REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 31 March 2023 |
for |
Duffin Investments Limited |
REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 31 March 2023 |
for |
Duffin Investments Limited |
Duffin Investments Limited (Registered number: 09790490) |
Contents of the Financial Statements |
for the Year Ended 31 March 2023 |
Page |
Company Information | 1 |
Abridged Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
Duffin Investments Limited |
Company Information |
for the Year Ended 31 March 2023 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Pera Business Park |
Nottingham Road |
Melton Mowbray |
Leicestershire |
LE13 0PB |
Duffin Investments Limited (Registered number: 09790490) |
Abridged Balance Sheet |
31 March 2023 |
31.3.23 | 31.3.22 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Investment property | 4 |
CURRENT ASSETS |
Debtors |
Cash at bank |
CREDITORS |
Amounts falling due within one year |
NET CURRENT ASSETS/(LIABILITIES) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
5 |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings |
SHAREHOLDERS' FUNDS |
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. |
Duffin Investments Limited (Registered number: 09790490) |
Abridged Balance Sheet - continued |
31 March 2023 |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
Duffin Investments Limited (Registered number: 09790490) |
Notes to the Financial Statements |
for the Year Ended 31 March 2023 |
1. | STATUTORY INFORMATION |
Duffin Investments Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Significant judgements and estimates |
No significant judgements have had to be made by the directors in preparing these financial statements. |
The directors have made key assumptions in the determination of the fair value of the investment properties in respect of the state of the property market in the location where the properties are situated and in respect of the range of reasonable fair value estimates of the assets. |
Turnover |
Turnover represents sale of services exempt from value added tax. |
Investment property |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
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. |
Current or deferred taxation assets and liabilities are not discounted. |
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. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
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. |
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. |
Trust |
On 31 March 2022, Michael Duffin and Susan Mary Duffin gifted their entire shareholding (60 Ordinary £1 shares) in the Company to The Duffin Family Grandparents Trust 2022. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was NIL (2022 - |
Duffin Investments Limited (Registered number: 09790490) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2023 |
4. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 April 2022 |
and 31 March 2023 |
NET BOOK VALUE |
At 31 March 2023 |
At 31 March 2022 |
Fair value at 31 March 2023 is represented by: |
£ |
Valuation in 2021 | 401,515 |
Cost | 848,485 |
1,250,000 |
The fair value of the property at 31 March 2023 has been arrived at on the basis of a valuation carried out |
at that date by directors of the company, who are not professionally qualified valuers. The |
valuation was arrived at by reference to market evidence of transaction prices for similar properties in its |
location and takes into account the current state of the rental market in the area where the property is |
situated. |
5. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN FIVE YEARS |
31.3.23 | 31.3.22 |
£ | £ |
Repayable otherwise than by instalments |
Bank loans more 5 yrs non-inst |
6. | SECURED DEBTS |
The following secured debts are included within creditors: |
31.3.23 | 31.3.22 |
£ | £ |
Bank loan | 937,500 | - |
The bank loan is secured by a first legal charge over company owned investment properties. |
7. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
The directors and Michael Duffin have guaranteed the bank loan. |
8. | RELATED PARTY DISCLOSURES |
Duffin Homes Ltd: a company in which S M Duffin, J E Duffin and P M Duffin are directors. At the year end, the balance owed by Duffin Homes Ltd was £432,008 (2022: £0). This is included in Debtors. |
Duffin Investments Limited (Registered number: 09790490) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2023 |
9. | ULTIMATE CONTROLLING PARTY |
The company is controlled by the Trustees of The Duffin Family Grandparents Trust 2022 by virtue of their shareholding. |