Company registration number 00486396 (England and Wales)
DONVALE HOLDINGS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
PAGES FOR FILING WITH REGISTRAR
DONVALE HOLDINGS LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
DONVALE HOLDINGS LIMITED
BALANCE SHEET
AS AT 30 SEPTEMBER 2024
30 September 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
3
17,691,730
16,176,974
Current assets
Debtors
4
17,453
8,680
Cash at bank and in hand
111,773
87,166
129,226
95,846
Creditors: amounts falling due within one year
5
(211,237)
(168,568)
Net current liabilities
(82,011)
(72,722)
Total assets less current liabilities
17,609,719
16,104,252
Provisions for liabilities
6
(109,000)
Net assets
17,609,719
15,995,252
Capital and reserves
Called up share capital
7
2,240,000
2,240,000
Revaluation reserve
2,708,673
947,644
Profit and loss reserves
12,661,046
12,807,608
Total equity
17,609,719
15,995,252
For the financial year ended 30 September 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 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 7 November 2024 and are signed on its behalf by:
T E Moyes
Director
Company registration number 00486396 (England and Wales)
DONVALE HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 2 -
1
Accounting policies
Company information
Donvale Holdings Limited is a private company limited by shares incorporated in England and Wales. The registered office is 2 Rutland Park, Sheffield, S10 2PD.
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. See note 8 - Provisions for liabilities.
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, modified to include the revaluation of investments and to include certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Fixed asset investments
Listed investments and managed funds are valued at middle market prices. Shares in subsidiaries are valued at net assets attributable to the shareholders at the balance sheet date.
1.3
Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and cash held on investment platforms.
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.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
4
4
DONVALE HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 3 -
3
Fixed asset investments
2024
2023
£
£
Investments
17,691,730
16,176,974
The historical cost of investments is £14,983,057 (2023: £15,229,329).
Included in the above are shares in subsidiaries which are valued at £170,000 (historical cost £89,884) and this amount is balanced by an equal sum due to the subsidiaries.
Movements in fixed asset investments
Investments other than loans
£
Cost
At 1 October 2023
16,176,974
Additions
2,178
Valuation changes
1,798,614
Disposals
(286,036)
At 30 September 2024
17,691,730
Carrying amount
At 30 September 2024
17,691,730
At 30 September 2023
16,176,974
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
17,453
8,680
5
Creditors: amounts falling due within one year
2024
2023
£
£
Taxation and social security
1,818
1,780
Other creditors
209,419
166,788
211,237
168,568
DONVALE HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 4 -
6
Provisions for liabilities
2024
2023
£
£
Pension obligations
-
109,000
Pension costs
Defined benefit
The Company operated a pension scheme providing benefits based on final pensionable pay for group staff employees up to 31 July 1999. Benefits under the scheme ceased to accrue from this date but the scheme continues as a closed fund with deferred member benefits being met from the fund as they fall due.
The assets of the scheme are held separately from those of the Company, being invested with an insurance company. The insurance contract is with profits and is invested in a mix of backing assets. A bonus rate is declared each year which takes into account the return earned on the backing assets.
Regular funding reviews are carried out by a qualified actuary instructed by the pension scheme Trustee and contributions are determined using the Current Unit Method. The most recent Actuarial Valuation of the Scheme was carried out as at 1 August 2022. The value of the Scheme assets at the valuation date was £2,780,000 (including insured pensioner assets of £1,713,000) and the present value of the Scheme liabilities was £2,736,000 resulting in a surplus in the scheme of £44,000. The obligation to pay contributions under the relevant schedule of contributions remained in place until the actuarial valuation was completed. The value placed on the assets by the Actuary was the discounted value of the deferred annuities notionally allocated to members using assumptions consistent with the assumptions used to place a value on the Scheme's liabilities.
One contribution of £109,000 was paid during the year.
7
Called up share capital
2024
2023
£
£
Ordinary share capital
Issued and fully paid
2,240,000 Ordinary shares of £1 each
2,240,000
2,240,000
2,240,000
2,240,000
8
Events after the reporting date
After the year end the company agreed to formally wind up the pension scheme, serving notice on the Trustees of the scheme during October 2024. The process of wind up will take several months to complete and further pension contributions and scheme expenses of approximately £500-£600k will be required to be paid as they fall due during the course of the next accounting period.
9
Parent company
The ultimate parent company is R H Trustees Limited, a company registered in England. Registered office 2 Rutland Park, Sheffield, S10 2PD.