Company No: 09380787 (England and Wales)

Contents

• Company Information
• Balance Sheet
• Notes to the Financial Statements

DIRECTORS	R Drone
	R P Drone

SECRETARY

R Drone

REGISTERED OFFICE	Cardinal Point
	Park Road
	Rickmansworth
	WD3 1RE
	United Kingdom

COMPANY NUMBER

09380787 (England and Wales)

ACCOUNTANT	S&W Partners (Thames Valley) Limited
	22 Wycombe End
	Beaconsfield
	Buckinghamshire
	HP9 1NB

	Note	2026		2025
		£		£
Fixed assets
Tangible assets	3	8,639		11,520
Investment property	4	5,810,000		6,340,000
Investments	5	48,567		1,424
		5,867,206		6,352,944
Current assets
Debtors	6	142,726		154,876
Cash at bank and in hand		234,236		244,374
		376,962		399,250
Creditors: amounts falling due within one year	7	( 471,760)		( 481,537)
Net current liabilities		(94,798)		(82,287)
Total assets less current liabilities		5,772,408		6,270,657
Creditors: amounts falling due after more than one year	8	( 3,092,734)		( 3,576,515)
Provision for liabilities		( 28,445)		( 27,851)
Net assets		2,651,229		2,666,291
Capital and reserves
Called-up share capital	9	100,000		100,000
Share premium account		0		2,369,696
Undistributable reserve		126,096		236,096
Profit and loss account		2,425,133		( 39,501 )
Total shareholder's funds		2,651,229		2,666,291

For the financial year ending 31 March 2026 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

• The member has 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 Profit and Loss Account has not been delivered.

The financial statements of DR1 Asset Management Limited (registered number: 09380787) were approved and authorised for issue by the Board of Directors on 12 October 2026. They were signed on its behalf by:

R P Drone 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

DR1 Asset Management 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 Cardinal Point, Park Road, Rickmansworth, WD3 1RE, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with ‘The Financial Reporting Standard applicable in the UK and the Republic of Ireland’ issued by the Financial Reporting Council, including Section 1A of Financial Reporting Standard 102 (FRS102), and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The functional currency of DR1 Asset Management Limited is considered to be pounds sterling because that is the currency of the primary economic environment in which the Company operates.

These financial statements are separate financial statements.

Turnover

Turnover is measured at the fair value of the consideration received or receivable for the sale of goods and the rendering of services in the normal course of business, and is shown net of discounts and VAT.

Rental income
Operating lease income from investment properties is recognised in profit and loss on a straight-line basis over the lease term.

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 Balance Sheet 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 enacted or substantively enacted 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. Deferred tax assets are recognised only to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilised.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery etc.

3 - 5 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.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Leases

The Company as lessee
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Investment property

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 at the reporting end date. Changes in fair value are recognised in profit or loss.

Fixed asset investments

Other fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Transaction costs are expensed to profit or loss as incurred. Changes in fair value are recognised in other comprehensive income except to the extent that a gain reverses a loss previously recognised in profit or loss, or a loss exceeds the accumulated gains recognised in equity; such gains and loss are recognised in profit or loss.

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.

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.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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 payments 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.

Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities.

2. Employees

	2026		2025
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	4		4

3. Tangible assets

	Plant and machinery etc.		Total
	£		£
Cost
At 01 April 2025	31,269		31,269
At 31 March 2026	31,269		31,269
Accumulated depreciation
At 01 April 2025	19,749		19,749
Charge for the financial year	2,881		2,881
At 31 March 2026	22,630		22,630
Net book value
At 31 March 2026	8,639		8,639
At 31 March 2025	11,520		11,520

4. Investment property

	Investment property
	£
Valuation
As at 01 April 2025	6,340,000
Fair value movement	20,000
Disposals	(550,000)
As at 31 March 2026	5,810,000

Valuation

Investment property comprises properties held to earn rental receipts and for capital appreciation. The fair value of the investment property has been established by valuations carried out by the directors at the reporting date, with reference to current market evidence of transaction prices of similar properties, recent valuations and the directors' own knowledge of the property market

5. Fixed asset investments

	Other investments		Total
	£		£
Cost or valuation before impairment
At 01 April 2025	1,424		1,424
Additions	47,500		47,500
Movement in fair value	( 357)		( 357)
At 31 March 2026	48,567		48,567
Carrying value at 31 March 2026	48,567		48,567
Carrying value at 31 March 2025	1,424		1,424

6. Debtors

	2026		2025
	£		£
Other debtors	142,726		154,876

7. Creditors: amounts falling due within one year

	2026		2025
	£		£
Other taxation and social security	24,944		27,298
Other creditors	446,816		454,239
	471,760		481,537

Included within other creditors is £3,200 (2025- £3,200) in respect of HP agreement which over the asset to which they relate.

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

	2026		2025
	£		£
Other creditors	3,092,734		3,576,515

Included within other creditors is £4,800 (2025 - £7,999) in respect of HP agreement which over the asset to which they relate and £3,087,934 (2025 - £3,568,515) in respect of other creditors which are secured by fixed charges over the investment properties.

Amounts repayable after more than 5 years are included in creditors falling due over one year:

	2026		2025
	£		£
Other creditors (repayable by instalments)	3,087,934		3,568,515

9. Called-up share capital

	2026		2025
	£		£
Allotted, called-up and fully-paid
100,000 Ordinary shares of £ 1.00 each	100,000		100,000

10. Financial commitments

Commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

	2026		2025
	£		£
Within one year	0		2,276

11. Related party transactions

At the balance sheet date the company was owed £135,520 (2025 - £140,520) by a company under common control in the form of interest free loans, repayable on demand.