Ditchfield Properties Limited - Period Ending 2023-01-31

Ditchfield Properties Limited

Contents

Company Information	1
Abridged Balance Sheet	2 to 3
Notes to the Unaudited Abridged Financial Statements	4 to 7

Ditchfield Properties Limited

Company Information

Director

Mr G J Davies

Registered office

Leyprint Leyland Lane Leyland Lancashire PR25 1UT

Ditchfield Properties Limited

(Registration number: 06158972)
Abridged Balance Sheet as at 31 January 2023

	Note	2023 £	2022 £
Fixed assets
Investment property	4	3,500,000	1,000,000
Current assets
Debtors		6,320	3
Cash at bank and in hand		2,897	3,346
		9,217	3,349
Creditors: Amounts falling due within one year	5.1	(293,102)	(181,482)
Net current liabilities		(283,885)	(178,133)
Total assets less current liabilities		3,216,115	821,867
Creditors: Amounts falling due after more than one year		(558,425)	(597,772)
Provisions for liabilities		(500,674)	(25,674)
Accruals and deferred income		(796)	(906)
Net assets		2,156,220	197,515
Capital and reserves
Called up share capital		3	3
Retained earnings		2,156,217	197,512
Shareholders' funds		2,156,220	197,515

Ditchfield Properties Limited

(Registration number: 06158972)
Abridged Balance Sheet as at 31 January 2023 (continued)

For the financial year ending 31 January 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	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.

All of the company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 12 September 2023
 

......................................... Mr G J Davies Director

Ditchfield Properties Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 January 2023

1	General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Leyprint
Leyland Lane
Leyland
Lancashire
PR25 1UT

These financial statements were authorised for issue by the director on 12 September 2023.

2	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 abridged 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 abridged 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 company's presentational currency is pounds sterling.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for services provided 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.

Ditchfield Properties Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 January 2023 (continued)

2	Accounting policies (continued)

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by the directors. The directors use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

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.

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.

Ditchfield Properties Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 January 2023 (continued)

2	Accounting policies (continued)

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.

Financial instruments

Classification
The Company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments. Financial instruments are recognised in the Company’s statement of financial position when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and liability simultaneously.

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

Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

 

3	Staff numbers

The average number of persons employed by the company (including the director) during the year, was 3 (2022 - 3).

4 Investment properties

	2023 £
At 1 February	1,000,000
Fair value adjustments	2,500,000
At 31 January	3,500,000

The property was valued by the Directors at the balance sheet date on an open market basis.

Ditchfield Properties Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 January 2023 (continued)

There has been no valuation of investment property by an independent valuer.

5

Creditors

Creditors: amounts falling due within one year

The bank loan is secured by way of a legal mortgage including a fixed and floating charge over the assets of the company.

6 Company reserves

Within profit and loss reserve account totalling £2,156,217, there are amounts that are distributable and non-distributable to shareholders.

Amounts totalling £23,217 (2022: £89,512) are distributable and amounts totalling £2,133,000 (2022: £108,000) are non-distributable.