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REGISTERED NUMBER: 05332710 (England and Wales)














REPORT OF THE DIRECTORS AND

UNAUDITED

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2023

FOR


DRE GROUP LIMITED



DRE GROUP LIMITED (REGISTERED NUMBER: 05332710)








CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2023





Page




Company Information  

1




Report of the Directors  

2




Consolidated Income Statement  

3




Consolidated Balance Sheet  

4




Company Balance Sheet  

6




Notes to the Consolidated Financial Statements

8





DRE GROUP LIMITED



COMPANY INFORMATION

FOR THE YEAR ENDED 31 JANUARY 2023









DIRECTORS:

D R England


S J England


Mrs S Paice







SECRETARY:

Mrs S M England







REGISTERED OFFICE:

High Cross Building


Lancaster Road


Hinckley


Leicestershire


LE10 0AW







REGISTERED NUMBER:

05332710 (England and Wales)







ACCOUNTANTS:

PWH Accountancy Ltd


The Counting House


High Street


Lutterworth


Leicestershire


LE17 4AY



DRE GROUP LIMITED (REGISTERED NUMBER: 05332710)



REPORT OF THE DIRECTORS

FOR THE YEAR ENDED 31 JANUARY 2023


The directors present their report with the financial statements of the company and the group for the year ended 31 January 2023.


PRINCIPAL ACTIVITY

The principal activity of the group in the year under review was that of Property development and investment and manufacturing.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 February 2022 to the date of this report.


D R England

S J England

Mrs S Paice


This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.


ON BEHALF OF THE BOARD:






Mrs S Paice - Director



24 October 2023



DRE GROUP LIMITED (REGISTERED NUMBER: 05332710)



CONSOLIDATED

INCOME STATEMENT

FOR THE YEAR ENDED 31 JANUARY 2023



2023


2022


Notes

£   

£   



TURNOVER

1,178,470


1,214,252




Cost of sales

19,947


28,210



GROSS PROFIT

1,158,523


1,186,042




Administrative expenses

700,586


756,100



457,937


429,942




Other operating income

40,245


24,129



Gain/loss on revaluation of assets

-


439,971



OPERATING PROFIT

5

498,182


894,042




Gain/loss on revaluation of assets

293,520


-



791,702


894,042




Interest payable and similar expenses

119,836


140,810



PROFIT BEFORE TAXATION

671,866


753,232




Tax on profit

(17,204

)

162,587



PROFIT FOR THE FINANCIAL YEAR

689,070


590,645




Profit attributable to:

Owners of the parent

689,070


590,645





DRE GROUP LIMITED (REGISTERED NUMBER: 05332710)



CONSOLIDATED BALANCE SHEET

31 JANUARY 2023



2023

2022



Notes

£   

£   

£   

£   


FIXED ASSETS

Intangible assets

7

175,000


175,001



Tangible assets

8

1,678,825


1,481,457



Investments

9



Interest in joint venture


Share of gross assets

1,366,638


790,342




Share of gross liabilities

(1,292,182

)

(741,464

)


74,456


48,878




Other investments

-


(1

)


Investment property

10

6,606,302


6,809,323



8,534,583


8,514,658




CURRENT ASSETS

Debtors

11

134,488


322,661



Cash at bank

1,529,150


1,310,081



1,663,638


1,632,742



CREDITORS

Amounts falling due within one year

12

1,488,995


1,676,579



NET CURRENT ASSETS/(LIABILITIES)

174,643


(43,837

)


TOTAL ASSETS LESS CURRENT

LIABILITIES

8,709,226


8,470,821




CREDITORS

Amounts falling due after more than one

year

13

(1,573,946

)

(1,965,098

)



PROVISIONS FOR LIABILITIES

14

(72,893

)

(132,406

)


NET ASSETS

7,062,387


6,373,317





DRE GROUP LIMITED (REGISTERED NUMBER: 05332710)



CONSOLIDATED BALANCE SHEET - continued

31 JANUARY 2023



2023

2022



Notes

£   

£   

£   

£   


CAPITAL AND RESERVES

Called up share capital

15

11,000


11,000



Share premium

2,474,977


2,474,977



Other reserves

1,823,542


1,530,022



Retained earnings

2,752,868


2,357,318



SHAREHOLDERS' FUNDS

7,062,387


6,373,317




The company and the group are entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2023.


The members have not required the company and the group to obtain an audit of its financial statements for the year ended 31 January 2023 in accordance with Section 476 of the Companies Act 2006.


The directors acknowledge their responsibilities for:

(a)

ensuring that the group 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 and the group as at the end of each financial year and of the group's 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 and the group.


