IRIS Accounts Production v24.3.0.553 SC416605 Board of Directors 1.3.23 29.2.24 29.2.24 false true false false true false Ordinary A 1.00000 Ordinary B 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWhSC4166052023-02-28SC4166052024-02-29SC4166052023-03-012024-02-29SC4166052022-02-28SC4166052022-03-012023-02-28SC4166052023-02-28SC416605ns15:Scotland2023-03-012024-02-29SC416605ns14:PoundSterling2023-03-012024-02-29SC416605ns10:Director12023-03-012024-02-29SC416605ns10:PrivateLimitedCompanyLtd2023-03-012024-02-29SC416605ns10:SmallEntities2023-03-012024-02-29SC416605ns10:AuditExempt-NoAccountantsReport2023-03-012024-02-29SC416605ns10:SmallCompaniesRegimeForDirectorsReport2023-03-012024-02-29SC416605ns10:SmallCompaniesRegimeForAccounts2023-03-012024-02-29SC416605ns10:FullAccounts2023-03-012024-02-29SC416605ns10:OrdinaryShareClass12023-03-012024-02-29SC416605ns10:OrdinaryShareClass22023-03-012024-02-29SC416605ns10:Director22023-03-012024-02-29SC416605ns10:RegisteredOffice2023-03-012024-02-29SC416605ns5:CurrentFinancialInstruments2024-02-29SC416605ns5:CurrentFinancialInstruments2023-02-28SC416605ns5:ShareCapital2024-02-29SC416605ns5:ShareCapital2023-02-28SC416605ns5:SharePremium2024-02-29SC416605ns5:SharePremium2023-02-28SC416605ns5:LandBuildings2023-02-28SC416605ns5:PlantMachinery2023-02-28SC416605ns5:ComputerEquipment2023-02-28SC416605ns5:LandBuildings2023-03-012024-02-29SC416605ns5:PlantMachinery2023-03-012024-02-29SC416605ns5:ComputerEquipment2023-03-012024-02-29SC416605ns5:LandBuildings2024-02-29SC416605ns5:PlantMachinery2024-02-29SC416605ns5:ComputerEquipment2024-02-29SC416605ns5:LandBuildings2023-02-28SC416605ns5:PlantMachinery2023-02-28SC416605ns5:ComputerEquipment2023-02-28SC416605ns5:CurrentFinancialInstrumentsns5:WithinOneYear2024-02-29SC416605ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-02-28SC416605ns5:WithinOneYear2024-02-29SC416605ns5:WithinOneYear2023-02-28SC416605ns5:MoreThanFiveYears2024-02-29SC416605ns5:MoreThanFiveYears2023-02-28SC416605ns5:AllPeriods2024-02-29SC416605ns5:AllPeriods2023-02-28SC416605ns5:DeferredTaxation2023-02-28SC416605ns5:DeferredTaxation2023-03-012024-02-29SC416605ns5:DeferredTaxation2024-02-29SC416605ns10:OrdinaryShareClass12024-02-29SC416605ns10:OrdinaryShareClass22024-02-29
REGISTERED NUMBER: SC416605 (Scotland)













Unaudited Financial Statements

for the Year Ended 29 February 2024

for

Drim Lee Limited

Drim Lee Limited (Registered number: SC416605)






Contents of the Financial Statements
for the Year Ended 29 February 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Drim Lee Limited

Company Information
for the Year Ended 29 February 2024







DIRECTORS: T M Hedley
A M Hughes





REGISTERED OFFICE: Ancruach
Crinan
Lochgilphead
Argyll
PA31 8SW





REGISTERED NUMBER: SC416605 (Scotland)





ACCOUNTANTS: A H & Co Ltd
Chartered Accountants
6 Logie Mill
Edinburgh
Lothian
EH7 4HG

Drim Lee Limited (Registered number: SC416605)

Balance Sheet
29 February 2024

29.2.24 28.2.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 1,035,427 1,080,365

CURRENT ASSETS
Debtors 5 228,710 273,362
Cash at bank 220,661 210,877
449,371 484,239
CREDITORS
Amounts falling due within one year 6 226,954 298,845
NET CURRENT ASSETS 222,417 185,394
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,257,844

1,265,759

PROVISIONS FOR LIABILITIES 8 107,744 115,659
NET ASSETS 1,150,100 1,150,100

CAPITAL AND RESERVES
Called up share capital 9 1,000 1,000
Share premium 1,149,100 1,149,100
SHAREHOLDERS' FUNDS 1,150,100 1,150,100

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 29 February 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 29 February 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 22 November 2024 and were signed on its behalf by:





A M Hughes - Director


Drim Lee Limited (Registered number: SC416605)

Notes to the Financial Statements
for the Year Ended 29 February 2024

1. STATUTORY INFORMATION

Drim Lee Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with the provisions of section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the sale of goods is recognised when the goods are physically delivered to the customer.

