|
Registered number: 13474041
DRAMLINE LIMITED
UNAUDITED
DIRECTORS' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2026
|
|
DRAMLINE LIMITED
COMPANY INFORMATION
|
|
DRAMLINE LIMITED
CONTENTS
|
|
|
|
|
|
Statement of Comprehensive Income
|
|
Statement of Financial Position
|
|
Statement of Changes in Equity
|
|
Notes to the Financial Statements
|
|
|
|
DRAMLINE LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 APRIL 2026
The directors present their report and the financial statements for the year ended 30 April 2026.
The principal activity of the Company is to act as a holding company.
The directors who served during the year were:
In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.
This report was approved by the board on 19 October 2026 and signed on its behalf.
William Bennett
Secretary
|
Page 1
|
|
DRAMLINE LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 APRIL 2026
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest receivable and similar income
|
|
|
|
Interest payable and similar expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LOSS FOR THE FINANCIAL YEAR
|
|
|
|
TOTAL COMPREHENSIVE INCOME FOR THE YEAR
|
|
|
|
The notes on pages 6 to 13 form part of these financial statements.
|
Page 2
|
|
DRAMLINE LIMITED
REGISTERED NUMBER: 13474041
STATEMENT OF FINANCIAL POSITION
AS AT 30 APRIL 2026
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debtors: amounts falling due after more than one year
|
|
|
|
|
|
Debtors: amounts falling due within one year
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Creditors: amounts falling due within one year
|
|
|
|
|
|
NET CURRENT (LIABILITIES)/ASSETS
|
|
|
|
|
|
TOTAL ASSETS LESS CURRENT LIABILITIES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Page 3
|
|
DRAMLINE LIMITED
REGISTERED NUMBER: 13474041
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 30 APRIL 2026
The directors consider 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 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.
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 were approved and authorised for issue by the board and were signed on its behalf on 19 October 2026.
The notes on pages 6 to 13 form part of these financial statements.
Page 4
|
|
DRAMLINE LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2026
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
COMPREHENSIVE INCOME FOR THE YEAR
|
|
|
|
|
|
|
|
|
|
|
TOTAL COMPREHENSIVE INCOME FOR THE YEAR
|
|
|
|
|
Shares and share premium issued during the year
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2025
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
COMPREHENSIVE INCOME FOR THE YEAR
|
|
|
|
|
|
|
|
|
TOTAL COMPREHENSIVE INCOME FOR THE YEAR
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The notes on pages 6 to 13 form part of these financial statements.
|
Page 5
|
|
DRAMLINE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2026
Dramline Limited is a private company limited by shares incorporated in England and Wales. The registered office is 12th Floor, Aldgate Tower, 2 Leman Street, London, E1W 9US. The principal place of business is Haskell House, 152 West End Lane, London, NW6 1SD.
2.ACCOUNTING POLICIES
|
|
|
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 Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and 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 preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.
The Company's functional and presentational currency is GBP and rounded to the nearest £1.
The following principal accounting policies have been applied:
At the time of approving the financial statements, the directors have a reasonable expectation that
the company has adequate resources to continue in operational existence for the foreseeable future.
Thus the directors continue to adopt the going concern basis of accounting in preparing these
financial statements.
Interest income is recognised in profit or loss using the effective interest method.
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.
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 reporting date in the countries where the Company operates and generates income.
Page 6
|
|
DRAMLINE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2026
2.ACCOUNTING POLICIES (CONTINUED)
Investments in subsidiaries are measured at cost less accumulated impairment.
Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in the Statement of Comprehensive Income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.
Investments in listed company shares are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in profit or loss for the period.
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.
|
|
|
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.
Short-term creditors are measured at the transaction price.
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the Company's Statement of Financial Position when the Company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.
Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.
Page 7
|
|
DRAMLINE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2026
2.ACCOUNTING POLICIES (CONTINUED)
|
|
|
FINANCIAL INSTRUMENTS (CONTINUED)
|
Impairment of financial assets
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.
Basic financial liabilities
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 the deduction of all its liabilities.
Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.
Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
Derecognition of financial instruments
Derecognition of financial assets
Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.
Derecognition of financial liabilities
Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.
