Company registration number 01115971 (England and Wales)
Delgate Limited
Unaudited
Financial Statements
for the year ended 31 March 2022
PAGES FOR FILING WITH REGISTRAR
Delgate Limited
Contents
Page
Statement of financial position
1
Notes to the financial statements
2 - 5
Delgate Limited
Statement of financial position
as at 31 March 2022
- 1 -
2022
2021
Notes
£
£
£
£
Fixed assets
Investment properties
4
275,000
247,500
Investments
5
100
100
275,100
247,600
Current assets
Debtors
6
959,982
977,854
Cash at bank and in hand
50,481
48,798
1,010,463
1,026,652
Creditors: amounts falling due within one year
7
(1,577)
(2,325)
Net current assets
1,008,886
1,024,327
Net assets
1,283,986
1,271,927
Capital and reserves
Called up share capital
100
100
Fari valuation reserve
128,000
100,500
Capital redemption reserve
3,071
3,071
Profit and loss reserves
1,152,815
1,168,256
Total equity
1,283,986
1,271,927
The director of the company has elected not to include a copy of the income statement within the financial statements.
true
For the financial year ended 31 March 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.
T
he 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.
The financial statements were approved and signed by the director and authorised for issue on 30 November 2022
Mr B Rook
Director
Company Registration No. 01115971
Delgate Limited
Notes to the Financial Statements
for the year ended 31 March 2022
- 2 -
1
Accounting policies
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 a
mounts
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.
These
financial statements
for the year ended 31 March 2022
are the
first
financial statements
of
Delgate Limited
prepared in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland. The date of transition to FRS 102 was
1 April 2020
. An explanation of how transition to FRS 102 has affected the reported financial position and financial performance is given in note 9.
Investment properties
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 a
t
the reporting end date.
Changes in fair value are recognised in profit or loss.
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
The investments are assessed for impairment at each reporting date
and
any
impairment
losses or reversals of impairment losses are recognised immediately in
profit
or
loss
.
Cash and cash equivalents
Cash and cash equivalents
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
Financial instruments
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.
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.
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Delgate Limited
Notes to the Financial Statements (continued)
for the year ended 31 March 2022
1
Accounting policies
(continued)
- 3 -
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the
income statement
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.
Leases
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
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 April 2021
247,500
Revaluations
27,500
At 31 March 2022
275,000
Delgate Limited
Notes to the Financial Statements (continued)
for the year ended 31 March 2022
4
Investment property
(continued)
- 4 -
Investment property comprises
various rental units.
The fair value of the investment property has been arrived at on the basis of a valuation carried out
by the director
. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.
5
Fixed asset investments
2022
2021
£
£
Shares in group undertakings and participating interests
100
100
6
Debtors
2022
2021
Amounts falling due within one year:
£
£
Trade debtors
4,826
Amounts owed by group undertakings
420,588
433,634
Other debtors
539,394
539,394
959,982
977,854
7
Creditors: amounts falling due within one year
2022
2021
£
£
Taxation and social security
164
426
Other creditors
1,413
1,899
1,577
2,325
8
Company information
Delgate Limited is a
private
company
limited by shares
incorporated in
England and Wales
.
The registered office is
Princess Works, Lavender Walk, Leeds, England, LS9 8JB.
Delgate Limited
Notes to the Financial Statements (continued)
for the year ended 31 March 2022
- 5 -
9
Reconciliations on adoption of FRS 102
Reconciliation of equity
1 April
31 March
2020
2021
Notes
£
£
Equity as reported under previous UK GAAP
1,063,525
1,043,475
Adjustments to prior year (note )
-
102,232
As restated
1,063,525
1,145,707
Adjustments arising from transition to FRS 102:
Reverse depreciation
1
65,808
65,808
Original cost
1
60,412
60,412
Equity reported under FRS 102
1,189,745
1,271,927
Reconciliation of (loss)/profit for the financial period
2021
£
Loss as reported under previous UK GAAP and under FRS 102
(50)
Adjustments to prior year (note )
102,232
As restated
102,182
Notes to reconciliations on adoption of FRS 102
Investment properties hedl at fair value
Transition of investment properties held at fair value