REGISTERED NUMBER: NI059321 (Northern Ireland)

Unaudited Financial Statements for the Year Ended 31 March 2025

for

Drumkeen Limited

Page

Company Information

1

Balance Sheet

2

to

3

Notes to the Financial Statements

4

to

7

DIRECTORS:

N G Stephens

C G Jenkins

P G Woods

REGISTERED OFFICE:

C/O Lynn, Drake & Co. Limited

1st Floor

34 B-D Main Street

Moira

Co. Armagh

BT67 0LE

REGISTERED NUMBER:

NI059321 (Northern Ireland)

ACCOUNTANTS:

Lynn Drake & Co Ltd

Chartered Accountants

1st Floor

34 B-D Main Street

Moira

Co. Armagh

BT67 0LE

SOLICITORS:

A&L Goodbody

42-46 Fountain Street

Belfast

BT1 5EF

FIXED ASSETS

Investments

5

3,302,078

3,043,456

CURRENT ASSETS

Debtors

6

5,472,228

6,001,306

Cash at bank

236,632

347,317

5,708,860

6,348,623

CREDITORS

Amounts falling due within one year

7

300,000

300,000

NET CURRENT ASSETS

5,408,860

6,048,623

TOTAL ASSETS LESS CURRENT LIABILITIES

8,710,938

9,092,079

CREDITORS

Amounts falling due after more than one year

8

5,408,861

6,048,624

NET ASSETS

3,302,077

3,043,455

CAPITAL AND RESERVES

Called up share capital

11

129,772

129,772

Share premium

9,577,875

9,577,875

Revaluation reserve

12

(8,955,250

)

(8,955,250

)

Retained earnings

2,549,680

2,291,058

SHAREHOLDERS' FUNDS

3,302,077

3,043,455

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2025 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 23 December 2025 and were signed on its behalf by:

N G Stephens - Director

1.	STATUTORY INFORMATION

Drumkeen Limited is a private company, limited by shares , registered in Northern Ireland. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Preparation of consolidated financial statements

The financial statements contain information about Drumkeen Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2024 - NIL).

5.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST OR VALUATION

At 1 April 2024

3,043,456

Revaluations

258,622

At 31 March 2025

3,302,078

NET BOOK VALUE

At 31 March 2025

3,302,078

At 31 March 2024

3,043,456

Cost or valuation at 31 March 2025 is represented by:

Shares in

group

undertakings

£

Valuation in 2016

(8,706,416

)

Valuation in 2017

(2,138,076

)

Valuation in 2018

224,781

Valuation in 2019

260,047

Valuation in 2020

(680,776

)

Valuation in 2021

454,290

Valuation in 2022

921,991

Valuation in 2023

872,413

Valuation in 2024

238,313

Valuation in 2025

258,622

Cost

11,596,889

3,302,078

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.25

31.3.24

£

£

Amounts owed by group undertakings

5,472,228

6,001,306

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.25

31.3.24

£

£

Bank loans and overdrafts (see note 9)

300,000

300,000

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.3.25

31.3.24

£

£

Bank loans (see note 9)

5,408,861

6,048,624

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

4,208,861

4,848,624

9.

LOANS

An analysis of the maturity of loans is given below:

31.3.25

31.3.24

£

£

Amounts falling due within one year or on demand:

Bank loans

300,000

300,000

Amounts falling due between one and two years:

Bank loans - 1-2 years

300,000

300,000

Amounts falling due between two and five years:

Bank loans - 2-5 years

900,000

900,000

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

4,208,861

4,848,624

10.	SECURED DEBTS

The following secured debts are included within creditors:

31.3.25

31.3.24

£

£

Bank loans

5,708,861

6,348,624

Bank of Ireland hold security as follows:

- 1st Legal Charge over the Property at Drumkeen Retail Park, Upper Galwally, Belfast

- Debenture over Group Companies

- Inter Company Cross Guarantee - from Group Companies

- Assignment over rental income

- Charge over rental account

11.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.3.25

31.3.24

value:

£

£

922,724

Ordinary

10p

92,272

92,272

375,000

Special deferred

10p

37,500

37,500

129,772

129,772

12.

RESERVES

Revaluation

reserve

£

At 1 April 2024

and 31 March 2025

(8,955,250

)