Drumkeen Holdings Limited - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: NI008549 (Northern Ireland)

Unaudited Financial Statements for the Year Ended 31 March 2023

for

Drumkeen Holdings Limited

Page

Company Information

1

Chartered Accountants' Report

2

Balance Sheet

3

to

4

Notes to the Financial Statements

5

to

8

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:

NI008549 (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

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In accordance with our terms of engagement and in order to assist you to fulfil your duties under the Companies Act 2006, we have compiled the financial statements of the company for the year ended 31 March 2023 which comprise the Income Statement, Balance Sheet and the related notes from the accounting records and information and explanations you have given to us.

This report is made to the company's Board of Directors, as a body, in accordance with the terms of our engagement. Our work has been undertaken so that we might compile the financial statements that we have been engaged to compile, report to the company's Board of Directors that we have done so, and state those matters that we have agreed to state to them in this report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's Board of Directors, as a body, for our work or for this report.

We have carried out this engagement in accordance with guidance issued by the Institute of Chartered Accountants in Ireland and have complied with the ethical guidance laid down by the Institute relating to members undertaking the compilation of financial statements.

You have acknowledged on the Balance Sheet as at 31 March 2023 your duty to ensure that the company has kept proper accounting records and to prepare financial statements that give a true and fair view under the Companies Act 2006. You consider that the company is exempt from the statutory requirement for an audit for the year.

We have not been instructed to carry out an audit of the financial statements. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the financial statements.

Lynn Drake & Co Ltd

Chartered Accountants

1st Floor

34 B-D Main Street

Moira

Co. Armagh

BT67 0LE

6 December 2023

FIXED ASSETS

Investment property

5

10,500,000

10,000,000

CURRENT ASSETS

Debtors

6

44,552

289,017

Cash at bank

1,992

1,988

46,544

291,005

CREDITORS

Amounts falling due within one year

7

1,387,296

1,461,130

NET CURRENT LIABILITIES

(1,340,752

)

(1,170,125

)

TOTAL ASSETS LESS CURRENT LIABILITIES

9,159,248

8,829,875

CREDITORS

Amounts falling due after more than one year

8

6,354,105

6,897,145

NET ASSETS

2,805,143

1,932,730

CAPITAL AND RESERVES

Called up share capital

10

147,414

147,414

Capital redemption reserve

11

2,586

2,586

Retained earnings

11

2,655,143

1,782,730

SHAREHOLDERS' FUNDS

2,805,143

1,932,730

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 6 December 2023 and were signed on its behalf by:

N G Stephens - Director

1.	STATUTORY INFORMATION

Drumkeen Holdings 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.

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

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.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2022 - 1 ) .

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 April 2022

10,000,000

Revaluations

500,000

At 31 March 2023

10,500,000

NET BOOK VALUE

At 31 March 2023

10,500,000

At 31 March 2022

10,000,000

Fair value at 31 March 2023 is represented by:

£

Valuation in 2004

10,582,040

Valuation in 2007

3,819,388

Valuation in 2008

(635,266

)

Valuation in 2009

(1,282,469

)

Valuation in 2011

(2,487,428

)

Valuation in 2012

(1,500,000

)

Valuation in 2017

(2,500,000

)

Valuation in 2020

(1,000,000

)

Valuation in 2023

500,000

Cost

5,003,735

10,500,000

If investment property had not been revalued it would have been included at the following historical cost:

31.3.23

31.3.22

£

£

Cost

5,003,735

5,003,735

Investment property was valued on an open market basis on 16 November 2022 by Osborne King .

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.23

31.3.22

£

£

Trade debtors

12,760

105,069

Amounts held by letting agent

31,792

183,948

44,552

289,017

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.23

31.3.22

£

£

Bank loans and overdrafts

10,000

10,000

Trade creditors

63

(2,116

)

Tax

86,988

106,190

VAT

44,549

74,446

Other creditors

338,000

288,000

Directors' current accounts

786,293

881,293

Accruals and deferred income

121,403

103,317

1,387,296

1,461,130

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.3.23

31.3.22

£

£

Bank loans - 1-2 years

10,000

10,000

Bank loans - 2-5 years

14,812

24,451

Amounts owed to group undertakings

6,329,293

6,862,694

6,354,105

6,897,145

9.	SECURED DEBTS

The following secured debts are included within creditors:

31.3.23

31.3.22

£

£

Bank loans

34,812

44,451

Bank of Ireland hold security as follows:

- 1st Legal Charge over the Property

- Debenture over Group Companies

- Inter Company Cross Guarantee - from Group Companies

- Assignment over rental income

- Charge over rental account

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.3.23

31.3.22

value:

£

£

1,099,142

Ordinary

10p

109,914

109,914

375,000

Special Deferred

10p

37,500

37,500

147,414

147,414

11.

RESERVES

Capital

Retained

redemption

earnings

reserve

Totals

£

£

£

At 1 April 2022

1,782,730

2,586

1,785,316

Profit for the year

872,413

872,413

At 31 March 2023

2,655,143

2,586

2,657,729