Caseware UK (AP4) 2022.0.179 2022.0.179 2021-11-09falseOther letting and operating of own or leased real estate10falsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 13903550 2021-11-08 13903550 2021-11-09 2023-02-28 13903550 2021-01-01 2021-11-08 13903550 2023-02-28 13903550 c:Director1 2021-11-09 2023-02-28 13903550 d:FreeholdInvestmentProperty 2021-11-09 2023-02-28 13903550 d:FreeholdInvestmentProperty 2023-02-28 13903550 d:CurrentFinancialInstruments 2023-02-28 13903550 d:Non-currentFinancialInstruments 2023-02-28 13903550 d:CurrentFinancialInstruments d:WithinOneYear 2023-02-28 13903550 d:Non-currentFinancialInstruments d:AfterOneYear 2023-02-28 13903550 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-02-28 13903550 d:ShareCapital 2021-11-09 2023-02-28 13903550 d:ShareCapital 2023-02-28 13903550 d:RetainedEarningsAccumulatedLosses 2021-11-09 2023-02-28 13903550 d:RetainedEarningsAccumulatedLosses 2023-02-28 13903550 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2023-02-28 13903550 c:FRS102 2021-11-09 2023-02-28 13903550 c:AuditExempt-NoAccountantsReport 2021-11-09 2023-02-28 13903550 c:FullAccounts 2021-11-09 2023-02-28 13903550 c:PrivateLimitedCompanyLtd 2021-11-09 2023-02-28 iso4217:GBP xbrli:pure

Registered number: 13903550










Dragon Armoury Creative limited








Unaudited

Financial statements

Information for filing with the registrar

For the period ended 28 February 2023

 
Dragon Armoury Creative limited
Registered number: 13903550

Balance sheet
As at 28 February 2023

2023
Note
£

Fixed assets
  

Investment property
  
890,774

  
890,774

Current assets
  

Debtors: amounts falling due within one year
 5 
19,000

Cash at bank and in hand
 6 
8,683

  
27,683

Creditors: amounts falling due within one year
 7 
(445,614)

Net current (liabilities)/assets
  
 
 
(417,931)

Total assets less current liabilities
  
472,843

Creditors: amounts falling due after more than one year
 8 
(483,304)

  

Net (liabilities)/assets
  
(10,461)


Capital and reserves
  

Called up share capital 
  
1

Profit and loss account
  
(10,462)

  
(10,461)


The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the period in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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

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

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 6 November 2023.




Finbarr Marcus Notte
Director

The notes on pages 3 to 7 form part of these financial statements.

Page 1

 
Dragon Armoury Creative limited
 

Statement of changes in equity
For the period ended 28 February 2023


Called up share capital
Profit and loss account
Total equity

£
£
£


Comprehensive income for the period

Loss for the period

-
(10,462)
(10,462)


Other comprehensive income for the period
-
-
-


Total comprehensive income for the period
-
(10,462)
(10,462)


Contributions by and distributions to owners

Shares issued during the period
1
-
1


Total transactions with owners
1
-
1


At 28 February 2023
1
(10,462)
(10,461)

The notes on pages 3 to 7 form part of these financial statements.

Page 2

 
Dragon Armoury Creative limited
 

 
Notes to the financial statements
For the period ended 28 February 2023

1.


General information

Dragon Armoury Creative 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 company information page. The principal activity of the company is that of property management.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

The following principal accounting policies have been applied:

 
2.2

Going concern

Despite the company reporting net current liabilities of £417,931 as at 28 February 2023, the financial statements have been prepared on a going concern basis. Included within "Creditors: amounts due within one year" is an amount of £380,709 due to a company under common control who have confirmed they will not call for repayment of this sum until the company has sufficient cash reserves to do so, without prejudice to the company's other creditors, and for a period of at least twelve months from the date of approval of the financial statements. For this reason, the director continues to adopt the going concern basis in preparing the financial statements.

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.4

Borrowing costs

All borrowing costs are recognised in profit or loss in the period in which they are incurred.

Page 3

 
Dragon Armoury Creative limited
 

 
Notes to the financial statements
For the period ended 28 February 2023

2.Accounting policies (continued)

 
2.5

Investment property

Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

 
2.6

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.7

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.8

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.9

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the
Page 4

 
Dragon Armoury Creative limited
 

 
Notes to the financial statements
For the period ended 28 February 2023

2.Accounting policies (continued)


2.9
Financial instruments (continued)

estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.


3.


Employees

The average monthly number of employees, including the director, during the period was as follows:


        2023
            No.






Director
1

Page 5

 
Dragon Armoury Creative limited
 

 
Notes to the financial statements
For the period ended 28 February 2023

4.


Investment property


Freehold investment property

£



Valuation


Additions at cost
890,774



At 28 February 2023
890,774

The 2023 valuations were made by via the completion document of the property which was purchased within the current financial year. Going forward, the fair value method will be used to value the property.





5.


Debtors

2023
£


Trade debtors
15,200

Prepayments and accrued income
3,800

19,000



6.


Cash and cash equivalents

2023
£

Cash at bank and in hand
8,683

8,683



7.


Creditors: Amounts falling due within one year

2023
£

Bank loans
33,385

Other loans
380,709

Other creditors
28,520

Accruals and deferred income
3,000

445,614


Page 6

 
Dragon Armoury Creative limited
 

 
Notes to the financial statements
For the period ended 28 February 2023

8.


Creditors: Amounts falling due after more than one year

2023
£

Bank loans
483,304

483,304



9.


Loans


Analysis of the maturity of loans is given below:


2023
£

Amounts falling due within one year

Bank loans
33,385

Other loans
380,709


414,094

Amounts falling due 1-2 years

Bank loans
483,304


483,304



897,398



10.


Financial instruments

2023
£

Financial assets


Financial assets measured at fair value through profit or loss
8,683




11.


Related party transactions

During the year the company received a loan from FMN Limited of £380,709,  a company controlled by F M Notte, the director and shareholder of the company. At the balance sheet date the amount outstanding was £380,709. During the year the company received rental income of £11,500 from FMN Limited. At the balance sheet date the amount outstanding was £11,500. In addition, the company received rental income of £7,500 from F M Notte in the current year, at the balance sheet date the amount outstanding was £7,500. The outstanding balances regarding rental income were paid after the year end.


Page 7