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Registered number: 11248704










P D DRAKE HOUSING LTD








UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

 
P D DRAKE HOUSING LTD
 
 
  
CHARTERED ACCOUNTANTS' REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF P D DRAKE HOUSING LTD
FOR THE YEAR ENDED 31 MARCH 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of P D Drake Housing Ltd for the year ended 31 March 2024 which comprise  the Balance sheet and the related notes from the Company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW)we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com /regulation.

This report is made solely to the director of P D Drake Housing Ltd in accordance with the terms of our engagement letter dated 26 June 2023Our work has been undertaken solely to prepare for your approval the financial statements of P D Drake Housing Ltd and state those matters that we have agreed to state to the director of P D Drake Housing Ltd in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than P D Drake Housing Ltd and its director for our work or for this report. 

It is your duty to ensure that P D Drake Housing Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of P D Drake Housing Ltd. You consider that P D Drake Housing Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or review of the financial statements of P D Drake Housing Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

  



MA Partners LLP
 
Chartered Accountants
  
7 The Close
Norwich
Norfolk
NR1 4DJ
26 July 2024
Page 1

 
P D DRAKE HOUSING LTD
REGISTERED NUMBER: 11248704

BALANCE SHEET
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Investment property
 4 
970,000
885,173

  
970,000
885,173

Current assets
  

Cash at bank and in hand
  
2,606
2,640

  
2,606
2,640

Creditors: amounts falling due within one year
 5 
(264,419)
(307,351)

Net current liabilities
  
 
 
(261,813)
 
 
(304,711)

Total assets less current liabilities
  
708,187
580,462

Creditors: amounts falling due after more than one year
 6 
(680,872)
(555,655)

Provisions for liabilities
  

Deferred tax
  
(7,699)
(7,401)

Net assets
  
19,616
17,406


Capital and reserves
  

Called up share capital 
  
100
100

Investment property reserve
 7 
32,826
31,553

Profit and loss account
 7 
(13,310)
(14,247)

  
19,616
17,406


Page 2

 
P D DRAKE HOUSING LTD
REGISTERED NUMBER: 11248704
    
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024

The director considers 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 director acknowledges his 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 profit and loss account 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 on 26 July 2024.




P D Drake
Director

The notes on pages 4 to 7 form part of these financial statements.

Page 3

 
P D DRAKE HOUSING LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

Saddlewood Property Ltd is a United Kingdom Company limited by shares. It is incorporated and domiciled in England and Wales. The registered office address is 7 The Close, Norwich, NR1 4DJ.
The Company's principal activity is that of property letting in England.

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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

 
2.2

Going concern

The directors will continue to support the Company, where required, for the foreseeable future. The directors therefore consider it appropriate to prepare the financial statements on a going concern basis.

 
2.3

Revenue

Turnover comprises rents receivable during the year, recognised on an accruals in accordance with the period for which rent is due under the terms of the lease. The Company is not registered for Value Added Tax.

 
2.4

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.

 
2.5

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 4

 
P D DRAKE HOUSING LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.6

Current and deferred taxation

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

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

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.7

Investment property

Investment property is carried at fair value determined annually by the director 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

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.

 
2.9

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.


3.


Employees




The average monthly number of employees, including directors, during the year was 1 (2023 - 1).

Page 5

 
P D DRAKE HOUSING LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

4.


Investment property


Freehold investment property

£



Valuation


At 1 April 2023
885,173


Additions at cost
83,256


Surplus on revaluation
1,571



At 31 March 2024
970,000

The 2024 valuations were made by the director, on an open market value for existing use basis.





5.


Creditors: Amounts falling due within one year

2024
2023
£
£

Other loans
232,000
290,000

Other creditors
17,467
14,428

Accruals and deferred income
14,952
2,923

264,419
307,351


Page 6

 
P D DRAKE HOUSING LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

6.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
389,309
392,074

Amounts owed to associates
291,563
163,581

680,872
555,655


The aggregate amount of liabilities repayable wholly or in part more than five years after the balance sheet date is:

2024
2023
£
£


Repayable other than by instalments
389,309
392,074

389,309
392,074

The bank loans are secured by way of a fixed charge over the Company's investment properties.


7.


Reserves

Investment property revaluation reserve

The fair value reserve represents the cumulative value of revaluations of the Company's investment properties to fair value, net of deferred tax. The amounts debited or credited to this reserve are transfers from the profit and loss account. Deferred tax is provided for on these fair value adjustments at the standard rate of corporation tax applicable in the UK.


8.


Related party transactions

As at 31 March 2024, the balance owed to the director was £17,467 (2023: £14,428).

 
Page 7