2 1 Drake Circus Limited 09428718 false 2024-04-01 2025-03-31 2025-03-31 The principal activity of the company is that of property management. Digita Accounts Production Advanced 6.30.9574.0 true 09428718 2024-04-01 2025-03-31 09428718 2025-03-31 09428718 core:CurrentFinancialInstruments 2025-03-31 09428718 core:CurrentFinancialInstruments core:WithinOneYear 2025-03-31 09428718 core:Non-currentFinancialInstruments 2025-03-31 09428718 core:Non-currentFinancialInstruments core:AfterOneYear 2025-03-31 09428718 core:LandBuildings core:OwnedOrFreeholdAssets 2025-03-31 09428718 core:EntitiesWithJointControlOrSignificantInfluenceOverReportingEntity 2025-03-31 09428718 1 2025-03-31 09428718 bus:SmallEntities 2024-04-01 2025-03-31 09428718 bus:AuditExemptWithAccountantsReport 2024-04-01 2025-03-31 09428718 bus:FilletedAccounts 2024-04-01 2025-03-31 09428718 bus:SmallCompaniesRegimeForAccounts 2024-04-01 2025-03-31 09428718 bus:RegisteredOffice 2024-04-01 2025-03-31 09428718 bus:Director1 2024-04-01 2025-03-31 09428718 bus:PrivateLimitedCompanyLtd 2024-04-01 2025-03-31 09428718 core:EntitiesWithJointControlOrSignificantInfluenceOverReportingEntity 2024-04-01 2025-03-31 09428718 countries:EnglandWales 2024-04-01 2025-03-31 09428718 1 2024-04-01 2025-03-31 09428718 2024-03-31 09428718 core:LandBuildings core:OwnedOrFreeholdAssets 2024-03-31 09428718 core:EntitiesWithJointControlOrSignificantInfluenceOverReportingEntity 2024-03-31 09428718 1 2024-03-31 09428718 2023-04-01 2024-03-31 09428718 2024-03-31 09428718 core:CurrentFinancialInstruments 2024-03-31 09428718 core:CurrentFinancialInstruments core:WithinOneYear 2024-03-31 09428718 core:Non-currentFinancialInstruments 2024-03-31 09428718 core:Non-currentFinancialInstruments core:AfterOneYear 2024-03-31 09428718 core:LandBuildings core:OwnedOrFreeholdAssets 2024-03-31 09428718 core:EntitiesWithJointControlOrSignificantInfluenceOverReportingEntity 2024-03-31 09428718 1 2024-03-31 09428718 core:EntitiesWithJointControlOrSignificantInfluenceOverReportingEntity 2023-04-01 2024-03-31 09428718 1 2023-04-01 2024-03-31 09428718 2023-03-31 09428718 core:EntitiesWithJointControlOrSignificantInfluenceOverReportingEntity 2023-03-31 09428718 1 2023-03-31 xbrli:pure iso4217:GBP

Registration number: 09428718

Drake Circus Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2025

 

Drake Circus Limited

Contents

Statement of Financial Position

1

Notes to the Unaudited Financial Statements

2 to 8

 

Drake Circus Limited

(Registration number: 09428718)
Statement of Financial Position as at 31 March 2025

Note

2025
£

2024
£

Fixed assets

 

Tangible assets

4

668,410

668,410

Current assets

 

Debtors

5

4,286

839

Cash at bank and in hand

 

6

6

 

4,292

845

Creditors: Amounts falling due within one year

6

(308,740)

(316,088)

Net current liabilities

 

(304,448)

(315,243)

Total assets less current liabilities

 

363,962

353,167

Creditors: Amounts falling due after more than one year

6

(5,833)

(15,833)

Net assets

 

358,129

337,334

Capital and reserves

 

Called up share capital

10

10

Profit and loss account

358,119

337,324

Shareholders' funds

 

358,129

337,334

For the financial year ending 31 March 2025 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 and 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 Statement of Comprehensive Income.

