Company registration number 09380787 (England and Wales)
DR1 ASSET MANAGEMENT LTD
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
DR1 ASSET MANAGEMENT LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 7
DR1 ASSET MANAGEMENT LTD
BALANCE SHEET
AS AT
31 MARCH 2023
31 March 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
1
2,525
Investment properties
4
6,033,525
5,560,000
Investments
5
826
621
6,034,352
5,563,146
Current assets
Debtors
7
145,637
151,535
Cash at bank and in hand
533,768
10,628
679,405
162,163
Creditors: amounts falling due within one year
8
(14,934)
(42,531)
Net current assets
664,471
119,632
Total assets less current liabilities
6,698,823
5,682,778
Creditors: amounts falling due after more than one year
9
(3,692,881)
(3,041,994)
Provisions for liabilities
(76,283)
(8,107)
Net assets
2,929,659
2,632,677
Capital and reserves
Called up share capital
10
100,000
100,000
Share premium account
2,369,696
2,369,696
Profit and loss reserves
459,963
162,981
Total equity
2,929,659
2,632,677
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 March 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.
The financial statements were approved by the board of directors and authorised for issue on 22 November 2023 and are signed on its behalf by:
R P Drone
Director
Company Registration No. 09380787
DR1 ASSET MANAGEMENT LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 2 -
1
Accounting policies
Company information
DR1 Asset Management Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Cardinal Point, Park Road, Rickmansworth, England, WD3 1RE.
1.1
Accounting convention
These financial statements have been prepared in accordance with 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 presented 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. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is measured at the fair value of the consideration received or receivable for the sale of goods and the rendering of services in the normal course of business, and is shown net of discounts and VAT.
Rental income
Operating lease income from investment properties is recognised in profit and loss on a straight-line basis over the lease term.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures and fittings
25% straight line
Computers
33% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
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 profit or loss.
1.5
Fixed asset investments
Other fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Transaction costs are expensed to profit or loss as incurred. Changes in fair value are recognised in other comprehensive income except to the extent that a gain reverses a loss previously recognised in profit or loss, or a loss exceeds the accumulated gains recognised in equity; such gains and loss are recognised in profit or loss.
DR1 ASSET MANAGEMENT LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 3 -
1.6
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
1.7
Financial instruments
The company has elected to apply the provisions of Section 11 ”Basic Financial Instruments” to all of its financial instruments.
Financial instruments are recognised in the company’s balance sheet when the company becomes party to the contractual provisions of the instrument.
Basic financial assets
Short term debtors are measured at transaction price less any provision for impairment. Loans receivable are measured initially at fair value, net of transaction costs and are subsequently carried at amortised costs using the effective interest method, less any provision for impairment.
Basic financial liabilities
Short term creditors are measured at transaction price. Other financial liabilities, including bank loans and other loans, are measured initially at fair value, net of transaction costs and are subsequently carried at amortised costs using the effective interest method.
1.8
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. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account.
DR1 ASSET MANAGEMENT LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 4 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
4
4
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2022 and 31 March 2023
16,870
Depreciation and impairment
At 1 April 2022
14,345
Depreciation charged in the year
2,524
At 31 March 2023
16,869
Carrying amount
At 31 March 2023
1
At 31 March 2022
2,525
4
Investment property
2023
£
Fair value
At 1 April 2022
5,560,000
Revaluations
473,525
At 31 March 2023
6,033,525
Investment property comprises properties held to earn rental receipts and for capital appreciation. The fair value of the investment property has been established by valuations carried out by the directors at the reporting end date, with reference to current market evidence of transaction prices of similar properties, recent valuations and the directors' own knowledge of the property market.
5
Fixed asset investments
2023
2022
£
£
Other investments other than loans
826
621
DR1 ASSET MANAGEMENT LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
5
Fixed asset investments
(Continued)
- 5 -
Movements in fixed asset investments
Investments
£
Cost or valuation
At 1 April 2022
621
Valuation changes
205
At 31 March 2023
826
Carrying amount
At 31 March 2023
826
At 31 March 2022
621
6
Financial instruments
2023
2022
£
£
Carrying amount of financial assets
Instruments measured at fair value through profit or loss
826
621
7
Debtors
2023
2022
Amounts falling due within one year:
£
£
Corporation tax recoverable
56,254
Other debtors
145,537
95,181
145,537
151,435
2023
2022
Amounts falling due after more than one year:
£
£
Unpaid share capital
100
100
Total debtors
145,637
151,535
DR1 ASSET MANAGEMENT LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 6 -
8
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
5,556
Trade creditors
12,195
Taxation and social security
11,402
7,902
Other creditors
3,532
16,878
14,934
42,531
9
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
39,475
Other creditors
3,692,881
3,002,519
3,692,881
3,041,994
Amounts within other creditors are secured by fixed charges over the investment properties.
Creditors which fall due after five years are as follows:
2023
2022
£
£
Payable by instalments
3,692,881
3,002,519
10
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and not fully paid
Ordinary shares of £1 each
100,000
100,000
100,000
100,000
DR1 ASSET MANAGEMENT LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 7 -
11
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2023
2022
£
£
Within one year
12,199
10,824
Between two and five years
2,928
12,445
15,127
23,269