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Company No: 05031408 (England and Wales)

D R M M LIMITED

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

D R M M LIMITED

Unaudited Financial Statements

For the financial year ended 31 March 2024

Contents

D R M M LIMITED

COMPANY INFORMATION

For the financial year ended 31 March 2024
D R M M LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 31 March 2024
DIRECTORS Alex De Rijke
Jonas Sebastian Lencer
Saskia Lencer
Philip James De Winton Marsh
Sadie Anna Morgan
Judith Stichtenoth
REGISTERED OFFICE 37 Coate Street
London
E2 9AG
United Kingdom
COMPANY NUMBER 05031408 (England and Wales)
ACCOUNTANT Praxis
1 Poultry
London
EC2R 8EJ
D R M M LIMITED

BALANCE SHEET

As at 31 March 2024
D R M M LIMITED

BALANCE SHEET (continued)

As at 31 March 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 4 90,197 83,539
Investment property 5 1,263,054 1,263,054
1,353,251 1,346,593
Current assets
Debtors 6 1,779,401 1,045,734
Cash at bank and in hand 7 226,420 225,676
2,005,821 1,271,410
Creditors: amounts falling due within one year 8 ( 984,903) ( 359,313)
Net current assets 1,020,918 912,097
Total assets less current liabilities 2,374,169 2,258,690
Creditors: amounts falling due after more than one year 9 ( 772,021) ( 921,958)
Net assets 1,602,148 1,336,732
Capital and reserves
Called-up share capital 10 865 865
Capital redemption reserve 1,065 1,065
Profit and loss account 1,600,218 1,334,802
Total shareholders' funds 1,602,148 1,336,732

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:

These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of D R M M Limited (registered number: 05031408) were approved and authorised for issue by the Board of Directors on 17 January 2025. They were signed on its behalf by:

Jonas Sebastian Lencer
Director
D R M M LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
D R M M 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

D R M M 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 37 Coate Street, London, E2 9AG, 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 £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Profit and Loss Account in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes.

Where the outcome of a contract can be estimated reliably, revenue and costs are recognised by reference to the stage of completion of the contract activity at the Balance Sheet date. This is normally measured by the proportion that contract costs incurred for work performed to date bear to the estimated total contract costs, except where this would not be representative of the stage of completion.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Profit and Loss Account in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

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.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill 10 years straight line
Goodwill

Goodwill arises on business combination and represents any excess of consideration given over the fair value of the identifiable assets and liabilities acquired. Goodwill is initially recognised as an intangible asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis over its useful economic life, which is [number] years.

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:

Land and buildings 10 years straight line
Plant and machinery etc. 4 years straight line

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.

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.

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.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

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. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

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. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 49 39

3. Intangible assets

Goodwill Total
£ £
Cost
At 01 April 2023 96,000 96,000
At 31 March 2024 96,000 96,000
Accumulated amortisation
At 01 April 2023 96,000 96,000
At 31 March 2024 96,000 96,000
Net book value
At 31 March 2024 0 0
At 31 March 2023 0 0

4. Tangible assets

Land and buildings Plant and machinery etc. Total
£ £ £
Cost
At 01 April 2023 44,299 392,905 437,204
Additions 12,411 28,735 41,146
Disposals 0 ( 108,363) ( 108,363)
At 31 March 2024 56,710 313,277 369,987
Accumulated depreciation
At 01 April 2023 36,519 317,146 353,665
Charge for the financial year 5,420 29,068 34,488
Disposals 0 ( 108,363) ( 108,363)
At 31 March 2024 41,939 237,851 279,790
Net book value
At 31 March 2024 14,771 75,426 90,197
At 31 March 2023 7,780 75,759 83,539

5. Investment property

Investment property
£
Valuation
As at 01 April 2023 1,263,054
As at 31 March 2024 1,263,054

Valuation

Investment properties are restated annually to their open market value by the directors of the company, based on their experience of the property market and comparable evidence. The directors do not feel the current market valuation is materially different from that shown in these financial statements.

6. Debtors

2024 2023
£ £
Trade debtors 1,383,407 809,287
Amounts owed by Group undertakings 210,881 0
Other debtors 185,113 236,447
1,779,401 1,045,734

7. Cash and cash equivalents

2024 2023
£ £
Cash at bank and in hand 226,420 225,676

8. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 203,768 88,594
Taxation and social security 353,553 178,712
Other creditors 427,582 92,007
984,903 359,313

9. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans (secured) 772,021 921,958

Included in creditors are bank loans secured by a fixed charge over the Company's investment property and also by floating charge over all of the Company's assets.

Amounts repayable after more than 5 years are included in creditors falling due over one year:

2024 2023
£ £
Bank loans (secured) 772,021 772,486

10. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
765 Ordinary shares of £ 1.00 each 765 765
10,000 Ordinary B shares of £ 0.01 each 100 100
865 865

11. Financial commitments

Commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

2024 2023
£ £
within one year 193,875 152,000
between one and five years 592,678 622,592
after five years 811,325 956,637
1,597,879 1,731,229

Pensions

The Company operates a defined contribution pension scheme for the directors and employees. The assets of the scheme are held separately from those of the Company in an independently administered fund.

2024 2023
£ £
Unpaid contributions due to the fund (inc. in other creditors) 23,729 13,746

12. Related party transactions

Transactions with the entity's directors

2024 2023
£ £
Dividends paid to the directors 44,006 179,995
Loan made to directors 40,360 16,780

13. Events after the Balance Sheet date

There have been no events after the balance sheet date affecting the Company since the financial year.

14. Ultimate controlling party

Parent Company:

D R M M Holdings Limited
37 Coate Street, London, E2 9AG