Approved and authorised by the Board on 9 July 2025 and signed on its behalf by:
 


Mr D E Hendy
Director

 

Drake Circus Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

1

General information

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

The address of its registered office is:
3 Longbridge Road
Marsh Mills
Plymouth
Devon
PL6 8LT
United Kingdom

Principal activity

The principal activity of the company is that of property management.

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.

The financial statements are prepared in sterling which is the functional currency of the entity.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.

Revenue recognition

Revenue - described as turnover - is the value of the rental income receivable in the year.

 

Drake Circus Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025 (continued)

2

Accounting policies (continued)

Tax

The taxation expense represents the aggregate amount of the current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to the items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively.

Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses.

Any tangible assets carried at revalued amounts are recorded at the fair value at the date if revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gain accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.

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:

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Investment property

Investment property is measured initially at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.

 

Drake Circus Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025 (continued)

2

Accounting policies (continued)

Cash and cash equivalents

Cash and cash equivalents comprise of cash at bank and in hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities.

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 statement of comprehensive income 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.

Financial instruments

Recognition and measurement
A financial asset or a financial liability is recognised only when the company becomes party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2024 - 1).

 

Drake Circus Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025 (continued)

4

Tangible assets

Land and buildings
£

Total
£

Cost or valuation

At 1 April 2024

668,410

668,410

At 31 March 2025

668,410

668,410

Depreciation

Carrying amount

At 31 March 2025

668,410

668,410

At 31 March 2024

668,410

668,410

Included within the net book value of land and buildings above is £668,410 (2024 - £668,410) in respect of freehold land and buildings at cost.
 

5

Debtors

Note

2025
£

2024
£

Amounts owed by related parties

9

3,462

-

Other debtors

 

-

109

Prepayments

 

824

730

 

4,286

839

 

Drake Circus Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025 (continued)

6

Creditors

Creditors: amounts falling due within one year

Note

2025
£

2024
£

Loans and borrowings

8

10,000

10,000

Trade creditors

 

357

-

Taxation and social security

 

4,953

14,067

Accruals and deferred income

 

14,530

11,458

Other creditors

 

278,900

280,563

 

308,740

316,088

Creditors: amounts falling due after more than one year

Note

2025
£

2024
£

Due after one year

 

Loans and borrowings

8

5,833

15,833

The bounce bank loan benefits from a government guarantee.

7

Reserves

Profit and loss account:

This reserve records retained earnings and accumulated losses.

 

Drake Circus Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025 (continued)

8

Loans and borrowings

Non-current loans and borrowings

2025
£

2024
£

Bank borrowings

5,833

15,833

Current loans and borrowings

2025
£

2024
£

Bank borrowings

10,000

10,000

9

Related party transactions

Transactions with directors

2025

At 1 April 2024
£

Advances to director
£

Repayments by director
£

At 31 March 2025
£

Directors loan

(258,754)

800

(20,945)

(278,899)

         
       

 

2024

At 1 April 2023
£

Advances to director
£

Repayments by director
£

At 31 March 2024
£

Directors loan

(211,466)

121,092

(168,380)

(258,754)

 

Loans to related parties

2025

Entities with joint control or significant influence
£

Total
£

At start of period

(21,808)

(21,808)

Advanced

(18,280)

(18,280)

Repaid

43,550

43,550

At end of period

3,462

3,462

Terms of loans to related parties

The loan relates to Student Rooms 4 Plymouth Ltd company controlled by the same directors.
 

 

Drake Circus Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025 (continued)

9

Related party transactions (continued)

Loans from related parties

2024

Entities with joint control or significant influence
£

Total
£

At start of period

619,019

619,019

Advanced

45,180

45,180

Repaid

(642,391)

(642,391)

At end of period

21,808

21,808

Terms of loans from related parties

The loan relates to Student Rooms 4 Plymouth Ltd company controlled by the same directors.