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Company No: 10368583 (England and Wales)

# DRAKE STAR PARTNERS LIMITED

### Unaudited Financial Statements
For the financial year ended 31 December 2024
Pages for filing with the registrar

DRAKE STAR PARTNERS LIMITED

## Unaudited Financial Statements

For the financial year ended 31 December 2024

Contents

DRAKE STAR PARTNERS LIMITED

## BALANCE SHEET

As at 31 December 2024
DRAKE STAR PARTNERS LIMITED

## BALANCE SHEET (continued)

As at 31 December 2024

| Note | 2024 |  | 2023
|  | £ |  | £
Fixed assets |  |  |  |
Investments | 3 | 6,302,262 |  | 6,302,262
|  | 6,302,262 |  | 6,302,262
Current assets |  |  |  |
Debtors | 4 | 2,468,211 |  | 2,744,714
Cash at bank and in hand |  | 56,983 |  | 393,785
|  | 2,525,194 |  | 3,138,499
Creditors: amounts falling due within one year | 5 | ( 982,716) |  | ( 1,228,993)
Net current assets |  | 1,542,478 |  | 1,909,506
Total assets less current liabilities |  | 7,844,740 |  | 8,211,768
Creditors: amounts falling due after more than one year | 6 | ( 1,608,078) |  | ( 1,608,078)
Net assets |  | 6,236,662 |  | 6,603,690
Capital and reserves |  |  |  |
Called-up share capital | 7 | 315,800 |  | 315,800
Share premium account |  | 6,767,309 |  | 6,767,309
Profit and loss account |  | ( 846,447 ) |  | ( 479,419 )
Total shareholders' funds |  | 6,236,662 |  | 6,603,690

For the financial year ending 31 December 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 financial statements for the financial year in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
- These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Statement of Income and Retained Earnings has not been delivered.

The financial statements of Drake Star Partners Limited (registered number: 10368583) were approved and authorised for issue by the Board of Directors on 17 September 2025. They were signed on its behalf by:

G Bedrosian Director |

DRAKE STAR PARTNERS LIMITED

## NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2024
DRAKE STAR PARTNERS LIMITED

## NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2024

##### 1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

##### General information and basis of accounting

Drake Star Partners Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is The Scalpel, 18th Floor, 52 Lime Street, London, EC3M 7AF, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

##### Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.
Exchange differences are recognised in the Statement of Income and Retained Earnings in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

##### Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

##### Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

##### Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Non-financial assets
At each balance sheet date, the company reviews its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss.
If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

##### Fixed asset investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

##### Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

##### Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.
Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

#### 2. Employees

| 2024 |  | 2023
| Number |  | Number
Monthly average number of persons employed by the Company during the year, including directors | 0 |  | 0

#### 3. Fixed asset investments

| 2024 |  | 2023
| £ |  | £
Subsidiary undertakings | 6,302,262 |  | 6,302,262

#### 4. Debtors

| 2024 |  | 2023
| £ |  | £
Trade debtors | 779,583 |  | 486,718
Amounts owed by connected companies | 1,573,403 |  | 2,106,675
Other debtors | 115,225 |  | 151,321
| 2,468,211 |  | 2,744,714

#### 5. Creditors: amounts falling due within one year

| 2024 |  | 2023
| £ |  | £
Trade creditors | 95,644 |  | 91,485
Amounts owed to own subsidiaries | 217,343 |  | 645,746
Amounts owed to connected companies | 616,353 |  | 442,273
Amounts owed to related parties | 25,812 |  | 25,812
Other taxation and social security | 4,869 |  | 7,788
Other creditors | 22,695 |  | 15,889
| 982,716 |  | 1,228,993

#### 6. Creditors: amounts falling due after more than one year

| 2024 |  | 2023
| £ |  | £
Other creditors | 1,608,078 |  | 1,608,078

#### 7. Called-up share capital

| 2024 |  | 2023
| £ |  | £
Allotted, called-up and fully-paid |  |  |
68,837 Ordinary LP shares of US $ 0.10 each | 5,334.89 |  | 5,334.89
4,800 Ordinary MP shares of US $ 100.00 each | 257,956.64 |  | 257,956.64
796,695 Ordinary deffered shares of US $ 0.10 each | 52,290.62 |  | 52,290.62
3,305 Ordinary AP shares of US $ 0.10 each | 216.92 |  | 216.92
| 315,799.07 |  | 315,799.07