Draycott Management Limited - Period Ending 2017-12-31

DRAYCOTT MANAGEMENT LIMITED - Company Information

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Registration number: 04338972

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Draycott Management Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2017

J Williams & Co Limited
94 Arundel Drive
Fareham
Hampshire
PO16 7NU

Draycott Management Limited

Contents

Company Information	1
Accountants' Report	2
Balance Sheet	3 to 4
Notes to the Financial Statements	5 to 9

Draycott Management Limited

Company Information

Directors

Mrs Caroline Draycott

Mr Peter Draycott

Registered office

82 High Street
High Street
Lymington
Hampshire
SO41 9AN

Accountants

J Williams & Co Limited
94 Arundel Drive
Fareham
Hampshire
PO16 7NU

Page 1

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Draycott Management Limited
for the Year Ended 31 December 2017

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Draycott Management Limited for the year ended 31 December 2017 as set out on pages 3 to 9 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/en/members/regulations-standards-and-guidance/.

This report is made solely to the Board of Directors of Draycott Management Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Draycott Management Limited and state those matters that we have agreed to state to the Board of Directors of Draycott Management Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Draycott Management Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Draycott Management Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Draycott Management Limited. You consider that Draycott Management Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Draycott Management Limited. 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 statutory accounts.

......................................

J Williams & Co Limited
94 Arundel Drive
Fareham
Hampshire
PO16 7NU

22 August 2018

Page 2

Draycott Management Limited

(Registration number: 04338972)
Balance Sheet as at 31 December 2017

	Note	2017 £	2016 £
Fixed assets
Tangible assets	4	913,556	912,556
Current assets
Debtors	5	24,629	20,212
Cash at bank and in hand		53,109	92,513
		77,738	112,725
Creditors: Amounts falling due within one year	6	(116,335)	(118,493)
Net current liabilities		(38,597)	(5,768)
Total assets less current liabilities		874,959	906,788
Creditors: Amounts falling due after more than one year	6	(230,695)	(265,129)
Provisions for liabilities		(20,771)	(27,825)
Net assets		623,493	613,834
Capital and reserves
Called up share capital		1,000	1,000
Other reserves		74,171	111,301
Profit and loss account		548,322	501,533
Total equity		623,493	613,834

The notes on pages 5 to 9 form an integral part of these financial statements.

Page 3

Draycott Management Limited

(Registration number: 04338972)
Balance Sheet as at 31 December 2017

For the financial year ending 31 December 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 21 August 2018 and signed on its behalf by:

.........................................

Mr Peter Draycott

Director

The notes on pages 5 to 9 form an integral part of these financial statements.

Page 4

Draycott Management Limited

Notes to the Financial Statements for the Year Ended 31 December 2017

1	General information

The company is a private company limited by share capital incorporated in England & Wales.

The address of its registered office is:
82 High Street
High Street
Lymington
Hampshire
SO41 9AN
United Kingdom

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Plant and machinery	15% straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

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.

Page 5

Draycott Management Limited

Notes to the Financial Statements for the Year Ended 31 December 2017

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.

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.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2016 - 2).

Page 6

Draycott Management Limited

Notes to the Financial Statements for the Year Ended 31 December 2017

4	Tangible assets

	Land and buildings £	Other property, plant and equipment £	Total £
Cost or valuation
At 1 January 2017	912,556	185	912,741
Revaluations	(37,130)	-	(37,130)
Additions	38,130	-	38,130
At 31 December 2017	913,556	185	913,741
Depreciation
At 1 January 2017	-	185	185
At 31 December 2017	-	185	185
Carrying amount
At 31 December 2017	913,556	-	913,556
At 31 December 2016	912,556	-	912,556

Included within the net book value of land and buildings above is £913,556 (2016 - £912,556) in respect of freehold land and buildings.

Debtors

	2017 £	2016 £
Trade debtors	10,471	11,200
Other debtors	14,158	9,012
Total current trade and other debtors	24,629	20,212

Page 7

Draycott Management Limited

Notes to the Financial Statements for the Year Ended 31 December 2017

Creditors

	Note	2017 £	2016 £
Due within one year
Bank loans and overdrafts	7	33,520	32,659
Trade creditors		258	-
Taxation and social security		-	1,574
Other creditors		82,557	84,260
		116,335	118,493
Due after one year
Loans and borrowings	7	230,695	265,129

7	Loans and borrowings

	2017 £	2016 £
Non-current loans and borrowings
Bank borrowings	230,695	265,129

	2017 £	2016 £
Current loans and borrowings
Bank borrowings	33,520	32,659

8	Related party transactions

Transactions with directors

2017	At 1 January 2017 £	Advances to directors £	Repayments by director £	At 31 December 2017 £
Mr Stephen Draycott
Directors loan	2,678	2,549	(5,227)	-

This loan is undated, unsecured and interest free.

Page 8

Draycott Management Limited

Notes to the Financial Statements for the Year Ended 31 December 2017

Summary of transactions with other related parties

Draycott Surveyors Limited

The directors of Draycott Management Limited are also directors of Draycott Surveyors Limited and Mrs C Draycott is also a shareholder of Draycott Surveyors Limited. At 31 December 2017 Draycott Management Limited was owed £10,283 (2016: £4,016). The loan in undated, unsecured and interest free.

Page 9