Company registration number 11970678 (England and Wales)
DRONSFIELDS HOLDINGS LIMITED
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
DRONSFIELDS HOLDINGS LIMITED
COMPANY INFORMATION
Directors
A Dronsfield
E Dronsfield
I L Dronsfield
M Dronsfield
Company number
11970678
Registered office
Pennine Works
Mossdown Road
Royton
Oldham
OL2 6HS
Accountants
Cowgills Limited
Fourth Floor
Unit 5B, The Parklands
Bolton
BL6 4SD
DRONSFIELDS HOLDINGS LIMITED
CONTENTS
Page
Directors' report
1
Accountants' report
2
Statement of comprehensive income
3
Balance sheet
4
Statement of changes in equity
5
Notes to the financial statements
6 - 9
DRONSFIELDS HOLDINGS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2024
- 1 -

The directors present their annual report and financial statements for the year ended 31 March 2024.

Principal activities

The principal activity of the company is that of a holding company.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

A Dronsfield
E Dronsfield
I L Dronsfield
M Dronsfield
Small companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

On behalf of the board
A Dronsfield
Director
10 September 2024
DRONSFIELDS HOLDINGS LIMITED
ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF DRONSFIELDS HOLDINGS LIMITED FOR THE YEAR ENDED 31 MARCH 2024
- 2 -

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Dronsfields Holdings Limited for the year ended 31 March 2024 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity 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 board of directors of Dronsfields Holdings Limited, as a body, in accordance with the terms of our engagement letter dated 30 August 2024. Our work has been undertaken solely to prepare for your approval the financial statements of Dronsfields Holdings Limited and state those matters that we have agreed to state to the board of directors of Dronsfields Holdings Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Dronsfields Holdings Limited and its board of directors as a body, for our work or for this report.

It is your duty to ensure that Dronsfields Holdings Limited 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 Dronsfields Holdings Limited. You consider that Dronsfields Holdings Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Dronsfields Holdings Limited. 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.

Cowgills Limited
10 September 2024
Chartered Accountants
Fourth Floor
Unit 5B, The Parklands
Bolton
BL6 4SD
DRONSFIELDS HOLDINGS LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
2024
2023
Notes
£
£
Turnover
-
-
Interest receivable and similar income
3
265,100
163,240
Profit before taxation
265,100
163,240
Tax on profit
-
0
-
0
Profit for the financial year
265,100
163,240

The profit and loss account has been prepared on the basis that all operations are continuing operations.

DRONSFIELDS HOLDINGS LIMITED
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 4 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
4
999,390
999,390
Current assets
Debtors
6
183,679
183,679
Net current assets
183,679
183,679
Net assets
1,183,069
1,183,069
Capital and reserves
Called up share capital
7
88
88
Other reserves
718,856
718,856
Profit and loss reserves
464,125
464,125
Total equity
1,183,069
1,183,069

For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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 members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 10 September 2024 and are signed on its behalf by:
A Dronsfield
Director
Company registration number 11970678 (England and Wales)
DRONSFIELDS HOLDINGS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024
- 5 -
Share capital
Other reserves
Profit and loss reserves
Total
£
£
£
£
Balance at 1 April 2022
88
718,856
464,125
1,183,069
Year ended 31 March 2023:
Profit and total comprehensive income for the year
-
-
163,240
163,240
Dividends
-
-
(163,240)
(163,240)
Balance at 31 March 2023
88
718,856
464,125
1,183,069
Year ended 31 March 2024:
Profit and total comprehensive income for the year
-
-
265,100
265,100
Dividends
-
-
(265,100)
(265,100)
Balance at 31 March 2024
88
718,856
464,125
1,183,069
DRONSFIELDS HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 6 -
1
Accounting policies
Company information

Dronsfields Holdings Limited is a private company limited by shares incorporated in England and Wales. The registered office is Pennine Works, Mossdown Road, Royton, Oldham, OL2 6HS.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.

1.2
Fixed asset investments

Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.3
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.4
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

DRONSFIELDS HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 7 -
Classification of financial liabilities

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.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.5
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
-
0
-
0
3
Interest receivable and similar income
2024
2023
£
£
Interest receivable and similar income includes the following:
Income from shares in group undertakings
265,100
163,240
DRONSFIELDS HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 8 -
4
Fixed asset investments
2024
2023
£
£
Investments
999,390
999,390
Movements in fixed asset investments
Shares in group undertakings
£
Cost or valuation
At 1 April 2023 & 31 March 2024
999,390
Carrying amount
At 31 March 2024
999,390
At 31 March 2023
999,390
5
Subsidiaries

Details of the company's subsidiaries at 31 March 2024 are as follows:

Name of undertaking
Address
Nature of business
Class of
% Held
shares held
Direct
Dronsfields Limited
1
Motor vehicle dismantler
Ordinary and Ordinary A shares of 1p each
100.00
Dronsfields Worldwide Limited
1
Dormant
Ordinary shares of £1 each
100.00

Registered office addresses (all UK unless otherwise indicated):

1
Pennine Works Mossdown Road, Royton, Greater Manchester, OL2 6HS
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
183,679
183,679
DRONSFIELDS HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 9 -
7
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A shares of £1 each
44
44
44
44
Ordinary B shares of £1 each
22
22
22
22
Ordinary C shares of £1 each
22
22
22
22
88
88
88
88

All share classes rank pari passu.

8
Directors' transactions

Dividends totalling £265,100 (2023 - £163,240) were paid in the year in respect of shares held by the company's directors.

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