Drayton Park Property Company Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 10648238 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 March 2020

for

Drayton Park Property Company Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

G R Ziser

REGISTERED OFFICE:

1st Floor, 9 Hampstead West

224 Iverson Road

West Hampstead

London

NW6 2HL

REGISTERED NUMBER:

10648238 (England and Wales)

ACCOUNTANTS:

Town & Forest

Chartered Accountants

Suite 203, Second Floor

China House

401 Edgware Road

London

NW2 6GY

FIXED ASSETS

Tangible assets

4

489

652

Investment property

5

15,756,822

14,604,365

15,757,311

14,605,017

CURRENT ASSETS

Debtors

6

14,115

2,901

Cash at bank

28,807

5,341

42,922

8,242

CREDITORS

Amounts falling due within one year

7

9,969,442

8,306,702

NET CURRENT LIABILITIES

(9,926,520

)

(8,298,460

)

TOTAL ASSETS LESS CURRENT LIABILITIES

5,830,791

6,306,557

CREDITORS

Amounts falling due after more than one year

8

(2,417,939

)

(2,338,079

)

PROVISIONS FOR LIABILITIES

10

(797,436

)

(797,436

)

NET ASSETS

2,615,416

3,171,042

CAPITAL AND RESERVES

Called up share capital

1

1

Non-distributable reserve

11

3,893,362

3,893,362

Retained earnings

(1,277,947

)

(722,321

)

2,615,416

3,171,042

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2020 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 director and authorised for issue on 13 July 2020 and were signed by:

G R Ziser - Director

1.	STATUTORY INFORMATION

Drayton Park Property Company 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 the provisions of Section 1A "Small Entities"

of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of

Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost

convention, and in accordance with the accounting policies set out below.

Going concern

At 31 March 2020, the balance sheet showed net current liabilities of £9,926,520 (2019 - £8,298,460), but net

assets of £2,615,416 (2019 - £3,171,042). The director has given an undertaking to financially support the

company for at least 12 months from the date of signature on the balance sheet. The situation will be reviewed

after this time. On this basis, the director considers it appropriate to prepare the financial statements on the going

concern basis.

Turnover

Turnover is measured at the fair value of the consideration received, excluding discounts, rebates, value added

tax and other sales taxes. Turnover is recognised over the period of rental.

Tangible fixed assets

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

Fixtures and fittings

-

25% on reducing balance

Investment property

In accordance with the provisions of section 1A "Small Entities" of Financial Reporting Standard 102 "The

Financial Reporting Standard applicable in the UK and Republic of Ireland", investment properties are included

at fair value. Gains are recognised in the income statement. Deferred taxation 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.

Trade debtors

Trade debtors are carried at original net invoice amount less an estimate for doubtful debtors. Bad debts are

written off when identified. Specific provisions are made against debts whose recovery is considered doubtful.

Provisions and accruals

Provisions are recognised when there is a present legal or constructive obligation as a result of past events and

the amount can be reliably estimated. Provisions are not recognised for future operating losses.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2019 - 1 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

and

fittings

£

COST

At 1 April 2019

and 31 March 2020

1,159

DEPRECIATION

At 1 April 2019

507

Charge for year

163

At 31 March 2020

670

NET BOOK VALUE

At 31 March 2020

489

At 31 March 2019

652

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 April 2019

14,604,365

Additions

1,152,457

At 31 March 2020

15,756,822

NET BOOK VALUE

At 31 March 2020

15,756,822

At 31 March 2019

14,604,365

Fair value at 31 March 2020 is represented by:

£

Valuation in 2018

4,690,798

Cost

11,066,024

15,756,822

In the opinion of the director, the market value of the property at the balance sheet date was £15,756,822 on an

open market basis.

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.20

31.3.19

as restated

£

£

Trade debtors

744

743

VAT

13,371

2,158

14,115

2,901

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.20

31.3.19

as restated

£

£

Bank loans and overdrafts

-

2,993,023

Other loans

6,090,000

-

Trade creditors

26,297

-

Amounts owed to associates

3,782,678

5,262,278

Social security and other taxes

2,400

-

Other creditors

66,817

49,901

Accrued expenses

1,250

1,500

9,969,442

8,306,702

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.3.20

31.3.19

as restated

£

£

Amounts owed to associates

2,417,939

2,338,079

9.	SECURED DEBTS

The following secured debts are included within creditors:

31.3.20

31.3.19

as restated

£

£

Other loans

6,090,000

-

Together Commercial Finance Limited holds fixed and floating charges over Drayton Park Property Company

Limited. The floating charge covers all of the property or undertaking of the company. The charges also contain

a negative pledge.

10.	PROVISIONS FOR LIABILITIES

31.3.20

31.3.19

as restated

£

£

Deferred tax

797,436

797,436

Deferred

tax

£

Balance at 1 April 2019

797,436

Balance at 31 March 2020

797,436

11.

RESERVES

Non-distribut

reserve

£

At 1 April 2019

and 31 March 2020

3,893,362