Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-31trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.0.50.52023-01-01falseProvision of management services.1817truetruefalse SC262896 2023-01-01 2023-12-31 SC262896 2022-01-01 2022-12-31 SC262896 2023-12-31 SC262896 2022-12-31 SC262896 c:CompanySecretary1 2023-01-01 2023-12-31 SC262896 c:Director1 2023-01-01 2023-12-31 SC262896 c:Director3 2023-01-01 2023-12-31 SC262896 c:Director4 2023-01-01 2023-12-31 SC262896 c:Director5 2023-01-01 2023-12-31 SC262896 c:Director6 2023-01-01 2023-12-31 SC262896 c:RegisteredOffice 2023-01-01 2023-12-31 SC262896 d:OfficeEquipment 2023-01-01 2023-12-31 SC262896 d:OfficeEquipment 2023-12-31 SC262896 d:OfficeEquipment 2022-12-31 SC262896 d:CurrentFinancialInstruments 2023-12-31 SC262896 d:CurrentFinancialInstruments 2022-12-31 SC262896 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 SC262896 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 SC262896 d:ShareCapital 2023-12-31 SC262896 d:ShareCapital 2022-12-31 SC262896 d:RetainedEarningsAccumulatedLosses 2023-12-31 SC262896 d:RetainedEarningsAccumulatedLosses 2022-12-31 SC262896 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2023-12-31 SC262896 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2022-12-31 SC262896 d:AcceleratedTaxDepreciationDeferredTax 2023-12-31 SC262896 d:AcceleratedTaxDepreciationDeferredTax 2022-12-31 SC262896 d:OtherDeferredTax 2023-12-31 SC262896 d:OtherDeferredTax 2022-12-31 SC262896 c:OrdinaryShareClass1 2023-01-01 2023-12-31 SC262896 c:OrdinaryShareClass2 2023-01-01 2023-12-31 SC262896 c:FRS102 2023-01-01 2023-12-31 SC262896 c:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 SC262896 c:FullAccounts 2023-01-01 2023-12-31 SC262896 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 SC262896 2 2023-01-01 2023-12-31 SC262896 e:PoundSterling 2023-01-01 2023-12-31 iso4217:GBP xbrli:pure
Registered number: SC262896













DRUM PROPERTY GROUP LIMITED






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

 
DRUM PROPERTY GROUP LIMITED
 

COMPANY INFORMATION


Directors
G M Bone 
S C Oag 
G B Milne 
J F Hyland 
D D Kilgour 




Company secretary
Brodies Secretarial Services Limited



Registered number
SC262896



Registered office
12 Rubislaw Terrace

Aberdeen

AB10 1XF




Accountants
AAB Business & Tax Advisory LLP
Chartered Accountants

Kingshill View

Prime Four Business Park

Kingswells

Aberdeen

AB15 8PU





 
DRUM PROPERTY GROUP LIMITED
 

CONTENTS



Page
Directors' Responsibilities Statement
1
Balance Sheet
2 - 3
Notes to the Financial Statements
4 - 11


 
DRUM PROPERTY GROUP 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 judgements and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

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 PROPERTY GROUP LIMITED

REGISTERED NUMBER:SC262896

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
44,041
37,141

  
44,041
37,141

Current assets
  

Debtors: amounts falling due within one year
 5 
1,398,545
80,563

Cash at bank and in hand
 6 
368,791
1,356,020

  
1,767,336
1,436,583

Creditors: amounts falling due within one year
 7 
(311,926)
(440,591)

Net current assets
  
 
 
1,455,410
 
 
995,992

Total assets less current liabilities
  
1,499,451
1,033,133

Provisions for liabilities
  

Deferred tax
 9 
(9,223)
(7,531)

  
 
 
(9,223)
 
 
(7,531)

Net assets
  
1,490,228
1,025,602


Capital and reserves
  

Called up share capital 
    10
4,007
4,007

Profit and loss account
  
1,486,221
1,021,595

  
1,490,228
1,025,602


Page 2
 

 
DRUM PROPERTY GROUP LIMITED

REGISTERED NUMBER:SC262896

BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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 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 4 to 11 form part of these financial statements.

Page 3
 

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

1.


General information

Drum Property Group Limited is a limited liability company incorporated in Scotland. The registered office is 12 Rubislaw Terrace Lane, Aberdeen, AB10 1XF. The principal activity of the company is the provision of management services.

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 and preparing forecasts, 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 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 management services. The amount excludes any value added tax which may be applicable to these transactions.

 
2.4

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.5

Interest income

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

 
2.6

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

Page 4
 

 
DRUM PROPERTY GROUP LIMITED
 

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

2.Accounting policies (continued)

 
2.7

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. 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.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.8

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Office equipment
-
10 years straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.9

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.

Page 5
 

 
DRUM PROPERTY GROUP LIMITED
 

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

2.Accounting policies (continued)

 
2.10

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.

 
2.11

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.

 
2.12

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

Page 6
 

 
DRUM PROPERTY GROUP LIMITED
 

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

2.Accounting policies (continued)

 
2.13

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.


3.


Employees

The average monthly number of employees, including directors, during the year was 18 (2022 - 17).

Page 7
 

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

4.


Tangible fixed assets





Office equipment

£



Cost or valuation


At 1 January 2023
115,960


Additions
19,408



At 31 December 2023

135,368



Depreciation


At 1 January 2023
78,819


Charge for the year on owned assets
12,508



At 31 December 2023

91,327



Net book value



At 31 December 2023
44,041



At 31 December 2022
37,141

Page 8
 

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

5.


Debtors

2023
2022
£
£


Trade debtors
2,978
2,495

Amounts owed by group undertakings
340,000
45,000

Amounts owed by related undertakings
6,812
852

Other debtors
9,569
-

Prepayments and accrued income
1,039,186
32,216

1,398,545
80,563



6.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
368,791
1,356,020

368,791
1,356,020



7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
20,293
26,153

Corporation tax
136,216
212,794

Other taxation and social security
100,777
180,476

Other creditors
10,065
9,692

Accruals and deferred income
44,575
11,476

311,926
440,591



8.


Financial instruments

2023
2022
£
£

Financial assets


Financial assets measured at fair value through profit or loss
368,791
1,356,020




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

Page 9
 

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

9.


Deferred taxation




2023


£






At beginning of year
(7,531)


Charged to profit or loss
(1,692)



At end of year
(9,223)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(11,010)
(9,285)

Short term timing differences
1,787
1,754

(9,223)
(7,531)


10.


Share capital

2023
2022
£
£

Allotted, called up and fully paid


4,007 (2022 - 4,007) 'A' Ordinary shares of £0.50 each
2,004
2,004

4,007 (2022 - 4,007) 'B' Ordinary shares of £0.50 each 
2,003
2,003

4,007
4,007

Page 10
 

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

11.


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 £869,225 (2022 - £1,730,980) have been charged to companies with common directors.  A net amount of £6,812 (2022 - £852) is owed by these companies as at 31 December 2023.


12.


Controlling party

The ultimate parent company of which the company is a wholly owned subsidiary is DPG Holdco Limited, a company registered in Scotland.


Page 11