Danesborough Properties Limited - Period Ending 2022-06-30
Danesborough Properties Limited - Period Ending 2022-06-30
Registration number:
Danesborough Properties Limited
for the Year Ended 30 June 2022
Danesborough Properties Limited
Contents
Balance Sheet |
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Notes to the Unaudited Financial Statements |
Danesborough Properties Limited
(Registration number: 03794327)
Balance Sheet as at 30 June 2022
Note |
2022 |
2021 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current (liabilities)/assets |
( |
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Total assets less current liabilities |
( |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Net (liabilities)/assets |
( |
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Capital and reserves |
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Called up share capital |
100 |
100 |
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Retained earnings |
(140,354) |
334 |
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Shareholders' (deficit)/funds |
(140,254) |
434 |
For the financial year ending 30 June 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
• |
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• |
The director acknowledges his 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.
Approved and authorised by the
......................................... |
Danesborough Properties Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2022
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
England
The principal place of business is:
Asia House
63 New Cavendish Street
London
W1G 7LP
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
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.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
The financial statements are presented in sterling, which is also company's functional currency. Monetary amounts in these financial statements are rounded to the nearest Pound (£).
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
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.
Danesborough Properties Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2022
Tax
The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Fixtures and fittings |
25% reducing balance |
Computer equipment |
over 3 years |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. 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 according to the original terms of the receivables.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Danesborough Properties Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2022
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.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Staff numbers |
The average number of persons employed by the company (including the director) during the year, was
Danesborough Properties Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2022
Tangible assets |
Furniture, fittings and equipment |
Total |
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Cost or valuation |
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At 1 July 2021 |
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Additions |
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At 30 June 2022 |
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Depreciation |
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At 1 July 2021 |
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Charge for the year |
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At 30 June 2022 |
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Carrying amount |
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At 30 June 2022 |
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At 30 June 2021 |
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Debtors |
Current |
2022 |
2021 |
Trade debtors |
- |
- |
Prepayments |
- |
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Other debtors |
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Danesborough Properties Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2022
Creditors |
Creditors: amounts falling due within one year
Note |
2022 |
2021 |
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Due within one year |
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Loans and borrowings |
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Taxation and social security |
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Other creditors |
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Accruals and deferred income |
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Creditors: amounts falling due after more than one year
Note |
2022 |
2021 |
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Due after one year |
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Loans and borrowings |
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Share capital |
Allotted, called up and fully paid shares
2022 |
2021 |
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No. |
£ |
No. |
£ |
|
|
|
100 |
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100 |
Loans and borrowings |
2022 |
2021 |
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Non-current loans and borrowings |
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Bank borrowings |
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2022 |
2021 |
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Current loans and borrowings |
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Bank borrowings |
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Danesborough Properties Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2022
Bank borrowings
The company has a bank loan under the Bounce Back Loan Scheme as backed by the Secretary of State for Business, Energy and Industrial Strategy and as guaranteed by HM Government. The Bounce Back loan as at year end is denominated in Pounds Sterling with a nominal interest rate of 2.5%, and the final instalment is due in April 2027. The interest due for the first twelve months is paid directly to the bank by HM Government as a business interruption payment. The carrying amount at year end is £43,334 (2021 - £50,000).
Related party transactions |
Included in other debtors is an amount of £NIL (2021 - £23,389) due from a company controlled by the director. The loan is provided interest free and is unsecured. There are no formal terms and conditions with regard to the repayment of the loan.
Included in other creditors is an amount of £21,661 (2021 -NIL) due to a company controlled by the director. The loan is provided interest free and is unsecured. There are no formal terms and conditions with regard to the repayment of the loan.
Included in other creditors, an amount of £116,100 (2021 - £33,600) is due to a company that the director also acts as a director. The loan is provided interest free and is unsecured. There are no formal terms and conditions regarding repayment of the loan.
Included in other debtors is an amount of £27,453 (2021 -£ 21,545) from a director. The loan is provided interest free and is unsecured. There are no formal terms and conditions with regard to the repayment of the loan.
Dividends have been drawn in anticipation of two material transactions which completed in September 2022 producing fees in excess of £175,000.