Company registration number 11468723 (England and Wales)
DANVIC INVESTMENTS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
PAGES FOR FILING WITH REGISTRAR
DANVIC INVESTMENTS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 5
DANVIC INVESTMENTS LIMITED
BALANCE SHEET
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investment property
3
581,685
581,685
Current assets
Debtors
4
190,508
168,608
Cash at bank and in hand
7,355
4,661
197,863
173,269
Creditors: amounts falling due within one year
5
(409,793)
(408,684)
Net current liabilities
(211,930)
(235,415)
Total assets less current liabilities
369,755
346,270
Creditors: amounts falling due after more than one year
6
(165,689)
(181,395)
Provisions for liabilities
(10,925)
(10,925)
Net assets
193,141
153,950
Capital and reserves
Called up share capital
7
99
99
Profit and loss reserves
193,042
153,851
Total equity
193,141
153,950
DANVIC INVESTMENTS LIMITED
BALANCE SHEET (CONTINUED)
- 2 -
For the financial year ended 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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 Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved by the board of directors and authorised for issue on 28 February 2025 and are signed on its behalf by:
Nathan Teague
Director
Company registration number 11468723 (England and Wales)
DANVIC INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
- 3 -
1
Accounting policies
Company information
DANVIC INVESTMENTS LIMITED is a private company limited by shares incorporated in England and Wales. The registered office is 1 Queens Parade, Brownlow Road, London, N11 2DN and the principal place of business is Unit 2, 79A Salamander Street, Leith, Edinburgh, EH6 7JZ.
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, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Turnover
Rental income is recognised on a straight line basis over the term of the relevant lease.
1.3
Investment properties
Investment properties, which are properties held to earn rentals and/or for capital appreciation, are initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently they are measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in profit or loss.
1.4
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ 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.
1.5
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.
1.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
DANVIC INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 4 -
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 that have been enacted or substantively enacted by the reporting end date.
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
3
Investment properties
2024
£
Fair value
At 1 July 2023 and 30 June 2024
581,685
On the 24th February 2022, the company acquired an investment property. Based on the rent received and advice provided by the estate agents, the directors decided to increase the value of the commercial unit as at 30th June 2023.
The investment properties were valued on an open market basis as at 30th June 2024 and it was decided that the value of the properties has remained unchanged.
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
3,617
3,617
Other debtors
186,891
164,991
190,508
168,608
DANVIC INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
4
Debtors
(Continued)
- 5 -
Other debtors include £186,891 (2023: £164,991) owed by MNM Developments (Scotland) Limited, a company in which Marc, Nathan and Michaela Teague are also directors.
5
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
13,126
14,196
Corporation tax
12,553
6,611
Other taxation and social security
650
268
Other creditors
383,464
387,609
409,793
408,684
The bank loan is secured by a fixed and floating charge over the assets the Company.
Included in other creditors, there is an amount of £367,235 (2023: £367,735) owed to Evantyr Properties Limited, a company in which Marc, Nathan and Michaela Teague are also directors.
6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
165,689
181,395
7
Called up share capital
2024
2023
Ordinary share capital
£
£
Issued and fully paid
Ordinary shares of £1 each
99
99
8
Ultimate controlling party
The company was controlled throughout the current and previous years by the directors by virtue of the fact that between them, they own all of the company's issued share capital.