Registered number
04509240
Drake Property Development Ltd
Unaudited Filleted Accounts
31 August 2024
Drake Property Development Ltd
Report and accounts
Contents
Page
Company information 1
Director's report 2
Chartered Accountants' report 3
Balance sheet 4
Notes to the accounts 5
Drake Property Development Ltd
Company Information
Director
Mr C Drake
Miss L Drake (appointed 22 March 2024)
Accountants
Cochrane & Co Accountants Limited
38 Kings Road
Lee-on-the-Solent
Hampshire
PO13 9NU
Registered office
Unit 4, Park Ironworks
Forge Road
Kingsley
Bordon
GU35 9LY
Registered number
04509240
Drake Property Development Ltd
Registered number: 04509240
Director's Report
The director presents his report and accounts for the year ended 31 August 2024.
Principal activities
The company's principal activity during the year continued to be that of the development of building projects.
Directors
The following persons served as directors during the year:
Mr C Drake
Miss L Drake (appointed 22 March 2024)
Small company provisions
This report has been prepared in accordance with the provisions in Part 15 of the Companies Act 2006 applicable to companies subject to the small companies regime.
This report was approved by the board on 12 May 2025 and signed on its behalf.
Mr C Drake
Director
Drake Property Development Ltd
Chartered Accountants' report to the board of directors on the preparation of the unaudited statutory accounts of Drake Property Development Ltd for the year ended 31 August 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Drake Property Development Ltd for the year ended 31 August 2024 which comprise of the Profit and Loss Account, the Balance Sheet and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales, we are subject to its ethical and other professional requirements which are detailed at
www.icaew.com/en/members/regulations-standards-and-guidance
Our work has been undertaken in accordance with ICAEW Technical Release 07/16 AAF.
Cochrane & Co Accountants Limited
Chartered Accountants
38 Kings Road
Lee-on-the-Solent
Hampshire
PO13 9NU
23 May 2025
Drake Property Development Ltd
Registered number: 04509240
Balance Sheet
as at 31 August 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 90,019 90,025
Current assets
Debtors 4 32,227 32,227
Cash at bank and in hand 22 136
32,249 32,363
Creditors: amounts falling due within one year 5 (160,857) (156,059)
Net current liabilities (128,608) (123,696)
Total assets less current liabilities (38,589) (33,671)
Provisions for liabilities (6,616) (6,616)
Net liabilities (45,205) (40,287)
Capital and reserves
Called up share capital 1 1
Profit and loss account (45,206) (40,288)
Shareholder's funds (45,205) (40,287)
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr C Drake
Director
Approved by the board on 12 May 2025
Drake Property Development Ltd
Notes to the Accounts
for the year ended 31 August 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts. Turnover is rental income, ground rent and insurance recoveries.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 25% reducing balance
Computer equipment 25% reducing balance
Investment properties
Investment properties are measured at fair value at each reporting date with changes in fair value recognised in the profit and loss.
The methods and significant assumptions used to ascertain the fair value of £90,000 and fair value movement of £0 included in the profit and loss for the year are as follows;
The property was valued by the director at 31 August 2024.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Going concern
Despite the negative balance sheet position, the director is confident about the future of the company and, as such, has prepared accounts on a going concern basis.The director is aware that the dividends were technically 'illegal' under the Companies Act but feels that the deficit will be readddressed.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that 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. Current and deferred tax assets and liabilities are not discounted.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 1 1
3 Tangible fixed assets
Land and buildings Plant and machinery etc Total
£ £ £
Cost
At 1 September 2023 90,000 5,012 95,012
At 31 August 2024 90,000 5,012 95,012
Depreciation
At 1 September 2023 - 4,987 4,987
Charge for the year - 6 6
At 31 August 2024 - 4,993 4,993
Net book value
At 31 August 2024 90,000 19 90,019
At 31 August 2023 90,000 25 90,025
Freehold land and buildings: 2024 2023
£ £
Historical cost 40,000 40,000
Cumulative depreciation based on historical cost - -
40,000 40,000
Investment properties are revalued annually by the directors. The basis of valuation is outlined in the accounting policies.
4 Debtors 2024 2023
£ £
Other debtors 32,227 32,227
5 Creditors: amounts falling due within one year 2024 2023
£ £
Taxation and social security costs 53 10,330
Other creditors 160,804 145,729
160,857 156,059
6 Other information
Drake Property Development Ltd is a private company limited by shares and incorporated in England. Its registered office is:
Unit 4, Park Ironworks
Forge Road
Kingsley
Bordon
GU35 9LY
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