Dunloc Properties Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 06688533 (England and Wales)

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

FOR

DUNLOC PROPERTIES LIMITED

Page

Company Information

1

Abridged Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

S Dunnell

M F Locket

Mrs S J Locket

SECRETARY:

M F Locket

REGISTERED OFFICE:

Laleham

54 Bluehouse Lane

Oxted

Surrey

RH8 0AD

REGISTERED NUMBER:

06688533 (England and Wales)

ACCOUNTANTS:

McKenzies

Chartered Accountants

2 Station Road West

Oxted

Surrey

RH8 9EP

FIXED ASSETS

Tangible assets

4

-

-

Investment property

5

2,369,227

2,357,741

2,369,227

2,357,741

CURRENT ASSETS

Debtors

7,041

5,331

Cash at bank

42,228

49,863

49,269

55,194

CREDITORS

Amounts falling due within one year

69,269

72,161

NET CURRENT LIABILITIES

(20,000

)

(16,967

)

TOTAL ASSETS LESS CURRENT LIABILITIES

2,349,227

2,340,774

CREDITORS

Amounts falling due after more than one year

6

(1,654,964

)

(1,684,268

)

PROVISIONS FOR LIABILITIES

(86,172

)

(86,172

)

NET ASSETS

608,091

570,334

CAPITAL AND RESERVES

Called up share capital

100

100

Fair value reserve

7

367,365

367,365

Retained earnings

7

240,626

202,869

SHAREHOLDERS' FUNDS

608,091

570,334

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2021 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 31 December 2021 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 4 March 2022 and were signed on its behalf by:

M F Locket - Director

S Dunnell - Director

1.	STATUTORY INFORMATION

Dunloc 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.

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.

Turnover

Turnover represents net invoiced sales of services, 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.

Plant and machinery etc

-

25% on cost

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2020 - NIL).

4.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1 January 2021

and 31 December 2021

14,386

DEPRECIATION

At 1 January 2021

and 31 December 2021

14,386

NET BOOK VALUE

At 31 December 2021

-

At 31 December 2020

-

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 January 2021

2,357,741

Additions

11,486

At 31 December 2021

2,369,227

NET BOOK VALUE

At 31 December 2021

2,369,227

At 31 December 2020

2,357,741

Fair value at 31 December 2021 is represented by:

£

Valuation in 2015

354,660

Valuation in 2016

80,000

Valuation in 2019

18,877

Cost

1,915,690

2,369,227

If investment properties had not been revalued they would have been included at the following historical cost:

2021

2020

£

£

Cost

1,904,204

1,904,204

Investment properties were valued on an open market basis on 31 December 2021 by the directors .

6.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN FIVE YEARS

2021

2020

£

£

Repayable otherwise than by instalments

Mortgage

719,261

719,257

Other loans

390,000

390,000

Directors loans

390,000

390,000

1,499,261

1,499,257

Repayable by instalments

Bank loans more 5 yr by instal

-

4,411

Other loans more 5yrs instal

54,342

63,710

Directors loans

65,709

76,814

120,051

144,935

7.

RESERVES

Fair

Retained

value

earnings

reserve

Totals

£

£

£

At 1 January 2021

202,869

367,365

570,234

Profit for the year

37,757

-

37,757

At 31 December 2021

240,626

367,365

607,991

8.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

During previous years Mrs S J Locket, a director, made loans to the company towards the redevelopment of the investment properties. Interest is payable on the loans at 7.5% per annum. The loans are repayable when the investment properties are sold. The balance due to S Locket of £390,000 (2020 - £390,000) is included within other creditors falling due after more than one year. Interest was paid to S J Locket of £29,625 (2020 - £31,313).

During a previous year M F Locket, a director, made a ten year loan to the company towards the purchase of an investment property of £116,516. Interest is payable on the loan at 5% per annum. The balance due to M F Locket of £76,709 (2020 - £87,414) is included within other creditors. Interest was paid to M F Locket of £3,456 (2020 - £3,911).