Durkin Holdings Limited Filleted accounts for Companies House (small and micro)

DURKIN HOLDINGS LTD - Company Information

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COMPANY REGISTRATION NUMBER: 11460922

Durkin Holdings Limited

Filleted Unaudited Accounts

31 March 2022

Durkin Holdings Limited

Statement of Financial Position

31 March 2022

	2022	2021
Note	£	£

Fixed assets

Investments	4	686,963	686,963

Current assets

Cash at bank and in hand	18	18

Creditors: amounts falling due within one year	5	50,924	51,115
		--------	--------
Net current liabilities		50,906	51,097
		---------	---------
Total assets less current liabilities		636,057	635,866

Creditors: amounts falling due after more than one year	6	585,382	617,432
		---------	---------
Net assets		50,675	18,434
		---------	---------

Capital and reserves

Called up share capital	7	1,000	1,000
Profit and loss account		49,675	17,434
		--------	--------
Shareholders funds		50,675	18,434
		--------	--------

These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.

For the year ending 31 March 2022 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 accounts for the year in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts .

Durkin Holdings Limited

Statement of Financial Position (continued)

31 March 2022

These accounts were approved by the board of directors and authorised for issue on 15 December 2022 , and are signed on behalf of the board by:

A J Durkin

Director

Company registration number: 11460922

Durkin Holdings Limited

Notes to the Accounts

Year ended 31 March 2022

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 120-124 Peascod Street, Windsor, Berkshire, SL4 1DP.

2. Statement of compliance

These accounts have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The accounts have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The accounts are prepared in sterling, which is the functional currency of the entity.

Going concern

In the opinion of the directors the company is a going concern as it has the financial resources to be able to meet its ongoing liabilities as they arise. The company owns 100% of the ordinary share capital in Daniel Property Investment Company Ltd and charges this subsidiary a management fee considered sufficient to allow it to cover its routine costs. In light of this, and coupled with the unlimited inter-company composite guarantee provided by the subsidiary against the bank loan debt, it is the opinion of the directors that the company remains a going concern for the foreseeable future and the accounts are prepared on this basis.

Consolidation

The company has taken advantage of the option not to prepare consolidated accounts contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.

4. Investments

	Shares in group undertakings
	£
Cost
At 1 April 2021 and 31 March 2022	686,963
	---------
Impairment
At 1 April 2021 and 31 March 2022	–
	---------

Carrying amount
At 31 March 2022	686,963
	---------
At 31 March 2021	686,963
	---------

The company owns 100% of the ordinary share capital of Daniel Property Investment Company Ltd, a company registered and trading in the UK.

5. Creditors: amounts falling due within one year

	2022	2021
	£	£
Bank loans and overdrafts	32,300	32,300
Amounts owed to group undertakings and undertakings in which the company has a participating interest	10,432	11,996
Corporation tax	526	–
Other creditors	7,666	6,819
	--------	--------
	50,924	51,115
	--------	--------

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

	2022	2021
	£	£
Bank loans and overdrafts	429,950	462,250
Other creditors	155,432	155,182
	---------	---------
	585,382	617,432
	---------	---------

Included within creditors: amounts falling due after more than one year is an amount of £300,750 (2021: £349,166) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.

The bank loan is repayable in quarterly instalments with interest being charged at 2.35% over LIBOR. The loan is secured by way of a debenture and an unlimited inter-company composite guarantee.

7. Called up share capital

Issued, called up and fully paid

	2022		2021
	No.	£	No.	£
Ordinary shares of £ 1 each	1,000	1,000	1,000	1,000
	-------	-------	-------	-------

8. Directors' advances, credits and guarantees

Throughout the period the company was indebted to the directors in respect of an interest free advance. The balance payable at the period end was £155,432 (2021: £155,182). This advance is considered repayable in not less than one year.

9. Related party transactions

Throughout the period the company was in receipt of a short term advance from its subsidiary, Daniel Property Investment Company Ltd. At the balance sheet date the amount due to the subsidiary was £10,432 (2021: £11,995). This debt is free from interest and considered repayable on demand. There were no other related party transactions or balances to be disclosed under the requirements of Financial Reporting Standard 102, Section 1A.