1 August 2023 2,444 2,498 6,195 11,137
Provided during the period 252 70 266 588
As at 31 July 2024 2,696 2,568 6,461 11,725
Net Book Value
As at 31 July 2024 1,426 396 417 2,239
As at 1 August 2023 1,678 466 234 2,378
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5. Investment Property
2024
£
Fair Value
As at 1 August 2023 1,990,000
Disposals (230,000 )
Revaluations 210,000
As at 31 July 2024 1,970,000
The investment properties were valued by the director at the year end on a market value basis.
If investment property had been accounted for under historical cost accounting rules, the amounts would be:
2024 2023
£ £
Cost 1,248,568 1,421,551
6. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Bank loans and overdrafts 9,000 9,000
Corporation tax 927 -
Accruals and deferred income 1,260 4,440
Director's loan account 280,334 280,634
291,521 294,074
7. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 759,000 945,000
759,000 945,000
8. Secured Creditors
A charge in relation to securing all monies due or becoming due in favour of Coutts & Co. was registered 1 December 2017.
2024 2023
£ £
Bank loans and overdrafts 750,000 927,000
9. Related Party Transactions
Included in other creditors is £280,334 (2023 - £280,634) owed to Mrs B J Danahar, a director of the company. This amount is interest free and repayable on demand.
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