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Registered number: 09167188













Durham Gate (North) Investment Company Ltd

Directors' report and financial statements
Information for filing with the registrar

31 August 2024




 
Durham Gate (North) Investment Company Ltd


Balance sheet
At 31 August 2024

2024
2023
Note
£
£

Fixed assets
  

Investment property
 5 
2,810,000
2,810,000

  
2,810,000
2,810,000

Current assets
  

Debtors
 6 
38,100
45,917

Cash at bank and in hand
  
11,034
37,173

  
49,134
83,090

Creditors: amounts falling due within one year
 7 
(552,164)
(627,423)

Net current liabilities
  
 
 
(503,030)
 
 
(544,333)

Total assets less current liabilities
  
2,306,970
2,265,667

Creditors: amounts falling due after more than one year
 8 
(1,121,000)
(1,209,938)

Provisions for liabilities
  

Deferred tax
  
(249,119)
(249,119)

  
 
 
(249,119)
 
 
(249,119)

Net assets
  
936,851
806,610


Capital and reserves
  

Called up share capital 
  
2
2

Investment property reserve
  
594,065
594,065

Profit and loss account
  
342,784
212,543

Shareholder's funds
  
936,851
806,610


1

 
Durham Gate (North) Investment Company Ltd

    
Balance sheet (continued)
At 31 August 2024

The directors consider that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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 financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 24 April 2025.




Allan Cook
Director

Company registered number: 09167188
The notes on pages 3 to 6 form part of these financial statements. 
2

 
Durham Gate (North) Investment Company Ltd
 
 

Notes to the financial statements
Year ended 31 August 2024

1.


General information

Durham Gate (North) Investment Company Ltd ('the company') is a private company limited by shares, incorporated and domiciled in the United Kingdom and registered in England. The address of the registered office is No.4 Durhamgate, Spennymoor, Durham, DL16 6FY.


2.

Statement of compliance

The financial statements of the company have been prepared in compliance with United Kingdom Accounting Standards, including Financial Reporting Standard 102, ‘The Financial Reporting Standard applicable in the United Kingdom and the Republic of Ireland’ (‘FRS 102’) and the Companies Act 2006.

3.Accounting policies

 
3.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

 
3.2

Revenue recognition

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the company and the turnover can be reliably measured. Turnover is measured as the fair value of the rents receivable.

 
3.3

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


3

 
Durham Gate (North) Investment Company Ltd
 

 
Notes to the financial statements
Year ended 31 August 2024

3.Accounting policies (continued)

 
3.4

Investment property

Investment property is carried at fair value determined annually by the directors and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

 
3.5

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.


4.


Employees

The average monthly number of employees, including directors, during the year was 2 (2023: 2).

4

 
Durham Gate (North) Investment Company Ltd
 
 

Notes to the financial statements
Year ended 31 August 2024

5.


Investment property


Long term leasehold investment property

£



Valuation


At 1 September 2023
2,810,000



At 31 August 2024
2,810,000

The 2024 valuations were made by the directors, on an open market value for existing use basis.

2024
2023
£
£

Revaluation reserves


At 1 September 2023
594,065
594,065

At 31 August 2024
594,065
594,065



If the investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:

2024
2023
£
£


Historic cost
2,017,913
2,017,913

2,017,913
2,017,913


6.


Debtors

2024
2023
£
£


Trade debtors
-
7,817

Other debtors
38,100
38,100

38,100
45,917


5

 
Durham Gate (North) Investment Company Ltd
 
 

Notes to the financial statements
Year ended 31 August 2024

7.


Creditors: amounts falling due within one year

2024
2023
£
£

Bank loans
88,897
88,856

Trade creditors
-
4,450

Other creditors
421,100
491,100

Other taxation and social security
10,196
12,308

Accruals and deferred income
31,971
30,709

552,164
627,423


Bank loans are secured by a fixed charge and negative pledge against units 1-5 Dunelm Rise, Spennymoor.


8.


Creditors: amounts falling due after more than one year

2024
2023
£
£

Bank loans
1,121,000
1,209,938

1,121,000
1,209,938



9.


Related party transactions

The company operates loans with several companies under common control. At 31 August 2024 £421,000 (2023: £216,100) was owed by the company and £38,100 (2023: £38,100) was owed to the company. These loans are interest free, unsecured and repayable upon demand.

 
6