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Registration number: 01636296

Drumconner Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2022

 

Drumconner Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 12

 

Drumconner Limited

Company Information

Directors

Mrs Cheryl Creasey

Mr Peter William Creasey

Registered office

Maria House
35 Millers Road
Brighton
BN1 5NP

Accountants

Chisnall Comer Ismail & Co
Chartered Accountants
Maria House
35 Millers Road
Brighton
BN1 5NP

 

Drumconner Limited

(Registration number: 01636296)
Balance Sheet as at 31 December 2022

Note

2022
£

2021
£

Fixed assets

 

Tangible assets

5

5,105,559

4,924,500

Investment property

6

424,720

424,720

Investments

7

192,482

192,482

Other financial assets

8

37,296

19,647

 

5,760,057

5,561,349

Current assets

 

Stocks

9

5,528

5,610

Debtors

10

347,504

432,293

Cash at bank and in hand

 

336,916

144,681

 

689,948

582,584

Creditors: Amounts falling due within one year

11

(1,032,626)

(771,191)

Net current liabilities

 

(342,678)

(188,607)

Total assets less current liabilities

 

5,417,379

5,372,742

Creditors: Amounts falling due after more than one year

11

(2,042,447)

(1,912,917)

Provisions for liabilities

(253,243)

(274,117)

Net assets

 

3,121,689

3,185,708

Capital and reserves

 

Called up share capital

14

1,000

1,000

Revaluation reserve

1,520,253

1,520,253

Retained earnings

1,600,436

1,664,455

Shareholders' funds

 

3,121,689

3,185,708

For the financial year ending 31 December 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

 

Drumconner Limited

(Registration number: 01636296)
Balance Sheet as at 31 December 2022

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 25 October 2023 and signed on its behalf by:



 

.........................................

Mr Peter William Creasey

Director

 

Drumconner Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Maria House
35 Millers Road
Brighton
BN1 5NP

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The company continues to trade by virtue of the financial support provided by the director and the associated companies. These accounts have been produced on the going concern basis with the assumption that this support will continue.

Revenue recognition

Turnover is comprised of the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company's activities.

The company recognises revenue when:
The amount of revenue can be reliably measured;
It is probable that future economic benefits will flow to the entity;
Specific criteria have been met for each of the company's activities.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

 

Drumconner Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the statement of financial position as follows:
General tangible assets are stated at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Property is stated at fair value.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Motor vehicles

25% reducing balance

Plant and machinery

20% reducing balance

Furniture and fittings

15% reducing balance

Computer equipment

33% straight line

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in the profit and loss.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Non-distributable reserve

 

Drumconner Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022

The aggregate fair value adjustments relating to movements in the value of the company's investments are transferred at the end of each period, net of deferred tax, from the profit and loss reserve to the non-distributable reserve.

On disposal of investments the aggregate fair value adjustment is transferred back to profit and loss reserves and the deferred tax provision is transferred to current tax liabilities.
 

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell it.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

Drumconner Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 47 (2021 - 46).

4

Taxation charge

The tax for the period is attributable to:

2022
£

2021
£

Current Tax

UK corporation tax

36,135

57,408

UK corporation tax adjustment to prior periods

(943)

-

Total current tax charge

35,192

57,408

Deferred Tax

Arising from origination and reversal of timing differences

(20,875)

22,286

Total deferred tax charge

(20,875)

22,286

Total tax charge for period

14,317

79,694

 

Drumconner Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022

5

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 January 2022

4,709,406

212,277

217,356

165,866

5,304,905

Additions

164,282

17,592

82,898

1,433

266,205

Disposals

-

-

(30,200)

-

(30,200)

At 31 December 2022

4,873,688

229,869

270,054

167,299

5,540,910

Depreciation

At 1 January 2022

-

151,027

82,914

146,464

380,405

Charge for the year

-

13,904

50,088

4,167

68,159

Eliminated on disposal

-

-

(13,213)

-

(13,213)

At 31 December 2022

-

164,931

119,789

150,631

435,351

Carrying amount

At 31 December 2022

4,873,688

64,938

150,265

16,668

5,105,559

At 31 December 2021

4,709,406

61,250

134,442

19,402

4,924,500

Included within the net book value of land and buildings above is £4,873,688 (2021 - £4,709,406) in respect of freehold land and buildings.
 

