6 December 2023 false No description of principal activity Taxfiler 2024.6 15332720business:PrivateLimitedCompanyLtd2023-12-062024-12-31 153327202023-12-05 153327202023-12-062024-12-31 15332720business:AuditExempt-NoAccountantsReport2023-12-062024-12-31 15332720business:FilletedAccounts2023-12-062024-12-31 153327202024-12-31 15332720business:Director12023-12-062024-12-31 15332720business:Director22023-12-062024-12-31 15332720business:RegisteredOffice2023-12-062024-12-31 15332720core:WithinOneYear2024-12-31 15332720core:AfterOneYear2024-12-31 15332720core:ShareCapitalcore:PreviouslyStatedAmount2024-12-31 15332720core:RevaluationReservecore:PreviouslyStatedAmount2024-12-31 15332720core:CapitalContributionReservecore:PreviouslyStatedAmount2024-12-31 15332720core:RetainedEarningsAccumulatedLossescore:PreviouslyStatedAmount2024-12-31 15332720core:PreviouslyStatedAmount2024-12-31 15332720business:SmallEntities2023-12-062024-12-31 15332720countries:EnglandWales2023-12-062024-12-31 15332720core:AcceleratedTaxDepreciationDeferredTax2024-12-31 15332720core:RevaluationInvestmentPropertyDeferredTax2024-12-31 iso4217:GBP xbrli:pure
Company Registration No. 15332720 (England and Wales)
Direct Properties (2024) Limited Unaudited accounts for the period from 6 December 2023 to 31 December 2024
Direct Properties (2024) Limited Unaudited accounts Contents
Page
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Direct Properties (2024) Limited Company Information for the period from 6 December 2023 to 31 December 2024
Directors
Michael Crow Deborah Crow
Company Number
15332720 (England and Wales)
Registered Office
136 Dixon Street Lincoln Lincolnshire LN6 7TU United Kingdom
Accountants
Templar Accounting & Business Support Services Limited (Incorporating Blake and Co) 112-113 High Street Lincoln Lincolnshire LN5 7PY
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Direct Properties (2024) Limited Statement of financial position as at 31 December 2024
2024 
Notes
£ 
Fixed assets
Investment property
900,000 
Current assets
Debtors
3,429 
Cash at bank and in hand
80,583 
84,012 
Creditors: amounts falling due within one year
(33,404)
Net current assets
50,608 
Total assets less current liabilities
950,608 
Creditors: amounts falling due after more than one year
(4,295)
Provisions for liabilities
Deferred tax
(9,500)
Net assets
936,813 
Capital and reserves
Called up share capital
1,000 
Revaluation reserve
50,000 
Capital contribution reserve
900,000 
Profit and loss account
(14,187)
Shareholders' funds
936,813 
For the period ending 31 December 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 directors acknowledge their 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 of Directors and authorised for issue on 23 May 2025 and were signed on its behalf by
Deborah Crow Director Company Registration No. 15332720
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Direct Properties (2024) Limited Notes to the Accounts for the period from 6 December 2023 to 31 December 2024
1
Statutory information
Direct Properties (2024) Limited is a private company, limited by shares, registered in England and Wales, registration number 15332720. The registered office is 136 Dixon Street, Lincoln, Lincolnshire, LN6 7TU, United Kingdom.
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.
3
Accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out below and have been consistently applied within the same accounts.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
Investment property
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 taxation
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.
4
Investment property
2024 
£ 
Additions
850,000 
Net gain from fair value adjustments
50,000 
At 31 December 2024
900,000 
134 Dixon Street, Lincoln, Lincolnshire, UK Market Value: $500,000 (£50,000 revaluation on cost included) 136 Dixon Street, Lincoln, Lincolnshire, UK Market Value: £400,000 Both buildings have been inspected and valuations prepared by a professional surveyor with qualifications of MRICS membership number 1124690 The report is produced in accordance with the RICS Red Book - Global Standards incorporating the International Valuation Standards (IVS)
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Direct Properties (2024) Limited Notes to the Accounts for the period from 6 December 2023 to 31 December 2024
5
Debtors
2024 
£ 
Amounts falling due within one year
Accrued income and prepayments
3,429 
6
Creditors: amounts falling due within one year
2024 
£ 
Other creditors
300 
Loans from directors
17,870 
Accruals
1,000 
Deferred income
14,234 
33,404 
7
Creditors: amounts falling due after more than one year
2024 
£ 
Other creditors
4,295 
8
Deferred taxation
2024 
£ 
Accelerated capital allowances
(40,500)
Revaluation of investment property
50,000 
9,500 
2024 
£ 
Charged to other comprehensive income
9,500 
Provision at end of period
9,500 
A deferred tax reserve has been created due to a revaluation of property as at 31/12/2024.
9
Capital contribution reserve
A capital contribution of some £900,000 has been invested by the directors/shareholders which will not be withdrawn until the business is in positive cashflow.
10
Average number of employees
During the period the average number of employees was 2.
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