DUNWARD_INVESTMENTS_LIMIT - Accounts


Company registration number 04773855 (England and Wales)
DUNWARD INVESTMENTS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
PAGES FOR FILING WITH REGISTRAR
DUNWARD INVESTMENTS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Statement of changes in equity
3
Notes to the financial statements
4 - 8
DUNWARD INVESTMENTS LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2022
31 December 2022
- 1 -
2022
2021
Notes
£
£
£
£
Fixed assets
Investment properties
4
4,355,000
4,355,000
Current assets
Debtors
5
2,827,998
2,758,090
Cash at bank and in hand
171,287
139,475
2,999,285
2,897,565
Creditors: amounts falling due within one year
6
(108,614)
(123,475)
Net current assets
2,890,671
2,774,090
Total assets less current liabilities
7,245,671
7,129,090
Creditors: amounts falling due after more than one year
7
(1,566,251)
(1,576,030)
Provisions for liabilities
(198,900)
(151,164)
Net assets
5,480,520
5,401,896
Capital and reserves
Called up share capital
8
1,000
1,000
Investment property revaluation reserve
1,286,379
1,334,115
Profit and loss reserves
4,193,141
4,066,781
Total equity
5,480,520
5,401,896

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 December 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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.

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

DUNWARD INVESTMENTS LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2022
31 December 2022
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 15 September 2023
Mr D Watson
Director
Company Registration No. 04773855
DUNWARD INVESTMENTS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2022
- 3 -
Share capital
Investment property revaluation reserve
Profit and loss reserves
Total
£
£
£
£
Balance at 1 January 2021
1,000
1,334,115
3,954,230
5,289,345
Year ended 31 December 2021:
Profit and total comprehensive income for the year
-
-
112,551
112,551
Balance at 31 December 2021
1,000
1,334,115
4,066,781
5,401,896
Year ended 31 December 2022:
Profit and total comprehensive income for the year
-
-
78,624
78,624
Fair value losses, net of deferred tax
-
(47,736)
47,736
-
Balance at 31 December 2022
1,000
1,286,379
4,193,141
5,480,520
DUNWARD INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
- 4 -
1
Accounting policies
Company information

Dunward Investments Limited is a private company limited by shares incorporated in England and Wales. The registered office is Langford Hall Barn, Witham Road, Langford, Maldon, Essex, CM9 4ST.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Rental income in respect of Investment Properties is recognised on a time basis and by reference to the lease terms.

1.3
Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in the profit and loss account.

1.4
Financial instruments

The company has only entered into financial instrument transactions which satisfy the definition of basic financial instruments as set out in FRS102 Section 11 ‘Basic Financial Instruments’.

 

Financial instruments are recognised in the company's balance sheet 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 settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

DUNWARD INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 5 -
Classification of financial liabilities

Financial 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 company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

1.5
Equity instruments

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

1.6
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

DUNWARD INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 6 -
2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2022
2021
Number
Number
Total
1
1
4
Investment property
2022
£
Fair value
At 1 January 2022 and 31 December 2022
4,355,000

The fair value of the investment property has been arrived at on the basis of a valuation carried out at 31 December 2022 by the director of the company. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.

 

On an historical cost basis, the investment properties would have been included at an original cost of £2,869,721 (2021 - £2,869,721).

5
Debtors
2022
2021
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
2,827,998
2,753,205
Other debtors
-
0
4,885
2,827,998
2,758,090
DUNWARD INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 7 -
6
Creditors: amounts falling due within one year
2022
2021
£
£
Bank loans
9,728
8,706
Trade creditors
13
-
0
Corporation tax
-
0
26,681
Other creditors
98,873
88,088
108,614
123,475
7
Creditors: amounts falling due after more than one year
2022
2021
£
£
Bank loans and overdrafts
1,566,251
1,576,030

Bank loans totalling £1,534,730 (2021 - £1,534,736) are secured by legal charges over the properties to which they relate. The parent company, Dunward Properties Limited, has provided an unlimited guarantee in respect of a loan of £738,750.

Amounts included above which fall due after five years are as follows:
Payable by instalments
-
885
Payable other than by instalments
15,859
795,986
15,859
796,871
8
Called up share capital
2022
2021
£
£
Ordinary share capital
Issued and fully paid
1,000 Ordinary shares of £1 each
1,000
1,000
9
Related party transactions
Transactions with related parties

The company has taken advantage of the exemption provided in FRS 102 Section 1A from disclosing transactions with members of the same group that are wholly owned.

 

During the year the company entered into the following transactions with related parties:

DUNWARD INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
9
Related party transactions
(Continued)
- 8 -
Services received
2022
2021
£
£
Companies controlled by the director
3,836
13,516

The following amounts were outstanding at the reporting end date:

2022
2021
Amounts due to related parties
£
£
Companies controlled by the director
89,688
80,522

The following amounts were outstanding at the reporting end date:

2022
2021
Amounts due from related parties
£
£
Companies controlled by the director
-
4,734
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