DCL Howe Properties Ltd - Period Ending 2021-03-31

DCL Howe Properties Ltd

(Registration number: 12516884)
Balance Sheet as at 31 March 2021

	Note	2021 £
Fixed assets
Investment property	4	2,397,000
Current assets
Debtors	5	2,688
Cash at bank and in hand		22,472
		25,160
Creditors: Amounts falling due within one year	6	(661,161)
Net current liabilities		(636,001)
Total assets less current liabilities		1,760,999
Creditors: Amounts falling due after more than one year	6	(1,195,826)
Provisions for liabilities		(11,224)
Net assets		553,949
Capital and reserves
Called up share capital	7	300
Share premium reserve		519,977
Other reserves		36,000
Profit and loss account		(2,328)
Total equity		553,949

For the financial period ending 31 March 2021 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 period in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 6 December 2021 and signed on its behalf by:
 

 

Mrs C Howe
Director

DCL Howe Properties Ltd

Notes to the Financial Statements for the Period from 13 March 2020 to 31 March 2021

1	General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
1st Floor Woburn House
84 St Benedicts Street
Norwich
Norfolk
NR2 4AB

2	Accounting policies

Basis of preparation

These financial statements have been prepared using the historical cost convention in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

The presentation currency is sterling.

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises rental income received or receivable and the proceeds of property sales in the ordinary course of the company's activities.

The company recognises revenue when:

The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax policies
The current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date.

Deferred Tax
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Investment property

Investment properties are measured at fair value at each reporting date with changes in fair value recognised in the profit and loss account.

Cash

Cash comprises cash on hand and all deposits.

DCL Howe Properties Ltd

Notes to the Financial Statements for the Period from 13 March 2020 to 31 March 2021

Debtors

Trade debtors are amounts due from tenants and letting agents for rent receivable and other associated letting fees in the ordinary course of the business.

Trade debtors are recognised at the transaction price. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

3	Staff numbers

The average number of persons employed by the company during the period was 0.

4	Investment properties

	2021 £
Additions (at cost)	2,584,000
Disposals	(235,000)
Fair value adjustments	48,000
At 31 March	2,397,000

The properties were valued by the directors at their market value using current market data for similar properties in the same areas.
 

5

Debtors

	2021 £
Prepayments and accrued income	2,688
	2,688

DCL Howe Properties Ltd

Notes to the Financial Statements for the Period from 13 March 2020 to 31 March 2021

6

Creditors

Creditors: amounts falling due within one year

	2021 £
Bank loans	125,095
Accruals and deferred income	23,794
Other creditors	4,436
Directors' loan	507,836
	661,161

Creditors include bank loans which are secured against the properties they relate to in the sum of £125,095.

Creditors: amounts falling due after more than one year

	2021 £
Bank loans	1,195,826
	1,195,826

Creditors include bank loans which are secured against the properties they relate to in the sum of £1,195,826.

Included in bank loans are amounts due, other than by instalments, after more than five years in the sum of £673,493.

7	Share capital

Allotted, called up and fully paid shares

	2021
	No.	£
Ordinary shares of £1 each	200	200
Ordinary shares A of £0.01 each	10,000	100
	10,200	300

8	Related party transactions

The company has purchased an investment property business from the directors on 6 April 2020 at market value via a sale and purchase agreement.