DOOLITTLE PROPERTY LTD


Directors	RIANGANAND AL CHAM RAS, Aswin
	TAY, Hannah Fong Ling


Registered Address	Flat 804 Kent Building 47 Hope Street
	London
	E14 0QG


Registered Number	09949836 (England and Wales)

Notes to the Financial Statements
for the year ended 31 March 2025

1.	Accounting policies

	Statutory information
	DOOLITTLE PROPERTY LTD is a private company limited by shares and incorporated in England and Wales. Its registered office is: Flat 804 Kent Building, 47 Hope Street, London, United Kingdom

	Statement of compliance
	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 amounts in these financial statements are rounded to the nearest £.

Statement of compliance

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 amounts in these financial statements are rounded to the nearest £.

	Basis of preparation
	The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the financial reporting standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).

	Going concern
	At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Although the company has net current liabilities, an amount of £10,165 is owed to company directors. These balances will not be drawn if it would prejudice third party creditors, thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Although the company has net current liabilities, an amount of £10,165 is owed to company directors. These balances will not be drawn if it would prejudice third party creditors, thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

	Turnover policy
	Turnover represents amounts receivable for property rentals.

	Revenue from sale of goods
	Revenue from the sale of goods is recognised when the company has transferred to the buyer the significant risks and rewards of ownership of the goods, usually when goods are delivered and legal title has passed. Providing the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transition can be measured reliably.

Revenue from sale of goods

Revenue from the sale of goods is recognised when the company has transferred to the buyer the significant risks and rewards of ownership of the goods, usually when goods are delivered and legal title has passed. Providing the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transition can be measured reliably.

	Foreign currency translation
	Monetary 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 ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.

	Current taxation
	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.

Current taxation

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 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 is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. 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.

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 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 is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. 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.

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

Tangible fixed assets and depreciation

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

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.

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:


	Reducing balance (%)	Straight line (years)
Fixtures and fittings	-	5
Vehicles	15	-

	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 at the reporting end date. Changes in fair value are recognised in profit or loss.

	Finance leases and hire purchase contracts
	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 the profit and loss account so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Finance leases and hire purchase contracts

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 the profit and loss account so as to produce a constant periodic rate of interest on the remaining balance of the liability.

	Financial instruments
	The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ to all of its financial instruments. 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. 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 payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ to all of its financial instruments.

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.

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 payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

2.	Average number of employees
	The average monthly number of employees mentioned above includes directors.


		2025		2024
	Average number of employees during the year	2		2

3.	Tangible fixed assets

	Vehicles	Fixtures & fittings	Office Equipment	Total
	£	£	£	£
Cost or valuation
At 01 April 24	48,990	28,263	2,476	79,729
Disposals	(48,990)	-	-	(48,990)
At 31 March 25	-	28,263	2,476	30,739
Depreciation and impairment
At 01 April 24	20,032	27,680	2,476	50,188
Charge for year	3,620	538	-	4,158
On disposals	(23,652)	-	-	(23,652)
At 31 March 25	-	28,218	2,476	30,694
Net book value
At 31 March 25	-	45	-	45
At 31 March 24	28,958	583	-	29,541

4.	Investment property
	The fair value of the investment property has been arrived at on the basis of a valuation carried out at the balance sheet date by the company directors. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties. If the investment property had not been revalued it would have been included at the historical cost of £849,604 (2023 - £849,604).

Investment property

The fair value of the investment property has been arrived at on the basis of a valuation carried out at the balance sheet date by the company directors. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.

If the investment property had not been revalued it would have been included at the historical cost of £849,604 (2023 - £849,604).


		£
	Fair value at 01 April 24	928,049
	At 31 March 25	928,049

5.	Debtors: amounts due within one year

	2025	2024
	£	£
Prepayments and accrued income	983	2,738
Deferred tax asset, debtors	5,478	-
Total	6,461	2,738

6.	Creditors: amounts due within one year

	2025	2024
	£	£
Trade creditors / trade payables	265	23
Amounts owed to related parties	9,646	8,612
Other creditors	80,438	57,259
Accrued liabilities and deferred income	1,990	350
Total	92,339	66,244


	A hire purchase creditor of £26,033 (2023: £6,059) is secured over the relevant motor vehicle asset.

7.	Creditors: amounts due after one year

	2025	2024
	£	£
Bank borrowings and overdrafts	653,934	653,917
Total	653,934	653,917


	The bank loan of £618,055 (2023: £614,550) is secured over the investment property.

8.	Provisions for liabilities

	2025	2024
	£	£
Net deferred tax liability (asset)	-	15,075
Total	-	15,075

	Notes	2025		2024
		£	£	£	£
Fixed assets
Tangible assets	3		45		29,541
Investment property	4		928,049		928,049
			928,094		957,590
Current assets
Debtors	5	6,461		2,738
Cash at bank and on hand		2,805		5,554
		9,266		8,292
Creditors amounts falling due within one year	6	(92,339)		(66,244)
Net current assets (liabilities)			(83,073)		(57,952)
Total assets less current liabilities			845,021		899,638
Creditors amounts falling due after one year	7		(653,934)		(653,917)
Provisions for liabilities	8		-		(15,075)
Net assets			191,087		230,646
Capital and reserves
Called up share capital			2		2
Profit and loss account			191,085		230,644
Shareholders' funds			191,087		230,646