Company No: 00372938 (England and Wales)

Contents

• Statement of Financial Position
• Notes to the Financial Statements

	Note	2025		2024
		£		£
Fixed assets
Tangible assets	3	62,142		69,728
		62,142		69,728
Current assets
Debtors	4	34,652		26,189
Cash at bank and in hand		523,486		411,932
		558,138		438,121
Creditors: amounts falling due within one year	5	( 96,929)		( 71,063)
Net current assets		461,209		367,058
Total assets less current liabilities		523,351		436,786
Creditors: amounts falling due after more than one year	6	( 349,885)		( 338,051)
Provision for liabilities	7	( 4,019)		( 4,582)
Net assets		169,447		94,153
Capital and reserves
Called-up share capital	8	500		500
Profit and loss account		168,947		93,653
Total shareholders' funds		169,447		94,153

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 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 The Drake Memorial Park Limited (registered number: 00372938) were approved and authorised for issue by the Board of Directors on 04 December 2025. They were signed on its behalf by:

J C Godfrey Director

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

The Drake Memorial Park 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 17-19 Sutton Road, St. Albans, AL1 5JQ, United Kingdom. The principal place of business is Haye Road, Plymouth, Devon, PL7 1UQ.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and 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 £.

Going concern

The directors have assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

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.

Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Statement of Income and Retained Earnings in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Statement of Financial Position.

Finance costs

Finance costs are charged to the Statement of Income and Retained Earnings over the term of the debt using the effective interest method so the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

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 Statement of Financial Position date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. Depreciation is provided on all tangible fixed assets, other than investment properties and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line basis over its expected useful life, as follows:

Land and buildings	5 years straight line
Plant and machinery	5 years straight line
Fixtures and fittings	5 years straight line
Computer equipment	4 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Depreciation is provided on freehold property (excluding property fixtures) at rates calculated to write off the costs of the property over the Company's expected remaining tenure of the memorial park until 31st March 2050, after which Plymouth City Council will take over the management of the memorial park.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

The Company as lessor
Amounts due from lessees under finance leases are recognised as receivables at the amount of the company’s net investment in the leases. Finance lease income is allocated to accounting periods so as to reflect a constant periodic rate of return on the company’s net investment outstanding in respect of leases.

Rental income from operating leases is recognised on a straight-line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight-line basis over the lease term.

Impairment of assets

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

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

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.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

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.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Statement of Financial Position date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Dividends on shares recognised as liabilities are recognised as expenses and classified within interest payable.

Judgements in applying accounting policies and key sources of estimation uncertainty

The key assumptions concerning the future and other key sources of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year include:

The deferred maintenance income creditor is calculated based on the future maintenance costs of completed burial areas during the Company’s remaining tenure of the memorial park. This creditor is released annually to the Statement of Income and Retained Earnings over the estimated number of years the income is expected to cover, and is based upon Plymouth City Council taking over the memorial park on 1st April 2050 in accordance with the provisions of an agreement between the Company and Plymouth City Council.

2. Employees

	2025		2024
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	9		11

3. Tangible assets

	Land and buildings		Plant and machinery		Fixtures and fittings		Computer equipment		Total
	£		£		£		£		£
Cost
At 01 April 2024	80,745		87,020		894		2,821		171,480
Additions	806		1,344		0		0		2,150
At 31 March 2025	81,551		88,364		894		2,821		173,630
Accumulated depreciation
At 01 April 2024	23,929		74,824		768		2,231		101,752
Charge for the financial year	2,180		7,270		104		182		9,736
At 31 March 2025	26,109		82,094		872		2,413		111,488
Net book value
At 31 March 2025	55,442		6,270		22		408		62,142
At 31 March 2024	56,816		12,196		126		590		69,728

4. Debtors

	2025		2024
	£		£
Trade debtors	29,116		21,486
Other debtors	5,536		4,703
	34,652		26,189

5. Creditors: amounts falling due within one year

	2025		2024
	£		£
Trade creditors	24,792		20,958
Amounts owed to Group undertakings	5,937		4,433
Taxation and social security	55,553		26,467
Other creditors	10,647		19,205
	96,929		71,063

Included under other creditors are non-equity shares treated as debt of £5,000 (2024: £5,000). Disclosure of the terms and conditions attached to the non-equity shares are made in note 8.

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

	2025		2024
	£		£
Deferred income	308,258		294,122
Other creditors	41,627		43,929
	349,885		338,051

There are no amounts included above in respect of which any security has been given by the small entity.

7. Deferred tax

	2025		2024
	£		£
At the beginning of financial year	( 4,582)		( 5,099)
Credited to the Statement of Income and Retained Earnings	563		517
At the end of financial year	( 4,019)		( 4,582)

8. Called-up share capital

	2025		2024
	£		£
Allotted, called-up and fully-paid
10,000 Ordinary shares of £ 0.05 each	500		500
5,000 Preference redeemable shares of £ 1.00 each	5,000		5,000
	5,500		5,500

The preference shares carry an entitlement to a dividend at the rate of 5p per share per annum. They are redeemable at any time at the option of the company, on terms and in such a manner as the company by special resolution prescribe.

9. Financial commitments

Pensions

The Company operates a defined contribution pension scheme for the directors and employees. The assets of the scheme are held separately from those of the Company in an independently administered fund.

	2025		2024
	£		£
Unpaid contributions due to the fund (inc. in other creditors)	1,923		0

10. Related party transactions

During the year, management fees totalling £12,000, (2024: £12,000) and rental fees totalling £7,270 (2024: £7,270) were paid to the parent company. At the year end the company owed £5,937 (2024: £4,433) to the parent company.