Company No:
Contents
DIRECTORS | Mr D J Gough |
Mr R J Pascoe |
REGISTERED OFFICE | Centenary House Peninsula Park |
Rydon Lane | |
Exeter | |
EX2 7XE | |
England | |
United Kingdom |
COMPANY NUMBER | 12297637 (England and Wales) |
CHARTERED ACCOUNTANTS | Francis Clark LLP |
Centenary House | |
Peninsula Park | |
Rydon Lane | |
Exeter | |
Devon EX2 7XE |
Note | 2023 | 2022 | ||
£ | £ | |||
Fixed assets | ||||
Investments | 3 |
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545,502 | 243,270 | |||
Current assets | ||||
Debtors | 4 |
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Investments | 5 |
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Cash at bank and in hand |
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122,063 | 161,796 | |||
Creditors: amounts falling due within one year | 6 | (
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Net current assets | 67,402 | 94,322 | ||
Total assets less current liabilities | 612,904 | 337,592 | ||
Creditors: amounts falling due after more than one year | 7 | (
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Net assets |
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Capital and reserves | ||||
Called-up share capital | 8 |
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Profit and loss account |
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Total shareholders' funds |
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Directors' responsibilities:
The financial statements of Dragonrose Holdings Limited (registered number:
Mr D J Gough
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.
Dragonrose Holdings Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Centenary House Peninsula Park, Rydon Lane, Exeter, EX2 7XE, England, United Kingdom.
The principal place of business is Unit 5 Kingsmill Industrial Estate, Saunders Way, Cullompton, EX15 1BS, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. There are no material departures from FRS 102.
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.
Group accounts exemption s399
The Company has taken advantage of the exemption in section 399 of the Companies Act 2006 not to prepare consolidated accounts, because the group it heads qualifies as small. The financial statements present information about the Company as an individual entity only.
Turnover is recognised in the period to which it relates.
Defined contribution schemes
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
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.
Tax is recognised in the 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 corporation 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.
Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.
Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.
Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.
Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.
Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.
Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.
Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.
Other basic financial liabilities are measured at amortised cost.
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
Investments
Investments in non-convertible preference shares and non-puttable ordinary or preference shares (where shares are publicly traded or their fair value is reliably measurable) are measured at fair value through the Profit and Loss Account. Where fair value cannot be measured reliably, investments are measured at cost less impairment.
Loans and borrowings
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).
When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.
2023 | 2022 | ||
Number | Number | ||
Monthly average number of persons employed by the Company during the year, including directors |
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Investments in subsidiaries
2023 | |
£ | |
Cost | |
At 01 January 2023 |
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At 31 December 2023 |
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Carrying value at 31 December 2023 |
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Carrying value at 31 December 2022 |
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Listed investments | Investments in associates | Total | |||
£ | £ | £ | |||
Cost or valuation before impairment | |||||
At 01 January 2023 |
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Additions |
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Movement in fair value |
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At 31 December 2023 |
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Carrying value at 31 December 2023 |
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Carrying value at 31 December 2022 |
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Other investments comprise listed investments at fair value and other investments at cost less impairment.
The fair value of listed investments was determined with reference to the quoted market price at the reporting date. The cost of the shares on acquisition was £20,000. Other investments are held at cost less impairment because their fair value cannot be measured reliably.
The associate investment comprises an investment in Winslade Manor Ltd. On 8 March 2023, the Company entered into a call option to allow the other Winslade Manor Ltd shareholders to purchase 87 of the 175 shares that Dragonrose holds. The consideration payable on exercise of the option is £2,571.44 per share and the option can only be exercised by the buyer. This option will lapse on 29 April 2025. The Directors' assessment of the chance of the value of the share price exceeding £2,571.44 is low and therefore assess the value of the option as negligible.
2023 | 2022 | ||
£ | £ | ||
Trade debtors |
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Amounts owed by Group undertakings |
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Other debtors |
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2023 | 2022 | ||
£ | £ | ||
Other investments – at cost less impairment |
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2023 | 2022 | ||
£ | £ | ||
Bank loans |
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Amounts owed to Group undertakings |
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Amounts owed to own subsidiaries |
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Amounts owed to directors |
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Accruals |
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Taxation and social security |
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Other creditors |
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2023 | 2022 | ||
£ | £ | ||
Bank loans |
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Amounts owed to directors |
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Other loans |
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2023 | 2022 | ||
£ | £ | ||
Allotted, called-up and fully-paid | |||
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Other related party transactions
2023 | 2022 | ||
£ | £ | ||
Entity with two directors in common | 35,900 | 19,360 | |
Associate | 20,000 | 0 |
During the year the company made sales to the two related parties as listed above.