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Registered number: 13306715









1 & 2 DRAKES COURTYARD MANAGEMENT LTD







UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2024

 
1 & 2 DRAKES COURTYARD MANAGEMENT LTD
REGISTERED NUMBER: 13306715

BALANCE SHEET
AS AT 31 MAY 2024

2024
2023
Note
£
£

Fixed assets
  

Investment property
 4 
10,400,000
10,400,000

  
10,400,000
10,400,000

Current assets
  

Debtors: amounts falling due within one year
 5 
478,715
366,029

Cash at bank and in hand
 6 
69,945
81,573

  
548,660
447,602

Creditors: amounts falling due within one year
 7 
(11,043,263)
(4,650,811)

Net current liabilities
  
 
 
(10,494,603)
 
 
(4,203,209)

Total assets less current liabilities
  
(94,603)
6,196,791

Creditors: amounts falling due after more than one year
 8 
-
(6,300,000)

Provisions for liabilities
  

Deferred tax
 9 
(1,110,673)
(1,110,673)

  
 
 
(1,110,673)
 
 
(1,110,673)

Net liabilities
  
(1,205,276)
(1,213,882)


Capital and reserves
  

Called up share capital 
  
1
1

Profit and loss account
 10 
(1,205,277)
(1,213,883)

  
(1,205,276)
(1,213,882)

Page 1

 
1 & 2 DRAKES COURTYARD MANAGEMENT LTD
REGISTERED NUMBER: 13306715
    
BALANCE SHEET (CONTINUED)
AS AT 31 MAY 2024

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 27 May 2025.




N Zamek
Director

The notes on pages 3 to 7 form part of these financial statements.
Page 2

 
1 & 2 DRAKES COURTYARD MANAGEMENT LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

1.


General information

1 & 2 Drakes Courtyard Management Ltd is a private company limited by shares and registered in England & Wales. The address of its registered office is The Office Inglewood Mansions, 287-289 West End Lane, London, NW6 1RE.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue comprises rental income receivable and is recognised in the statement of income and retained earnings in the period it is contractually due.

 
2.3

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.4

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 3

 
1 & 2 DRAKES COURTYARD MANAGEMENT LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

2.Accounting policies (continued)

 
2.5

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


 
2.6

Investment property

Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

 
2.7

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.8

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.9

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 4

 
1 & 2 DRAKES COURTYARD MANAGEMENT LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

2.Accounting policies (continued)

 
2.10

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.


3.


Employees

The average monthly number of employees, including directors, during the year was 1 (2023 - 1).


4.


Investment property


Freehold investment property

£



Valuation


At 1 June 2023
10,400,000



At 31 May 2024
10,400,000

The 2024 valuations were made by the director of the company, on an open market value for existing use basis.







5.


Debtors

2024
2023
£
£


Trade debtors
25,492
450

Amounts owed by associates
401,460
306,765

Other debtors
32,047
39,287

Prepayments and accrued income
19,716
19,527

478,715
366,029

Page 5

 
1 & 2 DRAKES COURTYARD MANAGEMENT LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

6.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
69,945
81,573

69,945
81,573



7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
6,300,000
-

Trade creditors
25,312
29,385

Amounts owed to associates
4,635,945
4,544,633

Other creditors
5,650
5,650

Accruals and deferred income
76,356
71,143

11,043,263
4,650,811



8.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
-
6,300,000

-
6,300,000


Investec Bank Plc holds fixed and floating charges over 1 & 2 Drakes Courtyard Management Ltd. The floating charge covers all of the property or undertaking of the company. The charges also contain a negative pledge.

Page 6

 
1 & 2 DRAKES COURTYARD MANAGEMENT LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

9.


Deferred taxation




2024


£






At beginning of year
(1,110,673)



At end of year
(1,110,673)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Unrealised gains
(1,110,673)
(1,110,673)

(1,110,673)
(1,110,673)


10.


Reserves

Profit and loss account

Included in reserves carried forward is deferred tax of £1,110,673 (2023: £1,110,673).


11.


Related party transactions

The company is exempt from disclosing related party transactions between members of the group in accordance with FRS 102 paragraph 33.1A.
At the reporting date £401,460 (2023: £306,765) was due from companies with a common director. At the reporting date £4,635,945 (2023: £4,544,633) was due to companies with a common director.

 
Page 7