Company registration number 07780114 (England and Wales)
DUMFRIES DEVELOPMENTS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
PAGES FOR FILING WITH REGISTRAR
DUMFRIES DEVELOPMENTS LIMITED
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
Notes to the financial statements
2 - 4
The following pages do not form part of the statutory financial statements
Detailed trading and profit and loss account
-
DUMFRIES DEVELOPMENTS LIMITED
BALANCE SHEET
AS AT
31 MARCH 2025
31 March 2025
- 1 -
2025
2024
Notes
£
£
£
£
Current assets
Stocks
3
1,247,520
1,247,520
Debtors
4
1,427
1,300
Cash at bank and in hand
11,767
983
1,260,714
1,249,803
Creditors: amounts falling due within one year
5
(725,549)
(657,837)
Net current assets
535,165
591,966
Creditors: amounts falling due after more than one year
6
(795,150)
(795,150)
Net liabilities
(259,985)
(203,184)
Capital and reserves
Called up share capital
7
2
2
Profit and loss reserves
(259,987)
(203,186)
Total equity
(259,985)
(203,184)
For the financial year ended 31 March 2025 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 of its financial statements for the year in question in accordance with section 476.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved by the board of directors and authorised for issue on 30 May 2025 and are signed on its behalf by:
G Conway
Director
Company registration number 07780114 (England and Wales)
DUMFRIES DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
- 2 -
1
Accounting policies
Company information
Dumfries Developments Limited is a private company limited by shares incorporated in England and Wales. The registered office is 3rd Floor, Sterling House, Langston Road, Loughton, Essex, IG10 3TS.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
The financial statements have been prepared on a going concern basis even though at the balance sheet date the company had net liabilities of £259,985 (2024: £203,184). The directors consider the going concern basis to be appropriate because, in their opinion, the company will continue to obtain sufficient funding from its shareholders to enable it to pay its debts as they fall due, for at least the ensuing twelve months.
If the company was unable to continue obtaining sufficient funding to enable it to pay its debts as they fell due, it would be unable to continue trading and adjustments would have to be made to reduce the value of assets to their realisable amounts, to provide for any further liabilities which might arise, and to reclassify fixed assets and long term liabilities as current assets and liabilities.
1.3
Stocks
Stock is valued at the lower of cost and net realisable value.
Stock consists of unsold properties held for development as at the balance sheet date.
1.4
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are measured at transaction price including transaction costs. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans and loans from fellow group companies that are classified as debt, are recognised at transaction price unless the arrangement constitutes a financing transaction, discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
DUMFRIES DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 3 -
1.5
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs.
1.6
Leases
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2025
2024
Number
Number
Total
1
1
3
Stocks
2025
2024
£
£
Stocks
1,247,520
1,247,520
4
Debtors
2025
2024
Amounts falling due within one year:
£
£
Prepayments and accrued income
1,427
1,300
5
Creditors: amounts falling due within one year
2025
2024
£
£
Amounts owed to group undertakings
723,546
651,046
Accruals and deferred income
2,003
6,791
725,549
657,837
6
Creditors: amounts falling due after more than one year
2025
2024
£
£
Bank loans and overdrafts
795,150
795,150
DUMFRIES DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 4 -
7
Called up share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
2
2
2
2
8
Related party transactions
As at the balance sheet date, the company owed £723,546 (2024: £651,046) to connected companies.