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Registered number: 14295490
DOD STREET HOMES LTD
UNAUDITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 31 AUGUST 2025
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DOD STREET HOMES LTD
REGISTERED NUMBER: 14295490
STATEMENT OF FINANCIAL POSITION
AS AT 31 AUGUST 2025
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Debtors: amounts falling due after more than one year
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Net current (liabilities)/assets
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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DOD STREET HOMES LTD
REGISTERED NUMBER: 14295490
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 AUGUST 2025
The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.
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.
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
................................................
N Mason
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The notes on pages 4 to 9 form part of these financial statements.
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DOD STREET HOMES LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 AUGUST 2025
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Comprehensive income for the year
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Total comprehensive income for the year
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Total transactions with owners
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Comprehensive income for the year
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Total comprehensive income for the year
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The notes on pages 4 to 9 form part of these financial statements.
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DOD STREET HOMES LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2025
Dod Street Homes Ltd is a private company, limited by shares, incorporated and registered in England and Wales. The registered office is Manderley Lower South Park, South Godstone, Godstone, Surrey, RH9 8LF. The Company's registered number is 14295490.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the requirements and the Companies Act 2006. 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 following principal accounting policies have been applied:
The financial statements have been prepared on a going concern basis, which the directors consider appropriate.
The construction of the development has now completed and the directors expect the rental income generated by the units held under short term leases to be sufficient to meet the company's ongoing operating and financing costs as they fall due.
Whilst the company has net current liabilities arising principally from shareholder funding arrangements, the directors are satisfied that the company will be able to meet its liabilities as they fall due for the foreseeable future. In addition, the shareholders have confirmed their willingness to provide financial support to the company for a period of at least 12 months from the date of approval of these financial statements, should such support be required.
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:
Sale of goods
Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
∙the Company has transferred the significant risks and rewards of ownership to the buyer;
∙the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
∙the amount of revenue can be measured reliably;
∙it is probable that the Company will receive the consideration due under the transaction; and
∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.
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DOD STREET HOMES LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2025
2.Accounting policies (continued)
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Operating leases: the Company as lessor
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Rental income from operating leases is credited to profit or loss on a straight-line basis over the lease term.
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
All borrowing costs directly attributable to the construction of a qualifying asset are capitalised as part of the cost of the asset.
Investment property is carried at fair value determined annually by external valuers and 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. No depreciation is provided. Changes in fair value are recognised in profit or loss.
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a weighted average basis. Work in progress and finished goods include labour and attributable overheads.
At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
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DOD STREET HOMES LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2025
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The average monthly number of employees, including directors, during the year was 2 (2024 - 2).
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Freehold investment property
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Transfers between classes
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During the year, certain completed residential units were transferred from stocks to investment property following a change in the intended use of those properties (see note 5).
Upon transfer, the properties were measured at fair value in accordance with FRS 102. The fair value was determined with reference to a valuation prepared by Allsop LLP, an independent RICS registered valuer, together with management's assessment of movements in market conditions between the valuation date of March 2026 and the reporting date. The valuation was primarily based on market evidence, including current market rents, investment yields and comparable property transactions for similar residential properties in the local area.
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Work in progress (properties in course of development prior to sale)
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During the year, construction of the development was completed. Following an assessment of market conditions at that time, the directors determined that certain units would be retained and let rather than marketed for immediate sale. Accordingly, development costs of £17,033,736 relating to those units were transferred from stocks to investment property to reflect their change in use.
Included within work in progress prior to this reclassification as part of total development costs were directly attributable borrowing costs of £2,878,216 (2024: £1,566,847) incurred to date, in relation to the development of a qualifying asset (the properties). Capitalisation of such costs ceased on completion of the development.
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DOD STREET HOMES LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2025
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Due after more than one year
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Prepayments and accrued income
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Cash and cash equivalents
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Creditors: Amounts falling due within one year
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Amounts owed to other participating interests
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Accruals and deferred income
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Creditors: Amounts falling due after more than one year
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DOD STREET HOMES LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2025
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Analysis of the maturity of loans is given below:
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Amounts falling due within one year
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Amounts falling due 1-2 years
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The loan facility in the prior year was provided by Pollen Street plc and Downing Development Lending Limited. Interest was charged on amounts utilised at a fixed rate of 8.25% per annum. Interest compounds and is capitalised on a monthly basis. This facility was fully repaid as part of a refinancing exercise in April 2025.
A new secured term loan facility with Secure Trust Bank plc was entered into, in April 2026. The facility comprises availability of a retained tranche of £14.3m and a sales tranche of £3.4m, giving a total facility limit of £17.7m. The retained tranche bears interest at a fixed rate of 6.05% per annum for an initial two-year period, with the sales tranche bearing interest at Bank of England Base Rate plus 4.0% per annum. Interest is payable quarterly in arrears.
The sales tranche is repayable in October 2026 and the retained tranche is repayable in April 2028. The facility is secured by a first legal charge over the property at 13-15 Dod Street, London E14 7EP, a debenture over the assets of the company, an assignment of rental income, charges over the shares in the company and personal guarantees provided by certain shareholders.
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Allotted, called up and partly paid
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2 (2024 - 2) Ordinary shares of £1.00 each
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At the reporting date, the company has a contractual liability of approximately £nil (2024: £1,818,561) related to construction works committed to but not yet provided.
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DOD STREET HOMES LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2025
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Related party transactions
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During the period, the amount owed to Blueleaf Developments Limited, joint shareholder, was £3,249,494 (2024: £3,669,244).
During the period the amount owed to Leapastute Limited, joint shareholder, was £3,249,494 (2024: £3,669,244).
All amounts are interest free and repayable on demand.
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