Registration number: NI049237

Drum Irish Properties Ltd

Contents

Balance Sheet	1
Notes to the Unaudited Financial Statements	2 to 7

Drum Irish Properties Ltd

(Registration number: NI049237)
Balance Sheet as at 31 January 2025

	Note	2025 £	2024 £
Fixed assets
Tangible assets	4	89,708	170,110
Investment property	5	105,350	102,985
		195,058	273,095
Current assets
Stocks	6	88,000	88,000
Debtors	7	1,950	270,360
Cash at bank and in hand		311,539	78,964
		401,489	437,324
Creditors: Amounts falling due within one year	8	(64,922)	(142,604)
Net current assets		336,567	294,720
Net assets		531,625	567,815
Capital and reserves
Called up share capital	9	10	10
Retained earnings		531,615	567,805
Shareholders' funds		531,625	567,815

For the financial year ending 31 January 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 Profit and Loss Account.

Approved and authorised by the Board on 7 October 2025 and signed on its behalf by:
 

......................................... Mr Maurice Scott Company secretary and director

Drum Irish Properties Ltd

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

1	General information

The company is a private company limited by share capital, incorporated in Northern Ireland.

The address of its registered office is:
17,(Unit D8)
Sperrin Business Park
Ballycastle Road
Coleraine
Co Derry
BT52 2DH

These financial statements were authorised for issue by the Board on 7 October 2025.

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.

Going concern

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Drum Irish Properties Ltd

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

Tax

The tax expense for the period comprises tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

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:

Asset class	Depreciation method and rate
Land and buildings	2% straight line
Plant and machinery	20% reducing balance
Motor vehicles	25% reducing balance

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by the directors. The directors use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at cost, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Drum Irish Properties Ltd

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

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3	Staff numbers

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

Drum Irish Properties Ltd

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

4	Tangible assets

	Land and buildings £	Motor vehicles  £	Other tangible assets £	Total £
Cost or valuation
At 1 February 2024	211,688	21,933	19,544	253,165
Disposals	(99,962)	-	-	(99,962)
At 31 January 2025	111,726	21,933	19,544	153,203
Depreciation
At 1 February 2024	50,808	14,993	17,254	83,055
Charge for the year	2,235	1,735	458	4,428
Eliminated on disposal	(23,988)	-	-	(23,988)
At 31 January 2025	29,055	16,728	17,712	63,495
Carrying amount
At 31 January 2025	82,671	5,205	1,832	89,708
At 31 January 2024	160,880	6,940	2,290	170,110

Included within the net book value of land and buildings above is £82,671 (2024 - £160,880) in respect of freehold land and buildings.
 

5	Investment properties

	2025 £
At 1 February	102,985
Additions	2,365
At 31 January	105,350

The investment properties were valued on 31 January 2025 by the directors who are internal to the company. The basis of this value was fair value. This class of asset has a current value of £105,350 (2024 - £102,985) and a carrying amount at historical cost of £105,350 (2024 - £102,985).

There has been no valuation of investment property by an independent valuer.

6

Stocks

	2025 £	2024 £
Work in progress	88,000	88,000

Drum Irish Properties Ltd

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

7

Debtors

	2025 £	2024 £
Prepayments	1,950	2,119
Other debtors	-	268,241
	1,950	270,360

8

Creditors

Creditors: amounts falling due within one year

	Note	2025 £	2024 £
Due within one year
Trade creditors		4,481	4,481
Amounts due to related parties	10	56,749	121,423
Social security and other taxes		1,742	1,823
Accruals		1,950	1,975
Income tax liability		-	12,902
		64,922	142,604

9	Share capital

Allotted, called up and fully paid shares

	2025		2024
	No.	£	No.	£
Ordinary shares of £1 each	10	10	10	10

Drum Irish Properties Ltd

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

10	Related party transactions

Other transactions with directors

During the year the company repaid £64,674 to the directors. At the balance sheet date the amount due to the directors was £56,749 (2024 - £121,423). The advance is unsecured, interest free and repayable on demand.