DRN Global Investments Limited 09193195 false 2022-09-01 2023-08-31 2023-08-31 The principal activity of the company is Buying and selling of own real estate Digita Accounts Production Advanced 6.30.9574.0 true 09193195 2022-09-01 2023-08-31 09193195 2023-08-31 09193195 bus:OrdinaryShareClass1 bus:Non-cumulativeShares 2023-08-31 09193195 core:RetainedEarningsAccumulatedLosses 2023-08-31 09193195 core:RevaluationReserve 2023-08-31 09193195 core:ShareCapital 2023-08-31 09193195 core:CurrentFinancialInstruments 2023-08-31 09193195 core:CurrentFinancialInstruments core:WithinOneYear 2023-08-31 09193195 core:Non-currentFinancialInstruments 2023-08-31 09193195 core:Non-currentFinancialInstruments core:AfterOneYear 2023-08-31 09193195 core:MoreThanFiveYears 1 2023-08-31 09193195 bus:SmallEntities 2022-09-01 2023-08-31 09193195 bus:AuditExemptWithAccountantsReport 2022-09-01 2023-08-31 09193195 bus:FullAccounts 2022-09-01 2023-08-31 09193195 bus:SmallCompaniesRegimeForAccounts 2022-09-01 2023-08-31 09193195 bus:RegisteredOffice 2022-09-01 2023-08-31 09193195 bus:Director1 2022-09-01 2023-08-31 09193195 bus:OrdinaryShareClass1 bus:Non-cumulativeShares 2022-09-01 2023-08-31 09193195 bus:PrivateLimitedCompanyLtd 2022-09-01 2023-08-31 09193195 countries:England 2022-09-01 2023-08-31 09193195 2022-08-31 09193195 2021-09-01 2022-08-31 09193195 2022-08-31 09193195 bus:OrdinaryShareClass1 bus:Non-cumulativeShares 2022-08-31 09193195 core:RetainedEarningsAccumulatedLosses 2022-08-31 09193195 core:RevaluationReserve 2022-08-31 09193195 core:ShareCapital 2022-08-31 09193195 core:CurrentFinancialInstruments 2022-08-31 09193195 core:CurrentFinancialInstruments core:WithinOneYear 2022-08-31 09193195 core:Non-currentFinancialInstruments 2022-08-31 09193195 core:Non-currentFinancialInstruments core:AfterOneYear 2022-08-31 09193195 core:MoreThanFiveYears 1 2022-08-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 09193195

DRN Global Investments Limited

Filleted Unaudited Financial Statements

for the Year Ended 31 August 2023

 

DRN Global Investments Limited

(Registration number: 09193195)
Balance Sheet as at 31 August 2023

Note

2023
£

2022
£

Fixed assets

 

Investment property

4

700,000

551,063

Current assets

 

Cash at bank and in hand

 

8,176

32,834

Creditors: Amounts falling due within one year

5

(209,593)

(217,208)

Net current liabilities

 

(201,417)

(184,374)

Total assets less current liabilities

 

498,583

366,689

Creditors: Amounts falling due after more than one year

5

(170,121)

(192,135)

Provisions for liabilities

(25,937)

-

Net assets

 

302,525

174,554

Capital and reserves

 

Called up share capital

7

300

300

Revaluation reserve

123,000

-

Retained earnings

179,225

174,254

Shareholders' funds

 

302,525

174,554

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

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

 

DRN Global Investments Limited

(Registration number: 09193195)
Balance Sheet as at 31 August 2023

Approved and authorised by the Board on 8 April 2024 and signed on its behalf by:
 


Mr D Cormican
Director

   
 

DRN Global Investments Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
50-54 Oswald Road
Scunthorpe
North Lincolnshire
DN15 7PQ

Registration number: 09193195

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of returns, rebates and discounts.

The company recognises revenue when: the amount of revenue can be reliably measured; it is probable that future economic benefits will flow to the entity; and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

DRN Global Investments Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by the directors. The directors use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised at the transaction price.

Borrowings

Interest-bearing borrowings are recorded at fair value, net of transaction costs.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year was 0 (2022 - 0).

 

DRN Global Investments Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

4

Investment properties

2023
£

At 1 September

551,063

Fair value adjustments

148,937

At 31 August

700,000

The value of investment property is reviewed annually by the directors.

During the year the properties were revalued based upon the market value of similar properties.

5

Creditors

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

6

20,917

18,904

Amounts due to related parties

185,165

185,165

Social security and other taxes

 

2,015

11,643

Other creditors

 

1,496

1,496

 

209,593

217,208

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

6

170,121

192,135

 

DRN Global Investments Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

6

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Bank borrowings

20,917

18,904

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

170,121

192,135

Included in the loans and borrowings are the following amounts due after more than five years:

2023
£

2022
£

Due after more than five years

After more than five years by instalments

86,454

86,454

-

-


Secured creditors

The bank borrowings are secured by legal charges on the company's investment property and other assets.

7

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

300

300

300

300