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.


The financial statements were approved by the Board of Directors and authorised for issue on 24 October 2023 and were signed on its behalf by:





S J England - Director




Mrs S Paice - Director




DRE GROUP LIMITED (REGISTERED NUMBER: 05332710)



COMPANY BALANCE SHEET

31 JANUARY 2023



2023

2022



Notes

£   

£   

£   

£   


FIXED ASSETS

Intangible assets

7

-


-



Tangible assets

8

-


-



Investments

9

906,386


906,385



Investment property

10

-


-



906,386


906,385




CURRENT ASSETS

Debtors

11

1,045,876


1,062,157



Cash at bank

43,294


46,406



1,089,170


1,108,563



CREDITORS

Amounts falling due within one year

12

1,831,564


1,851,962



NET CURRENT LIABILITIES

(742,394

)

(743,399

)


TOTAL ASSETS LESS CURRENT

LIABILITIES

163,992


162,986




CAPITAL AND RESERVES

Called up share capital

15

11,000


11,000



Share premium

1,214,720


1,214,720



Retained earnings

(1,061,728

)

(1,062,734

)


SHAREHOLDERS' FUNDS

163,992


162,986




Company's profit for the financial year

1,007


64,555




The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2023.  


The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2023 in accordance with Section 476 of the Companies Act 2006.  


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.


DRE GROUP LIMITED (REGISTERED NUMBER: 05332710)



COMPANY BALANCE SHEET - continued

31 JANUARY 2023



The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.  


The financial statements were approved by the Board of Directors and authorised for issue on 24 October 2023 and were signed on its behalf by:






Mrs S Paice - Director




DRE GROUP LIMITED (REGISTERED NUMBER: 05332710)



NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2023


1.

STATUTORY INFORMATION



DRE Group Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.


The presentation currency of the financial statements is the Pound Sterling (£).


2.

STATEMENT OF COMPLIANCE



These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.


3.

ACCOUNTING POLICIES



Basis of preparing the financial statements


The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.  



Basis of consolidation


The group financial statements consolidate the financial statements of the company and its subsidiaries, details of which are set out in the notes below.The company acted as a holding company for the group and did not trade in its own right. During the year ended 31 January 2015 the group lost effective control of the assets of one of its subsidiary companies, as a result of which the subsidiary in question, Croskeep Limited, has been excluded from the consolidation under the provisions of Financial Reporting Standard 2-Accounting for Subsidiary Undertakings and section 409 of the Companies Act 2006.



Joint ventures


Joint ventures are accounted for using the equity method, whereby the investment is initially recognised at cost and adjusted thereafter for the post-acquisition change in the investor's share of the investee's net assets. The investor's profit or loss includes its share of the investee's profit or loss and the investor's other comprehensive income includes its share of the investee's other comprehensive income.



Critical accounting judgements and key sources of estimation uncertainty

In the application of the Company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered relevant, Actual results may differ from these estimates.


Turnover


Revenue comprises the fair value of the consideration received or receivable for the rendering of services in the ordinary course of the company's activities. Revenue is shown net of VAT and trade discounts.



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 and specific criteria have been met for each of the company's activities. The amount of revenue is not considered to be reliably measurable until all contingencies relating to the sale have been resolved. The company bases its estimates on historical results, taking into consideration the type of customer, the type of transaction and the specifics of each arrangement.



Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.


DRE GROUP LIMITED (REGISTERED NUMBER: 05332710)



NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 JANUARY 2023


3.

ACCOUNTING POLICIES - continued



Tangible fixed assets


Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.  


Improvements to property

-

in accordance with the property


Plant and machinery

-  

15% on reducing balance and Straight line over 50 years


Fixtures and fittings

-  

15% on reducing balance and 15% - 25% on reducing balance


Motor vehicles

-

25% on reducing balance



Investments in subsidiaries


Investments in subsidiary undertakings are recognised at cost.



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.


Financial instruments


Financial assets
Receivables are stated at amortised cost using the effective interest rate method. A provision for impairment of receivables is established where there is objective evidence that the company will not be able to collect all amounts due according to the original terms of payment. Receivables are considered for impairment on a case by case basis and any provision is based on the directors' assessment of the amount recoverable on each receivable.

Financial liabilities
The company's financial liabilities include trade and other payables, which are measured at amortised cost using the effective interest rate method. Financial liabilities are recognised when the company becomes a party to the contractual agreements of the instrument. Interest-related charges are recognised as an expense in the period in which they are incurred.

