Derreb Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 03116308 (England and Wales)

DERREB LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 24 MARCH 2022

Page

Company Information

1

Abridged Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

T J Macey

D V Macey

Ms R E Macey

SECRETARY:

D V Macey

REGISTERED OFFICE:

91 Shooters Hill Road

Blackheath

London

SE3 7HU

REGISTERED NUMBER:

03116308 (England and Wales)

ACCOUNTANTS:

Hilden Park Accountants Limited

Hilden Park House

79 Tonbridge Road

Hildenborough

Tonbridge

Kent

TN11 9BH

FIXED ASSETS

Tangible assets

4

2,516

2,994

Investment property

5

28,347,774

28,347,774

28,350,290

28,350,768

CURRENT ASSETS

Stocks

1,814,298

1,814,298

Debtors

190,401

457,724

Cash at bank

655,544

619,069

2,660,243

2,891,091

CREDITORS

Amounts falling due within one year

3,766,607

2,115,707

NET CURRENT (LIABILITIES)/ASSETS

(1,106,364

)

775,384

TOTAL ASSETS LESS CURRENT LIABILITIES

27,243,926

29,126,152

CREDITORS

Amounts falling due after more than one year

6

(5,854,376

)

(7,893,502

)

PROVISIONS FOR LIABILITIES

8

(1,703,862

)

(1,703,862

)

NET ASSETS

19,685,688

19,528,788

CAPITAL AND RESERVES

Called up share capital

9

10,000

10,000

Revaluation reserve

10

11,990,680

11,990,680

Retained earnings

7,685,008

7,528,108

SHAREHOLDERS' FUNDS

19,685,688

19,528,788

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 24 March 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 24 March 2022 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

All the members have consented to the preparation of an abridged Income Statement and an abridged Balance Sheet for the year ended 24 March 2022 in accordance with Section 444(2A) of the Companies Act 2006.

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

The financial statements were approved by the Board of Directors and authorised for issue on 30 August 2022 and were signed on its behalf by:

T J Macey - Director

1.	STATUTORY INFORMATION

Derreb 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.

2.	ACCOUNTING POLICIES

Accounting convention

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 convention, modified to include investment properties at fair value.

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 £.

Going concern

At the time of approving the financial statement, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Turnover

Turnover is measured at the value of the consideration received or receivable, net of discounts and value added taxes, from the rendering of property management services. Turnover is recognised according to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the duration of the contract with the period in the year that the service was provided.

Tangible fixed assets

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

Depreciation is provided on all tangible fixed assets other than investment properties at rates calculated to write each asset down to its estimated residual value evenly over its expected useful life, as follows:

Fixtures, fittings and equipment 15% reducing balance

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 and loss.

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. The surplus or deficit on revaluation is recognised in the income statement.

Stocks

Stocks and work in progress are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

Cash and cash equivalents

Cash and cash equivalents are basic financial instruments and include cash in hand and deposits held at call with banks.

Financial instruments

The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets, which include trade and other debtors 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 financial asset is measured at the present value of the future receipts discounted at a market rate of interest.

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, which include trade and other creditors (including accruals) and bank loans, 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.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Equity instruments

Equity instruments issued by the company are recorded at the fair value of proceeds received, net of transaction costs.

Taxation

The tax expense represents the sum of the current tax expense and deferred tax expense. Current tax assets are recognised when tax paid exceeds the tax payable.

Current and deferred tax is charged or credited to profit and loss, except when it relates to items charged or credited to other comprehensive income or equity, when the tax follows the transaction or event it relates to and is also charged or credited to other comprehensive income, or equity.

Current tax assets and current tax liabilities and deferred tax assets and deferred tax liabilities are offset, if and only if, there is a legally enforceable right to set off the amounts and the entity intends either to settle on the net basis or to realise the asset and settle the liability simultaneously.

Current tax is based on taxable profit for the year. Current tax assets and liabilities are measured using tax rates that have been enacted or substantively enacted by the reporting date.

