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Registration number: 06823289

DRS Bond Management Limited

Unaudited Financial Statements

for the Year Ended 30 June 2024

Brebners
Chartered Accountants
1 Suffolk Way
Sevenoaks
Kent
TN13 1YL

 

DRS Bond Management Limited

Statement of Financial Position as at 30 June 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

14,208

11,992

Tangible assets

5

98,853

95,735

 

113,061

107,727

Current assets

 

Debtors

6

1,318,544

1,231,334

Cash at bank and in hand

 

544,162

1,118,827

 

1,862,706

2,350,161

Creditors: Amounts falling due within one year

7

(875,697)

(1,086,618)

Net current assets

 

987,009

1,263,543

Total assets less current liabilities

 

1,100,070

1,371,270

Creditors: Amounts falling due after more than one year

7

(205,580)

-

Provisions for liabilities

(13,446)

(6,244)

Net assets

 

881,044

1,365,026

Capital and reserves

 

Called up share capital

1,250

1,250

Retained earnings

879,794

1,363,776

Shareholders' funds

 

881,044

1,365,026

For the financial year ending 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Statement of Income and Retained Earnings has been taken.

 

DRS Bond Management Limited

Statement of Financial Position as at 30 June 2024

Approved and authorised by the Board on 9 October 2024 and signed on its behalf by:
 

.........................................

Mr C W Davies

Director

.........................................

Miss F A Recker

Director

Company registration number: 06823289

 

DRS Bond Management Limited

Notes to the Financial Statements for the Year Ended 30 June 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Unit 219 Harbour Yard
Chelsea Harbour
London
SW10 0XD

The principal activity of the company is that of surety brokerage.

2

Accounting policies

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except any items disclosed in the accounting policies as being shown at fair value and are presented in sterling, which is the functional currency of the entity.

Summary of significant accounting policies

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented.

Going concern

The company made a loss for the year ended 30 June 2024 and had net assets at that date amounting to £881,044 including cash at bank of £544,162.

The directors have prepared management accounts which show the company has traded profitably subsequent to 30 June 2024, which they expect to continue for the foreseeable future.

On the basis of the above, and after making enquiries, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, the directors continue to adopt the going concern basis in preparing the financial statements.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of brokerage services in the ordinary course of the company's activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when the contractual right to such income has been established and to the extent that the company's relevant obligations under the contracts concerned have been performed.

 

DRS Bond Management Limited

Notes to the Financial Statements for the Year Ended 30 June 2024

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and equipment

25% Straight line

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Software development

25% straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

DRS Bond Management Limited

Notes to the Financial Statements for the Year Ended 30 June 2024

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the income statement over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

3

Staff numbers

The average number of persons employed by the company during the year was 7 (2023 - 7).

 

DRS Bond Management Limited

Notes to the Financial Statements for the Year Ended 30 June 2024

4

Intangible assets

Software development costs
 £

Total
£

Cost or valuation

At 1 July 2023

197,475

197,475

Additions

10,000

10,000

Disposals

(2,265)

(2,265)

At 30 June 2024

205,210

205,210

Amortisation

At 1 July 2023

185,483

185,483

Amortisation charge

6,322

6,322

Amortisation eliminated on disposals

(803)

(803)

At 30 June 2024

191,002

191,002

Carrying amount

At 30 June 2024

14,208

14,208

At 30 June 2023

11,992

11,992

5

Tangible assets

Plant and equipment
£

Total
£

Cost or valuation

At 1 July 2023

151,448

151,448

Additions

40,476

40,476

Disposals

(20,407)

(20,407)

At 30 June 2024

171,517

171,517

Depreciation

At 1 July 2023

55,713

55,713

Charge for the year

35,817

35,817

Eliminated on disposal

(18,866)

(18,866)

At 30 June 2024

72,664

72,664

Carrying amount

At 30 June 2024

98,853

98,853

At 30 June 2023

95,735

95,735

 

DRS Bond Management Limited

Notes to the Financial Statements for the Year Ended 30 June 2024

6

Debtors

2024
£

2023
£

Trade debtors

643,223

649,411

Amounts owed by group undertakings and undertakings in which the company has a participating interest

540,514

540,514

Other debtors

134,807

41,409

1,318,544

1,231,334

7

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Loans and borrowings

104,420

-

Trade creditors

438,521

152,301

Taxation and social security

42,028

183,509

Other creditors

290,728

750,808

875,697

1,086,618

Due after one year

Loans and borrowings

205,580

-

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Loans and borrowings

8

205,580

-

8

Loans and borrowings

Current loans and borrowings

2024
£

2023
£

Other loans

104,420

-

Non-current loans and borrowings

2024
£

2023
£

Other loans

205,580

-

 

DRS Bond Management Limited

Notes to the Financial Statements for the Year Ended 30 June 2024

9

Financial commitments, guarantees and contingencies

The total of future lease payments not reflected in the statement of financial position amounts to £211,235 (2023 - £272,111).

10

Transactions with directors

During the year ended 30 June 2024 there were advances of £77,331 and repayments of £63,559 with the directors. At 30 June 2024 an amount of £13,772 (2023: £Nil) was due from the directors. Interest of £162 has been charged at 2.25% and there are no set terms in place.