Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-31falsetrue2023-01-01falseThe principal activity of the company is property development22falsetrue SC623992 2023-01-01 2023-12-31 SC623992 2022-01-01 2022-12-31 SC623992 2023-12-31 SC623992 2022-12-31 SC623992 c:CompanySecretary1 2023-01-01 2023-12-31 SC623992 c:Director1 2023-01-01 2023-12-31 SC623992 c:Director2 2023-01-01 2023-12-31 SC623992 c:RegisteredOffice 2023-01-01 2023-12-31 SC623992 d:CurrentFinancialInstruments 2023-12-31 SC623992 d:CurrentFinancialInstruments 2022-12-31 SC623992 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 SC623992 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 SC623992 d:ShareCapital 2023-12-31 SC623992 d:ShareCapital 2022-12-31 SC623992 d:RetainedEarningsAccumulatedLosses 2023-12-31 SC623992 d:RetainedEarningsAccumulatedLosses 2022-12-31 SC623992 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2023-12-31 SC623992 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2022-12-31 SC623992 c:OrdinaryShareClass1 2023-01-01 2023-12-31 SC623992 c:OrdinaryShareClass1 2023-12-31 SC623992 c:OrdinaryShareClass1 2022-12-31 SC623992 c:FRS102 2023-01-01 2023-12-31 SC623992 c:Audited 2023-01-01 2023-12-31 SC623992 c:FullAccounts 2023-01-01 2023-12-31 SC623992 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 SC623992 c:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 SC623992 6 2023-01-01 2023-12-31 SC623992 e:PoundSterling 2023-01-01 2023-12-31 iso4217:GBP xbrli:shares xbrli:pure
Registered Number:SC623992













DRUM CANDLERIGGS LIMITED






INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 31 DECEMBER 2023

 
DRUM CANDLERIGGS LIMITED
 

COMPANY INFORMATION


Directors
G M Bone 
S C Oag 




Company secretary
Brodies Secretarial Services Limited



Registered number
SC623992



Registered office
The Coach House
12 Rubislaw Terrace Lane

Aberdeen

United Kingdom

AB10 1XF




Independent auditors
Anderson Anderson & Brown Audit LLP

Kingshill View

Prime Four Business Park

Kingswells

Aberdeen

AB15 8PU





 
DRUM CANDLERIGGS LIMITED
 

CONTENTS



Page
Directors' responsibilities statement
1
Balance sheet
2
Notes to the financial statements
3 - 8


 
DRUM CANDLERIGGS LIMITED
 

DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023

The directors are responsible for preparing the Directors' report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

 In preparing these financial statements, the directors are required to:

select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;


prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Page 1

 
DRUM CANDLERIGGS LIMITED
REGISTERED NUMBER:SC623992

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Investments
 4 
300
300

  
300
300

Current assets
  

Debtors: amounts falling due within one year
 5 
2,999,700
2,999,700

Cash at bank and in hand
 6 
148
115

  
2,999,848
2,999,815

Creditors: amounts falling due within one year
 7 
(3,019,902)
(3,015,034)

Net current liabilities
  
 
 
(20,054)
 
 
(15,219)

Total assets less current liabilities
  
(19,754)
(14,919)

  

Net liabilities
  
(19,754)
(14,919)


Capital and reserves
  

Called up share capital 
 9 
1
1

Profit and loss account
  
(19,755)
(14,920)

  
(19,754)
(14,919)


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 statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




S C Oag
Director

Date: 23 September 2024

Page 2

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

1.


General information

Drum Candleriggs Limited is a limited liability company incorporated in Scotland, whose registered office is 12 Rubislaw Terrace Lane, Aberdeen AB10 1XF. The principal activity of the company is that of an investment company.

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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

 
2.2

Going concern

The directors, having made due and careful enquiry, are of the opinion that the Company has adequate working capital to execute its operations over the next 12 months. The company has net liabilities of £19,754 as at 31 December 2023 which includes £3,015,280 owed to its parent company.  The parent company has confirmed that it will continue to support the company and will not seek repayment of this liability to the detriment of the company.  The directors, therefore, have made an informed judgement, at the time of approving the financial statements, that there is a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future.
 
As a result, the directors have continued to adopt the going concern basis of accounting in preparing the annual financial statements

 
2.3

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income 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.

 
2.4

Valuation of investments

Investments in subsidiaries 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 comprehensive income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

Investments in listed company shares are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period.

Page 3

 
DRUM CANDLERIGGS LIMITED
 

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

2.Accounting policies (continued)

 
2.5

Associates and joint ventures

Associates and Joint Ventures are held at cost less impairment.

 
2.6

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.7

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. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.8

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 4

 
DRUM CANDLERIGGS LIMITED
 

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

2.Accounting policies (continued)

 
2.9

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 (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. 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. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.
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 loss is recognised in the Statement of comprehensive income.
For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for  measuring any impairment loss  is  the  current  effective interest  rate  determined under  the contract.
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the balance sheet date.
Financial assets and liabilities are offset and the net amount reported in the Balance sheet when there is an 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.
 

Page 5

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

3.


Employees




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


4.


Fixed asset investments





Investment in joint ventures

£



Cost or valuation


At 1 January 2023
300



At 31 December 2023
300





5.


Debtors

2023
2022
£
£


Amounts owed by joint ventures and associated undertakings
2,999,700
2,999,700

2,999,700
2,999,700



6.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
148
115

148
115


Page 6

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

7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
504
-

Amounts owed to group undertakings
3,015,280
1,511,392

Other creditors
-
1,500,000

Accruals and deferred income
4,118
3,642

3,019,902
3,015,034



8.


Financial instruments

2023
2022
£
£

Financial assets


Financial assets measured at fair value through profit or loss
148
115




Financial assets measured at fair value through profit or loss comprise cash at bank.


9.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



1 (2022 - 1) Ordinary Shares share of £1.00
1
1


Page 7

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

10.


Related party transactions

Transactions
The company has taken advantage of the exemption given by section 1AC.35 of Financial Reporting Standard 102 which allows exemption from disclosure of related party transactions with other group companies.
During the year the company has received loan repayments totalling £nil (2022 - £nil) from an associated company.    As at 31 December 2023 the amount due to the company was £2,999,700 (2022 - £2,999,700).  

11.


Controlling party

The ultimate parent company of Drum Candleriggs Limited is Drum Development Group Limited, a company registered in Scotland.

12.


Auditors' information

The auditors' report on the financial statements for the year ended 31 December 2023 was unqualified.
The audit report was signed on 23 September 2024 by Christopher Masson (Senior statutory auditor) on behalf of Anderson Anderson & Brown Audit LLP.


Page 8