Cash and cash equivalents
Cash and cash equivalents includes cash in hand, deposits held at call with banks, other short-term highly liquid investments with original maturities of three months or less, and bank overdrafts.


Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated 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.


DRE GROUP LIMITED (REGISTERED NUMBER: 05332710)



NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 JANUARY 2023


3.

ACCOUNTING POLICIES - continued



Research and development

Expenditure on research and development is written off in the year in which it is incurred.



Foreign currencies

The financial statements are presented in GBP, being both the company's functional and presentation currency. Transactions denominated in foreign currencies are translated into GBP at the rates of exchange in operation on the dates of the transactions. Monetary assets and liabilities expressed in foreign currencies are translated into GBP at the rates of exchange prevailing at the date of the Statements of Financial Position. Translation differences are dealt with through the Statement of Comprehensive Income in the period in which they arise.


Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.


Pension costs and other post-retirement benefits


The group operates a defined contribution pension scheme.  Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.


4.

EMPLOYEES AND DIRECTORS



The average number of employees during the year was 18 (2022 - 18 ) .


5.

OPERATING PROFIT



The operating profit is stated after charging:



2023


2022

£   

£   



Depreciation - owned assets

30,007


26,311




6.

INDIVIDUAL INCOME STATEMENT



As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.



7.

INTANGIBLE FIXED ASSETS



Group


Goodwill

£   



COST


At 1 February 2022


and 31 January 2023

175,000




NET BOOK VALUE


At 31 January 2023

175,000




At 31 January 2022

175,000





DRE GROUP LIMITED (REGISTERED NUMBER: 05332710)



NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 JANUARY 2023


8.

TANGIBLE FIXED ASSETS



Group


Improvements



Freehold


to


Plant and


property


property


machinery

£   

£   

£   



COST OR VALUATION


At 1 February 2022

1,360,000


449,836


437,834




Additions

-


-


12,500




Revaluations

180,111


-


-




At 31 January 2023

1,540,111


449,836


450,334




DEPRECIATION


At 1 February 2022

-


447,963


338,952




Charge for year

-


-


4,798




At 31 January 2023

-


447,963


343,750




NET BOOK VALUE


At 31 January 2023

1,540,111


1,873


106,584




At 31 January 2022

1,360,000


1,873


98,882





Fixtures



and


Motor



fittings


vehicles


Totals

£   

£   

£   



COST OR VALUATION


At 1 February 2022

226,442


29,563


2,503,675




Additions

77,845


-


90,345




Revaluations

-


-


180,111




At 31 January 2023

304,287


29,563


2,774,131




DEPRECIATION


At 1 February 2022

251,062


27,322


1,065,299




Charge for year

24,821


388


30,007




At 31 January 2023

275,883


27,710


1,095,306




NET BOOK VALUE


At 31 January 2023

28,404


1,853


1,678,825




At 31 January 2022

(24,620

)

2,241


1,438,376





Cost or valuation at 31 January 2023 is represented by:



Improvements



Freehold


to


Plant and


property


property


machinery

£   

£   

£   



Valuation in 2023

1,540,111


449,836


450,334





DRE GROUP LIMITED (REGISTERED NUMBER: 05332710)



NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 JANUARY 2023


8.

TANGIBLE FIXED ASSETS - continued



Group



Fixtures



and


Motor



fittings


vehicles


Totals

£   

£   

£   



Valuation in 2023

304,287


29,563


2,774,131





If Freehold land and buildings had not been revalued they would have been included at the following historical cost:


2023

2022


£   

£   



Cost

1,310,000


1,310,000





Value of land in freehold land and buildings

300,000


300,000





Freehold land and buildings were valued on an open market basis on 31 January 2023 by the directors .


9.

FIXED ASSET INVESTMENTS



The names, shareholdings and principle activities of the subsidiary companies are given below.



All group companies are owned 100% except SSTL Investments Limited (50%) and the Registered Office is the same as the parent company.



Highcross Commercial Investments Limited - 10,000 deferred shares of £1 each and 10,000 Ordinary shares of $1 each (Property investment and development).



Burbage Cleaning Services Limited - 2 Ordinary shares of £1 each and 1 B Ordinary share of £1 (Cleaning services).



DRE Property Services Limited - 2 Ordinary shares of £1 each (Property management services).



Twycross Estates Limited -£1 Ordinary share of £1 (Property investment and development).




SSTL Investments Limited - 100 Ordinary shares of £1 each (property investment and development).



