Drakelow Developments Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 02552686 (England and Wales)

Unaudited Financial Statements

for the Year Ended 30 September 2021

for

Drakelow Developments Limited

Page

Company Information

1

Abridged Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mrs E A Bullivant

R F Kerry

Mrs S West

SECRETARY:

R Kay

REGISTERED OFFICE:

The Limes

75 Burton Road

Repton

Derbyshire

DE65 6FN

REGISTERED NUMBER:

02552686 (England and Wales)

ACCOUNTANTS:

Bourne & Co.

Chartered Accountants

3 Charnwood Street

Derby

Derbyshire

DE1 2GY

FIXED ASSETS

Tangible assets

4

-

6,891

Investment property

5

800,000

7,475,700

800,000

7,482,591

CURRENT ASSETS

Debtors

5,275,034

1,425,509

Cash at bank

2,750,965

42,820

8,025,999

1,468,329

CREDITORS

Amounts falling due within one year

395,829

819,303

NET CURRENT ASSETS

7,630,170

649,026

TOTAL ASSETS LESS CURRENT LIABILITIES

8,430,170

8,131,617

PROVISIONS FOR LIABILITIES

-

206,357

NET ASSETS

8,430,170

7,925,260

CAPITAL AND RESERVES

Called up share capital

95

95

Share premium

90

90

Capital redemption reserve

5

5

Fair value reserve

6

-

2,133,652

Retained earnings

8,429,980

5,791,418

SHAREHOLDERS' FUNDS

8,430,170

7,925,260

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2021 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.

All the members have consented to the preparation of an abridged Income Statement and an abridged Balance Sheet for the year ended 30 September 2021 in accordance with Section 444(2A) of the Companies Act 2006.

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

The financial statements were approved by the Board of Directors and authorised for issue on 23 November 2021 and were signed on its behalf by:

Mrs E A Bullivant - Director

1.	STATUTORY INFORMATION

Drakelow Developments Limited is a private company, limited by shares , registered in England and Wales. 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.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

-

20% on cost

Investment property

In accordance with Financial Reporting Standard 102 (FRS 102), investment properties are revalued and the surplus or deficit is transferred to the profit and loss account, and no depreciation is provided in respect of freehold investment properties. The requirement of the Companies Act 2006 is to depreciate all properties, but that requirement conflicts with the generally accepted accounting principle set out in FRS 102. The director considers that to depreciate such properties would not give a true and fair view, but that a true and fair view is given by following FRS 102 as described above. The effect of this departure from the Companies Act 2006 has not been quantified because it is impracticable and, in the opinion of the director, would be misleading. Deferred tax is provided on these gains at the rate expected to apply when the property is sold.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Financial assets

Short term debtors are measured at transaction price, less any impairment. Other financial assets, including loans to group companies are measured initially at fair value, net of transactions cost and are subsequently measured at amortised cost using the effective interest method, less any impairment.

Financial liabilities

Short term creditors are measured at transaction price. Other financial liabilities, including loans from group companies are measured initially at fair value, net of transaction cost and are measured subsequently at amortised cost using the effective interest method, less any impairment.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2020 - 7 ) .

4.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1 October 2020

15,631

Disposals

(15,631

)

At 30 September 2021

-

DEPRECIATION

At 1 October 2020

8,740

Charge for year

1,041

Eliminated on disposal

(9,781

)

At 30 September 2021

-

NET BOOK VALUE

At 30 September 2021

-

At 30 September 2020

6,891

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 October 2020

7,475,700

Disposals

(6,675,700

)

At 30 September 2021

800,000

NET BOOK VALUE

At 30 September 2021

800,000

At 30 September 2020

7,475,700

6.

RESERVES

Fair

value

reserve

£

At 1 October 2020

2,133,652

Revaluation reserve transfer

on disposal of asset

(2,133,652

)

At 30 September 2021

-