Company registration number 00411653 (England and Wales)
DRAPER COMMERCIAL LIMITED
ANNUAL REPORT AND
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 JANUARY 2023
PAGES FOR FILING WITH REGISTRAR
DRAPER COMMERCIAL LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 5
DRAPER COMMERCIAL LIMITED
BALANCE SHEET
AS AT
31 JANUARY 2023
31 January 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
291,823
292,704
Investment properties
4
13,445,000
13,075,000
13,736,823
13,367,704
Current assets
Debtors
2,130,614
2,093,675
Cash at bank and in hand
1,144,710
809,650
3,275,324
2,903,325
Creditors: amounts falling due within one year
(333,311)
(344,723)
Net current assets
2,942,013
2,558,602
Total assets less current liabilities
16,678,836
15,926,306
Provisions for liabilities
(1,062,727)
(927,106)
Net assets
15,616,109
14,999,200
Capital and reserves
Called up share capital
5
109,104
109,104
Fair value reserve
6,579,845
6,345,433
Capital redemption reserve
65,207
65,207
Profit and loss reserves
8,861,953
8,479,456
Total equity
15,616,109
14,999,200

In accordance with section 444 of the Companies Act 2006, all of the members of the company have consented to the preparation of abridged financial statements pursuant to paragraph 1A of Schedule 1 to the Small Companies and Groups (Accounts and Directors’ Report) Regulations (SI 2008/409)(b).

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 January 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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.

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

DRAPER COMMERCIAL LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 JANUARY 2023
31 January 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 17 November 2023 and are signed on its behalf by:
C E Brown
Director
Company Registration No. 00411653
DRAPER COMMERCIAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023
- 3 -
1
Accounting policies
Company information

Draper Commercial Limited is a private company limited by shares incorporated in England and Wales. The registered office is The Guardhouse, Tigers Road, Wigston, Leicester, LE18 4WS.

1.1
Basis of preparation

These financial statements have been prepared in accordance with applicable accounting standards including FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of investment properties at fair value. The principal accounting policies adopted are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

1.2
Turnover
Turnover represents amounts receivable for the provision of rented property and associated services net of VAT.  Rent is recognised as income, in the accounts, by reference to the occupancy during the accounting period.
1.3
Tangible fixed assets

Tangible fixed assets are measured at cost, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost of assets over their useful lives on the following bases:

Land and buildings Freehold
No depreciation
Plant and machinery
15% on net book value
Fixtures, fittings & equipment
15 - 25% on net book value
1.4
Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in the profit and loss account.

1.5
Financial instruments

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Debtors and creditors with no stated interest rate and receivable or payable within one year are measured at transaction price. Any losses arising from impairment are recognised in the profit and loss account.

1.6
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

DRAPER COMMERCIAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2023
1
Accounting policies
(Continued)
- 4 -
Deferred tax

Deferred taxation is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. Deferred tax is also provided in respect of the tax liability based on the fair value of properties less their tax value. The deferred tax balance has not been discounted.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
3
4
3
Tangible fixed assets
Total
£
Cost
At 1 February 2022
408,933
Additions
731
At 31 January 2023
409,664
Depreciation and impairment
At 1 February 2022
116,229
Depreciation charged in the year
1,612
At 31 January 2023
117,841
Carrying amount
At 31 January 2023
291,823
At 31 January 2022
292,704

The company has adopted the exemption under FRS 102 paragraph 16.9A and has elected to measure a freehold property held at the date of transfer at its fair value and use this value as the deemed cost for this property.

 

The historical cost equivalent of property stated at fair value is £108,484 (2022 £107,753 - previously disclosed with investment properties).

DRAPER COMMERCIAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2023
- 5 -
4
Investment property
2023
£
Fair value
At 1 February 2022
13,075,000
Revaluations
370,000
At 31 January 2023
13,445,000

The fair value of investment properties at 31January 2023 has been arrived at on the basis of a valuation completed on 15 May 2023 by Peter Tew & Co., Chartered Surveyors. The valuation was made on an open market basis.

 

The historical cost equivalent of investment properties stated at fair value is £6,031,378 (2022: £6,031,378).

 

5
Called up share capital
2023
2022
£
£
Ordinary share capital
Issued and fully paid
109,104 Ordinary shares of £1 each
109,104
109,104
109,104
109,104
6
Related party transactions
Transactions with related parties

Included in debtors, at the end of the accounting period £621,002 (2022 - £633,962) was owed by a company under common control. The loan is interest free and repayable on demand. Also included in debtors, the company's parent company owed £1,188,118 (2022 - £1,356,051) at the year end. The loan is interest free and repayable on demand.

7
Events after the reporting date

On June 15 2023 one of the company properties was subject to a fire which resulted in its complete destruction. The property was covered by insurance which provides for the cost of reinstatement and loss of income.

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