Company Registration No. 02151300 (England and Wales)
DURA PROPERTY LIMITED
FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2024
PAGES FOR FILING WITH REGISTRAR
DURA PROPERTY LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
DURA PROPERTY LIMITED
BALANCE SHEET
AS AT 30 JUNE 2024
30 June 2024
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
2,790,351
2,790,351
Current assets
Debtors
5
31,147
56,147
Cash at bank and in hand
5,229
21,025
36,376
77,172
Creditors: amounts falling due within one year
6
(1,467,287)
(1,431,124)
Net current liabilities
(1,430,911)
(1,353,952)
Total assets less current liabilities
1,359,440
1,436,399
Creditors: amounts falling due after more than one year
7
(344,936)
(512,246)
Provisions for liabilities
(98,571)
(98,571)
8
Net assets
915,933
825,582
Capital and reserves
Called up share capital
9
100
100
Revaluation reserve
10
387,051
387,051
Profit and loss reserves
528,782
438,431
Total equity
915,933
825,582

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

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 22 January 2025 and are signed on its behalf by:
SC Burns
Director
Company Registration No. 02151300
- 1 -
DURA PROPERTY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2024
1
Accounting policies
Company information

Dura Property Limited is a private company limited by shares incorporated in England and Wales. The registered office is Dura House, Telford Road, Clacton on Sea, Essex, CO15 4LP.

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. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover represents rents receivable and recharged rates.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at valuation, net of depreciation and any impairment losses.

Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided at rates calculated to write off the cost or valuation less estimated residual value of each asset over its expected useful life, as follows:

Land and buildings - Freehold
1% 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
Cash at bank and in hand

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.

1.5
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.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

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.

- 2 -
DURA PROPERTY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
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, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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 and subsequently measured at amortised cost using the effective interest method.

1.6
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.

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.

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Carrying value of properties

Properties are carried at fair value. Fair value is determined by the directors with reference to periodic professional valuations obtained. The directors have considered the carrying value of the properties with reference to market conditions and with reference to improvement works made throughout the period. Like for like comparisons in the local market are limited and therefore there is a degree of subjectivity involved in this.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was 3 (2023: 3).

- 3 -
DURA PROPERTY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2024
4
Tangible fixed assets
Land and buildings
£
Cost
At 1 April 2023 and 30 June 2024
2,790,351
Depreciation and impairment
At 1 April 2023 and 30 June 2024
-
0
Carrying amount
At 30 June 2024
2,790,351
At 31 March 2023
2,790,351

Land and buildings comprises Dura House the main head office for the group and former Dairy Depot, now known as the Operations Centre.

 

The fair value of Dura House has been arrived at on the basis of a valuation carried out at the property by a firm of Chartered Surveyors, who are not connected with the company. They valued the property at £1,090,000 on 26th April 2022. The directors have considered the valuation position and consider that there is no material difference in the value between this valuation date and the balance sheet date. The directors believe that this continues to be a materially correct assessment of the fair value of the property at the current balance sheet date.

 

The fair value of The Operations Centre has been arrived at on the basis of a valuation carried out at the property by a firm of Chartered Surveyors, who are not connected with the company. They valued the property at £1,490,000 on 26th April 2022. This value has subsequently increased due to renovation works totalling £210,351 carried out during the year to 31 March 2023, which had increased the carrying value of the property to £1,700,351. The directors believe that this continues to be a materially correct assessment of the fair value of the property at the current balance sheet date.

 

The Directors have taken into consideration the carrying value of the properties at the balance sheet date and as a result have not provided for depreciation during the period.

5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
31,147
56,147
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
148,931
141,979
Trade creditors
32,080
34,495
Taxation and social security
6,726
3,192
Other creditors
1,279,550
1,251,458
1,467,287
1,431,124
- 4 -
DURA PROPERTY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2024
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
344,936
512,246
Creditors which fall due after five years are as follows:
2024
2023
£
£
Payable by instalments
138,302
150,976

The bank loans are secured by fixed charges over the properties of the company and a fixed and floating charge over the assets of the company. There is also a fixed and floating charge over the assets of the parent company and fellow subsidiary undertakings.

 

 

8
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated capital allowances
38,860
38,860
Revaluations of investment property
59,711
59,711
98,571
98,571
There were no deferred tax movements in the period.
9
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
10
Revaluation reserve
2024
2023
£
£
At the beginning and end of the period
387,051
387,051
- 5 -
DURA PROPERTY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2024
11
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006.

The auditor's report is unqualified and includes the following:

Opinion

In our opinion the financial statements:

Senior Statutory Auditor:
Michael Breame
Statutory Auditor:
Rickard Luckin Limited
Date of audit report:
11 February 2025
12
Financial commitments, guarantees and contingent liabilities

The company has entered into an arrangement to provide security in the form of a debenture, comprising a fixed and floating charge over all the present and future assets and undertaking of the company, over loan facilities within the group. The total amount outstanding at the balance sheet date in respect of these facilities was £1,821,067 (2023: £1,292,207).

13
Related party transactions
Transactions with related parties

The following amounts were outstanding at the reporting end date:

2024
2023
Amounts owed to related parties
£
£
Entities under common control
1,273,985
1,245,893

The following amounts were outstanding at the reporting end date:

2024
2023
Amounts owed by related parties
£
£
Entities with control, joint control or significant influence over the company
11,062
36,062
14
Parent company

The parent company of Dura Property Limited is Dura Group Limited, a company incorporated in England and Wales. Consolidated financial statements for Dura Group Limited can be obtained from Companies House.

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