Company registration number 02698329 (England and Wales)
DOWNER & CO LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
PAGES FOR FILING WITH REGISTRAR
DOWNER & CO LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
DOWNER & CO LTD
BALANCE SHEET
AS AT 31 AUGUST 2024
31 August 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
26,794
13,985
Current assets
Stocks
39,421
18,275
Debtors
5
83,478
60,245
Cash at bank and in hand
231,031
232,894
353,930
311,414
Creditors: amounts falling due within one year
6
(162,448)
(130,069)
Net current assets
191,482
181,345
Total assets less current liabilities
218,276
195,330
Creditors: amounts falling due after more than one year
7
(12,121)
(30,303)
Provisions for liabilities
(3,818)
(3,351)
Net assets
202,337
161,676
Capital and reserves
Called up share capital
500
500
Share premium account
22,540
22,540
Profit and loss reserves
179,297
138,636
Total equity
202,337
161,676

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 August 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their 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.

DOWNER & CO LTD
BALANCE SHEET (CONTINUED)
AS AT 31 AUGUST 2024
31 August 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 10 March 2025 and are signed on its behalf by:
Mr S D Downer
Director
Company registration number 02698329 (England and Wales)
DOWNER & CO LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
- 3 -
1
Accounting policies
Company information

Downer & Co Ltd is a private company limited by shares incorporated in England and Wales. The registered office is The Old Butchery, High Street, Twyford, Winchester, Hampshire, United Kingdom, SO21 1NH.

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 are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is the amount derived from ordinary activities and is stated after trade discounts, other sales taxes and net of VAT.

 

The policies adopted for the recognition of turnover are as follows:

 

Sales commissions - commissions are recognised in the financial statements when the negotiation work to the exchange of property is completed and the contracts have been exchanged.

 

Mortgage commission and property valuation income are recognised when they are received.

 

Interest receivable - interest is recognised when it is received.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost 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:

Leasehold land and buildings
in accordance with the property
Fixtures and fittings
20% reducing balance
Computers
50% on cost
Motor vehicles
25% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.4
Stocks

The work in progress shown in the financial statements comprises the commission due on properties that exchange the week following the year end. This is on the basis that all work to negotiate the exchange has been completed by the year end.

DOWNER & CO LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
1
Accounting policies
(Continued)
- 4 -
1.5
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.6
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

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.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price with any loss from impairment being recognised in profit and loss.

 

The coronavirus business interruption loan scheme (CBILS) loan was initially measured at the present value of future payments discounted at a market rate of interest. Subsequent measurement is in accordance with the loan, the capital being repaid on a straight line basis over the remaining term and the interest being paid separately each month and recognised in the profit and loss.

1.7
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.8
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

DOWNER & CO LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 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 and laws ruling at the reporting end date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

 

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws ruling at the reporting end date and that are expected to apply to the reversal of the timing difference.

 

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.

1.9
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

1.10
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.11
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease.

1.12

Provisions

Provisions are recognised when the company has an obligation at the balance sheet date as a result of a past event, and it is probable that an outflow of economic benefits will be required in settlement and the amount can be reasonably estimated.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

DOWNER & CO LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 6 -
3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
18
18
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 September 2023
30,574
199,490
230,064
Additions
-
0
19,462
19,462
At 31 August 2024
30,574
218,952
249,526
Depreciation and impairment
At 1 September 2023
29,020
187,059
216,079
Depreciation charged in the year
516
6,137
6,653
At 31 August 2024
29,536
193,196
222,732
Carrying amount
At 31 August 2024
1,038
25,756
26,794
At 31 August 2023
1,554
12,431
13,985
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
65,386
49,039
Other debtors
18,092
11,206
83,478
60,245
DOWNER & CO LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 7 -
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
18,182
18,182
Trade creditors
26,695
11,920
Corporation tax
37,638
17,798
Other taxation and social security
71,418
66,160
Other creditors
8,515
16,009
162,448
130,069
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
12,121
30,303
8
Secured Debts

The bank holds fixed and floating charges over the company's assets and property present and future.

9
Operating lease commitments
Lessee

Total financial commitments, guarantees and contingencies which are not included in the balance sheet amount to £83,109 (2023 £123,622).

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