Danley Properties Limited 30/09/2023 iXBRL

DANLEY PROPERTIES LIMITED - Company Information

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Company registration number: 11965984

Danley Properties Limited

Unaudited filleted financial statements

30 September 2023

Danley Properties Limited

Contents

Directors and other information

Accountants report

Statement of financial position

Notes to the financial statements

Danley Properties Limited

Directors and other information


	Directors	Mr Daniel Carman
		Mrs Hayley Carman


	Company number	11965984


	Registered office	73A Newton Road
		Mumbles
		Swansea
		SA3 4BL


	Accountants	Morgan Hemp
		103-104 Walter Road
		Swansea
		SA1 5QF




	Solicitors	Peter Lynn & Partners
		2nd Floor, Langdon House
		Langdon Road
		Swansea
		SA1 8QY

Danley Properties Limited

Report to the board of directors on the preparation of the

unaudited statutory financial statements of Danley Properties Limited

Year ended 30 September 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Danley Properties Limited for the year ended 30 September 2023 which comprise the statement of financial position and related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants , we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/en/member/ professional-standards/ rules-standards/acca-rulebook.html.

This report is made solely to the board of directors of Danley Properties Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Danley Properties Limited and state those matters that we have agreed to state to the board of directors of Danley Properties Limited as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global /Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Danley Properties Limited and its board of directors as a body for our work or for this report.

It is your duty to ensure that Danley Properties Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Danley Properties Limited. You consider that Danley Properties Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Danley Properties Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Morgan Hemp

103-104 Walter Road

Swansea

SA1 5QF

7 June 2024

Danley Properties Limited

Statement of financial position

30 September 2023

		2023		2022
	Note	£	£	£	£

Fixed assets
Investments	4	485,399		300,000
		_______		_______
			485,399		300,000

Current assets
Debtors	5	74,614		80,137
Cash at bank and in hand		41,700		126,360
		_______		_______
		116,314		206,497
Creditors: amounts falling due
within one year	6	( 247,432)		( 239,121)
		_______		_______
Net current liabilities			( 131,118)		( 32,624)
			_______		_______
Total assets less current liabilities			354,281		267,376

Creditors: amounts falling due
after more than one year	7		( 339,047)		( 241,518)

Provisions for liabilities			( 4,962)		( 4,962)

			_______		_______
Net assets			10,272		20,896
			_______		_______

Capital and reserves
Called up share capital			100		100
Profit and loss account			10,172		20,796
			_______		_______
Shareholders funds			10,272		20,896
			_______		_______

For the year ending 30 September 2023 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 financial statements for the year in question in accordance with section 476;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

These financial statements were approved by the board of directors and authorised for issue on 07 June 2024 , and are signed on behalf of the board by:

Mr Daniel Carman

Director

Company registration number: 11965984

Danley Properties Limited

Notes to the financial statements

Year ended 30 September 2023

1. General information

The company is a private company limited by shares, registered in United Kingdom. The address of the registered office is 73A Newton Road, Mumbles, Swansea, SA3 4BL.

2. Statement of compliance

These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Turnover

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Taxation

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.

Fixed asset investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.

Financial instruments

A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

4. Investments

	Other investments other than loans	Total
	£	£
Cost
At 1 October 2022	300,000	300,000
Additions	185,399	185,399
	_______	_______
At 30 September 2023	485,399	485,399
	_______	_______
Impairment
At 1 October 2022 and 30 September 2023	-	-
	_______	_______
Carrying amount
At 30 September 2023	485,399	485,399
	_______	_______
At 30 September 2022	300,000	300,000
	_______	_______

5. Debtors

	2023	2022
	£	£
Other debtors	74,614	80,137
	_______	_______

6. Creditors: amounts falling due within one year

	2023	2022
	£	£
Bank loans and overdrafts	9,900	1,985
Other creditors	237,532	237,136
	_______	_______
	247,432	239,121
	_______	_______

7. Creditors: amounts falling due after more than one year

	2023	2022
	£	£
Bank loans and overdrafts	339,047	241,518
	_______	_______

8. Directors advances, credits and guarantees

	During the year the directors entered into the following advances and credits with the company:

2023
		Balance brought forward	Advances /(credits) to the directors	Amounts repaid	Balance o/standing
		£	£	£	£
	Mr Daniel Carman	38,821	25,846	( 47,247)	17,420
		_______	_______	_______	_______

2022
		Balance brought forward	Advances /(credits) to the directors	Amounts repaid	Balance o/standing
		£	£	£	£
	Mr Daniel Carman	( 305)	39,126	-	38,821
		_______	_______	_______	_______

9. Related party transactions

Included in debtors is a balance owing from the directors of £17,420 (2022: £38,821) and the connected company Danley Investments Ltd of £56,455 (2022: £39,266).Included in creditors is a balanced owed to the connected company Evan Rees Butter Limited of £228,750 (2022: £228,750). The loan is interest free and repayable upon demand.