Draycott Management Limited
Draycott Management Limited
Registered number: 04338972
Unaudited Financial Statements
For The Year Ended
31 December 2020
Draycott Management Limited
Unaudited Financial Statements
For The Year Ended
31 December 2020
Unaudited Financial Statements
Contents | |
Page | |
---|---|
Balance Sheet | 1—2 |
Notes to the Financial Statements | 3—5 |
Draycott Management Limited
Balance Sheet
As at
31 December 2020
Balance Sheet
Registered number:
04338972
For the year ending 31 December 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
2020 | 2019 | ||||
---|---|---|---|---|---|
Notes | £ | £ | £ | £ | |
FIXED ASSETS | |||||
Tangible Assets | 3 |
|
|
||
|
|
||||
CURRENT ASSETS | |||||
Debtors | 5 |
|
|
||
Cash at bank and in hand |
|
|
|||
|
|
||||
Creditors: Amounts Falling Due Within One Year | 6 |
( |
( |
||
NET CURRENT ASSETS (LIABILITIES) |
( |
( |
|||
TOTAL ASSETS LESS CURRENT LIABILITIES |
|
|
|||
Creditors: Amounts Falling Due After More Than One Year | 7 |
( |
( |
||
PROVISIONS FOR LIABILITIES | |||||
Deferred Taxation |
( |
( |
|||
NET ASSETS |
|
|
|||
CAPITAL AND RESERVES | |||||
Called up share capital | 8 |
|
|
||
Profit and Loss Account |
|
|
|||
SHAREHOLDERS' FUNDS | 729,062 | 703,289 | |||
Page 1
Draycott Management Limited
Balance Sheet (continued)
As at
31 December 2020
Directors' responsibilities:
-
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. -
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. -
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime. - The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Director
|
|
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Draycott Management Limited
Notes to the Financial Statements
For The Year Ended
31 December 2020
Notes to the Financial Statements
1.
Accounting Policies
1.1.
Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with the FRS 102 Section 1A Small Entities - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
1.2.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
1.3.
Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery |
|
1.4.
Investment Properties
All investment properties are carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided for. Changes in fair value are recognised in the profit and loss account.
1.5.
Taxation
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
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 taxable income.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.
1.6.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Page 3
Draycott Management Limited
Notes to the Financial Statements (continued)
For The Year Ended
31 December 2020
1.7.
Trade Debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
1.8.
Trade Creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
2.
Average Number of Employees
Average number of employees, including directors, during the year was as follows: 2 (2019: 2)
3.
Tangible Assets
Investment Properties | Plant & Machinery | Total | |
---|---|---|---|
£ | £ | £ | |
Cost or Valuation | |||
As at
|
|
|
|
Disposals |
|
( |
( |
Revaluation | 9,927 |
|
|
As at
|
|
|
|
Depreciation | |||
As at
|
|
|
|
Disposals |
|
( |
( |
As at
|
|
|
|
Net Book Value | |||
As at
|
|
|
|
As at
|
|
|
|
The freehold investment property was valued on an open market basis on 31 December 2020 by the directors. The directors believe the value of the property to be £941,889 at the current period end.
If the investment property was stated on an historical cost basis rather than a fair value basis, the amounts would be included as follows £829,965 (2019 £829,965).
There has been no valuation of investment property by an independent valuer.
Page 4
Draycott Management Limited
Notes to the Financial Statements (continued)
For The Year Ended
31 December 2020
5.
Debtors
2020 | 2019 | ||
---|---|---|---|
£ | £ | ||
Due within one year | |||
Trade debtors |
|
|
|
Other debtors within one year |
|
|
|
Amounts owed by other participating interests | 29,122 | 15,443 | |
|
|
||
6.
Creditors: Amounts Falling Due Within One Year
2020 | 2019 | ||
---|---|---|---|
£ | £ | ||
Trade creditors |
|
|
|
Bank loans and overdrafts |
|
|
|
Other creditors | 71,609 | 71,642 | |
Taxation and social security | 5,863 | 9,634 | |
|
|
||
7.
Creditors: Amounts Falling Due After More Than One Year
2020 | 2019 | ||
---|---|---|---|
£ | £ | ||
Bank loans |
|
|
|
|
|
||
9.
Reserves
Under FRS102, changes in the market value of investments are required to pass through the profit and loss account. At the reporting end date £111,923 (2019: £101,996) represents the amount included in the profit and loss reserves that is not distributable.
10.
General Information
Draycott Management Limited
is a private company, limited by shares, incorporated in England & Wales, registered number
04338972
. The registered office is 82 High Street, Lymington, Hampshire, SO41 9AN.
Page 5