Registered number
09217467
D F S Developments Ltd
Filleted Accounts
30 September 2024
D F S Developments Ltd
Registered number: 09217467
Balance Sheet
as at 30 September 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 1,130,001 1,130,001
Current assets
Debtors 4 83,813 112,506
Cash at bank and in hand 15,876 14,499
99,689 127,005
Creditors: amounts falling due within one year 5 (6,009) (6,083)
Net current assets 93,680 120,922
Total assets less current liabilities 1,223,681 1,250,923
Creditors: amounts falling due after more than one year 6 (936,300) (941,632)
Provisions for liabilities (24,347) (24,347)
Net assets 263,034 284,944
Capital and reserves
Called up share capital 102 102
Share premium 189,764 189,764
Revaluation reserve 8 115,196 115,196
Profit and loss account (42,028) (20,118)
Shareholders' funds 263,034 284,944
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 members have 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 F Short
Director
Approved by the board on 6 May 2025
D F S Developments Ltd
Notes to the Accounts
for the year ended 30 September 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention, except that as disclosed in the accounting policies certain items are shown at fair value, 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) and the Companies Act 2006.
Turnover
Turnover comprises the fair value of the rents received or receivable in the ordinary course of the company’s activities. Turnover is shown net of rebates and discounts. The company recognises revenue when he amount of revenue can be reliably measured, it is probable that future economic benefits will flow to the entity, and specific criteria have been met for each of the company's activities.
Going concern
The financial statements have been prepared on a going concern basis, which assumes that the
company will continue in operational existence for the foreseeable future.
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 evenly over its expected useful life, as follows:
Fixtures, fittings and equipment 20% straight line
Investment property
Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by the director. The valuer uses observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.
Financial instruments
The company holds the following financial instruments:
• Short term trade and other debtors and creditors;
• Bank loans; and
• Cash and bank balances.
All financial instruments are classified as basic.
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
Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income. Deferred tax is recognised on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as stated in the profit and loss account and other comprehensive income. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date. The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company including the director: 2 2
3 Tangible fixed assets
Investment properties Furniture, fittings and equipment Total
£ £ £
Cost
At 1 October 2023 1,130,000 1,646 1,131,646
At 30 September 2024 1,130,000 1,646 1,131,646
Depreciation
At 1 October 2023 - 1,645 1,645
At 30 September 2024 - 1,645 1,645
Net book value
At 30 September 2024 1,130,000 1 1,130,001
At 30 September 2023 1,130,000 1 1,130,001
Freehold land and buildings: 2024 2023
£ £
Historical cost 1,001,857 1,001,857
Cumulative depreciation based on historical cost - -
1,001,857 1,001,857
The investment properties were valued by the director at 30 September 2024 to show the fair value.
4 Debtors 2024 2023
£ £
Other debtors 83,813 112,506
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 4,772 4,772
Other creditors 1,237 1,311
6,009 6,083
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 936,300 941,632
7 Loans 2024 2023
£ £
Creditors include:
Amounts payable otherwise than by instalment falling due for payment after more than five years 934,128 934,128
Secured bank loans 934,128 934,128
The secured bank loans are mortgages secured on the company's investment properties.
8 Revaluation reserve 2024 2023
£ £
At 1 October 2023 115,196 60,000
Gain on revaluation of land and buildings - 68,143
Deferred taxation arising on the revaluation of land and buildings - (12,947)
At 30 September 2024 115,196 115,196
9 Loans to directors
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
Mr D F Short
Loan account 68,910 - 16,885 52,025
68,910 - 16,885 52,025
During the year the company operated an interest free loan account with the Director which is repayable on demand.
10 Other information
D F S Developments Ltd is a private company limited by shares and incorporated in England. Its registered office is:
C/O South West Tax
55 Elm Road
Plymouth
Devon
PL4 7AZ
The principal place of business is:
75 Wembury Road
Elburton
Plymouth
PL6 8HW
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