Dwight Schrute Properties Limited - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 09776821 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2023

FOR

DWIGHT SCHRUTE PROPERTIES LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

G J P Smith

S A Smith

REGISTERED OFFICE:

Preston Park House

South Road

Brighton

East Sussex

BN1 6SB

REGISTERED NUMBER:

09776821 (England and Wales)

ACCOUNTANTS:

Plus Accounting

Chartered Accountants

Preston Park House

South Road

Brighton

East Sussex

BN1 6SB

FIXED ASSETS

Investments

4

9,251

9,251

Investment property

5

-

200,000

9,251

209,251

CURRENT ASSETS

Debtors

6

305,464

305,881

Cash at bank

236,895

2,809

542,359

308,690

CREDITORS

Amounts falling due within one year

7

(42,741

)

(1,670

)

NET CURRENT ASSETS

499,618

307,020

TOTAL ASSETS LESS CURRENT LIABILITIES

508,869

516,271

PROVISIONS FOR LIABILITIES

8

-

(36,863

)

NET ASSETS

508,869

479,408

CAPITAL AND RESERVES

Called up share capital

9

6

6

Share premium

421,497

421,497

Non-distributable reserves

-

36,846

Retained earnings

87,366

21,059

SHAREHOLDERS' FUNDS

508,869

479,408

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

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

The directors acknowledge their 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 Board of Directors and authorised for issue on 17 April 2024 and were signed on its behalf by:

G J P Smith - Director

1.	STATUTORY INFORMATION

Dwight Schrute 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.

The presentation currency of the financial statements is the Pound Sterling (£).

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.

Turnover

Turnover represents the fair value of consideration received or receivable and rental income is recognised on an accruals basis.

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Investment property

Investment properties for which fair value can be measured reliably without undue cost or effort are measured at fair value at each reporting date with changes in fair value recognised in profit or loss.

Financial instruments

Financial assets, liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.

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.

Impairment

At each balance sheet date, the company reviews the carrying amount of its assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss, if any. Where it is not possible to estimate the recoverable amount of an asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

3.	EMPLOYEES AND DIRECTORS

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

4.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1 November 2022

and 31 October 2023

9,251

NET BOOK VALUE

At 31 October 2023

9,251

At 31 October 2022

9,251

The company's fixed asset investments at the balance sheet date reflect the 100% ownership of the ordinary £1 shares in Powis Property Investments Limited, an investment property management company.

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 November 2022

200,000

Disposals

(200,000

)

At 31 October 2023

-

NET BOOK VALUE

At 31 October 2023

-

At 31 October 2022

200,000

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.10.23

31.10.22

£

£

Other debtors

305,464

305,881

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.10.23

31.10.22

£

£

Taxation and social security

40,800

-

Other creditors

1,941

1,670

42,741

1,670

8.	PROVISIONS FOR LIABILITIES

31.10.23

31.10.22

£

£

Deferred tax

-

36,863

Deferred

tax

£

Balance at 1 November 2022

36,863

Provided during year

(36,863

)

Balance at 31 October 2023

-

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.10.23

31.10.22

value:

£

£

3

Ordinary A

£1

3

3

3

Ordinary B

£1

3

3

6

6

10.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

At the balance sheet date key management personnel owed the company £359 (2021 - £30,501). Interest totalling £359 (2021 - £501) has been charged at the beneficial loan rate set by HMRC and the loan is repayable on demand.

11.	RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.