Daniel Property Investment Company Limited Filleted accounts for Companies House (small and micro)

DANIEL PROPERTY INVESTMENT COMPANY LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 1961932

Daniel Property Investment Company Limited

Filleted Unaudited Accounts

31 March 2022

Daniel Property Investment Company Limited

Statement of Financial Position

31 March 2022

	2022		2021
Note	£	£	£

Fixed assets

Tangible assets	4		915,001	995,001

Current assets

Debtors	5	23,164	24,988
Cash at bank and in hand		84,027	59,206
		---------	--------
		107,191	84,194

Creditors: amounts falling due within one year	6	( 112,111)		( 97,595)
		---------		--------
Net current liabilities			( 4,920)	( 13,401)
			---------	---------
Total assets less current liabilities			910,081	981,600

Provisions

Taxation including deferred tax	( 34,000)	( 21,000)
	---------	---------
Net assets	876,081	960,600
	---------	---------

Capital and reserves

Called up share capital	7	4,000	4,000
Other reserves	8	96,633	189,633
Profit and loss account	8	775,448	766,967
		---------	---------
Shareholders funds		876,081	960,600
		---------	---------

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 .

Daniel Property Investment Company 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: 1961932

Daniel Property Investment Company 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 120-125 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.

Investment property

In accordance with FRS 102 Section 1A, investment properties are included in the balance sheet at their open market value and not depreciated. The valuation is undertaken by the directors based on professional advice.

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 fall due. The directors consider the company to be in a strong position financially with a healthy property portfolio from which to generate future revenues.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable in the form of rent from the letting on investment property. Rental income is recognised on an accruals basis, in accordance with the expected rent receivable from the tenant as outlined in the lease agreement.

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.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

4. Tangible assets

	Land and buildings
	£
Cost or valuation
At 1 April 2021	995,001
Revaluations	( 80,000)
	---------
At 31 March 2022	915,001
	---------
Depreciation
At 1 April 2021 and 31 March 2022	–
	---------
Carrying amount
At 31 March 2022	915,001
	---------
At 31 March 2021	995,001
	---------

The freehold investment properties are held at their open market value in accordance with a professional valuation undertaken in March 2022 by Colliers. The historical cost of the investment property held is £784,367. If the investment properties were to be sold at the open market value stated in these accounts, then a potential tax liability of approximately £34,000 would arise.

5. Debtors

	2022	2021
	£	£
Trade debtors	12,732	12,994
Amounts owed by group undertakings and undertakings in which the company has a participating interest	10,432	11,994
	--------	--------
	23,164	24,988
	--------	--------

6. Creditors: amounts falling due within one year

	2022	2021
	£	£
Corporation tax	8,759	8,333
Other creditors	103,352	89,262
	---------	--------
	112,111	97,595
	---------	--------

7. Called up share capital

Issued, called up and fully paid

	2022		2021
	No.	£	No.	£
Ordinary shares of £ 1 each	4,000	4,000	4,000	4,000
	-------	-------	-------	-------

8. Reserves

Other reserve - This reserve records the value of investment property revaluations and fair value movements on assets recognised in other comprehensive income. Profit and loss account - This reserve records retained earnings and accumulated losses.

9. Charges on assets

On 23 July 2019 a debenture with Handlesbanken plc was registered, containing a charge over the investment property assets of the company.

10. Related party transactions

Throughout the period the company was indebted to its parent company, Durkin Holdings Ltd, in respect of a short term advance. The balance payable is £10,432 (2021: £11,995), is free from interest and considered recoverable on demand. No other transactions with related parties were undertaken such as are required to be disclosed under FRS 102 Section 1A.

11. Controlling party

Throughout the period the company was under the control of Durkin Holdings Ltd , which itself is controlled by AJ Durkin and AF Durkin who are also the directors of this company.