Company registration number 01725867 (England and Wales)
DRAPER PROPERTY LIMITED
ANNUAL REPORT AND
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 JANUARY 2024
PAGES FOR FILING WITH REGISTRAR
DRAPER PROPERTY LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 5
DRAPER PROPERTY LIMITED
BALANCE SHEET
AS AT
31 JANUARY 2024
31 January 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
38,739
50,789
Investment properties
4
13,592,000
13,592,000
13,630,739
13,642,789
Current assets
Debtors
2,687,697
2,370,462
Cash at bank and in hand
905,007
1,092,864
3,592,704
3,463,326
Creditors: amounts falling due within one year
(618,186)
(899,019)
Net current assets
2,974,518
2,564,307
Total assets less current liabilities
16,605,257
16,207,096
Creditors: amounts falling due after more than one year
(38,340)
(44,339)
Provisions for liabilities
(1,255,155)
(1,257,917)
Net assets
15,311,762
14,904,840
Capital and reserves
Called up share capital
5
2,002
2,002
Fair value reserve
6,328,054
6,328,054
Profit and loss reserves
8,981,706
8,574,784
Total equity
15,311,762
14,904,840
In accordance with section 444 of the Companies Act 2006, all of the members of the company have consented to the preparation of abridged financial statements pursuant to paragraph 1A of Schedule 1 to the Small Companies and Groups (Accounts and Directors’ Report) Regulations (SI 2008/409)(b).
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 January 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 and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
DRAPER PROPERTY LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 JANUARY 2024
31 January 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 25 September 2024 and are signed on its behalf by:
C E Brown
Director
Company Registration No. 01725867
DRAPER PROPERTY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
- 3 -
1
Accounting policies
Company information
Draper Property Limited is a private company limited by shares incorporated in England and Wales. The registered office is The Guardhouse, Tigers Road, Wigston, Leicester, LE18 4WS.
1.1
Basis of preparation
These financial statements have been prepared in accordance with applicable accounting standards including 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, modified to include the revaluation of investment properties at fair value. The principal accounting policies adopted are set out below. These policies have been consistently applied to all years presented unless otherwise stated.
1.2
Turnover
Turnover represents amounts receivable for the provision of rented property and associated services net of VAT. Rent is recognised as income, in the accounts, by reference to the tenants occupancy during the accounting period.
1.3
Tangible fixed assets
Tangible fixed assets are measured at cost, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost of assets over their useful lives on the following bases:
Fixtures, fittings & equipment
15% Reducing balance
Motor vehicles
25% Reducing balance
1.4
Investment properties
Investment property, which is property held to earn rentals and/or capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently, it is measured at fair value at the reporting end date. Changes in fair value are recognised in the profit and loss account.
1.5
Financial instruments
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Debtors and creditors with no stated interest rate and receivable or payable within one year are measured at transaction price. Any losses arising from impairment are recognised in the profit and loss account.
1.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
DRAPER PROPERTY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
1
Accounting policies
(Continued)
- 4 -
Deferred tax
Deferred taxation is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. Deferred tax is also provided in respect of the tax liability based on the fair value of properties less their tax value. The deferred tax balance has not been discounted.
1.7
Employee benefits
When employees have rendered service to the company, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service.
The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received.
1.8
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.9
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to the profit and loss account so as to produce a constant periodic rate of interest on the remaining balance of the liability.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 5 (2023 - 4).
2024
2023
Number
Number
Total
5
4
DRAPER PROPERTY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 5 -
3
Tangible fixed assets
Total
£
Cost
At 1 February 2023 and 31 January 2024
72,108
Depreciation and impairment
At 1 February 2023
21,319
Depreciation charged in the year
12,050
At 31 January 2024
33,369
Carrying amount
At 31 January 2024
38,739
At 31 January 2023
50,789
4
Investment property
2024
£
Fair value
At 1 February 2023 and 31 January 2024
13,592,000
The fair value of investment properties at 31January 2024 has been arrived at on the basis of a valuation completed on 15 May 2023 by Peter Tew & Co., Chartered Surveyors and, on 25 September 2023, by Mather Jamie, commercial, agricultural surveyors and valuers. The valuations were made on an open market basis.
The directors consider the values at 31 January 2024 to be unchanged.
The historical cost equivalent of investment properties stated at fair value is £6,054,955 (2023 - £6,054,955).
5
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
2,002
2,002
2,002
2,002
6
Related party transactions
Transactions with related parties
During the year the company entered into the following transactions with related parties:
Included in debtors, at the end of the accounting period £2,210,000 (2023 - £2,210,000) was owed by a company under common control. The loan is interest free and repayable on demand.
Included in creditors, at the end of the accounting period £260,786 (2023 - 621,002) was owed to a company under common control. The loan is interest free and repayable on demand.