Company No: 00085767 (England and Wales)

Contents

• Balance Sheet
• Notes to the Financial Statements

	Note	2025		2024
		£		£
Fixed assets
Tangible assets	3	461,709		4,165,613
Investments	4	100		100
		461,809		4,165,713
Current assets
Debtors	5	48,596		22,160
Investments	6	1,905,741		0
Cash at bank and in hand		1,540,813		351,060
		3,495,150		373,220
Creditors: amounts falling due within one year	7	( 167,056)		( 45,714)
Net current assets		3,328,094		327,506
Total assets less current liabilities		3,789,903		4,493,219
Creditors: amounts falling due after more than one year	8	( 28,000)		( 22,000)
Net assets		3,761,903		4,471,219
Capital and reserves
Called-up share capital	9	18,812		18,812
Other reserves		100,954		100,954
Profit and loss account		3,642,137		4,351,453
Total shareholders' funds		3,761,903		4,471,219

For the financial year ending 31 August 2025 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

• The members have not required the Company to obtain an audit of its financial statements for the financial year in accordance with section 476;
• 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; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Statement of Income and Retained Earnings has not been delivered.

The financial statements of Dart and Francis Limited (registered number: 00085767) were approved and authorised for issue by the Board of Directors on 08 May 2026. They were signed on its behalf by:

Mr M G Discombe Director

1. Accounting policies

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.

General information and basis of accounting

Dart and Francis 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 Ecclesiastical Art Works, 127a High Street, Crediton, EX17 3LQ, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Group accounts exemption

Group accounts exemption s399
The Company has taken advantage of the exemption in section 399 of the Companies Act 2006 not to prepare consolidated accounts, because the group it heads qualifies as small. The financial statements present information about the Company as an individual entity only.

Turnover

Turnover represents rent receivable. Revenue is recognised on a straight line basis over the term of the lease.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a reducing balance basis over its expected useful life, as follows:

Investment property	not depreciated
Plant and machinery	25 % reducing balance
Vehicles	25 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

Fixed asset investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

2. Employees

	2025		2024
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	6		6

3. Tangible assets

	Investment property		Plant and machinery		Vehicles		Total
	£		£		£		£
Cost
At 01 September 2024	4,150,000		5,436		47,366		4,202,802
Disposals	( 3,700,000)		0		0		( 3,700,000)
At 31 August 2025	450,000		5,436		47,366		502,802
Accumulated depreciation
At 01 September 2024	0		5,226		31,963		37,189
Charge for the financial year	0		53		3,851		3,904
At 31 August 2025	0		5,279		35,814		41,093
Net book value
At 31 August 2025	450,000		157		11,552		461,709
At 31 August 2024	4,150,000		210		15,403		4,165,613

4. Fixed asset investments

Investments in subsidiaries

	2025
	£
Cost
At 01 September 2024	100
At 31 August 2025	100
Carrying value at 31 August 2025	100
Carrying value at 31 August 2024	100

The company has 100% proportion of voting rights and shares held in Dart & Francis Developments Limited which is dormant. The registered office of the subsidiary is Centenary House Peninsula Park, Rydon Lane, Exeter, EX2 7XE, United Kingdom.

5. Debtors

	2025		2024
	£		£
Trade debtors	0		632
Amounts owed by directors	46,051		19,556
Prepayments	2,545		1,972
	48,596		22,160

6. Current asset investments

	2025		2024
	£		£
Listed investments – at fair value	1,905,741		0

The fair value of listed investments, which are all traded in active markets, was determined with reference to the quoted market price at the reporting date. The total income recognised on these investments in the period was £59,428 (2024 - Nil) representing the fair value remeasurement gains of £31,622 (2024 - Nil), (2024 - Nil) and dividends received of £27,806 (2024 - Nil)

7. Creditors: amounts falling due within one year

	2025		2024
	£		£
Amounts owed to Group undertakings	100		100
Amounts owed to directors	101,250		0
Accruals and deferred income	65,125		7,650
Taxation and social security	171		36,041
Other creditors	410		1,923
	167,056		45,714

8. Creditors: amounts falling due after more than one year

	2025		2024
	£		£
Other creditors	28,000		22,000

There are no amounts included above in respect of which any security has been given by the small entity.

9. Called-up share capital

	2025		2024
	£		£
Allotted, called-up and fully-paid
11,200 Ordinary shares of £ 0.01 each	112		112
3,360 Ordinary C shares of £ 1.00 each	3,360		3,360
1,120 Ordinary D shares of £ 1.00 each	1,120		1,120
1,120 Ordinary E shares of £ 1.00 each	1,120		1,120
1,120 Ordinary F shares of £ 1.00 each	1,120		1,120
1,120 Ordinary G shares of £ 1.00 each	1,120		1,120
3,360 Ordinary H shares of £ 1.00 each	3,360		3,360
	11,312		11,312
2,500 Preference A shares of £ 1.00 each	2,500		2,500
5,000 Preference B shares of £ 1.00 each	5,000		5,000
	7,500		7,500
	18,812		18,812