Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-31The principal activity of the company is property development.truetrue02023-01-05falsefalsefalse 14572147 2023-01-04 14572147 2023-01-05 2023-12-31 14572147 2022-01-01 2023-01-04 14572147 2023-12-31 14572147 c:CompanySecretary1 2023-01-05 2023-12-31 14572147 c:Director1 2023-01-05 2023-12-31 14572147 c:Director1 2023-12-31 14572147 c:Director2 2023-01-05 2023-12-31 14572147 c:Director2 2023-12-31 14572147 c:Director3 2023-01-05 2023-12-31 14572147 c:Director3 2023-12-31 14572147 c:RegisteredOffice 2023-01-05 2023-12-31 14572147 d:CurrentFinancialInstruments 2023-12-31 14572147 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 14572147 d:ShareCapital 2023-12-31 14572147 d:RetainedEarningsAccumulatedLosses 2023-12-31 14572147 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2023-12-31 14572147 c:OrdinaryShareClass1 2023-01-05 2023-12-31 14572147 c:OrdinaryShareClass1 2023-12-31 14572147 c:FRS102 2023-01-05 2023-12-31 14572147 c:Audited 2023-01-05 2023-12-31 14572147 c:FullAccounts 2023-01-05 2023-12-31 14572147 c:PrivateLimitedCompanyLtd 2023-01-05 2023-12-31 14572147 c:SmallCompaniesRegimeForAccounts 2023-01-05 2023-12-31 14572147 2 2023-01-05 2023-12-31 14572147 e:PoundSterling 2023-01-05 2023-12-31 xbrli:shares iso4217:GBP xbrli:pure
Registered number: 14572147














DRUM (LEEDS) LTD





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

 
DRUM (LEEDS) LTD
 

COMPANY INFORMATION


Directors
G M Bone (appointed 5 January 2023)
S C Oag (appointed 5 January 2023)
A Russell (appointed 5 January 2023)




Company secretary
Brodies Secretarial Services Limited



Registered number
14572147



Registered office
C/O Brodies Llp
90 Bartholomew Close

London

United Kingdom

EC1A 7BN




Independent auditors
Anderson Anderson & Brown Audit LLP

Kingshill View

Prime Four Business Park

Kingswells

Aberdeen

AB15 8PU





 
DRUM (LEEDS) LTD
 

CONTENTS



Page
Directors' Responsibilities Statement
1
Balance Sheet
2
Notes to the Financial Statements
3 - 7

 
DRUM (LEEDS) LTD
 

DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE PERIOD 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 (LEEDS) LTD
REGISTERED NUMBER:14572147

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
Note
£

  

Current assets
  

Stocks
 4 
2,665,050

Debtors: amounts falling due within one year
 5 
136,132

Cash at bank and in hand
 6 
403

  
2,801,585

Creditors: amounts falling due within one year
 7 
(2,783,755)

Net current assets
  
 
 
17,830

Total assets less current liabilities
  
17,830

  

Net assets
  
17,830


Capital and reserves
  

Called up share capital 
 9 
1

Profit and loss account
  
17,829

  
17,830


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 (LEEDS) LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

1.


General information

Drum (Leeds) Limited is a limited liability company incorporated in England, whose registered office is C/O Brodies Llp, 90 Bartholomew Close, London, United Kingdom, EC1A 7BN. 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 comprises revenue recognised by the company in respect of goods and services supplied during the year, exclusive of Value Added Tax and trade discounts. 
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

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
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.

Page 3

 
DRUM (LEEDS) LTD
 

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

2.Accounting policies (continued)

  
2.6

Stocks

Stocks and work in progress are stated at the lower cost of net realisable value after making due allowance for obsolete and slow moving stock.

 
2.7

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.

 
2.8

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.

 
2.9

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.

 
2.10

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.
 
Page 4

 
DRUM (LEEDS) LTD
 

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

2.Accounting policies (continued)


2.10
Financial instruments (continued)


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.


3.


Employees




The average monthly number of employees, including directors, during the period was 3.


4.


Stocks

2023
£

Work in progress
2,665,050

2,665,050



5.


Debtors

2023
£


Trade debtors
106,186

Prepayments and accrued income
29,946

136,132



6.


Cash and cash equivalents

2023
£

Cash at bank and in hand
403

403


Page 5

 
DRUM (LEEDS) LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

7.


Creditors: Amounts falling due within one year

2023
£

Trade creditors
5,679

Amounts owed to group undertakings
2,723,500

Other taxation and social security
10,433

Accruals and deferred income
44,143

2,783,755



8.


Financial instruments

2023
£

Financial assets


Financial assets measured at fair value through profit or loss
403




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


9.


Share capital

2023
£
Allotted, called up and fully paid


1 Ordinary share of £1.00
1


The company was incorporated on 5 January 2023 with the issue of 1 £1 Ordinary share at par.

Page 6

 
DRUM (LEEDS) LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

10.


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.

11.


Controlling party

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

12.


Auditors' information

The auditors' report on the financial statements for the period 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