Drayton Park Property Company Limited
Drayton Park Property Company Limited
Registered number: 10648238
Unaudited Financial Statements
For The Year Ended
31 March 2021
Drayton Park Property Company Limited
Unaudited Financial Statements
For The Year Ended
31 March 2021
Unaudited Financial Statements
| Contents | |
| Page | |
|---|---|
| Company Information | 1 |
| Balance Sheet | 2—3 |
| Notes to the Financial Statements | 4—6 |
Drayton Park Property Company Limited
Company Information
For The Year Ended
31 March 2021
Company Information
| Director |
|
| Company Number |
|
| Registered Office | 1st Floor, 9 Hampstead West |
| 224 Iverson Road | |
| London | |
| NW6 2HL | |
| Accountants |
|
| Chartered Accountants | |
|
|
|
| Cottonmill Lane | |
| St Albans | |
| AL1 2HA | |
Page 1
Drayton Park Property Company Limited
Balance Sheet
As at
31 March 2021
Balance Sheet
Registered number:
10648238
For the year ending 31 March 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
| 2021 | 2020 | ||||
|---|---|---|---|---|---|
| Notes | £ | £ | £ | £ | |
| FIXED ASSETS | |||||
| Tangible Assets | 3 |
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| CURRENT ASSETS | |||||
| Debtors | 4 |
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| Cash at bank and in hand |
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| Creditors: Amounts Falling Due Within One Year | 5 |
( |
( |
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| NET CURRENT ASSETS (LIABILITIES) |
( |
( |
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| TOTAL ASSETS LESS CURRENT LIABILITIES |
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| Creditors: Amounts Falling Due After More Than One Year | 6 |
( |
( |
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| PROVISIONS FOR LIABILITIES | |||||
| Deferred Taxation |
( |
( |
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| NET ASSETS |
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| CAPITAL AND RESERVES | |||||
| Called up share capital |
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| Non-distributable reserve |
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| Profit and Loss Account |
( |
( |
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| SHAREHOLDERS' FUNDS | 1,994,513 | 2,615,416 | |||
Page 2
Drayton Park Property Company Limited
Balance Sheet (continued)
As at
31 March 2021
Director's responsibilities
-
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. -
The director acknowledges his 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 4 to 6 form part of these financial statements.
Page 3
Drayton Park Property Company Limited
Notes to the Financial Statements
For The Year Ended
31 March 2021
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.
The presentation currency of the financial statements is the Pound Sterling (£).
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.
1.2.
Going Concern Disclosure
At 31 March 2021, the balance sheet showed net current liabilities of £11,049,933 (2020 - £9,926,520) but net assets of £1,994,513 (2020 - £2,615,416). 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 a going concern basis.
1.3.
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 represents gross rents received. Turnover is recognised over the period of rental.
1.4.
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:
| Fixtures & Fittings |
|
1.5.
Investment Properties
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.
1.6.
Taxation
Taxation expense represents the sum of the tax currently payable and deferred tax.
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 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 is recognised in respect of all timing difference that have originated but not reversed at the balance sheet date.
Timing differences arise from the inclusion of income and expenses in the tax assessments in periods different from those in which they are recognised in the 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 probably that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
1.7.
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.
Page 4
Drayton Park Property Company Limited
Notes to the Financial Statements (continued)
For The Year Ended
31 March 2021
1.8.
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.
2.
Average Number of Employees
Average number of employees, including directors, during the year was as follows: 1 (2020: 1)
3.
Tangible Assets
| Investment Properties | Fixtures & Fittings | Total | |
|---|---|---|---|
| £ | £ | £ | |
| Cost | |||
| As at
|
|
|
|
| Additions | 626,941 |
|
|
| Disposals |
|
( |
( |
| As at
|
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| Depreciation | |||
| As at
|
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| Provided during the period | - |
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| Disposals |
|
( |
( |
| As at
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| Net Book Value | |||
| As at
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| As at
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The analysis of the cost or valuation of the above assets is as follows:
| Investment Properties | Fixtures & Fittings | Total | |
|---|---|---|---|
| £ | £ | £ | |
| As at
|
|||
| At cost | 11,692,965 | - | 11,692,965 |
| At valuation | 4,690,798 | - | 4,690,798 |
|
|
|
16,383,763 | |
| As at
|
|||
| At cost | 11,066,024 | 1,159 | 11,067,183 |
| At valuation | 4,690,798 | - | 4,690,798 |
|
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|
15,757,981 | |
In the opinion of the director, the market value of the property at the balance sheet date was £16,383,763 on an open market basis.
Page 5
Drayton Park Property Company Limited
Notes to the Financial Statements (continued)
For The Year Ended
31 March 2021
4.
Debtors
| 2021 | 2020 | ||
|---|---|---|---|
| £ | £ | ||
| Due within one year | |||
| Trade debtors |
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| VAT |
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5.
Creditors: Amounts Falling Due Within One Year
| 2021 | 2020 | ||
|---|---|---|---|
| £ | £ | ||
| Trade creditors |
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| Other taxes and social security |
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| Other creditors |
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| Other loans |
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| Accruals and deferred income |
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| Amounts owed to associates |
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6.
Creditors: Amounts Falling Due After More Than One Year
| 2021 | 2020 | ||
|---|---|---|---|
| £ | £ | ||
| Amounts owed to associates |
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7.
Provisions for Liabilities
| Deferred Tax | ||
|---|---|---|
| £ | ||
| As at
|
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| Additions |
|
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| Balance at
|
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8.
Capital Commitments
| 2021 | 2020 | ||
|---|---|---|---|
| £ | £ | ||
| At the end of the period |
|
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A.S.K. Partners Agent Limited and Octopus Real Estate S.A.R.L. hold fixed and floating charges over Drayton Park Property Company Limited. The floating charges cover all of the property or undertaking of the company. The charges also contain a negative pledge.
9.
General Information
Drayton Park Property Company Limited
is a private company, limited by shares, incorporated in England & Wales, registered number
10648238
. The registered office is 1st Floor, 9 Hampstead West, 224 Iverson Road, London, NW6 2HL.
Page 6