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Registered number: 13306715 1 & 2 DRAKES COURTYARD MANAGEMENT LTD UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2025
1 & 2 DRAKES COURTYARD MANAGEMENT LTD REGISTERED NUMBER: 13306715 BALANCE SHEET AS AT 31 MAY 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Investment property | 4 |  | 12,100,000 |  | 10,400,000
|  |  | 12,100,000 |  | 10,400,000
Current assets |  |  |  |  |
Debtors: amounts falling due within one year | 5 | 2,126,279 |  | 478,715 |
Cash at bank and in hand | 6 | 57,366 |  | 69,945 |
|  | 2,183,645 |  | 548,660 |
Creditors: amounts falling due within one year | 7 | (4,873,799) |  | (11,043,263) |
Net current liabilities |  |  | (2,690,154) |  | (10,494,603)
Total assets less current liabilities |  |  | 9,409,846 |  | (94,603)
Creditors: amounts falling due after more than one year | 8 |  | (7,816,830) |  | -
Provisions for liabilities |  |  |  |  |
Deferred tax | 9 | (1,535,673) |  | (1,110,673) |
|  |  | (1,535,673) |  | (1,110,673)
Net assets/(liabilities) |  |  | 57,343 |  | (1,205,276)
Capital and reserves |  |  |  |  |
Called up share capital |  |  | 1 |  | 1
Profit and loss account | 10 |  | 57,342 |  | (1,205,277)
|  |  | 57,343 |  | (1,205,276)
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1 & 2 DRAKES COURTYARD MANAGEMENT LTD REGISTERED NUMBER: 13306715 BALANCE SHEET (CONTINUED) AS AT 31 MAY 2025 The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006. The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements. The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities. The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime. The financial statements were approved and authorised for issue by the board and were signed on its behalf on 5 January 2026.
N Zamek
Director
The notes on pages 3 to 7 form part of these financial statements. Page 2
1 & 2 DRAKES COURTYARD MANAGEMENT LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2025
1. | General information
1 & 2 Drakes Courtyard Management Ltd is a private company limited by shares and registered in England & Wales. The address of its registered office is The Office Inglewood Mansions, 287-289 West End Lane, London, NW6 1RE. 2.Accounting policies
| 2.1 | Basis of preparation of financial statements
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:
| 2.2 | Revenue
Revenue comprises rental income receivable and is recognised in the statement of income and retained earnings in the period it is contractually due.
| 2.3 | Finance costs
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that 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.
| 2.4 | Borrowing costs
All borrowing costs are recognised in profit or loss in the year in which they are incurred. Page 3
1 & 2 DRAKES COURTYARD MANAGEMENT LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2025 2.Accounting policies (continued)
| 2.5 | Current and deferred taxation
The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income. Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that: ∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and ∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met. Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
| 2.6 | Investment property
Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.
| 2.7 | Debtors
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
| 2.8 | Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
| 2.9 | Creditors
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method. Page 4
1 & 2 DRAKES COURTYARD MANAGEMENT LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2025 2.Accounting policies (continued)
| 2.10 | Provisions for liabilities
Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made. Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties. Increases in provisions are generally charged as an expense to profit or loss.
3. | Employees
| The average monthly number of employees, including directors, during the year was 1 (2024 - 1).
4. | Investment property
|  | Freehold investment property
|  | £
| Valuation |
| At 1 June 2024 | 10,400,000
| Surplus on revaluation | 1,700,000
| At 31 May 2025 | 12,100,000
The 2025 valuations were made by the director of the company, on an open market value for existing use basis.
5. | Debtors
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade debtors | 5,653 | 25,492
| Amounts owed by associates | 1,591,554 | 401,460
| Other debtors | - | 32,047
| Prepayments and accrued income | 529,072 | 19,716
|  | 2,126,279 | 478,715
Page 5
1 & 2 DRAKES COURTYARD MANAGEMENT LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2025
6. | Cash and cash equivalents
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Cash at bank and in hand | 57,366 | 69,945
|  | 57,366 | 69,945
7. | Creditors: Amounts falling due within one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Bank loans | - | 6,300,000
| Trade creditors | 5,651 | 25,312
| Amounts owed to associates | 4,861,142 | 4,635,945
| Other creditors | 150 | 5,650
| Accruals and deferred income | 6,856 | 76,356
|  | 4,873,799 | 11,043,263
8. | Creditors: Amounts falling due after more than one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Bank loans | 7,816,830 | -
|  | 7,816,830 | -
| Investec Bank Plc and Waypoint Debt Advisory Limited holds fixed and floating charges over 1 & 2 Drakes Courtyard Management Ltd. The floating charge covers all of the property or undertaking of the company. The charges also contain a negative pledge.
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1 & 2 DRAKES COURTYARD MANAGEMENT LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2025
9. | Deferred taxation
|  | 2025
|  | £
| At beginning of year | (1,110,673)
| Charged to profit or loss | (425,000)
| At end of year | (1,535,673)
| The provision for deferred taxation is made up as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Unrealised gains | (1,535,673) | (1,110,673)
|  | (1,535,673) | (1,110,673)
10. | Reserves
Profit and loss account Included in reserves carried forward are unrealised gains of £1,700,000 (2024: £Nil) relating to the revaluation of investment properties. Deferred tax amounted to £1,535,673 (2024: £1,110,673). Accordingly there are non-distributable reserves of £164,327 (2024: £1,110,673 debit balance) included in retained earnings carried forward.
11. | Related party transactions
| The company is exempt from disclosing related party transactions between members of the group in accordance with FRS 102 paragraph 33.1A. At the reporting date £1,591,554 (2024: £401,460) was due from companies with a common director. At the reporting date £4,861,142 (2024: £4,635,945) was due to companies with a common director.
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