REGISTERED NUMBER: |
Unaudited Financial Statements for the Period 1 July 2022 to 28 February 2023 |
for |
Davos Industrial Limited |
REGISTERED NUMBER: |
Unaudited Financial Statements for the Period 1 July 2022 to 28 February 2023 |
for |
Davos Industrial Limited |
Davos Industrial Limited (Registered number: 13184742) |
Contents of the Financial Statements |
for the Period 1 July 2022 to 28 February 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
Davos Industrial Limited |
Company Information |
for the Period 1 July 2022 to 28 February 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
3rd Floor Pacific Chambers |
11-13 Victoria Street |
Liverpool |
Merseyside |
L2 5QQ |
Davos Industrial Limited (Registered number: 13184742) |
Balance Sheet |
28 February 2023 |
28.2.23 | 30.6.22 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Investment property | 4 |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
7 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings |
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. |
Davos Industrial Limited (Registered number: 13184742) |
Balance Sheet - continued |
28 February 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 |
Davos Industrial Limited (Registered number: 13184742) |
Notes to the Financial Statements |
for the Period 1 July 2022 to 28 February 2023 |
1. | STATUTORY INFORMATION |
Davos Industrial Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Rental income is recognised on a straight line basis over the course of the period of the lease. Any differences between the cash receipts and straight line recognition is deferred/accrued as appropriate. |
Other income is recognised at the point which the economic benefits flow to the company and the revenue can be reliably measured. |
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 period 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 period 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. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the period was NIL (2022 - NIL). |
Davos Industrial Limited (Registered number: 13184742) |
Notes to the Financial Statements - continued |
for the Period 1 July 2022 to 28 February 2023 |
4. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 July 2022 |
Additions |
Disposals | ( |
) |
Revaluations | (1,250,000 | ) |
At 28 February 2023 |
NET BOOK VALUE |
At 28 February 2023 |
At 30 June 2022 |
Fair value at 28 February 2023 is represented by: |
£ |
Valuation in 2023 | 8,142,861 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
28.2.23 | 30.6.22 |
£ | £ |
Trade debtors |
Other debtors |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
28.2.23 | 30.6.22 |
£ | £ |
Trade creditors |
Amounts owed to group undertakings |
Taxation and social security |
Other creditors |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
28.2.23 | 30.6.22 |
£ | £ |
Bank loans |
Davos Industrial Limited (Registered number: 13184742) |
Notes to the Financial Statements - continued |
for the Period 1 July 2022 to 28 February 2023 |
8. | SECURED DEBTS |
The following secured debts are included within creditors: |
28.2.23 | 30.6.22 |
£ | £ |
Chrysalis Limited Partnership | 2,659,352 | 8,700,000 |
Bank loans represent borrowings from Chrysalis Limited Partnership and accrue interest on a variable basis. The loans are due for repayment in full in November 2025. They are secured by fixed and floating charges held over the assets of the company. |
9. | RELATED PARTY DISCLOSURES |
Included in creditors at the year end is an amount of £3,731,280 (2022: £8,464,126) owed from Network Space Developments Ltd. |
10. | ULTIMATE CONTROLLING PARTY |
The company is a subsidiary undertaking of NSD Huyton Limited a company registered in England and Wales. |
On the 31st July 2023 the company was acquired by Davos Property Developments Limited, and had its registered office changed to that of its parent company. |
The year end was also shortened to February 2023 to fall in line with Davos Property Developments Limited year end of February. |