Deferred tax is calculated at the tax rates that are expected to apply to the period when the asset is realised or the liability is settled based on tax rates that have been enacted or substantively enacted by the reporting date.

Deferred tax liabilities are recognised in respect of all timing differences that exist at the reporting date. Timing differences are differences between taxable profits and total comprehensive income that arise from the inclusion of income and expenses in tax assessments in different periods from their recognition in the financial statements. Deferred tax assets are recognised only to the extent that it is probable that they will be recovered by the reversal of deferred tax liabilities or other future taxable profits.

For investment properties measured at fair value (except investment property with a limited useful life held by the company to consume substantially all of its economic benefit), deferred tax is measured using the tax rates and allowances that apply to the sale of the asset or property.

Pension costs and other post-retirement benefits

For defined contribution schemes the amount charged to profit or loss is the contributions payable in the year. Differences between contributions payable in the year and contributions actually paid are shown as either other creditors or other debtors.

Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recoginised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2021 - 2 ) .

4.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 25 March 2021

and 24 March 2022

29,624

DEPRECIATION

At 25 March 2021

26,630

Charge for year

478

At 24 March 2022

27,108

NET BOOK VALUE

At 24 March 2022

2,516

At 24 March 2021

2,994

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 25 March 2021

and 24 March 2022

28,347,774

NET BOOK VALUE

At 24 March 2022

28,347,774

At 24 March 2021

28,347,774

The valuation of investment properties is reviewed on an annual basis by the directors based on their estimated open market value and any changes are updated where necessary. In respect of most properties, professional valuations have been carried out and the directors use these valuations to assist in their annual review.

6.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN FIVE YEARS

24/3/22

24/3/21

£

£

Repayable by instalments

Bank loans more 5 yr by instal

-

1,769

Bank loans of £1,786,784 (2021: £3,493,057) are secured by fixed charges over the properties to which they relate.

7.

LOANS

An analysis of the maturity of loans is given below:

24/3/22

24/3/21

£

£

Amounts falling due within one year or on demand:

Bank loans

2,373,156

904,175

24/3/22

24/3/21

£

£

Amounts falling due between one and two years:

Bank loans - 1-2 years

1,044,317

-

Amounts falling due between two and five years:

Bank loans - 2-5 years

742,467

3,491,288

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

-

1,769

8.	PROVISIONS FOR LIABILITIES

24/3/22

24/3/21

£

£

Deferred tax

1,703,862

1,703,862

Deferred

tax

£

Balance at 25 March 2021

1,703,862

Balance at 24 March 2022

1,703,862

The company has estimated capital losses totalling £1,360,355 (2021: £1,360,355) available for carry forward against future capital profits. Of these £383,725 (2021: £383,725) relate to third parties and £976,630 (2021: £976,630) relate to connected parties. The deferred tax in relation to these losses has not been recognised.

The company has unrecognised deferred tax liabilities relating to fixed asset timing differences of £373,510 (2021: £373,510).

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

24/3/22

24/3/21

value:

£

£

10,000

Ordinary

£1

10,000

10,000

10.

RESERVES

Revaluation

reserve

£

At 25 March 2021

and 24 March 2022

11,990,680

11.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 24 March 2022 and 24 March 2021:

24/3/22

24/3/21

£

£

T J Macey

Balance outstanding at start of year

3,946,771

3,876,614

Amounts advanced

(273,680

)

149,557

Amounts repaid

144,500

(79,400

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

3,817,591

3,946,771

D V Macey

Balance outstanding at start of year

250,000

250,000

Amounts repaid

-

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

250,000

250,000

The directors have agreed they will not demand repayment of any loan until at least one year after the current financial year has ended.

12.	RELATED PARTY TRANSACTIONS

Transactions with related parties

During the year the company entered into the following transactions with related parties:

Rents charged to

2022

2021

£

£

Shareholder

4,000

4,000

Other related parties

5,000

5,000

Management fees paid to

2022

2021

£

£

Other related parties

17,000

30,105