Deightonwood Limited - Filleted accounts

Deightonwood Limited - Filleted accounts

DEIGHTONWOOD LTD - Company Information

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Registered number
08895427
Deightonwood Limited
Unaudited Filleted Accounts
28 February 2023
Deightonwood Limited
Registered number: 08895427
Balance Sheet
as at 28 February 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 3,276,138 3,276,138
Current assets
Debtors 4 71,148 55,268
Cash at bank and in hand 13,638 24,862
84,786 80,130
Creditors: amounts falling due within one year 5 (818,614) (784,498)
Net current liabilities (733,828) (704,368)
Total assets less current liabilities 2,542,310 2,571,770
Creditors: amounts falling due after more than one year 6 (1,621,846) (1,692,489)
Provisions for liabilities (110,000) (110,000)
Net assets 810,464 769,281
Capital and reserves
Called up share capital 90 90
Fair value reserve 329,988 329,988
Profit and loss account 480,386 439,203
Shareholders' funds 810,464 769,281
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
I Oakes
Director
Approved by the board on 26 September 2023
Deightonwood Limited
Notes to the Accounts
for the year ended 28 February 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, and is recognised on a periodic basis in line with the underlying properties as let.
Tangible fixed assets (investment properties)
Tangible fixed assets are comprised of investment properties which are held to earn rentals and capital appreciation. These properties are not subject to depreciation but, instead, an annual review of their market valuation. Deferred taxation is recognised on the excess of valuation over cost.

This treatment represents a departure from the requirements of the Companies Act 2006 but is required in order for the accounts to show a true and fair view. It is impractical, in the opinion of the directors, to state an amount of depreciation which would have been charged against profit had the provisions of the Act been followed.
Debtors and creditors
All debtors and creditors, including loans and other financial assets / liabilities, are measured at transaction price.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. Deferred tax is recognised in respect of timing differences between the recognition of income and expenses in the accounts and their inclusion in tax assessments.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company - -
3 Tangible fixed assets
Land and buildings
£
Cost or valuation
At 1 March 2022 3,276,138
At 28 February 2023 3,276,138
Depreciation
At 28 February 2023 -
Net book value
At 28 February 2023 3,276,138
At 28 February 2022 3,276,138
Freehold land and buildings: 2023 2022
£ £
Historical cost 2,836,150 2,836,150
Cumulative depreciation based on historical cost - -
2,836,150 2,836,150
The company's investment properties were professionally revalued in 2018.
4 Debtors 2023 2022
£ £
Amounts owed by connected company 71,061 53,355
Trade debtors - 1,850
Other debtors 87 63
71,148 55,268
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 82,373 72,147
Amounts owed to connected companies 711,731 683,033
Taxation and social security costs 23,190 28,318
Other creditors 1,320 1,000
818,614 784,498
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 1,621,846 1,692,489
7 Creditors 2023 2022
£ £
Creditors include:
Instalments falling due for payment after more than five years 1,328,000 1,400,000
Secured borrowings 1,673,469 1,724,886
The company's borrowings are secured upon its investment properties.
8 Related party transactions
Investment properties
(1) Deightonwood Limited ("DW") has contracted a company owned by one of its directors to act as letting agent and manage its property portfolio.
(2) DW has contracted a further company owned by two of its directors to undertake general maintenance of its portfolio and also property improvements as required.
(3) These transactions, which jointly account for the majority of the company's expenditure, have occurred at market value.
Amount owed by and to connected companies
DW has both lent to and borrowed money from companies under common ownership and control. The amounts owed to and by DW at the balance sheet date are disclosed respectively in notes 4 and 5 above. These balances outstanding attract a commercial rate of interest, both receivable and payable as appropriate.
Personal guarantee
The directors have jointly signed a personal guarantee with the company's bankers, guaranteeing a principal amount of £85,000 plus interest and other costs.
9 Controlling party
There is no one party which is in overall control of the company.
10 Other information
Deightonwood Limited is a private company limited by shares and incorporated in England. The registered office is situated at Clivewood Farm, Wem Road, Clive, Shrewsbury, SY4 5PR.
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