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UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2022 |
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DAXLEY PROPERTIES LIMITED |
REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2022 |
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FOR |
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DAXLEY PROPERTIES LIMITED |
DAXLEY PROPERTIES LIMITED (REGISTERED NUMBER: 12951536) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 OCTOBER 2022 |
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Page |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 4 |
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DAXLEY PROPERTIES LIMITED |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 31 OCTOBER 2022 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Chartered Accountants |
and Chartered Tax Advisers |
Larch House |
Parklands Business Park |
Denmead |
Hampshire |
PO7 6XP |
DAXLEY PROPERTIES LIMITED (REGISTERED NUMBER: 12951536) |
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BALANCE SHEET |
31 OCTOBER 2022 |
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31.10.22 | 31.10.21 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Investment property | 4 |
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CURRENT ASSETS |
Debtors | 5 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 6 |
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NET CURRENT LIABILITIES | ( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one
year |
7 |
( |
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( |
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PROVISIONS FOR LIABILITIES | 9 | ( |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital |
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Non-distributable reserve |
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Retained earnings |
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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. |
DAXLEY PROPERTIES LIMITED (REGISTERED NUMBER: 12951536) |
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BALANCE SHEET - continued |
31 OCTOBER 2022 |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved and authorised for issue by the Board of Directors and authorised for
issue on
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DAXLEY PROPERTIES LIMITED (REGISTERED NUMBER: 12951536) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 OCTOBER 2022 |
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1. | STATUTORY INFORMATION |
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Daxley Properties Limited is a
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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The financial statements show a net current liability at the balance sheet date. This position is due principally to amounts owed to directors. The directors have agreed not to seek repayment of the money owed to them unless the company has sufficient funds to do so. The directors, on this basis, have prepared the financial statements on the going concern basis. |
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Turnover |
Turnover represents rentals due in the year, excluding value added tax. |
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Investment property |
Investment property is carried at fair value determined annually by the directors using information available to them unless an external valuation has been provided during the financial period. No depreciation is provided. Changes in fair value are recognised in profit or loss. |
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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. |
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Current or deferred taxation assets and liabilities are not discounted. |
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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. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
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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. |
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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. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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DAXLEY PROPERTIES LIMITED (REGISTERED NUMBER: 12951536) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 OCTOBER 2022 |
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4. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 November 2021 |
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Revaluations | 43,458 |
At 31 October 2022 |
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NET BOOK VALUE |
At 31 October 2022 |
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At 31 October 2021 |
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Fair value at 31 October 2022 is represented by: |
£ |
Valuation in 2022 | 43,458 |
Cost | 381,542 |
425,000 |
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If investment property had not been revalued it would have been included at the following historical cost: |
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31.10.22 | 31.10.21 |
£ | £ |
Cost | 381,542 | 381,542 |
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Investment property was valued on an open market basis on 31 October 2022 by the directors . |
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5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.10.22 | 31.10.21 |
£ | £ |
Other debtors |
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6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.10.22 | 31.10.21 |
£ | £ |
Bank loans and overdrafts |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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7. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
31.10.22 | 31.10.21 |
£ | £ |
Bank loans |
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DAXLEY PROPERTIES LIMITED (REGISTERED NUMBER: 12951536) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 OCTOBER 2022 |
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8. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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31.10.22 | 31.10.21 |
£ | £ |
Bank loans |
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The company's bank loan is secured by a first legal charge over the company's investment property, a debenture and a guarantee for £277,500 from a connected company. |
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9. | PROVISIONS FOR LIABILITIES |
31.10.22 | 31.10.21 |
£ | £ |
Deferred tax | 8,257 | - |
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Deferred |
tax |
£ |
Charge to Income Statement during year |
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Balance at 31 October 2022 |
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10. | RELATED PARTY DISCLOSURES |
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The aggregate amount owed to the directors at the balance sheet date is £73,691 (31.10.21: £93,599). |
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During the year the company received rent from a connected company totalling £45,000 (31.10.21: £37,500). |
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11. | ULTIMATE CONTROLLING PARTY |
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The company is not under the control of any one party. |