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 |