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Registration number: 14353102

District Capital Ltd

Unaudited Financial Statements

for the Year Ended 31 December 2024

 

District Capital Ltd

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 7

 

District Capital Ltd

(Registration number: 14353102)
Balance Sheet as at 31 December 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

13,481

10,798

Investment property

5

1,495,404

660,000

 

1,508,885

670,798

Current assets

 

Debtors

6

2,754

8,540

Cash at bank and in hand

 

104,209

105,737

 

106,963

114,277

Creditors: Amounts falling due within one year

7

(1,087,376)

(455,256)

Net current liabilities

 

(980,413)

(340,979)

Total assets less current liabilities

 

528,472

329,819

Creditors: Amounts falling due after more than one year

7

(512,561)

(290,151)

Net assets

 

15,911

39,668

Capital and reserves

 

Called up share capital

100

100

Retained earnings

15,811

39,568

Shareholders' funds

 

15,911

39,668

For the financial year ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 22 May 2025 and signed on its behalf by:
 

 

District Capital Ltd

(Registration number: 14353102)
Balance Sheet as at 31 December 2024

.........................................
Mr T Thorns
Director

.........................................
Mr B Thorns
Director

 

District Capital Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Suite 33 Peel House
30 The Downs
Altricham
WA14 2PX
UK

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises of current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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

 

District Capital Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Furniture, fittings and equipment

25% Reducing balance

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2023 - 2).

 

District Capital Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 January 2024

14,397

14,397

Additions

7,177

7,177

At 31 December 2024

21,574

21,574

Depreciation

At 1 January 2024

3,599

3,599

Charge for the year

4,494

4,494

At 31 December 2024

8,093

8,093

Carrying amount

At 31 December 2024

13,481

13,481

At 31 December 2023

10,798

10,798

5

Investment properties

2024
£

At 1 January

660,000

Additions

835,404

At 31 December

1,495,404

There has been no valuation of investment property by an independent valuer.

6

Debtors

Current

2024
£

2023
£

Trade debtors

2,704

-

Other debtors

50

8,540

 

2,754

8,540

 

District Capital Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

8

176,148

16,740

Trade creditors

 

396

-

Amounts owed to group undertakings

789,746

437,465

Accruals and deferred income

 

1,135

1,051

Other creditors

 

119,951

-

 

1,087,376

455,256

Current loans and borrowings

2024
£

2023
£

Other borrowings

176,148

16,740

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

8

512,561

290,151

Included within loans and borrowings is £180,020 (2023: £180,020) in relation to a mortgage which is secured by a fixed charge dated 12 May 2023 over the investment property Apartment 82, The Riverside, Derwent Street, Salford. Included within loans and borrowings is £126,872 (2023: £126,872) in relation to a mortgage which is secured by a fixed charge dated 10 October 2023 over the investment property Apartment 39, 62 Ellesmere Street, Manchester. Included within loans and borrowings is £123,616 (2023: £Nil) in relation to a mortgage which is secured by a fixed charge dated 01 July 2024 over the investment property Apartment 47, 62 Ellesmere Street, Manchester. Included within loans and borrowings is £108,200 (2023: £Nil) in relation to a mortgage which is secured by a fixed charge dated 02 September 2024 over the investment property Apartment 15, 66 Ellesmere Street, Manchester.





 

 

District Capital Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

8

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Other borrowings

512,561

290,151

Current loans and borrowings

2024
£

2023
£

Other borrowings

176,148

16,740