Tangible fixed assets
Tangible fixed assets are stated at cost, net of depreciation and any provision for impairment. Depreciation is
provided on all tangible fixed assets, other than investment properties, at rates calculated to write off the cost, less estimated residual value, of each asset on a straight-line basis over its expected useful life, as follows:

Freehold property - 2% per annum
Plant and machinery - 5% per annum
Computer equipment - 20% per annum

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

Financial instruments
The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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

Drim Lee Limited (Registered number: SC416605)

Notes to the Financial Statements - continued
for the Year Ended 29 February 2024

2. ACCOUNTING POLICIES - continued

Provisions
Provisions are recognised when the company has a present obligation (legal or constructive) as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the balance sheet date, taking into account the risks and uncertainties surrounding the obligation.

Exemption from preparing a cash flow statement
Exemption has been taken from preparing a cash flow statement on the grounds that the company qualifies as a small company.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2023 - 1 ) .

4. TANGIBLE FIXED ASSETS
Freehold Plant and Computer
property machinery equipment Totals
£    £    £    £   
COST
At 1 March 2023 753,489 727,329 712 1,481,530
Additions - 9,500 - 9,500
Disposals - (4,600 ) - (4,600 )
At 29 February 2024 753,489 732,229 712 1,486,430
DEPRECIATION
At 1 March 2023 109,576 290,877 712 401,165
Charge for year 15,070 36,378 - 51,448
Eliminated on disposal - (1,610 ) - (1,610 )
At 29 February 2024 124,646 325,645 712 451,003
NET BOOK VALUE
At 29 February 2024 628,843 406,584 - 1,035,427
At 28 February 2023 643,913 436,452 - 1,080,365

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
29.2.24 28.2.23
£    £   
Trade debtors 64,332 115,341
Other debtors 164,378 158,021
228,710 273,362

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
29.2.24 28.2.23
£    £   
Trade creditors - 257
Taxation and social security 57,931 72,850
Other creditors 169,023 225,738
226,954 298,845

Drim Lee Limited (Registered number: SC416605)

Notes to the Financial Statements - continued
for the Year Ended 29 February 2024

7. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
29.2.24 28.2.23
£    £   
Within one year 47,965 46,085
In more than five years 239,825 230,425
287,790 276,510

8. PROVISIONS FOR LIABILITIES
29.2.24 28.2.23
£    £   
Deferred tax 107,744 115,659

Deferred
tax
£   
Balance at 1 March 2023 115,659
Provided during year (7,915 )
Balance at 29 February 2024 107,744

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 29.2.24 28.2.23
value: £    £   
100 Ordinary A £1 100 100
900 Ordinary B £1 900 900
1,000 1,000

10. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

As at 29 February 2024, the company owed the directors £17,815 (2023: £6,648)

11. RELATED PARTY DISCLOSURES

Transactions with related parties during the year and balances outstanding at the year end were as follows:





Related Party



Transaction
Type



Transactions in the year ended
29.02.24
Balance
receivable from /
(payable) to
related party as at
29.02.24
Balance
receivable from /
(payable) to
related party as at
28.02.23
£ £ £

(1) Parent company Loan 16,054 58,652 42,598

(2) Connected company Consultancy 22,574 (47,965) (70,539)
Expenses
Loan Nil (157) (157)

(1) The above parent company is the majority investor in Drim Lee Limited.

(2) A director of Drim Lee Limited is also the director of the above connected company.

Drim Lee Limited (Registered number: SC416605)

Notes to the Financial Statements - continued
for the Year Ended 29 February 2024

12. ULTIMATE CONTROLLING PARTY

The controlling party is Deepbridge Renewable Energy (2) Limited.

The ultimate controlling party is Ian Warwick.