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Registration number: 01636296

Drumconner Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2023

 

Drumconner Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 12

 

Drumconner Limited

Company Information

Directors

Mrs Cheryl Creasey

Mr Peter William Creasey

Registered office

Maria House
35 Millers Road
Brighton
BN1 5NP

Accountants

Chisnall Comer Ismail & Co
Chartered Accountants
Maria House
35 Millers Road
Brighton
BN1 5NP

 

Drumconner Limited

(Registration number: 01636296)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

5,670,555

5,105,559

Investment property

5

424,720

424,720

Investments

6

192,482

192,482

Other financial assets

7

9,921

37,296

 

6,297,678

5,760,057

Current assets

 

Stocks

8

6,633

5,528

Debtors

9

266,034

347,506

Cash at bank and in hand

 

8,909

336,916

 

281,576

689,950

Creditors: Amounts falling due within one year

10

(1,615,726)

(1,032,628)

Net current liabilities

 

(1,334,150)

(342,678)

Total assets less current liabilities

 

4,963,528

5,417,379

Creditors: Amounts falling due after more than one year

10

(1,712,434)

(2,042,447)

Provisions for liabilities

(264,981)

(253,243)

Net assets

 

2,986,113

3,121,689

Capital and reserves

 

Called up share capital

13

1,000

1,000

Revaluation reserve

1,520,253

1,520,253

Retained earnings

1,464,860

1,600,436

Shareholders' funds

 

2,986,113

3,121,689

For the financial year ending 31 December 2023 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.

 

Drumconner Limited

(Registration number: 01636296)
Balance Sheet as at 31 December 2023

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 1 January 2025 and signed on its behalf by:



 

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

Mr Peter William Creasey

Director

 

Drumconner Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

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:
Maria House
35 Millers Road
Brighton
BN1 5NP

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

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, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The company continues to trade by virtue of the financial support provided by the director and the associated companies. These accounts have been produced on the going concern basis with the assumption that this support will continue.

Revenue recognition

Turnover is comprised of the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company's activities.

The company recognises revenue when:
The amount of revenue can be reliably measured;
It is probable that future economic benefits will flow to the entity;
Specific criteria have been met for each of the company's activities.

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.

 

Drumconner Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change 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 as follows:
General tangible assets are stated at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Property is stated at fair value.

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, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Motor vehicles

25% reducing balance

Plant and machinery

20% reducing balance

Furniture and fittings

15% reducing balance

Computer equipment

33% straight line

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in the profit and loss.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Non-distributable reserve

 

Drumconner Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

The aggregate fair value adjustments relating to movements in the value of the company's investments are transferred at the end of each period, net of deferred tax, from the profit and loss reserve to the non-distributable reserve.

On disposal of investments the aggregate fair value adjustment is transferred back to profit and loss reserves and the deferred tax provision is transferred to current tax liabilities.
 

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell it.

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 profit and loss account 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.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.

 

Drumconner Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 48 (2022 - 47).

 

Drumconner Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 January 2023

4,873,688

229,869

270,054

167,299

5,540,910

Additions

559,629

67,951

-

1,032

628,612

At 31 December 2023

5,433,317

297,820

270,054

168,331

6,169,522

Depreciation

At 1 January 2023

-

164,931

119,789

150,631

435,351

Charge for the year

-

22,509

37,567

3,540

63,616

At 31 December 2023

-

187,440

157,356

154,171

498,967

Carrying amount

At 31 December 2023

5,433,317

110,380

112,698

14,160

5,670,555

At 31 December 2022

4,873,688

64,938

150,265

16,668

5,105,559

Included within the net book value of land and buildings above is £5,433,317 (2022 - £4,873,688) in respect of freehold land and buildings.
 

 

Drumconner Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

5

Investment properties

2023
£

At 1 January

424,720

At 31 December

424,720

6

Investments

2023
£

2022
£

Investments in subsidiaries

192,482

192,482

Subsidiaries

£

Cost or valuation

At 1 January 2023

192,482

Provision

Carrying amount

At 31 December 2023

192,482

At 31 December 2022

192,482

7

Other financial assets (current and non-current)

2023
£

2022
£

Non-current financial assets

Financial assets at fair value through profit and loss

9,921

37,296

8

Stocks

2023
£

2022
£

Other inventories

6,633

5,528

9

Debtors

Current

2023
£

2022
£

Trade debtors

214,861

223,790

Prepayments

6,604

6,840

Other debtors

44,569

116,876

 

266,034

347,506

 

Drumconner Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

10

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

431,486

367,662

Trade creditors

 

132,233

107,935

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

12

558,490

257,942

Taxation and social security

 

167,126

121,562

Accruals and deferred income

 

179,276

146,336

Other creditors

 

147,115

31,191

 

1,615,726

1,032,628

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

1,712,434

2,042,447

11

Dividends

Interim dividends paid

2023
£

2022
£

Interim dividend of £1.00 per each Ordinary shares

241,944

185,085

 

 

12

Related party transactions

 

Drumconner Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Transactions with directors

2023

At 1 January 2023
£

Advances to director
£

Repayments by director
£

At 31 December 2023
£

Mr Peter William Creasey

Loan to director

(79,855)

6,448

79,855

6,448

2022

At 1 January 2022
£

Advances to director
£

Repayments by director
£

At 31 December 2022
£

Mr Peter William Creasey

Loan to director

(184,832)

(79,855)

184,832

(79,855)

 

Drumconner Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Directors' remuneration

The directors' remuneration for the year was as follows:

2023
£

2022
£

Remuneration

108,485

305,168

Summary of transactions with associates
During the year the company was paid £25,500 (2022 £27,500) from Drumconner Homes (Bournemouth) Ltd for management services.
Amount due to related party at the balance sheet date was £75,401(2022 £50,741).
The company has a contingent liability, namely an unlimited multilateral guarantee with Drumconner Homes (Bournemouth) Limited. No interest was charged or terms applied.

Summary of transaction with other related parties
Drumconner Homes Limited.
Amount due to related party at the balance sheet date was £483,089 (2022 £207,201).
The company has a contingent liability, namely an unlimited multilateral guarantee with Drumconner Homes Limited. No interest was charged or terms applied.

Mr P W Creasey
A director of the company.

 Amount due to related party at the balance sheet date was £6,448.37 (2022 -£79,855).
No interest was charged or terms applied.

 

13

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary shares of £1 each

1,000

1,000

1,000

1,000