 

Drumconner Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022

6

Investment properties

2022
£

At 1 January

424,720

At 31 December

424,720

7

Investments

2022
£

2021
£

Investments in subsidiaries

192,482

192,482

Subsidiaries

£

Cost or valuation

At 1 January 2022

192,482

Provision

Carrying amount

At 31 December 2022

192,482

At 31 December 2021

192,482

8

Other financial assets (current and non-current)

2022
£

2021
£

Non-current financial assets

Financial assets at fair value through profit and loss

37,296

19,647

9

Stocks

2022
£

2021
£

Other inventories

5,528

5,610

10

Debtors

 

Drumconner Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022

Current

Note

2022
£

2021
£

Trade debtors

 

223,790

138,537

Amounts owed by related parties

13

-

84,201

Prepayments

 

6,841

6,076

Other debtors

 

116,873

203,479

   

347,504

432,293

11

Creditors

Creditors: amounts falling due within one year

Note

2022
£

2021
£

Due within one year

 

Loans and borrowings

367,662

226,116

Trade creditors

 

107,935

63,379

Amounts owed to group undertakings and undertakings in which the company has a participating interest

13

257,942

85,207

Taxation and social security

 

121,562

236,160

Accruals and deferred income

 

146,336

144,249

Other creditors

 

31,189

16,080

 

1,032,626

771,191

Creditors: amounts falling due after more than one year

Note

2022
£

2021
£

Due after one year

 

Loans and borrowings

2,042,447

1,912,917

12

Dividends

   

2022

 

2021

   

£

 

£

Final dividend of £1.00 (2021 - £2.00) per ordinary share

 

-

 

-

Interim dividend of £3.00 (2021 - £4.00) per ordinary share

 

185,085

 

-

   

185,085

 

-

         

13

Related party transactions

 

Drumconner Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022

Transactions with directors

2022

At 1 January 2022
£

Advances to director
£

Repayments by director
£

At 31 December 2022
£

Mr Peter William Creasey

Loan to director

(184,832)

(79,855)

184,832

(79,855)

         
       

 

2021

At 1 January 2021
£

Advances to director
£

At 31 December 2021
£

Mr Peter William Creasey

Loan to director

-

(184,832)

(184,832)

       
     

 

 

Drumconner Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022

Directors' remuneration

The directors' remuneration for the year was as follows:

2022
£

2021
£

Remuneration

305,168

72,056

Summary of transactions with associates
During the year the company was paid £27,500 (2021 £33,500) from Drumconner Homes (Bournemouth) Ltd for management services.
Amount due to related party at the balance sheet date was £50,741 (2021 -£84,201).
The company has a contingent liability, namely an unlimited multilateral guarantee with Drumconner Homes (Bournemouth) Limited. No interest was charged or terms applied.

Summary of transaction with other related parties
Drumconner Homes Limited.
During the year the company paid £0 (2021 £50,000) to Drumconner Homes Limited for staff services.
Amount due to related party at the balance sheet date was £207,201 (2021 £85,207).
The company has a contingent liability, namely an unlimited multilateral guarantee with Drumconner Homes Limited. No interest was charged or terms applied.

Mr P W Creasey
A director of the company.

 Amount due from related party at the balance sheet date was £87,038 (2021 £184,832).
No interest was charged or terms applied.

 

14

Share capital

Allotted, called up and fully paid shares

 

2022

2021

 

No.

£

No.

£

Ordinary shares of £1 each

1,000

1,000

1,000

1,000