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Registered number: 14295490
DOD STREET HOMES LTD
UNAUDITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 31 AUGUST 2024
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DOD STREET HOMES LTD
REGISTERED NUMBER: 14295490
STATEMENT OF FINANCIAL POSITION
AS AT 31 AUGUST 2024
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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DOD STREET HOMES LTD
REGISTERED NUMBER: 14295490
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 AUGUST 2024
The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.
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.
The financial statements have been prepared 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 financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
................................................
N Mason
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The notes on pages 4 to 7 form part of these financial statements.
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DOD STREET HOMES LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 AUGUST 2024
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Comprehensive income for the period
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Total comprehensive income for the period
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Contributions by and distributions to owners
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Shares issued during the period
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Total transactions with owners
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Comprehensive income for the year
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Total comprehensive income for the year
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The notes on pages 4 to 7 form part of these financial statements.
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DOD STREET HOMES LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
Dod Street Homes Ltd is a private company, limited by shares, incorporated and registered in England and Wales. The registered office is Manderley Lower South Park, South Godstone, Godstone, Surrey, RH9 8LF. The Company's registered number is 14295490.
The financial statements are presented for the year to 31 August 2024 and the comparatives cover the preceding period from incorporation on 15 August 2022 to 31 August 2023.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:
The financial statements have been prepared on a going concern basis which the directors consider to be appropriate based on the stage of construction and assessments surrounding the feasibility of the project. The directors are satisfied that the Company has access to sufficient funds to meet its liabilities as they fall due for the foreseeable future.
The shareholders have also expressed their willingness to provide financial support to the Company for a period of at least 12 months from approval of the financial statements in the event this should be required.
All borrowing costs directly attributable to the construction of a qualifying asset are capitalised as part of the cost of the asset.
The amount of general borrowings eligible for capitalisation are determined by applying a capitalisation rate to the expenditure on the qualifying asset. Remaining borrowing costs are expensed in the profit and loss in the period incurred.
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a weighted average basis. Work in progress and finished goods include labour and attributable overheads.
At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.
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DOD STREET HOMES LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
2.Accounting policies (continued)
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
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The average monthly number of employees, including directors, during the year was 2 (2023 - 2).
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Work in progress (properties in course of development prior to sale)
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Included within work in progress is £1,566,847 (2023: £629,916) of directly attributable borrowing costs incurred to date, in relation to the development of a qualifying asset (the properties). All borrowing costs incurred in the period have been capitalised.
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DOD STREET HOMES LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
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Cash and cash equivalents
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Creditors: Amounts falling due within one year
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Amounts owed to other participating interests
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Accruals and deferred income
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Creditors: Amounts falling due after more than one year
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DOD STREET HOMES LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
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Analysis of the maturity of loans is given below:
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Amounts falling due within one year
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Amounts falling due 1-2 years
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The loan facility is provided by Pollen Street plc and Downing Development Lending Limited and is secured on a piece of freehold land included in stock (13-15 Dod Street, London, E14 7EP).
Interest is charged on amounts utilised at a fixed rate of 8.25% per annum. Interest compounds and is capitalised on a monthly basis. The repayment date for this loan in full is 18 April 2025. This loan was refinanced post year end.
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Allotted, called up and partly paid
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2 (2023 - 2) Ordinary shares of £1.00 each
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At the reporting date, the company has a contractual liability of approximately £1,818,561 related to construction works committed to but not yet provided.
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Related party transactions
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During the period, £150,000 was provided to the Company as a shareholder loan from Blueleaf Developments Limited. Repayments of £152,000 were made so that as at 31 August 2024, the amount owed to Blueleaf Developments Limited was £3,669,244 (2023: £3,671,244).
During the period, £150,000 was provided to the Company as a shareholder loan from Leapastute Limited. Repayments of £152,000 were made so that as at 31 August 2024, the amount owed to Leapastute Limited was £3,669,244 (2023: £3,671,244).
All amounts are interest free and repayable on demand.
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