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COMPANY REGISTRATION NUMBER: 10497631
Drystone Strategy Partners Limited
Filleted Unaudited Financial Statements
30 November 2021
Drystone Strategy Partners Limited
Statement of Financial Position
30 November 2021
2021
2020
Note
£
£
Fixed assets
Tangible assets
5
46,137
46,657
Investments
6
71,836
31,757
---------
--------
117,973
78,414
Current assets
Debtors
7
36,599
18,857
Cash at bank and in hand
80,866
82,461
---------
---------
117,465
101,318
Creditors: amounts falling due within one year
8
39,585
21,264
---------
---------
Net current assets
77,880
80,054
---------
---------
Total assets less current liabilities
195,853
158,468
Creditors: amounts falling due after more than one year
9
36,285
45,000
Provisions
193
1,603
---------
---------
Net assets
159,375
111,865
---------
---------
Capital and reserves
Called up share capital
1,000
1,000
Profit and loss account
158,375
110,865
---------
---------
Shareholder funds
159,375
111,865
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the profit and loss account has not been delivered.
For the year ending 30 November 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Drystone Strategy Partners Limited
Statement of Financial Position (continued)
30 November 2021
These financial statements were approved by the board of directors and authorised for issue on 19 August 2022 , and are signed on behalf of the board by:
Mr R C Illingworth
Director
Company registration number: 10497631
Drystone Strategy Partners Limited
Notes to the Financial Statements
Year ended 30 November 2021
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 40 Kimbolton Road, Bedford, MK40 2TR.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss. The investments are revalued to market value at the balance sheet date and deferred tax is calculated on the unrealised gain. Both are credited/ charged to the Profit and Loss account. The cumulative net gain/ loss is not distributable.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Equipment
-
33% straight line
Investment property
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
Government grants
Government grants are recognised using the performance model. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2020: 2 ).
5. Tangible assets
Freehold property
Equipment
Total
£
£
£
Cost
At 1 December 2020 and 30 November 2021
45,662
3,704
49,366
--------
-------
--------
Depreciation
At 1 December 2020
2,709
2,709
Charge for the year
520
520
--------
-------
--------
At 30 November 2021
3,229
3,229
--------
-------
--------
Carrying amount
At 30 November 2021
45,662
475
46,137
--------
-------
--------
At 30 November 2020
45,662
995
46,657
--------
-------
--------
The investment property is included at market value at the balance sheet date. This valuation is based on the experience of the directors and, in their opinion, the market value of the property is equal to the purchase price.
6. Investments
Listed Investments
Crypto- currency
Total
£
£
£
Valuation
At 1 December 2020
31,757
31,757
Additions
59,789
7,259
67,048
Disposals
( 20,514)
( 20,514)
Revaluations
( 6,998)
543
( 6,455)
--------
-------
--------
At 30 November 2021
64,034
7,802
71,836
--------
-------
--------
Impairment
At 1 December 2020 and 30 November 2021
--------
-------
--------
Carrying amount
At 30 November 2021
64,034
7,802
71,836
--------
-------
--------
At 30 November 2020
31,757
31,757
--------
-------
--------
Listed shares and cryptocurrency are revalued at the closing price on the balance sheet date. Deferred tax of £103 (2020: £1,414) was recognised on the revalued amounts and included in the undistributable reserve.
If the assets were not revalued, the carrying value of the assets at the balance sheet date would be £72,921 (2020: £24,315).
7. Debtors
2021
2020
£
£
Trade debtors
33,000
9,138
Other debtors
3,599
9,719
--------
--------
36,599
18,857
--------
--------
8. Creditors: amounts falling due within one year
2021
2020
£
£
Bank loans and overdrafts
8,990
5,000
Trade creditors
5,499
59
Corporation tax
17,817
Social security and other taxes
4,254
10,798
Other creditors
3,025
5,407
--------
--------
39,585
21,264
--------
--------
9. Creditors: amounts falling due after more than one year
2021
2020
£
£
Bank loans and overdrafts
36,285
45,000
--------
--------
10. Reserves
The reserves include £529 of undistributed losses (2020: £6,029 of undistributed gains) which have arisen due to fair value revaluations.
11. Directors' advances, credits and guarantees
A director was advanced £426 during the prior year which was repaid within nine months of the year end.