Company registration number 00325053 (England and Wales)
DEARDS SERVICES LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
PAGES FOR FILING WITH REGISTRAR
DEARDS SERVICES LIMITED
CONTENTS
Page
Statement of financial position
1
Notes to the financial statements
2 - 7
DEARDS SERVICES LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2025
2025-03-31
- 1 -
2025
2024
Notes
£
£
£
£
Fixed assets
Investment property
4
35,076,984
33,944,449
Current assets
Debtors
5
238,883
273,789
Cash at bank and in hand
106,966
63,858
345,849
337,647
Creditors: amounts falling due within one year
6
(414,745)
(312,210)
Net current (liabilities)/assets
(68,896)
25,437
Total assets less current liabilities
35,008,088
33,969,886
Provisions for liabilities
(7,169,749)
(6,886,615)
Net assets
27,838,339
27,083,271
Capital and reserves
Called up share capital
688,700
688,700
Revaluation reserve
8
26,094,719
25,245,318
Other reserves
8
41,834
41,834
Profit and loss reserves
8
1,013,086
1,107,419
Total equity
27,838,339
27,083,271

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 income statement within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 1 October 2025 and are signed on its behalf by:
Nicholas Scarfe BSc (Hons)
Director
Company registration number 00325053 (England and Wales)
DEARDS SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
- 2 -
1
Accounting policies
Company information

Deards Services Limited is a private company limited by shares incorporated in England and Wales. The registered office is Plantagenet House, 4 Plantagenet Road, Barnet, EN5 5JQ.

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.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include investment properties at fair value. The principal accounting policies adopted are set out below.

1.2
Going concern

The financial statements have been prepared on a going concern basis.true

The value of investment properties is strong and occupancy remains high with future lease payments due under non-cancellable leases with tenants far exceeding operating costs.

The board has reviewed detailed cashflow forecasts for a period of at least 12 months from approval of these financial statements, and taking into account the current economic climate and reasonably possible downsides, the Company will have sufficient funds to meets its liabilities as they fall due. Therefore the directors consider the going concern basis to be appropriate.

1.3
Turnover

Turnover represents rents receivable from tenants and is recognised in the period to which it relates on a straight line basis over the term of the relevant lease.

1.4
Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value a t the reporting end date. Changes in fair value are recognised in profit or loss.

1.5
Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

There are restrictions over the use of cash balances amounting to £29,307 as at the year end which are held within the cash and bank in hand of £106,966. These are repayable to third parties in relation to tenant deposits.

DEARDS SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 3 -
1.6
Financial instruments

Financial liabilities and equity are classified according to the substance of the financial instrument’s contractual obligations, rather than its legal form.

The company’s cash at bank and in hand, trade and other debtors, trade and other creditors and bank overdrafts are measured initially at the transaction price, including transaction costs, and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year are measured at the undiscounted amount of the cash or other consideration expected to be paid or received.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. A m ounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.7
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.8
Taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in the statement of comprehensive income, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

Current tax

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 income.

DEARDS SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 4 -
Deferred tax

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the statement of financial position date, except that:

- The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and

- Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

1.9
Leases

All leases where assets are leased to a third party are treated as operating leases. Their annual rentals are credited to the statement of comprehensive income on a straight line basis over the term of the lease.

Incentive payments to new tenants to occupy the company's investment properties are treated as a reduction in revenue and initially recorded as prepayments. The payments are charged to profit or loss over the term of the lease. Where such prepayments relate to investment properties, the properties are carried at open market value less the amount of the unamortised incentive.

The company has taken advantage of the optional exemption available on transition to FRS 102 which allows lease incentives on leases entered into before the date of transition to the standard 1 April 2014 to continue to be charged over the period to the first market rent review rather than the term of the lease.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

The following judgements and estimates have had the most significant effect on amounts recognised in the financial statements:

Classification of leases

Judgements are made as to whether leases entered into the company are operating or finance. These decisions depend on an assessment of whether the risks and rewards of ownership have been transferred from the lessor to the lease on a lease by lease basis. All property leases have been determined as operating leases.

Valuation of investment property

The market value of investment property is estimated annually by the directors and is derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset.

DEARDS SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 5 -
3
Employees
2025
2024
Number
Number
Total
0
0
4
Investment property
2025
£
Fair value
At 1 April 2024
33,944,449
Revaluations
1,132,535
At 31 March 2025
35,076,984

The fair value of the investment property as at 31 March 2025 has been determined by the directors. The valuations have been made by reference to market data on rental yields for similar properties.

