Daro Properties Limited - Accounts to registrar (filleted)

REGISTERED NUMBER: 04189968 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

FOR

DARO PROPERTIES LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

R Fletcher

REGISTERED OFFICE:

50 Seymour Street

London

W1H 7JG

REGISTERED NUMBER:

04189968 (England and Wales)

ACCOUNTANTS:

Orcom Civvals Limited

Accountants

50 Seymour Street

London

W1H 7JG

FIXED ASSETS

Tangible assets

4

6,900,667

Investments

5

3

6,900,670

CURRENT ASSETS

Debtors

6

2,535,415

2,539,037

Cash at bank

2,430

9,976

2,537,845

2,549,013

CREDITORS

Amounts falling due within one year

7

(891,396

)

(996,598

)

NET CURRENT ASSETS

1,646,449

1,552,415

TOTAL ASSETS LESS CURRENT
LIABILITIES

8,547,119

8,453,085

CREDITORS

Amounts falling due after more than
one year

8

(3,666,076

)

(3,524,127

)

PROVISIONS FOR LIABILITIES

(546,083

)

(546,083

)

NET ASSETS

4,334,960

4,382,875

CAPITAL AND RESERVES

Called up share capital

1

Fair value reserve

10

3,442,767

Retained earnings

10

892,192

940,107

SHAREHOLDERS' FUNDS

4,334,960

4,382,875

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 30 December 2025 and were signed by:

R Fletcher - Director

1.	STATUTORY INFORMATION

Daro Properties Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Preparation of consolidated financial statements

The financial statements contain information about Daro Properties Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Turnover

Turnover is measured at the fair value of the consideration received or receivable from the rental of the company's investment property, excluding value added tax.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures and fittings

-

25% on cost

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Going concern

The director considers it appropriate that the financial statements have been prepared on the going concern basis which assumes that the company will continue in operational existence for the foreseeable future. The company's bankers and director have indicated that they will continue to support the company for the next twelve months.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2023 - 2 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Freehold

and

property

fittings

Totals

£

COST OR VALUATION

At 1 April 2023

and 31 March 2024

6,900,666

6,133

6,906,799

DEPRECIATION

At 1 April 2023

and 31 March 2024

-

6,132

NET BOOK VALUE

At 31 March 2024

6,900,666

1

6,900,667

At 31 March 2023

6,900,666

1

6,900,667

Freehold investment property was valued by the director on an open market basis for existing use at 31 March 2024.

If the investment property had not been revalued it would have been included at an historical cost of £2,911,816 (2023: £2,911,816).

5.	FIXED ASSET INVESTMENTS

Shares in

group

undertaki

£

COST

At 1 April 2023

and 31 March 2024

3

NET BOOK VALUE

At 31 March 2024

3

At 31 March 2023

3

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

Trade debtors

962

-

Amounts owed by group undertakings

863,052

864,928

Amounts owed by related parties

1,206,910

1,116,040

Amounts owed by joint ventures

8,784

263,681

Other debtors

25,267

Directors' current accounts

429,589

267,759

Prepayments and accrued income

851

1,362

2,535,415

2,539,037

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

Bank loans and overdrafts

295,173

386,268

Amounts owed to group undertakings

8,407

3,915

Taxation and social security

1,152

10

Other creditors

586,664

606,405

891,396

996,598

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR

2024

2023

£

Bank loans

3,666,076

3,524,127

2024

2023

£

Amounts falling due in more than five years:

Repayable by instalments

Long term bank loan

3,666,076

3,524,127

9.	SECURED DEBTS

The following secured debts are included within creditors:

2024

2023

£

Bank loans

3,961,249

3,910,395

Banks loans are secured by fixed and floating charges over the company's freehold investment property shown under tangible assets.

10.

RESERVES

Fair

Retained

value

earnings

reserve

Totals

£

At 1 April 2023

940,107

3,442,767

4,382,874

Deficit for the year

(47,915

)

(47,915

)

At 31 March 2024

892,192

3,442,767

4,334,959

11.	RELATED PARTY DISCLOSURES

As at 31 March 2024, Bronzemill Ltd, in which R Fletcher is a director, owed £521,958 (2023: £354,996) to the company.

As at 31 March 2024, Abbeymews Ltd, in which R Fletcher is a co-director, owed £157,724 (2023: £157,724) to the company.

As at 31 March 2024, the company is owed £245,699 (2023: £245,324) by Lockgarden Ltd, a company in which R Fletcher is also a director.

As at 31 March 2024, the company is owed £264,029 (2023: £340,496) by 622 Lordship Lane Ltd, a company in which R Fletcher is also a director.

As at 31 March 2024, Leafspring Ltd, a wholly owned subsidiary of Daro Properties Ltd in which R Fletcher is a director, is owed £2,691 (2023: £2,766) by the company.

As at 31 March 2024, Turneast Ltd, a wholly owned subsidiary of Daro Properties Ltd in which R Fletcher is a director, owed £975 (2023: £1,045-own to) by Daro Properties Ltd.

As at 31 March 2024, Kennack Ltd, a wholly owned subsidiary of Daro Properties Ltd in which R Fletcher is a director, is owed £863,052 (2023: £863,883) by the company.

As at 31 March 2024, Kruller Ltd, a wholly owned subsidiary of Daro Properties Ltd in which R Fletcher is a director, owed £4,740 (2023: £1,149) to the company.

As at 31 March 2024, the company was owed £8,784 (2023: £263,681) by Oaklands Redevelopment Ltd, a company in which R Fletcher is also a director.

As at 31 March 2024, the company is owed £17,500 (2023: £17,500) by Orchard Walls Ltd, a company in which R Fletcher is also a director.

As at 31 March 2024, the company is owed £429,589 (2023: £267,759) by R Fletcher, who is the director of Daro Properties Ltd.

The controlling party is R Fletcher.