Registration number:
Drake Circus Limited
for the Year Ended 31 March 2025
Drake Circus Limited
Contents
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Statement of Financial Position |
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Notes to the Unaudited Financial Statements |
Drake Circus Limited
(Registration number: 09428718)
Statement of Financial Position as at 31 March 2025
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Note |
2025 |
2024 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current liabilities |
( |
( |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
10 |
10 |
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Profit and loss account |
358,119 |
337,324 |
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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:
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• |
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
Approved and authorised by the
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Drake Circus Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025
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General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
United Kingdom
Principal activity
The principal activity of the company is that of property management.
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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)
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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
Drake Circus Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025 (continued)
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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
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.
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Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Drake Circus Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025 (continued)
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Tangible assets |
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Land and buildings |
Total |
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Cost or valuation |
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At 1 April 2024 |
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At 31 March 2025 |
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Depreciation |
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Carrying amount |
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At 31 March 2025 |
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At 31 March 2024 |
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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.
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Debtors |
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Note |
2025 |
2024 |
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Amounts owed by related parties |
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- |
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Other debtors |
- |
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Prepayments |
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Drake Circus Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025 (continued)
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Creditors |
Creditors: amounts falling due within one year
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Note |
2025 |
2024 |
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Loans and borrowings |
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Trade creditors |
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- |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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Creditors: amounts falling due after more than one year
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Note |
2025 |
2024 |
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Due after one year |
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Loans and borrowings |
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The bounce bank loan benefits from a government guarantee.
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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)
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Loans and borrowings |
Non-current loans and borrowings
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2025 |
2024 |
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Bank borrowings |
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Current loans and borrowings
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2025 |
2024 |
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Bank borrowings |
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Related party transactions |
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Transactions with directors |
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2025 |
At 1 April 2024 |
Advances to director |
Repayments by director |
At 31 March 2025 |
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Directors loan |
( |
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( |
( |
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2024 |
At 1 April 2023 |
Advances to director |
Repayments by director |
At 31 March 2024 |
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Directors loan |
( |
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( |
( |
Loans to related parties
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2025 |
Entities with joint control or significant influence |
Total |
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At start of period |
( |
( |
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Advanced |
( |
( |
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Repaid |
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At end of period |
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Terms of loans to related parties
Drake Circus Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025 (continued)
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9 |
Related party transactions (continued) |
Loans from related parties
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2024 |
Entities with joint control or significant influence |
Total |
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At start of period |
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Advanced |
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Repaid |
( |
( |
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At end of period |
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Terms of loans from related parties