REGISTERED NUMBER: |
Financial Statements |
for the Year Ended 31 December 2023 |
for |
DRC Properties Limited |
REGISTERED NUMBER: |
Financial Statements |
for the Year Ended 31 December 2023 |
for |
DRC Properties Limited |
DRC Properties Limited (Registered number: 03061333) |
Contents of the Financial Statements |
for the Year Ended 31 December 2023 |
Page |
Company Information | 1 |
Abridged Statement of Financial Position | 2 |
Notes to the Financial Statements | 3 |
DRC Properties Limited |
Company Information |
for the Year Ended 31 December 2023 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
4 Cedar Park |
Ferndown Industrial Estate |
Wimborne |
Dorset |
BH21 7SF |
DRC Properties Limited (Registered number: 03061333) |
Abridged Statement of Financial Position |
31 December 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Investments | 4 |
Investment property | 5 |
CURRENT ASSETS |
Debtors |
Cash in hand |
CREDITORS |
Amounts falling due within one year |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings |
SHAREHOLDERS' FUNDS |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
DRC Properties Limited (Registered number: 03061333) |
Notes to the Financial Statements |
for the Year Ended 31 December 2023 |
1. | STATUTORY INFORMATION |
DRC Properties Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
These financial statements have been prepared on a going concern basis, due to the continuing support of the parent company. The period of consideration is one year from the date of approval of the financial statements. |
The functional currency of the company is considered to be pounds sterling because that is the currency of the primary economic environment in which the company operates. |
Turnover |
Turnover represents aggregate rental income and property management charges receivable in respect of the accounting period, excluding value added tax. |
Investment property |
Investment properties for which fair value can be measured reliably without undue cost or effort on an ongoing basis are measured at fair value annually with any change recognised in the profit and loss account. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Investments in joint ventures |
Investments in joint ventures are accounted for at cost. Investments are deemed to be joint ventures where multiple parties have joint control of the arrangement and have rights to the net assets of the arrangement. |
DRC Properties Limited (Registered number: 03061333) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
2. | ACCOUNTING POLICIES - continued |
Debtors |
Short term debtors are measured at transaction price, less any provisions for amounts considered irrecoverable. |
Creditors |
Short term creditors are measured at transaction price. Other financial liabilities, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was NIL (2022 - NIL). |
4. | FIXED ASSET INVESTMENTS |
Information on investments other than loans is as follows: |
Totals |
£ |
COST |
At 1 January 2023 |
and 31 December 2023 | 2,143,333 |
NET BOOK VALUE |
At 31 December 2023 | 2,143,333 |
At 31 December 2022 | 2,143,333 |
5. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 January 2023 |
Revaluations | 807,492 |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. The directors have considered the fair value of investment properties and a revaluation of £807,492 has been recognised in the year. |
DRC Properties Limited (Registered number: 03061333) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
5. | INVESTMENT PROPERTY - continued |
Fair value at 31 December 2023 is represented by: |
£ |
Valuation in 2001 | 20,000 |
Valuation in 2002 | 220,000 |
Valuation in 2006 | 443,376 |
Valuation in 2009 | (660,470 | ) |
Valuation in 2015 | (34,003 | ) |
Valuation in 2018 | 565,325 |
Valuation in 2023 | 807,492 |
Cost | 8,704,660 |
10,066,380 |
If the investment properties had not been revalued they would have been included at the following historical cost: |
2023 | 2022 |
£ | £ |
Cost | 8,704,660 | 8,704,660 |
Freehold investment properties were valued on an open market basis on 31 December 2023 by the directors . |
6. | SECURED DEBTS |
There are three outstanding charges registered at Companies House. |
A Debenture Charge is between DRCP and DRH in relation to the intercompany loan and is charged against all property and assets. |
A Deed of Variation charge is between DRCP and James Hay Pension Trustees LTD and Trustees of the Derek Raphael Retirement Benefits Scheme in relation to mortgage on the land North West of Attercliffe Road, Sheffield. |
A Deed of Covenant charge is between DRCP and Homes and Communities Agency in relation to the mortgage on Unit 7 Webster Court, Warrington. |
7. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
8. | RELATED PARTY DISCLOSURES |
DRC Properties Limited has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions between wholly owned subsidiaries and the parent of the group. |
Riccarton Properties LLP is an associated undertaking. Included within other debtors is a balance of £805,000 (2022: £805,000) owed by the associate at the year end. |