Derry Properties Limited - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 05864555 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 August 2023

for

Derry Properties Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

D I Derry

REGISTERED OFFICE:

The Mews

82 London Road

Newark

Nottinghamshire

NG24 1SQ

REGISTERED NUMBER:

05864555 (England and Wales)

ACCOUNTANTS:

Bostockwhite Limited

Cabourn House

Station Street

Bingham

Nottinghamshire

NG13 8AQ

FIXED ASSETS

Tangible assets

4

40,860

-

Investments

5

1

1

Investment property

6

650,000

650,000

690,861

650,001

CURRENT ASSETS

Debtors

7

267

11,000

Cash at bank

5,204

2,962

5,471

13,962

CREDITORS

Amounts falling due within one year

8

300,102

409,760

NET CURRENT LIABILITIES

(294,631

)

(395,798

)

TOTAL ASSETS LESS CURRENT LIABILITIES

396,230

254,203

CREDITORS

Amounts falling due after more than one year

9

(212,556

)

(50,977

)

PROVISIONS FOR LIABILITIES

(81,692

)

(82,335

)

NET ASSETS

101,982

120,891

CAPITAL AND RESERVES

Called up share capital

100

100

Fair value reserve

11

337,982

337,982

Retained earnings

(236,100

)

(217,191

)

101,982

120,891

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 21 March 2024 and were signed by:

D I Derry - Director

1.	STATUTORY INFORMATION

Derry Properties Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Preparation of consolidated financial statements

The financial statements contain information about Derry Properties Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

-

15% on reducing balance

Fixtures and fittings

-

25% on cost

Government grants

Government grants are recognised as income over the period necessary to match them with the related costs, for which they are intended to compensate, on a systematic basis.

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2022 - 2 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 September 2022

8,409

Additions

48,071

At 31 August 2023

56,480

DEPRECIATION

At 1 September 2022

8,409

Charge for year

7,211

At 31 August 2023

15,620

NET BOOK VALUE

At 31 August 2023

40,860

5.	FIXED ASSET INVESTMENTS

Shares in

Interest

group

in joint

undertakings

venture

Totals

£

£

£

COST

At 1 September 2022

-

1

1

Reclassification/transfer

1

(1

)

-

At 31 August 2023

1

-

1

NET BOOK VALUE

At 31 August 2023

1

-

1

At 31 August 2022

-

1

1

6.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 September 2022

and 31 August 2023

650,000

NET BOOK VALUE

At 31 August 2023

650,000

At 31 August 2022

650,000

Fair value at 31 August 2023 is represented by:

£

Valuation in 2018

250,522

Valuation in 2020

200,000

Cost

199,478

650,000

If investment property had not been revalued it would have been included at the following historical cost:

31.8.23

31.8.22

£

£

Cost

199,478

199,478

Investment property was valued on an open market basis on 31 August 2022 by the director .

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.8.23

31.8.22

£

£

Trade debtors

267

-

Other debtors

-

11,000

267

11,000

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.8.23

31.8.22

£

£

Bank loans and overdrafts

7,480

9,755

Trade creditors

21,457

23,199

Taxation and social security

681

3,553

Other creditors

270,484

373,253

300,102

409,760

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.8.23

31.8.22

£

£

Bank loans

212,556

50,977

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

182,636

7,757

10.	SECURED DEBTS

The following secured debts are included within creditors:

31.8.23

31.8.22

£

£

Bank loans

220,036

60,732

Bank borrowings are secured by a fixed and floating charge over the assets of the company. Debentures and charges are held as security for all monies due and becoming due to Redwood Bank Limited (2022: Lloyds Bank PLC).

11.

RESERVES

Fair

value

reserve

£

At 1 September 2022

and 31 August 2023

337,982