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Registration number: 01942577

Drumconner Homes Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2023

 

Drumconner Homes Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

Drumconner Homes 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 Homes Limited

(Registration number: 01942577)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

4,233,463

3,834,932

Investment property

5

113,291

113,291

 

4,346,754

3,948,223

Current assets

 

Stocks

6

6,373

4,523

Debtors

7

695,818

470,642

Cash at bank and in hand

 

138,915

59,032

 

841,106

534,197

Creditors: Amounts falling due within one year

12

(696,138)

(564,502)

Net current assets/(liabilities)

 

144,968

(30,305)

Total assets less current liabilities

 

4,491,722

3,917,918

Creditors: Amounts falling due after more than one year

12

(2,072,878)

(1,580,509)

Provisions for liabilities

(149,405)

(142,982)

Net assets

 

2,269,439

2,194,427

Capital and reserves

 

Called up share capital

11

100

100

Revaluation reserve

1,346,433

1,346,433

Retained earnings

922,906

847,894

Shareholders' funds

 

2,269,439

2,194,427

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.

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.

 

Drumconner Homes Limited

(Registration number: 01942577)
Balance Sheet as at 31 December 2023

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



 

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

Mr Peter William Creasey

Director

 

Drumconner Homes Limited

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

1

General information

The company is a 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 comprises 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;
and 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 Homes 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

Furniture and fittings

15% reducing balance

Office equipment

33% straight line

Plant and machinery

20% reducing balance

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 profit or loss.

Stocks

Stocks are stated at the lower of cost and net realisable value.

Borrowings

 

Drumconner Homes Limited

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

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.

Non-distributable reserve

The aggregate fair value adjustments relating to movements in the value of the company's investment properties 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 investment property the aggregate fair value adjustment is transferred back to profit and loss reserves and the deferred tax provision is transferred to current tax liabilities.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 49 (2022 - 58).

 

Drumconner Homes Limited

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

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 January 2023

3,761,209

244,222

176,045

4,181,476

Additions

373,086

45,301

688

419,075

At 31 December 2023

4,134,295

289,523

176,733

4,600,551

Depreciation

At 1 January 2023

-

187,207

159,337

346,544

Charge for the year

-

17,065

3,479

20,544

At 31 December 2023

-

204,272

162,816

367,088

Carrying amount

At 31 December 2023

4,134,295

85,251

13,917

4,233,463

At 31 December 2022

3,761,209

57,015

16,708

3,834,932

Included within the net book value of land and buildings above is £4,134,295 (2022 - £3,761,209) in respect of freehold land and buildings.
 

5

Investment properties

2023
£

At 1 January

113,291

At 31 December

113,291

6

Stocks

2023
£

2022
£

Other inventories

6,373

4,523

7

Debtors

Current

Note

2023
£

2022
£

Trade debtors

 

206,435

183,101

Amounts owed by related parties

10

483,089

281,473

Prepayments

 

6,294

6,068

   

695,818

470,642

 

Drumconner Homes Limited

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

8

Loans and borrowings

Non-current loans and borrowings

2023
£

2022
£

Bank borrowings

2,074,144

1,377,717

Other borrowings

(1,266)

202,792

2,072,878

1,580,509

Current loans and borrowings

2023
£

2022
£

Bank borrowings

218,548

118,833

Bank overdrafts

-

53,871

218,548

172,704

9

Dividends

10

Related party transactions

 

Drumconner Homes 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

-

55,656

Summary of transactions with associates
Drumconner Limited
Amount due from 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 Limited. No interest was charged or terms applied.

Summary of transactions with other related parties
Drumconner Homes (Bournemouth) Limited
During the year the company was paid £24,500 (2022 £22,500) from Drumconner Homes (Bournemouth) Limited for management services.
Amount due to related party at the balance sheet date was £90,350 (2022 -£74,272).
The company has a contingent liability, namely an unlimited multilateral guarantee with Drumconner Homes (Bournemouth) Limited. No interest was charged or terms applied.

11

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

       
 

Drumconner Homes Limited

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

12

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

8

218,548

172,704

Trade creditors

 

127,047

88,310

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

10

90,351

-

Taxation and social security

 

65,237

74,902

Accruals and deferred income

 

168,210

185,536

Other creditors

 

26,745

43,050

 

696,138

564,502

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

8

2,072,878

1,580,509