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REGISTERED NUMBER: 03061333 (England and Wales)














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: Mr A Raphael
Mr P Raphael





SECRETARY: Mr A Abbott





REGISTERED OFFICE: 8 - 10 Castle Street
Cirencester
Gloucestershire
GL7 1QA





REGISTERED NUMBER: 03061333 (England and Wales)





AUDITORS: Ward Goodman Audit Services Ltd
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 2,143,333 2,143,333
Investment property 5 10,066,380 9,258,888
12,209,713 11,402,221

CURRENT ASSETS
Debtors 833,888 899,278
Cash in hand 327,181 502,366
1,161,069 1,401,644
CREDITORS
Amounts falling due within one year 5,161,212 5,835,592
NET CURRENT LIABILITIES (4,000,143 ) (4,433,948 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

8,209,570

6,968,273

PROVISIONS FOR LIABILITIES 447,949 -
NET ASSETS 7,761,621 6,968,273

CAPITAL AND RESERVES
Called up share capital 250,000 250,000
Retained earnings 7,511,621 6,718,273
SHAREHOLDERS' FUNDS 7,761,621 6,968,273

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

All the members have consented to the preparation of an abridged Statement of Financial Position for the year ended 31 December 2023 in accordance with Section 444(2A) of the Companies Act 2006.

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 16 September 2024 and were signed on its behalf by:





Mr A Raphael - Director


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 private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

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 9,258,888
Revaluations 807,492
At 31 December 2023 10,066,380
NET BOOK VALUE
At 31 December 2023 10,066,380
At 31 December 2022 9,258,888

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.

I M Rodd BSc FCA FCCA (Senior Statutory Auditor)
for and on behalf of Ward Goodman Audit Services Ltd

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.