REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
FOR |
DEACON STREET PARTNERS LIMITED |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
FOR |
DEACON STREET PARTNERS LIMITED |
DEACON STREET PARTNERS LIMITED (REGISTERED NUMBER: 05707007) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
Page |
Company Information | 1 |
Abridged Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
DEACON STREET PARTNERS LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
21 Marina Court |
Castle Street |
Hull |
HU1 1TJ |
DEACON STREET PARTNERS LIMITED (REGISTERED NUMBER: 05707007) |
ABRIDGED BALANCE SHEET |
30 SEPTEMBER 2024 |
30.9.24 | 30.9.23 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
Tangible assets | 5 |
Investments | 6 |
Investment property | 7 |
CURRENT ASSETS |
Debtors |
Cash at bank |
CREDITORS |
Amounts falling due within one year |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
The financial statements were approved by the Board of Directors and authorised for issue on |
DEACON STREET PARTNERS LIMITED (REGISTERED NUMBER: 05707007) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
1. | STATUTORY INFORMATION |
Deacon Street Partners Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Going concern |
The directors have prepared forecasts for the future performance of the company. |
Based on these forecasts and the current trading position of the company, the directors conclude that the company has sufficient facilities to meet its liabilities as they fall due for at least 12 months from the date of signing of these accounts. |
Accordingly, they continue to adopt the going concern basis in preparing the statutory financial statements. |
Preparation of consolidated financial statements |
The financial statements contain information about Deacon Street Partners Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements. |
Turnover |
Turnover represents sales to external customers at invoiced amounts less value added tax or local taxes on sales. |
Revenue from management services is recognised as services are rendered. Revenue from interest income is recognised when received. Revenue from long term projects is recognised when receivable. |
Intangible assets |
Long term project costs represent directly attributable costs incurred in the development of certain projects which span more than one accounting period. These costs are carried forward in intangible assets until such time as the project begins to generate future economic benefits and the associated revenue and costs can be measured reliably. These costs are then amortised over the estimated economic life of the project to match against the revenues generated. |
Tangible fixed assets |
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. |
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method. |
Depreciation is provided on the following basis: |
Office equipment and furniture - 10% - 33% |
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. |
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss. |
Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
DEACON STREET PARTNERS LIMITED (REGISTERED NUMBER: 05707007) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
2. | ACCOUNTING POLICIES - continued |
Investment property |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
No depreciation is provided on investment property. |
Financial instruments |
The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties. |
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Income and Retained Earnings. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
DEACON STREET PARTNERS LIMITED (REGISTERED NUMBER: 05707007) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
4. | INTANGIBLE FIXED ASSETS |
Totals |
£ |
COST |
At 1 October 2023 |
Additions |
At 30 September 2024 |
AMORTISATION |
At 1 October 2023 |
Amortisation for year |
At 30 September 2024 |
NET BOOK VALUE |
At 30 September 2024 |
At 30 September 2023 |
5. | TANGIBLE FIXED ASSETS |
Totals |
£ |
COST |
At 1 October 2023 |
Additions |
At 30 September 2024 |
DEPRECIATION |
At 1 October 2023 |
Charge for year |
At 30 September 2024 |
NET BOOK VALUE |
At 30 September 2024 |
At 30 September 2023 |
6. | FIXED ASSET INVESTMENTS |
Information on investments other than loans is as follows: |
Totals |
£ |
COST |
At 1 October 2023 |
and 30 September 2024 | 1 |
NET BOOK VALUE |
At 30 September 2024 | 1 |
At 30 September 2023 | 1 |
DEACON STREET PARTNERS LIMITED (REGISTERED NUMBER: 05707007) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
7. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 October 2023 |
and 30 September 2024 |
DEPRECIATION |
At 1 October 2023 |
and 30 September 2024 | 24,780 |
NET BOOK VALUE |
At 30 September 2024 |
At 30 September 2023 |
The investment properties, representing freehold reversionary interests in a block of flats, were subject to a full valuation on 30 September 2018, with a reduction in value due to lease extensions granted on eight flats |
The 2024 and 2023 valuations were made by the Directors, by reference to the 2018 full valuation on an open market value for existing use basis. |
8. | RELATED PARTY DISCLOSURES |
Sales to related parties |
Recharges by (to related parties |
) |
Amounts owed by related parties |
Amounts owed to related parties |
£ | £ | £ | £ |
2024 |
Entities related through common directors and common ultimate controlling party |
159,743 |
(9,647 |
) |
190,851 |
- |
Entities related through common directors | 78,817 | 291,220 | 123,877 | 57,021 |
Entities related through common ultimate controlling party |
308,769 |
- |
- |
21,737 |
Transactions with ultimate controlling party | 514,542 | (465,581 | ) | 88,178 | - |
2023 |
Entities related through common directors and common ultimate controlling party |
116,258 |
(11,523 |
) |
156,809 |
- |
Entities related through common directors | 100,000 | 722,967 | 90,534 | 55,728 |
Entities related through common ultimate controlling party |
325,301 |
- |
- |
21,737 |
Transactions with ultimate controlling party | 498,396 | (384,202 | ) | 146,606 | - |
9. | ULTIMATE CONTROLLING PARTY |
The company is a subsidiary of Oren Investment Group Limited, a company incorporated in British Virgin Islands. |
Lord Michael Ashcroft KCMG PC is considered to be the ultimate controlling party by virtue of his shareholding in Burac Holdings Limited. |