Company No:
Contents
| Note | 2024 | 2023 | ||
| £ | £ | |||
| Fixed assets | ||||
| Investment property | 3 |
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| 775,000 | 775,000 | |||
| Current assets | ||||
| Debtors | 4 |
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| Cash at bank and in hand |
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| 17,614 | 13,206 | |||
| Creditors: amounts falling due within one year | 5 | (
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(
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| Net current liabilities | (702,256) | (705,362) | ||
| Total assets less current liabilities | 72,744 | 69,638 | ||
| Net assets |
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| Capital and reserves | ||||
| Called-up share capital |
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| Revaluation reserve |
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| Profit and loss account |
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| Total shareholders' funds |
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Directors' responsibilities:
The financial statements of Downs Executive Limited (registered number:
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A K Rae
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.
Downs Executive Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 19-21 Catherine Place, London, SW1E 6DX, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with ‘The Financial Reporting Standard applicable in the UK and the Republic of Ireland’ issued by the Financial Reporting Council, including Section 1A of Financial Reporting Standard 102 (FRS102), and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The tax charge is based on the taxable profit for the year plus any adjustments required to the prior year. Taxable profit differs from net profit, as reported in the statement of income and retained earnings, because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the balance sheet date.
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.
Trade and other debtors and creditors are classified as basic financial instruments and measured at transaction price. A provision is established when there is objective evidence that the company will not be able to collect all amounts due.
Cash and cash equivalents are classified as basic financial instruments and comprise cash in hand and at bank.
| 2024 | 2023 | ||
| Number | Number | ||
| Monthly average number of persons employed by the Company during the year, including directors |
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| Investment property | |
| £ | |
| Valuation | |
| As at 01 October 2023 |
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| As at 30 September 2024 |
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The company's investment property has been valued on an open market value for existing use basis, as at January 2015, at £775,000 by Knight Frank. The directors consider there to have been no significant change in this valuation to 30 September 2024.
If the investment property had been accounted for under the historic cost accounting rules, the property would have been included at its cost of £755,246 (2023: £755,246).
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| £ | £ | ||
| Other debtors |
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| £ | £ | ||
| Other loans |
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| Accruals and deferred income |
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Included within creditors is £707,256 (2023: £707,256) due to B A C Kingham, the sole shareholder of the company. The loan is interest-free and has no set date for repayment.
During the year the company paid £12,000 (2023: £12,000) for consultancy services to Reliance Trust Limited, a company of which B A C Kingham is a director. Included within accruals and deferred income at the year end is £6,000 (2023: £6,000) due to Reliance Trust Limited.