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Registered number: 11094272











DRAGONCREST LIMITED
FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

 
DRAGONCREST LIMITED
 

CONTENTS



Page
Balance Sheet
 
1 - 2
Notes to the Financial Statements
 
3 - 9


 
DRAGONCREST LIMITED
REGISTERED NUMBER:11094272

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
40,013
50,047

Investments
 5 
2,131,173
2,143,621

  
2,171,186
2,193,668

Current assets
  

Debtors
 6 
2,078,267
1,734,577

Current asset investments
 7 
823,293
461,521

Cash at bank and in hand
  
158,533
219,911

  
3,060,093
2,416,009

Creditors: amounts falling due within one year
 8 
(1,145,997)
(1,724,352)

Net current assets
  
 
 
1,914,096
 
 
691,657

Total assets less current liabilities
  
4,085,282
2,885,325

Provisions for liabilities
  

Deferred tax
 9 
(10,003)
(12,512)

Net assets
  
4,075,279
2,872,813


Capital and reserves
  

Allotted, called up and fully paid share capital
 10 
66,400
66,400

Share premium account
  
1,628,640
1,628,640

Profit and loss account
  
2,380,239
1,177,773

Total shareholder's equity
  
4,075,279
2,872,813


Page 1

 
DRAGONCREST LIMITED
REGISTERED NUMBER:11094272

BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023

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 Director's Report and the Statement of Income and Retained Earnings in accordance with provisions applicable to companies subject to the small companies regime, under section 444 of the Companies Act 2006.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 5 September 2024.




C A Michelin
Director

The notes on pages 3 to 9 form part of these financial statements.

Page 2

 
DRAGONCREST LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Dragoncrest Limited (company number: 11094272), having its registered at Crockmore House, Fawley, Henley On Thames, Oxfordshire, RG9 6HY, is a private limited company incorporated in England and Wales.

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 financial statements are prepared in GBP sterling, which is the functional currency of the Company. Monetary amounts in these financial statements are rounded to the nearest £ (GBP).

The following principal accounting policies have been applied:

  
2.2

Statement of Cash Flows

The Company has taken advantage of the exemption in Financial Reporting Standard 102, Section 1A.7 from the requirement to produce a Statement of Cash Flows on the grounds that it is a small company.

 
2.3

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover 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 turnover is recognised:

Rendering of services

Turnover 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 turnover 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.

 
2.4

Interest income

Interest income is recognised in the Statement of Income and Retained Earnings using the effective interest method.

 
2.5

Finance costs

Finance costs are charged to the Statement of Income and Retained Earnings 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.

Page 3

 
DRAGONCREST LIMITED
 

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
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

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings.

The current corporation 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. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date.

Page 4

 
DRAGONCREST LIMITED
 

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.8

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Motor vehicles
-
20%
on reducing balance
Office equipment
-
25%
on reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of Income and Retained Earnings.

 
2.9

Valuation of investments

Investments in associates 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 Income and Retained Earnings for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

 
2.10

Debtors

Short-term debtors are measured at transaction price, less any impairment.

 
2.11

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. 

 
2.12

Creditors

Short-term creditors are measured at the transaction price. 

 
2.13

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to the Statement of Income and Retained Earnings in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
 
When payments are eventually made, they are charged to the provision carried in the Balance Sheet.

Page 5

 
DRAGONCREST LIMITED
 

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

  
2.14

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 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.
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 lossis recognised in the Statement of Income and Retained Earnings.


3.


Employees

The average monthly number of employees, including directors, during the year was 2 (2022 - 2).


4.


Tangible fixed assets





Motor vehicles
Office equipment
Total

£
£
£



Cost


At 1 January 2023
56,080
1,208
57,288



At 31 December 2023

56,080
1,208
57,288



Depreciation


At 1 January 2023
6,543
698
7,241


Charge for the year
9,907
127
10,034



At 31 December 2023

16,450
825
17,275



Net book value



At 31 December 2023
39,630
383
40,013



At 31 December 2022
49,537
510
50,047

Page 6

 
DRAGONCREST LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Fixed asset investments





Unlisted investments

£



Cost


At 1 January 2023
2,143,621


Additions
99,120


Disposals
(111,568)



At 31 December 2023
2,131,173




Page 7

 
DRAGONCREST LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

6.


Debtors

2023
2022
£
£

Due within one year

Trade debtors
54,085
52,435

Other debtors
1,887,532
1,535,200

Prepayments and accrued income
136,650
146,942

2,078,267
1,734,577



7.


Current asset investments

2023
2022
£
£

Unlisted investments
823,293
461,521



8.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
49
381,104

Corporation tax
247,135
44,318

Other taxation and social security
30,695
85,315

Other creditors
857,869
1,205,730

Accruals
10,249
7,885

1,145,997
1,724,352


Page 8

 
DRAGONCREST LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

9.


Deferred taxation




2023


£



At beginning of year
(12,512)


Utilised in year
2,509



At end of year
(10,003)

The deferred taxation balance is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(10,003)
(12,512)


10.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



56,400 (2022 - 56,400) A Ordinary shares of £1.00 each
56,400
56,400
10,000 (2022 - 10,000) B Ordinary shares of £1.00 each
10,000
10,000

66,400

66,400



11.Other financial commitments

As at 31 December 2023, the Company held an investment in an associate of £357,500 (2022: £357,500). The Company granted a fixed charge over its investment in this associate and its entitlement to future distributions from the associate, as security for a bank loan obtained by the associate.


12.


Related party transactions

Included within other debtors as at the 31 December 2023 was £329,832 (2022: £408,569 creditor) due from the Director of the company. No interest is accruing on this loan.
Included within other creditors as at 31 December 2023 was £530,795 
(2022: £515,825) due to a shareholder of the company. Interest is accruing on this loan of 3% per annum.


Page 9