Page 8
|
|
DRAMLINE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2026
|
|
The average monthly number of employees, including the directors, during the year was as follows:
|
|
|
INTEREST RECEIVABLE AND SIMILAR INCOME
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest receivable from group companies
|
|
|
|
|
Interest receivable from loan note
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At 30 April 2026, the loan notes had a principal value of £10,063,858 (2025: £10,096,366) and bore interest at 10.4% per annum. Accrued interest receivable amounted to £1,080,141 (2025: £nil).
|
|
|
INTEREST PAYABLE AND SIMILAR EXPENSES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other loan interest payable
|
|
|
|
|
|
|
|
Page 9
|
|
DRAMLINE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2026
|
|
|
|
|
|
|
Adjustments in respect of previous periods
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Page 10
|
|
DRAMLINE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2026
6.TAXATION (CONTINUED)
|
|
FACTORS AFFECTING TAX CHARGE FOR THE YEAR
|
|
|
The tax assessed for the year is higher than (2025 - higher than) the standard rate of corporation tax in the UK of 25% (2025 - 25%). The differences are explained below:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss on ordinary activities before tax
|
|
|
|
|
Loss on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2025 - 25%)
|
|
|
|
|
|
|
|
|
|
Adjustments to tax charge in respect of prior periods
|
|
|
|
|
Unrelieved tax losses carried forward
|
|
|
|
|
TOTAL TAX CHARGE FOR THE YEAR
|
|
|
|
|
FACTORS THAT MAY AFFECT FUTURE TAX CHARGES
There were no factors that may affect future tax charges.
|
|
|
Investments in subsidiary companies
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Page 11
|
|
DRAMLINE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2026
|
|
DEBTORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
|
|
|
|
|
Loan note receivable from an associate undertaking
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The company holds Senior Loan Notes issued by Apogee Sustainability Limited, an associate undertaking of the group. At 30 April 2026, the loan notes had a principal value of £10,063,858 (2025: £10,096,366) and bore interest at 10.4% per annum. Accrued interest receivable amounted to £1,080,141 (2025: £nil). Accordingly, the carrying value of the loan note receivable at the reporting date was £11,143,999 (2025: £10,096,366).
The prior year balance of £10,096,366 relating to the loan notes was previously presented within debtors falling due within one year. As recovery of this balance is not expected within twelve months of the reporting date, the comparative figure has been reclassified to debtors falling due after more than one year. The comparative figures have been restated accordingly.
|
|
|
DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
|
|
|
|
|
|
|
|
|
|
Amounts owed by group undertakings
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accruals and deferred income
|
|
|
|
|
|
|
|
|
|
|
|
|
Page 12
|
|
DRAMLINE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2026
|
|
|
ALLOTTED, CALLED UP AND FULLY PAID
|
|
|
|
|
|
|
|
|
|
|
|
35,000 (2025 - 35,000) Ordinary A shares of £1.00 each
|
|
|
|
|
|
1,000 (2025 - Nil) Ordinary B shares of £0.01 each
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share premium account
Share premium account includes any premiums received on issue of share capital. Any transactions costs associated with the issuing of shares are deducted from share premium.
Profit and loss account
Profit and loss account includes all current and prior year retained profit and losses.
|
|
RELATED PARTY TRANSACTIONS
|
|
|
The company has taken advantage of the exemptions from disclosure available to subsidiary undertakings under FRS102 Section 1A, paragraph 1 AC.35 in connection with intra group transactions.
Debtors include an amount of £3,359 (2025: £38,199) and loan interest receivable amounting to £159 (2025: £2,123) due from Pears Family Investments Limited, a company in which the directors Mark Pears, Sir Trevor Pears CMG and David Pears have an interest.
Creditors include an amount of £16,752,465 (2025: £15,500,000) due to WPG Finance Limited, a company in which the directors Mark Pears, Sir Trevor Pears CMG and David Pears have an interest. Interest payable thereon in the year amounted to £1,346,723 (2025: £21,403).
The company holds Senior Loan Notes issued by Apogee Sustainability Limited, an associate undertaking of the group. At 30 April 2026, the loan notes had a principal value of £10,063,858 (2025: £10,096,366) and bore interest at 10.4% per annum. Accrued interest receivable amounted to £1,080,141 (2025: £nil). Accordingly, the carrying value of the loan note investment at the reporting date was £11,143,999 (2025: £10,096,366).
|
The company is a wholly owned subsidiary of Dramline Holdings Limited, a company incorporated in England. The registered office is 12th Floor, Aldgate Tower, 2 Leman Street, London, E1W 9US.
Page 13
|
|
|