Caseware UK (AP4) 2022.0.179 2022.0.179 2023-03-312023-03-31falsetrue2022-04-01During the year the principal activity was that of property letting. The company also has other investment holdings which were purchased during the year.66trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 00212346 2022-04-01 2023-03-31 00212346 2021-04-01 2022-03-31 00212346 2023-03-31 00212346 2022-03-31 00212346 1 2022-04-01 2023-03-31 00212346 d:Director1 2022-04-01 2023-03-31 00212346 c:FreeholdInvestmentProperty 2023-03-31 00212346 c:FreeholdInvestmentProperty 2022-03-31 00212346 c:FreeholdInvestmentProperty 2 2022-04-01 2023-03-31 00212346 c:CurrentFinancialInstruments 2023-03-31 00212346 c:CurrentFinancialInstruments 2022-03-31 00212346 c:CurrentFinancialInstruments 1 2023-03-31 00212346 c:CurrentFinancialInstruments 1 2022-03-31 00212346 c:Non-currentFinancialInstruments 2023-03-31 00212346 c:Non-currentFinancialInstruments 2022-03-31 00212346 c:Non-currentFinancialInstruments 1 2023-03-31 00212346 c:Non-currentFinancialInstruments 1 2022-03-31 00212346 c:CurrentFinancialInstruments c:WithinOneYear 2023-03-31 00212346 c:CurrentFinancialInstruments c:WithinOneYear 2022-03-31 00212346 c:ShareCapital 2023-03-31 00212346 c:ShareCapital 2022-03-31 00212346 c:InvestmentPropertiesRevaluationReserve 2022-04-01 2023-03-31 00212346 c:InvestmentPropertiesRevaluationReserve 2023-03-31 00212346 c:InvestmentPropertiesRevaluationReserve 2022-03-31 00212346 c:RetainedEarningsAccumulatedLosses 2022-04-01 2023-03-31 00212346 c:RetainedEarningsAccumulatedLosses 2023-03-31 00212346 c:RetainedEarningsAccumulatedLosses 2022-03-31 00212346 d:EntityNoLongerTradingButTradedInPast 2022-04-01 2023-03-31 00212346 d:FRS102 2022-04-01 2023-03-31 00212346 d:AuditExempt-NoAccountantsReport 2022-04-01 2023-03-31 00212346 d:FullAccounts 2022-04-01 2023-03-31 00212346 d:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 00212346 2 2022-04-01 2023-03-31 00212346 6 2022-04-01 2023-03-31 iso4217:GBP xbrli:pure

Registered number: 00212346










DRAKE & FLETCHER LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2023

 
DRAKE & FLETCHER LIMITED
REGISTERED NUMBER: 00212346

BALANCE SHEET
AS AT 31 MARCH 2023

2023
2022
Note
£
£

Fixed assets
  

Investments
 5 
1,500,513
1,505,404

Investment property
 6 
918,000
520,000

  
2,418,513
2,025,404

Current assets
  

Debtors: amounts falling due after more than one year
 7 
629,909
427,614

Debtors: amounts falling due within one year
 7 
1,558,302
1,586,858

Cash at bank and in hand
  
12,084
575,683

  
2,200,295
2,590,155

Creditors: amounts falling due within one year
 8 
(864,559)
(1,154,226)

Net current assets
  
 
 
1,335,736
 
 
1,435,929

Total assets less current liabilities
  
3,754,249
3,461,333

  

Net assets
  
3,754,249
3,461,333


Capital and reserves
  

Called up share capital 
  
57,600
57,600

Investment property reserve
 10 
843,325
445,325

Profit and loss account
 10 
2,853,324
2,958,408

  
3,754,249
3,461,333


Page 1

 
DRAKE & FLETCHER LIMITED
REGISTERED NUMBER: 00212346
    
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2023

The directors consider 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 year in question in accordance with section 476 of the Companies Act 2006.

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 financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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 by: 




Mr J Fletcher
Director

Date: 25 November 2023

The notes on pages 3 to 8 form part of these financial statements.

Page 2

 
DRAKE & FLETCHER LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

1.


General information

Drake & Fletcher Limited is a private company limited by shares incorporated in England and Wales in the United Kingdom. The address of the registered office is Victoria Court, 17-21 Ashford Road, Maidstone, Kent, ME14 5DA.
During the year the principal activity was that of property letting and also the holding of other investments in the year. 

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 Section 1A of 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 judgement in applying the Company's accounting policies (see note 3).

The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £1.

The following principal accounting policies have been applied:

 
2.2

Going concern

The financial statements have been prepared on a going concern basis. No material uncertainties that may cast significant doubt about the ability of the company to continue as a going concern have been identified by the directors. 

 
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.

Page 3

 
DRAKE & FLETCHER LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.4

Investment income

Interest income is recognised in profit or loss using the effective interest method.

 
2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.6

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.7

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.

 
2.8

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Statement of comprehensive income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

 
2.9

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.

 
2.10

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.

Page 4

 
DRAKE & FLETCHER LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.11

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.
 
 
2.12

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of comprehensive income.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the balance sheet date.


3.


Judgements in applying accounting policies and key sources of estimation uncertainty

No significant judgements have been made by management in preparing these financial statements.  


4.


Employees

The average monthly number of employees, including directors, during the year was 6 (2022 - 6).

Page 5

 
DRAKE & FLETCHER LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

5.


Fixed asset investments





Unlisted investments

£



Cost or valuation


At 1 April 2022
1,505,404


Additions
174


Disposals
(31,961)


Revaluations
26,896



At 31 March 2023
1,500,513





6.


Investment property


Freehold investment property

£



Valuation


At 1 April 2022
520,000


Surplus on revaluation
398,000



At 31 March 2023
918,000

The 2023 valuations were made by the directors, on an open market value for existing use basis.




Page 6

 
DRAKE & FLETCHER LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

7.


Debtors

2023
2022
£
£

Due after more than one year

Loans
629,909
427,614

629,909
427,614


2023
2022
£
£

Due within one year

Amounts owed by group undertakings
1,546,482
1,546,482

Other debtors
4,957
7,111

Prepayments and accrued income
6,863
7,265

Financial instruments
-
26,000

1,558,302
1,586,858



8.


Creditors: Amounts falling due within one year

2023
2022
£
£

Other taxation and social security
2,895
367

Other creditors
843,742
1,136,800

Accruals and deferred income
17,922
17,059

864,559
1,154,226



9.


Creditors: Amounts falling due after more than one year





10.


Reserves

Fair value reserve

The investment property revaluation reserve includes all current year and previous revaluations of investment property.

Profit and loss account

The profit and loss account is the cumulative total of profits and losses of the company.

Page 7

 
DRAKE & FLETCHER LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

11.


Pension commitments

Defined contribution
The company contributes to money purchase pension schemes for certain directors and employees. Employers contributions are charged to the profit and loss account as they fall due.
Contributions payable by the company for the year ended 31 March 2023 are £6,916 (2022 - £6,916). Contributions totalling £1,450 (2022 - £1,450) were payable to the fund at the balance sheet date and are included in creditors.


12.


Post balance sheet events

After the year end, the company sold investment property for consideration of £918,000.


13.


Controlling party

The company is under the control of Rosestone Investments Limited, by virtue of its majority shareholding.

Page 8