Silverfin false false 30/04/2024 01/05/2023 30/04/2024 J V Easton 28/04/2017 T Young-Jamieson 28/04/2017 31 January 2025 The principal activity of the Company during the financial year was that of retail sale in commercial art galleries. 10745577 2024-04-30 10745577 bus:Director1 2024-04-30 10745577 bus:Director2 2024-04-30 10745577 core:CurrentFinancialInstruments 2024-04-30 10745577 core:CurrentFinancialInstruments 2023-04-30 10745577 2023-04-30 10745577 core:Non-currentFinancialInstruments 2024-04-30 10745577 core:Non-currentFinancialInstruments 2023-04-30 10745577 core:ShareCapital 2024-04-30 10745577 core:ShareCapital 2023-04-30 10745577 core:RetainedEarningsAccumulatedLosses 2024-04-30 10745577 core:RetainedEarningsAccumulatedLosses 2023-04-30 10745577 core:CurrentFinancialInstruments core:Secured 2024-04-30 10745577 bus:OrdinaryShareClass1 2024-04-30 10745577 2023-05-01 2024-04-30 10745577 bus:FilletedAccounts 2023-05-01 2024-04-30 10745577 bus:SmallEntities 2023-05-01 2024-04-30 10745577 bus:AuditExemptWithAccountantsReport 2023-05-01 2024-04-30 10745577 bus:PrivateLimitedCompanyLtd 2023-05-01 2024-04-30 10745577 bus:Director1 2023-05-01 2024-04-30 10745577 bus:Director2 2023-05-01 2024-04-30 10745577 2022-05-01 2023-04-30 10745577 core:CurrentFinancialInstruments 2023-05-01 2024-04-30 10745577 core:Non-currentFinancialInstruments 2023-05-01 2024-04-30 10745577 bus:OrdinaryShareClass1 2023-05-01 2024-04-30 10745577 bus:OrdinaryShareClass1 2022-05-01 2023-04-30 iso4217:GBP xbrli:pure xbrli:shares

Company No: 10745577 (England and Wales)

DRANG HOLDINGS LIMITED

Unaudited Financial Statements
For the financial year ended 30 April 2024
Pages for filing with the registrar

DRANG HOLDINGS LIMITED

Unaudited Financial Statements

For the financial year ended 30 April 2024

Contents

DRANG HOLDINGS LIMITED

BALANCE SHEET

As at 30 April 2024
DRANG HOLDINGS LIMITED

BALANCE SHEET (continued)

As at 30 April 2024
Note 2024 2023
£ £
Current assets
Debtors 3 145,020 202,013
Cash at bank and in hand 401 62
145,421 202,075
Creditors: amounts falling due within one year 4 ( 128,962) ( 98,892)
Net current assets 16,459 103,183
Total assets less current liabilities 16,459 103,183
Creditors: amounts falling due after more than one year 5 ( 10,833) ( 20,833)
Net assets 5,626 82,350
Capital and reserves
Called-up share capital 6 100 100
Profit and loss account 5,526 82,250
Total shareholders' funds 5,626 82,350

For the financial year ending 30 April 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 Drang Holdings Limited (registered number: 10745577) were approved and authorised for issue by the Board of Directors on 31 January 2025. They were signed on its behalf by:

J V Easton
Director
DRANG HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 April 2024
DRANG HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 April 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

Drang Holdings 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 Nansough Manor, Ladock, Truro, TR2 4PB, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include 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 comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company's activities. Turnover is shown net of value added tax, returns, rebates and discounts and after eliminating sales with the company.

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.

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 tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

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 receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

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 that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

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

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 2 4

3. Debtors

2024 2023
£ £
Other debtors 145,020 202,013

4. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans (secured) 10,000 10,000
Trade creditors 0 2,223
Taxation and social security 14,099 32,147
Other creditors 104,863 54,522
128,962 98,892

The bank loan is secured by a fixed and floating charge over all of the property and undertakings of the company. The charge also contains a negative pledge.

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

2024 2023
£ £
Bank loans (secured) 10,833 20,833

The bank loan is secured by a fixed and floating charge over all of the property and undertakings of the company. The charge also contains a negative pledge.

6. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each 100 100

7. Related party transactions

Transactions with the entity's directors

2024 2023
£ £
Balance brought forward 169,715 28,632
Advances to director 44,255 142,917
Repayments by director (105,287) (1,833)
Balance carried forward 108,683 169,715

Ms T Young-Jamieson has a loan repayable on demand. Interest is charged on this loan at a rate of 2.25%. At the end of the year there was an amount of £108,683 (2023: £169,715) due to the company.