Company registration number 00411653 (England and Wales)
DRAPER COMMERCIAL LIMITED
ANNUAL REPORT AND
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 JANUARY 2024
PAGES FOR FILING WITH REGISTRAR
DRAPER COMMERCIAL LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 5
DRAPER COMMERCIAL LIMITED
BALANCE SHEET
AS AT 31 JANUARY 2024
31 January 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
298,940
291,823
Investment properties
4
12,348,741
13,445,000
12,647,681
13,736,823
Current assets
Debtors
2,219,741
2,130,614
Cash at bank and in hand
124,949
1,144,710
2,344,690
3,275,324
Creditors: amounts falling due within one year
(538,695)
(333,311)
Net current assets
1,805,995
2,942,013
Total assets less current liabilities
14,453,676
16,678,836
Provisions for liabilities
(439,745)
(1,062,727)
Net assets
14,013,931
15,616,109
Capital and reserves
Called up share capital
5
109,104
109,104
Fair value reserve
4,704,845
6,579,845
Capital redemption reserve
65,207
65,207
Profit and loss reserves
9,134,775
8,861,953
Total equity
14,013,931
15,616,109

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 COMMERCIAL 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. 00411653
DRAPER COMMERCIAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
- 3 -
1
Accounting policies
Company information

Draper Commercial 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 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:

Land and buildings Freehold
No depreciation
Plant and machinery
15% on net book value
Fixtures, fittings & equipment
15 - 25% on net book value
1.4
Investment properties

Investment property, which is property held to earn rentals and/or for 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 COMMERCIAL 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.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
3
3
3
Tangible fixed assets
Total
£
Cost
At 1 February 2023
409,664
Additions
9,985
At 31 January 2024
419,649
Depreciation and impairment
At 1 February 2023
117,841
Depreciation charged in the year
2,868
At 31 January 2024
120,709
Carrying amount
At 31 January 2024
298,940
At 31 January 2023
291,823

The company has adopted the exemption under FRS 102 paragraph 16.9A and has elected to measure a freehold property held at the date of transfer at its fair value and use this value as the deemed cost for this property.

 

The historical cost equivalent of property stated at fair value is £108,484 (2023 £108,484 - previously disclosed with investment properties).

DRAPER COMMERCIAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 5 -
4
Investment property
2024
£
Fair value
At 1 February 2023
13,445,000
Additions
1,403,741
Revaluations
(2,500,000)
At 31 January 2024
12,348,741

The fair value of investment properties at 31 January 2024 has been arrived at on the basis of a valuation completed on 15 May 2023 and 20 August 2024 by Peter Tew & Co., Chartered Surveyors. The valuation was made on an open market basis.

 

The historical cost equivalent of investment properties stated at fair value is £7,543,604 (2023: £6,031,378).

 

5
Called up share capital
2024
2023
£
£
Ordinary share capital
Issued and fully paid
109,104 Ordinary shares of £1 each
109,104
109,104
109,104
109,104
6
Related party transactions
Transactions with related parties

Included in debtors, at the end of the accounting period £260,786 (2023 - £621,002) was owed by a company under common control. The loan is interest free and repayable on demand. Also included in debtors, the company's parent company owed £1,761,301 (2023 - £1,118,119) at the year end. The loan is interest free and repayable on demand.

7
Events after the reporting date

During the year an investment property owned by the company was subject to a fire which led to the destruction of the property. Following this event the company's insurers made restitution of lost rent and negotiations were entered into for settlement of the company's claim. As at 31 January 2024 this matter was at a formative stage and was unresolved. A full and final settlement was agreed subsequently in the sum of circa £10,000,000.

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