Cotswold Estates Limited - 500 shares of £1 each (property development and storage solutions)



As set out in note 3 above, and as required under section 409 of the Companies Act 2006 and the provisions of Financial Reporting Standard 2 (Accounting for Subsidiary Undertakings), Croskeep Limited has been excluded from the group consolidation because of severe long-term restrictions which substantially prohibit the exercise of the rights of the parent company over the assets and management of the company. Its aggregate capital and reserves at 31 January 2022 was a deficit of £16,545,739 . The company did not trade during 2022 and was dissolved during the year ended 31 January 2023. There is no responsibility or call on any group company is respect of the liabilities of Croskeep Limited.



DRE GROUP LIMITED (REGISTERED NUMBER: 05332710)



NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 JANUARY 2023


10.

INVESTMENT PROPERTY



Group


Total

£   



FAIR VALUE


At 1 February 2022

6,842,893




Additions

45,835




Disposals

(395,835

)



Revaluations

113,409




At 31 January 2023

6,606,302




NET BOOK VALUE


At 31 January 2023

6,606,302




At 31 January 2022

6,842,893





Fair value at 31 January 2023 is represented by:

£   



Valuation in 2023

6,606,302





If investment property had not been revalued it would have been included at the following historical cost:


2023

2022


£   

£   



Cost

1,809,934


2,620,947





investment property was valued on an open market basis on 31 January 2023 by the directors .


11.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR




Group


Company


2023

2022

2023

2022


£   

£   

£   

£   



Trade debtors

42,358


34,394


-


-




Amounts owed by group undertakings

-


-


357,030


857,030




Other debtors

36,264


174,629


4,450


199,619




No description

-


-


500,000


-




No description

-


-


184,396


-




VAT

-


-


-


650




Prepayments

55,866


113,638


-


4,858



134,488


322,661


1,045,876


1,062,157





DRE GROUP LIMITED (REGISTERED NUMBER: 05332710)



NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 JANUARY 2023


12.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR




Group


Company


2023

2022

2023

2022


£   

£   

£   

£   



Bank loans and overdrafts

180,432


139,255


-


-




Trade creditors

275,118


294,917


-


-




Tax

42,310


59,879


-


-




Social security and other taxes

35,561


33,500


-


-




Other creditors

510,005


608,785


82,250


82,249




Due to group companies

-


-


1,671,402


1,671,402




Directors' current accounts

77,912


98,311


77,912


98,311




Accrued expenses

367,657


441,932


-


-



1,488,995


1,676,579


1,831,564


1,851,962




13.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE

YEAR




Group


2023

2022


£   

£   



Bank loans - 1-2 years

10,000


10,000




Bank loans - 2-5 years

36,000


35,000




Bank loans more 5 yr by instal

1,527,946


1,920,098



1,573,946


1,965,098





Amounts falling due in more than five years:



Group


2023

2022


£   

£   



Repayable by instalments


Bank loans more 5 yr by instal

1,527,946


1,920,098




14.

PROVISIONS FOR LIABILITIES



Group


2023

2022


£   

£   



Deferred tax

72,893


132,406





Group


Deferred



tax


£   



Balance at 1 February 2022

132,406




Credit to Income Statement during year

(59,513

)



Balance at 31 January 2023

72,893





DRE GROUP LIMITED (REGISTERED NUMBER: 05332710)



NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 JANUARY 2023


15.

CALLED UP SHARE CAPITAL



The company's authorised, allotted, issued and fully paid share capital at 31 January 2021 and 31 January 2020 consisted of 10,000 'A' Ordinary shares of £1 each and 10,000 'B' Ordinary shares of 10 pence each,



The 'A' Ordinary shares carry full voting rights, rights to dividends and rights to participate in the proceeds of any distribution on winding up.



The 'B' Ordinary shares carry no voting rights and no dividend rights. On a return of capital, the assets of the company are distributable in the following order of priority:



First in paying to each of 'A' Ordinary and 'B' ordinary shareholders an amount equal to the price paid of such shown on a par passu basis;



Second, in paying to the 'A' ordinary shareholder an aggregate of £1.5 million;



Third, in paying any balance remaining after application of the above to the 'B' shareholders.


16.

RELATED PARTY DISCLOSURES



At £1 January 2023, an amount of £77,912 (2022 £98,311) was due to the director Mr D R England.



The group undertook the following transactions with related parties:



Rent paid to the DRE Group Pension Scheme - £Nil (2022 £8,250).



Fees collected from the DRE Group Pension Scheme - £1,000 (2022 £1,000).



Rent paid to the director Mr D R England - £44,000 (2022 £44,000).


17.

ULTIMATE CONTROLLING PARTY



The controlling party is D R England.



The ultimate controlling party is D R England.