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Company No: 03306468 (England and Wales)

DRG DEVELOPMENTS LIMITED

Unaudited Financial Statements
For the financial year ended 31 March 2024
Pages for filing with the registrar

DRG DEVELOPMENTS LIMITED

Unaudited Financial Statements

For the financial year ended 31 March 2024

Contents

DRG DEVELOPMENTS LIMITED

BALANCE SHEET

As at 31 March 2024
DRG DEVELOPMENTS LIMITED

BALANCE SHEET (continued)

As at 31 March 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 1,802 2,742
Investment property 4 2,251,543 2,251,543
2,253,345 2,254,285
Current assets
Debtors 5 674 140
Cash at bank and in hand 23,065 25,896
23,739 26,036
Creditors: amounts falling due within one year 6 ( 126,148) ( 105,003)
Net current liabilities (102,409) (78,967)
Total assets less current liabilities 2,150,936 2,175,318
Provision for liabilities ( 151,704) ( 151,704)
Net assets 1,999,232 2,023,614
Capital and reserves
Called-up share capital 7 348,500 348,500
Share premium account 320,620 320,620
Revaluation reserve 835,441 835,441
Profit and loss account 8 494,671 519,053
Total shareholder's funds 1,999,232 2,023,614

For the financial year ending 31 March 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of DRG Developments Limited (registered number: 03306468) were approved and authorised for issue by the Board of Directors on 29 November 2024. They were signed on its behalf by:

D R Green
Director
DRG DEVELOPMENTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
DRG DEVELOPMENTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

DRG Developments Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 2 Leman Street, London, E1W 9US, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover is measured as the fair value of the rents receivable.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

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

Vehicles 5 years straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Leases

The Company as lessee
Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 2 2

3. Tangible assets

Vehicles Total
£ £
Cost
At 01 April 2023 4,700 4,700
At 31 March 2024 4,700 4,700
Accumulated depreciation
At 01 April 2023 1,958 1,958
Charge for the financial year 940 940
At 31 March 2024 2,898 2,898
Net book value
At 31 March 2024 1,802 1,802
At 31 March 2023 2,742 2,742

4. Investment property

Investment property
£
Valuation
As at 01 April 2023 2,251,543
As at 31 March 2024 2,251,543

Valuation

The fair value of the investment property at 31 March 2024 have been arrived at on the basis of valuations carried out by the directors on an open market value basis by reference to market evidence of transaction prices for similar properties and in directors' opinion there was no change to the value from the previous year end.

Historic cost

If the investment properties had been accounted for under the cost accounting rules, the properties would have been measured as follows:

2024 2023
£ £
Historic cost 1,198,246 1,198,246

5. Debtors

2024 2023
£ £
Other debtors 674 140

6. Creditors: amounts falling due within one year

2024 2023
£ £
Amounts owed to connected companies 60,000 0
Taxation and social security 0 5,674
Other creditors 66,148 99,329
126,148 105,003

7. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
697,000 Ordinary shares of £ 0.50 each 348,500 348,500

8. Reserves

Profit and loss reserves

Retained earnings represents accumulated comprehensive income for the year and prior periods less dividends paid.

Other reserves

Other reserves represents accumulated fair value movements, net of deferred tax, which have been transferred from the profit and loss reserve to a non-distributable reserve.