Company registration number 02846456 (England and Wales)
DRAMLET LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 3 OCTOBER 2024
PAGES FOR FILING WITH REGISTRAR
DRAMLET LIMITED
CONTENTS
Page
Statement of financial position
1
Notes to the financial statements
2 - 5
DRAMLET LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
3 OCTOBER 2024
03 October 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investment property
4
5,375,000
6,070,000
Current assets
Debtors
5
367,226
403,597
Cash at bank and in hand
425,659
216,394
792,885
619,991
Creditors: amounts falling due within one year
6
(3,421,323)
(3,547,743)
Net current liabilities
(2,628,438)
(2,927,752)
Net assets
2,746,562
3,142,248
Capital and reserves
Called up share capital
7
378,395
378,395
Share premium account
234,604
234,604
Profit and loss reserves
2,133,563
2,529,249
Total equity
2,746,562
3,142,248

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

The directors of the company have elected not to include a copy of the income statement within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 29 September 2025 and are signed on its behalf by:
R Ratcliffe
Director
Company registration number 02846456 (England and Wales)
DRAMLET LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 3 OCTOBER 2024
- 2 -
1
Accounting policies
Company information

Dramlet Limited is a private company limited by shares incorporated in England and Wales. The registered office is 2 Leman Street, London, United Kingdom, E1W 9US.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include investment properties at fair value. The principal accounting policies adopted are set out below.

1.2
Going concern

The accounts have been prepared on a going concern basis even though the company has net current liabilities of £2,628,438 (202 3: £2,927,7 52). The validity of the going concern concept is dependent on the continuing support of the company's creditors and appropriate confirmation of this support has been provided. Therefore the directors believe the going concern concept is applicable as they believe that the company will be able to meet its debts and and when they fall due.

1.3
Turnover

Turnover is recognised at the fair value of rent received or receivable in the normal course of business, and is shown net of VAT and other sales related taxes.

1.4
Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value a t the reporting end date. The surplus or deficit on revaluation is recognised in the income statement.

1.5
Cash and cash equivalents

Cash at bank and in hand are basic financial assets and include cash in hand and bank overdrafts. When applicable, b ank overdrafts are shown within borrowings in current liabilities.

1.6
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ o f FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

DRAMLET LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 3 OCTOBER 2024
1
Accounting policies
(Continued)
- 3 -
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.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

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.

Basic financial liabilities

Basic financial liabilities, including creditors and loans from fellow group companies, 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 paymen ts 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. A m ounts 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.

Derecognition of financial liabilities

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

1.7
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.8
Taxation

The tax expense represents the sum of the tax currently payable.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

DRAMLET LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 3 OCTOBER 2024
- 4 -
2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Valuation of Investment Property

Investment properties are measured at fair value with any movement in valuation at the year-end being taken to profit or loss. The Directors have made key assumptions with the benefit of external data in the determination of the value of an investment property, by considering the property market specific to its location and market evidence of transaction prices of similar properties in its location, together with a review of property rental yields.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
1
1
4
Investment property
2024
£
Fair value
At 4 October 2023
6,070,000
Revaluations
(695,000)
At 3 October 2024
5,375,000

The fair value of the investment property has been based on a valuation as at 3 1 October 202 4 by Ra c c ah Chartered Surveyors, who are not connected with the company. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties. No depreciation is provided in respect of the property.

DRAMLET LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 3 OCTOBER 2024
- 5 -
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
221,870
221,870
Other debtors
145,356
181,727
367,226
403,597
6
Creditors: amounts falling due within one year
2024
2023
£
£
Amounts owed to group undertakings
3,161,116
3,311,116
Taxation and social security
123,822
111,687
Other creditors
136,385
124,940
3,421,323
3,547,743
7
Called up share capital
2024
2023
£
£
Ordinary share capital
Issued and fully paid
378,395 Ordinary shares of £1 each
378,395
378,395

There is a single class of ordinary shares. There are no restrictions on the distribution of dividends and repayment of capital.

8
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006.

The auditor's report is unqualified and includes the following:

Opinion

In our opinion the financial statements:

- give a true and fair view of the state of the company's affairs as at 3 October 2024 and of its loss for the year then ended;

- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

- have been prepared in accordance with the requirements of the Companies Act 2006.

Senior Statutory Auditor:
Sarah Wilson FCA
Statutory Auditor:
Gravita Audit II Limited
Date of audit report:
30 September 2025
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