Company Registration No. 08169176 (England and Wales)
Development And Renovation Limited
Unaudited accounts
for the year ended 30 August 2024
Development And Renovation Limited
Unaudited accounts
Contents
Development And Renovation Limited
Company Information
for the year ended 30 August 2024
Company Number
08169176 (England and Wales)
Registered Office
8 Easterly Crescent
Leeds
LS8 2SF
Accountants
Shipleys Tax - Chartered Accountants
32 Park Cross Street
Leeds
West Yorkshire
LS1 2QH
Development And Renovation Limited
Statement of financial position
as at 30 August 2024
Tangible assets
3,025
4,033
Investment property
2,591,618
2,591,618
Cash at bank and in hand
53,622
35,515
Creditors: amounts falling due within one year
(267,156)
(263,218)
Net current liabilities
(199,057)
(213,226)
Total assets less current liabilities
2,395,586
2,382,425
Creditors: amounts falling due after more than one year
(751,526)
(805,903)
Provisions for liabilities
Deferred tax
(289,316)
(289,316)
Net assets
1,354,744
1,287,206
Called up share capital
100
100
Revaluation reserve
1,233,400
1,233,400
Profit and loss account
121,244
53,706
Shareholders' funds
1,354,744
1,287,206
For the year ending 30 August 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 in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered 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 profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 23 May 2025 and were signed on its behalf by
Imran Din
Director
Company Registration No. 08169176
Development And Renovation Limited
Notes to the Accounts
for the year ended 30 August 2024
Development And Renovation Limited is a private company, limited by shares, registered in England and Wales, registration number 08169176. The registered office is 8 Easterly Crescent, Leeds, LS8 2SF.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
These financial statements for the year ended 30 August 2024 are the first financial statements that comply with FRS 102 Section 1A Small Entities. The date of transition is 31 August 2022.
The transition to FRS 102 Section 1A Small Entities has resulted in a small number of changes in accounting policies to those used previously.
The nature of these changes and their impact on opening equity and profit for the comparative period are explained in the notes below.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives on the following basis:
Fixtures, fittings & equipment - 25% Reducing balance
Investment property is included at market fair value. Gains are recognised in the income statement. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
Development And Renovation Limited
Notes to the Accounts
for the year ended 30 August 2024
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.
4
Tangible fixed assets
Fixtures & fittings
Fair value at 31 August 2023
2,591,618
At 30 August 2024
2,591,618
Investment property is carried at fair value 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.
The market value of the company's investment properties at the valuation date of August 2021 has been incorporated in to these financial statements as the value as at 30 August 2024. In the opinion of the directors the difference in valuation between the two dates is considered immaterial.
Amounts falling due within one year
Other debtors
14,477
14,477
7
Creditors: amounts falling due within one year
2024
2023
Bank loans and overdrafts
35,575
27,872
Taxes and social security
26,635
29,950
Loans from directors
201,346
201,346
Development And Renovation Limited
Notes to the Accounts
for the year ended 30 August 2024
8
Creditors: amounts falling due after more than one year
2024
2023
Bank loans
666,837
721,214
Other creditors
84,689
84,689
9
Deferred taxation
2024
2023
Revaluation of investment property
289,316
289,316
Provision at start of year
289,316
289,316
Provision at end of year
289,316
289,316
Allotted, called up and fully paid:
100 Ordinary shares of £1 each
100
100
11
Average number of employees
During the year the average number of employees was 1 (2023: 1).