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Registered Number:SC608658













DRUM BUCHANAN WHARF 5 LIMITED






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

 
DRUM BUCHANAN WHARF 5 LIMITED
 

COMPANY INFORMATION


Directors
G M Bone 
P F Doherty 
J F Hyland 
G B Milne 
S C Oag 




Company secretary
Brodies Secretarial Services Limited



Registered number
SC608658



Registered office
12 Rubislaw Terrace Lane

Aberdeen

United Kingdom

AB10 1XF




Independent auditor
Anderson Anderson & Brown Audit LLP

Kingshill View

Prime Four Business Park

Kingswells

Aberdeen

AB15 8PU





 
DRUM BUCHANAN WHARF 5 LIMITED
 

CONTENTS



Page
Directors' responsibilities statement
1
Balance sheet
2
Notes to the financial statements
3 - 7

 
DRUM BUCHANAN WHARF 5 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 BUCHANAN WHARF 5 LIMITED
REGISTERED NUMBER:SC608658

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

  

Current assets
  

Debtors: amounts falling due within one year
 4 
394,942
1,167,097

Cash at bank and in hand
 5 
64,322
305,079

  
459,264
1,472,176

Creditors: amounts falling due within one year
 6 
(326,176)
(1,162,177)

Net current assets
  
 
 
133,088
 
 
309,999

Total assets less current liabilities
  
133,088
309,999

  

Net assets
  
133,088
309,999


Capital and reserves
  

Called up share capital 
 8 
1
1

Profit and loss account
  
133,087
309,998

  
133,088
309,999


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

The notes on pages 3 to 7 form part of these financial statements.
Page 2
 

 
DRUM BUCHANAN WHARF 5 LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Drum Buchanan Wharf 5 Limited is a limited liability company incorporated in Scotland, whose registered office is The Coach House, 12 Rubislaw Terrace Lane, Aberdeen, AB10 1XF.  The principal activity of the company is property development.

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 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

Revenue

Turnover represents the gross income of the company for the year from construction and development contracts.  The amount excludes any value added tax which may be applicable to these transactions.Revenue and profit is recognised on any upfront sale of land. 
Revenue arising on long term contracts are recognised over time.  Revenue and costs are recognised over time with reference to the stage of completion of the contract activity at the balance sheet date where the outcome of a long term contract can be estimated reliably.  This is normally measured by surveys of work performed to date.
Where the long term contracts are at an early stage of completion or cannot be estimated reliably, contract revenue where recoverable is recognised to the extent of the contract costs incurred.  The costs associated with fulfilling a contract are recognised as expenses in the period in which they are incurred.  When it is probable that total contract costs will exceed total contract revenue, the loss is recognised as an expense immediately. 

 
2.4

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 3
 

 
DRUM BUCHANAN WHARF 5 LIMITED
 

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

2.Accounting policies (continued)

 
2.5

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.

 
2.6

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.

 
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.


 
Page 4
 

 
DRUM BUCHANAN WHARF 5 LIMITED
 

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

2.Accounting policies (continued)


2.9
Financial instruments (continued)

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.

 
2.10

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees




The average monthly number of employees, including directors, during the year was 5 (2022 - 5).


4.


Debtors

2023
2022
£
£


Trade debtors
-
15,333

Amounts owed by group undertakings
-
200,000

Tax recoverable
-
161,880

Prepayments and accrued income
394,942
789,884

394,942
1,167,097



5.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
64,322
305,079

64,322
305,079


Page 5
 

 
DRUM BUCHANAN WHARF 5 LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

6.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
1,446
241,526

Corporation tax
-
82,394

Other taxation and social security
1,116
-

Accruals and deferred income
323,614
838,257

326,176
1,162,177



7.


Financial instruments

2023
2022
£
£

Financial assets


Financial assets measured at fair value through profit or loss
64,322
305,079




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


8.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



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



9.


Related party 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 management fees totalling £nil (2022 - £85,645) have been charged by companies with common directors.  The amount owed to these companies at 31 December 2023 is £nil (2022 - £240,000).

Page 6
 

 
DRUM BUCHANAN WHARF 5 LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

10.


Controlling party

The ultimate parent company of Drum Buchanan Wharf 5 Limited is Drum Development Group Limited, a company registered in Scotland.


11.


Auditor's information

The auditor's 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 7