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Registration number: 02150134

Drumconner Homes (Bournemouth) Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 September 2024

 

Drumconner Homes (Bournemouth) Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

Drumconner Homes (Bournemouth) 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 (Bournemouth) Limited

(Registration number: 02150134)
Balance Sheet as at 30 September 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

4,037,219

4,036,421

Current assets

 

Stocks

5

6,615

6,907

Debtors

179,447

77,993

Cash at bank and in hand

 

2,389

2,776

 

188,451

87,676

Creditors: Amounts falling due within one year

(562,833)

(533,074)

Net current liabilities

 

(374,382)

(445,398)

Total assets less current liabilities

 

3,662,837

3,591,023

Creditors: Amounts falling due after more than one year

(1,210,785)

(1,293,289)

Provisions for liabilities

(382,254)

(381,969)

Net assets

 

2,069,798

1,915,765

Capital and reserves

 

Called up share capital

10

1,000

1,000

Revaluation reserve

1,525,771

1,525,771

Retained earnings

543,027

388,994

Shareholders' funds

 

2,069,798

1,915,765

For the financial year ending 30 September 2024 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 (Bournemouth) Limited

(Registration number: 02150134)
Balance Sheet as at 30 September 2024

Approved and authorised by the Board on 25 April 2025 and signed on its behalf by:



 

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

Mr Peter William Creasey

Director

 

Drumconner Homes (Bournemouth) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

1

General information

The company is a private company limited by share capital, incorporated in England.

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.

 

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.

 

Drumconner Homes (Bournemouth) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used.

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

Plant and machinery

20% reducing balance

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.

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 Homes (Bournemouth) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 68 (2023 - 67).

 

Drumconner Homes (Bournemouth) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 October 2023

3,940,000

224,895

41,117

350,718

4,556,730

Additions

-

17,746

-

1,869

19,615

At 30 September 2024

3,940,000

242,641

41,117

352,587

4,576,345

Depreciation

At 1 October 2023

-

153,254

39,531

327,524

520,309

Charge for the year

-

13,408

397

5,012

18,817

At 30 September 2024

-

166,662

39,928

332,536

539,126

Carrying amount

At 30 September 2024

3,940,000

75,979

1,189

20,051

4,037,219

At 30 September 2023

3,940,000

71,641

1,586

23,194

4,036,421

Included within the net book value of land and buildings above is £3,940,000 (2023 - £3,940,000) in respect of freehold land and buildings.
 

 

Drumconner Homes (Bournemouth) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

5

Stocks

2024
£

2023
£

Other inventories

6,615

6,907

6

Loans and borrowings

2024
£

2023
£

Non-current loans and borrowings

Bank borrowings

1,210,785

1,293,289

2024
£

2023
£

Current loans and borrowings

Bank borrowings

254,574

237,344

Bank overdrafts

83,495

33,730

338,069

271,074

7

Dividends

8

Related party transactions

 

Drumconner Homes (Bournemouth) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
£

2023
£

Remuneration

71,995

36,035

Summary of transactions with associates

During the year the company paid Drumconner Limited £50,000 (2023 £50,000) for management services.
Amount due from related party at the balance sheet date was £1,945 (2023 £9,521).

 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 Limited
 Amount due to related party at the balance sheet date was £64,029 (2023 £46,212).
 The company has a contingent liability, namely an unlimited multilateral guarantee with Drumconner Homes Limited. No interest was charged or terms applied.
 

9

Reserves

The changes to each component of equity resulting from items of other comprehensive income for the current year were as follows:

The changes to each component of equity resulting from items of other comprehensive income for the prior year were as follows:

Revaluation reserve
£

Total
£

Surplus/deficit on property, plant and equipment revaluation

(396,002)

(396,002)

10

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Shares of £1 each

1,000

1,000

1,000

1,000