Company registration number 00335001 (England and Wales)
DURTNELL LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
PAGES FOR FILING WITH REGISTRAR
DURTNELL LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Statement of changes in equity
3
Notes to the financial statements
4 - 10
DURTNELL LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
32,923
53,131
Investment property
17,136,330
17,480,546
17,169,253
17,533,677
Current assets
Debtors falling due after more than one year
5
40,719
26,164
Debtors falling due within one year
5
2,421,778
349,582
Cash at bank and in hand
1,585,130
3,682,098
4,047,627
4,057,844
Creditors: amounts falling due within one year
6
(524,704)
(797,586)
Net current assets
3,522,923
3,260,258
Total assets less current liabilities
20,692,176
20,793,935
Creditors: amounts falling due after more than one year
7
(24,949)
(28,310)
Provisions for liabilities
8
(1,552,330)
(1,525,762)
Net assets
19,114,897
19,239,863
Capital and reserves
Called up share capital
10
20,009
20,009
Capital redemption reserve
26,798
26,798
Profit and loss reserves
19,068,090
19,193,056
Total equity
19,114,897
19,239,863

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

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

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.

T he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

DURTNELL LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2024
31 December 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 9 December 2025 and are signed on its behalf by:
A W Durtnell
Director
Company Registration No. 00335001
DURTNELL LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -
Share capital
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 January 2023
20,009
26,798
19,264,035
19,310,842
Year ended 31 December 2023:
Profit and total comprehensive income for the year
-
-
109,102
109,102
Dividends
-
-
(180,081)
(180,081)
Balance at 31 December 2023
20,009
26,798
19,193,056
19,239,863
Year ended 31 December 2024:
Profit and total comprehensive income for the year
-
-
55,115
55,115
Dividends
-
-
(180,081)
(180,081)
Balance at 31 December 2024
20,009
26,798
19,068,090
19,114,897
DURTNELL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 4 -
1
Accounting policies
Company information

Durtnell Limited is a private company limited by shares incorporated in England and Wales. The registered office is Globe House, Eclipse Park, Sittingbourne Road, Maidstone, Kent, United Kingdom, ME14 3EN.

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 to include investment properties at fair value. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover represents rent receivable from tenants, net of VAT, in accordance with their lease terms.

Properties held for development are considered to be sold when the building work is substantially completed and contracts for the sale have been exchanged.

Revenue from the sale of properties is recognised within turnover when the significant risks and rewards of ownership of the properties have passed to the buyer, the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and machinery
20% on cost
Fixtures, fittings & equipment
10 - 20% on cost
Motor vehicles
20% on cost

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

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. The surplus or deficit on revaluation is recognised in the profit and loss account.

1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

DURTNELL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 5 -

Recoverable amount is the higher of fair value less costs to sell and value in use.

If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.6
Financial instruments

The company applies the provisions of Section 11 ‘Basic Financial Instruments’ of FRS 102 to all of its financial instruments, which are classified as basic.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

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 and loans from related companies, 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.

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.

DURTNELL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 6 -
1.8
Derivatives

Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to fair value at each reporting end date. The resulting gain or loss is recognised in profit or loss immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in profit or loss depends on the nature of the hedge relationship.

A derivative with a positive fair value is recognised as a financial asset, whereas a derivative with a negative fair value is recognised as a financial liability.

1.9
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account 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 reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax able profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.10
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

1.11
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.12
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

DURTNELL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 7 -
1.13
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

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.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
3
3
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2024 and 31 December 2024
102,907
Depreciation and impairment
At 1 January 2024
49,776
Depreciation charged in the year
20,208
At 31 December 2024
69,984
Carrying amount
At 31 December 2024
32,923
At 31 December 2023
53,131

DURTNELL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 8 -
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
8,913
13,663
Amounts owed by group undertakings and undertakings in which the company has a participating interest
119,437
119,946
Other debtors
2,293,428
215,973
2,421,778
349,582
2024
2023
Amounts falling due after more than one year:
£
£
Corporation tax recoverable
40,719
26,164
Total debtors
2,462,497
375,746
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
7,708
5,216
Trade creditors
3,677
4,405
Amounts owed to group undertakings
124,280
125,000
Corporation tax
271,600
552,761
Other taxation and social security
15,884
8,663
Other creditors
101,555
101,541
524,704
797,586
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
24,949
28,310
8
Provisions for liabilities
2024
2023
£
£
Deferred tax liabilities
9
1,552,330
1,525,762
DURTNELL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 9 -
9
Deferred taxation

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

Liabilities
Liabilities
2024
2023
Balances:
£
£
Deferred tax on fair value adjustment of investment property
1,552,330
1,525,762
2024
Movements in the year:
£
Liability at 1 January 2024
1,525,762
Charge to profit or loss
26,568
Liability at 31 December 2024
1,552,330

Deferred tax assets and liabilities are offset where the company has a legally enforceable right to do so. The deferred tax liability is recognised using a corporation tax rate of 25%, reflecting the period during which the timing differences are expected to reverse.

10
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
'A' ordinary shares of £1 each
18,000
18,000
18,000
18,000
'B' ordinary shares of £1 each
2,009
2,009
2,009
2,009
20,009
20,009
20,009
20,009
DURTNELL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 10 -
11
Related party transactions

i) R. Durtnell & Sons Limited

At 31 December 20 24 the company was owed £119,437 (2023: £119,946) from R. Durtnell & Sons Limited, a company under common control after taking into consideration provisions. Interest charged on the intercompany account amounted to £Nil (20 23: £Nil) and during 2024, the company provided £Nil (2023: £Nil) against debtor balances due.

ii)The Darenth River Ballast Company Limited

At 31 December 20 24 the company was owed £91,981 (2023: £53,007) by The Darenth River Ballast Company Limited, a company with certain common directors. No interest was charged on the intercompany account.

iii) Durtnell (Holdings) Limited

At 31 December 2024 the company owed £124,280 (2023: £125,000) to Durtnell (Holdings) Limited, the parent company of Durtnell Limited. No interest was charged on the intercompany account.

i v) Director's loan

Other debtors includes £56,759 (20 23: £22,379) due from Mr A W Durtnell. Interest is charged at 0.25% over bank base rate and there are currently no fixed repayment terms. Interest payable on the loan amounted to £984 (20 23: £349) and capital repayments amounted to £Nil (20 23: £Nil).

Other debtors also includes £17,031 (20 23: £15,898) due from Mrs A Kenyon. Interest is charged at 0.25% over bank base rate and there are currently no fixed repayment terms. Interest payable on the loan amounted to £358 (20 23: £340) and capital repayments amounted to £Nil (20 23: £Nil).

Other debtors also includes £5,988 (20 23: £3,140) due from Mr J Durtnell. Interest has not been charged on this loan. C apital repayments amounted to £Nil (20 23: £Nil).

v) Other

During the year the company expensed remuneration totalling £157,031 (2023: £178,778) in respect of the company's key management personnel.

12
Parent company

The company is a wholly-owned subsidiary of Durtnell (Holdings) Limited, a company incorporated in England and Wales. Durtnell (Holdings) Limited is the parent of the smallest and largest group of which Durtnell Limited is a member. Durtnell (Holdings) Limited has taken advantage of the small group exemption from the requirement to prepare consolidated accounts. The registered office is Rectory Lane, Brasted, Westerham, Kent, TN16 1JR.

13
Undistributable reserves

The profit and loss account balance of the company includes the sum of £4,991,321 (2023: £4,536,980) representing the revaluation reserve less the potential deferred tax of investment properties that would arise on the sale of those properties at their book value. Accordingly, this element of the company's reserves is not distributable.

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