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COMPANY REGISTRATION NUMBER: 09172851
DRS Capital Limited
Filleted Unaudited Financial Statements
31 March 2023
DRS Capital Limited
Statement of Financial Position
31 March 2023
2023
2022
Note
£
£
Fixed assets
Investments
5
200
200
Current assets
Debtors
6
1,764,014
1,546,585
Investments
7
321,721
147,956
Cash at bank and in hand
405,476
468,994
------------
------------
2,491,211
2,163,535
Creditors: amounts falling due within one year
8
( 165,794)
( 253,954)
------------
------------
Net current assets
2,325,417
1,909,581
------------
------------
Total assets less current liabilities
2,325,617
1,909,781
------------
------------
Net assets
2,325,617
1,909,781
------------
------------
Capital and reserves
Called up share capital
9
200
200
Profit and loss account
2,325,417
1,909,581
------------
------------
Shareholders funds
2,325,617
1,909,781
------------
------------
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 statement of income and retained earnings has not been delivered.
For the year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
DRS Capital Limited
Statement of Financial Position (continued)
31 March 2023
These financial statements were approved by the board of directors and authorised for issue on 8 November 2023 , and are signed on behalf of the board by:
Mr D R Barrett
Director
Company registration number: 09172851
DRS Capital Limited
Notes to the Financial Statements
Year ended 31 March 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Jubilee Business Centre, 211 Kingsbury Road, London, NW9 8AQ.
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.
Consolidation
The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.
Revenue recognition
Revenue comprises consultancy services rendered to external customers and is measured at the fair value of consideration received or receivable for the services rendered, stated net of Value Added Tax. Revenue is recognised when substantially all the services are completed in full performance for the consideration due. For on going services, the revenue is recognised with reference to the stage of completion.
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.
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
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. Debt instruments are subsequently measured at amortised cost.
Debtors
Basic financial assets, including trade and other debtors, are initially recognised at transaction price, 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. Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.
Cash and cash equivalents
Cash and cash equivalents are represented by cash in hand, deposits held at call with financial institutions, and other short-term 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.
Creditors
Basic financial liabilities, including trade and other creditors, loans from third parties and loans from related parties, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Such instruments are subsequently carried at amortised cost using the effective interest method, less any impairment.
4. Employee numbers
The average number of persons employed by the company during the year was Nil.
5. Investments
Shares in group undertakings
£
Cost
At 1 April 2022 and 31 March 2023
200
----
Impairment
At 1 April 2022 and 31 March 2023
----
Carrying amount
At 31 March 2023
200
----
At 31 March 2022
200
----
6. Debtors
2023
2022
£
£
Amounts owed by group undertakings
10,212
10,212
Other debtors
1,753,802
1,536,373
------------
------------
1,764,014
1,546,585
------------
------------
7. Investments
2023
2022
£
£
Listed investments
321,721
147,956
---------
---------
8. Creditors: amounts falling due within one year
2023
2022
£
£
Amounts owed to group undertakings
99,731
199,679
Corporation tax
66,063
40,644
Social security and other taxes
12,131
Other creditors
1,500
---------
---------
165,794
253,954
---------
---------
9. Called up share capital
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary shares of £ 1 each
200
200
200
200
----
----
----
----
10. Director's advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
2023
Balance brought forward
Advances/ (credits) to the director
Amounts repaid
Balance outstanding
£
£
£
£
Mr D R Barrett
104,648
85,000
( 91,000)
98,648
---------
--------
--------
--------
2022
Balance brought forward
Advances/ (credits) to the director
Amounts repaid
Balance outstanding
£
£
£
£
Mr D R Barrett
( 352)
105,000
104,648
----
---------
----
---------
11. Related party transactions
The company has taken advantage of the exemption provided in FRS 102 Section 1A from disclosing transactions with members of the same group that are wholly owned.