Company registration number 01115971 (England and Wales)
Delgate Limited
Unaudited
financial statements
for the year ended 31 March 2023
PAGES FOR FILING WITH REGISTRAR
Delgate Limited
Contents
Page
Statement of financial position
1
Notes to the financial statements
2 - 4
Delgate Limited
Statement of financial position
as at 31 March 2023
31 March 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investment properties
4
350,000
275,000
Investments
5
100
100
350,100
275,100
Current assets
Debtors
6
951,705
959,982
Cash at bank and in hand
52,559
50,481
1,004,264
1,010,463
Creditors: amounts falling due within one year
7
(2,340)
(1,577)
Net current assets
1,001,924
1,008,886
Net assets
1,352,024
1,283,986
Capital and reserves
Called up share capital
100
100
Fari valuation reserve
203,000
128,000
Capital redemption reserve
3,071
3,071
Profit and loss reserves
1,145,853
1,152,815
Total equity
1,352,024
1,283,986
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 2023 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.
The financial statements were approved and signed by the director and authorised for issue on 19 December 2023
Mr B Rook
Director
Company Registration No. 01115971
Delgate Limited
Notes to the financial statements
for the year ended 31 March 2023
- 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 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.
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. 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.
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.
Delgate Limited
Notes to the financial statements (continued)
for the year ended 31 March 2023
- 3 -
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:
2023
2022
Number
Number
Total
1
1
4
Investment property
2023
£
Fair value
At 1 April 2022
275,000
Revaluations
75,000
At 31 March 2023
350,000
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
2023
2022
£
£
Shares in group undertakings and participating interests
100
100
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
412,311
420,588
Other debtors
539,394
539,394
951,705
959,982
Delgate Limited
Notes to the financial statements (continued)
for the year ended 31 March 2023
- 4 -
7
Creditors: amounts falling due within one year
2023
2022
£
£
Taxation and social security
164
164
Other creditors
2,176
1,413
2,340
1,577
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.