All of the Company's investment properties are held for use in operating leases, which produces 100% of the Company's turnover.

The historical cost of investment property is £2,636,307 (2024: £2,636,307).

5
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
1,626
13,207
Amounts owed by group undertakings
20,000
20,000
Prepayments and accrued income
217,257
240,582
238,883
273,789

Amounts owed by group are interest free and repayable on demand.

6
Creditors: amounts falling due within one year
2025
2024
£
£
Corporation tax
209,183
121,226
Other creditors
205,562
190,984
414,745
312,210
DEARDS SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 6 -
7
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
2025
2024
Balances:
£
£
Investment property
7,169,749
6,886,615
2025
Movements in the year:
£
Liability at 1 April 2024
6,886,615
Charge to profit or loss
283,134
Liability at 31 March 2025
7,169,749
8
Reserves
Revaluation reserve

The revaluation reserve represents accumulated gains and losses in respect of changes in the valuation of investment property, which is recognised at fair value, and deferred tax thereon. The reserve is not distributable under the Companies Act 2006. The change in fair value and deferred tax thereon is initially recognised in the profit and loss account but then transferred to the revaluation reserve in order to keep a record of non-distributable reserves.

During the year a gain of £849,401 (202 4: £2,032,016) was transferred from retained earnings to the revaluation reserve.

Other reserve

The other reserve is a capital redemption reserve, which is non-distributable.

9
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006.

The auditor's report is unqualified and includes the following:

Opinion

In our opinion the financial statements:

- give a true and fair view of the state of the company's affairs as at 31 March 2025 and of its profit for the year then ended;

- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

- have been prepared in accordance with the requirements of the Companies Act 2006.

DEARDS SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
9
Audit report information
(Continued)
- 7 -
Senior Statutory Auditor:
Dominick Knight
Statutory Auditor:
Ensors
Date of audit report:
9 October 2025
10
Operating lease commitments
Lessor

At the reporting end date the company had contracted with tenants for the following minimum lease payments:

2025
2024
£
£
Within one year
2,021,663
1,932,591
Between two and five years
7,855,431
7,661,623
In over five years
20,394,515
22,111,671
30,271,609
31,705,885
11
Related party transactions
Transactions with related parties

The Company has taken exemption within FRS 102 from disclosing transactions with wholly owned group

companies.

2025-03-31 2024-04-01 false false false 09 October 2025 CCH Software CCH Accounts Production 2025.200 No description of principal activity Nicholas Scarfe BSc (Hons)Behnaz Latifi BA (Hons), FMAAT Nicholas Scarfe BSc (Hons)00325053 2024-04-01 2025-03-31 00325053 2025-03-31 00325053 2024-03-31 00325053 core:ShareCapital 2025-03-31 00325053 core:ShareCapital 2024-03-31 00325053 core:RevaluationReserve 2025-03-31 00325053 core:RevaluationReserve 2024-03-31 00325053 core:OtherMiscellaneousReserve 2025-03-31 00325053 core:OtherMiscellaneousReserve 2024-03-31 00325053 core:RetainedEarningsAccumulatedLosses 2025-03-31 00325053 core:RetainedEarningsAccumulatedLosses 2024-03-31 00325053 bus:Director1 2024-04-01 2025-03-31 00325053 2023-04-01 2024-03-31 00325053 2024-03-31 00325053 core:CurrentFinancialInstruments 2025-03-31 00325053 core:CurrentFinancialInstruments 2024-03-31 00325053 core:WithinOneYear 2025-03-31 00325053 core:WithinOneYear 2024-03-31 00325053 core:BetweenTwoFiveYears 2025-03-31 00325053 core:BetweenTwoFiveYears 2024-03-31 00325053 core:MoreThanFiveYears 2025-03-31 00325053 core:MoreThanFiveYears 2024-03-31 00325053 bus:PrivateLimitedCompanyLtd 2024-04-01 2025-03-31 00325053 bus:SmallCompaniesRegimeForAccounts 2024-04-01 2025-03-31 00325053 bus:FRS102 2024-04-01 2025-03-31 00325053 bus:Audited 2024-04-01 2025-03-31 00325053 bus:Director2 2024-04-01 2025-03-31 00325053 bus:CompanySecretary1 2024-04-01 2025-03-31 00325053 bus:FullAccounts 2024-04-01 2025-03-31 xbrli:pure xbrli:shares iso4217:GBP