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REGISTERED NUMBER: 03062990 (England and Wales)














Drake Towage Limited

Unaudited Financial Statements

for the Year Ended 30 June 2023






Drake Towage Limited (Registered number: 03062990)

Contents of the Financial Statements
for the Year Ended 30 June 2023










Page

Company information 1

Chartered accountants' report 2

Statement of financial position 3

Notes to the financial statements 5


Drake Towage Limited

Company Information
for the Year Ended 30 June 2023







Directors: M Sayer
R Sayer





Registered office: 41-43 Crab Marsh
Wisbech
Cambridgeshire
PE13 3JQ





Registered number: 03062990 (England and Wales)





Accountants: Moore Thompson
Monica House
St Augustines Road
Wisbech
Cambs
PE13 3AD

Chartered Accountants' Report to the Board of Directors
on the Unaudited Financial Statements of
Drake Towage Limited


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 Statement of financial position. Readers are cautioned that the Income statement and certain other primary statements and the Directors' report are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Drake Towage Limited for the year ended 30 June 2023 which comprise the Statement of income and retained earnings, Statement of financial position and the related notes 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 within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

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

It is your duty to ensure that Drake Towage Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Drake Towage Limited. You consider that Drake Towage 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 financial statements of Drake Towage 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 financial statements.






Moore Thompson
Monica House
St Augustines Road
Wisbech
Cambs
PE13 3AD


31 October 2023

Drake Towage Limited (Registered number: 03062990)

Statement of Financial Position
30 June 2023

2023 2022
Notes £    £    £    £   
Fixed assets
Intangible assets 5 40,000 40,000
Tangible assets 6 1,621,391 1,641,978
Investments 7 385,194 350,822
2,046,585 2,032,800

Current assets
Stocks 25,000 25,000
Debtors 8 550,793 310,240
Cash at bank and in hand 1,766,802 1,887,012
2,342,595 2,222,252
Creditors
Amounts falling due within one year 9 192,069 146,886
Net current assets 2,150,526 2,075,366
Total assets less current liabilities 4,197,111 4,108,166

Provisions for liabilities 322,592 248,823
Net assets 3,874,519 3,859,343

Capital and reserves
Called up share capital 300 300
Retained earnings 3,874,219 3,859,043
Shareholders' funds 3,874,519 3,859,343

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 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.

Drake Towage Limited (Registered number: 03062990)

Statement of Financial Position - continued
30 June 2023


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 Statement of income and retained earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 31 October 2023 and were signed on its behalf by:




M Sayer - Director



R Sayer - Director


Drake Towage Limited (Registered number: 03062990)

Notes to the Financial Statements
for the Year Ended 30 June 2023


1. Statutory information

Drake Towage 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. 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.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Intangible assets
Intangible assets are usually measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Intangible assets with an indefinite useful life are not amortised.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - Not depreciated
Plant and machinery - 5% on a straight line basis
Fixtures and fittings - 5% on a straight line basis
Motor vehicles - 20% on a straight line basis
Computer equipment - 33.33% Straight line

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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 statement of financial position date.


Drake Towage Limited (Registered number: 03062990)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2023


3. Accounting policies - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

4. Employees and directors

The average number of employees during the year was 18 (2022 - 17 ) .

5. Intangible fixed assets
Other
intangible
assets
£   
Cost
At 1 July 2022
and 30 June 2023 40,000
Net book value
At 30 June 2023 40,000
At 30 June 2022 40,000

Drake Towage Limited (Registered number: 03062990)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2023


6. Tangible fixed assets
Fixtures
Freehold Plant and and
property machinery fittings
£    £    £   
Cost
At 1 July 2022 336,073 1,574,662 10,009
Additions - 75,540 499
Disposals - (15,588 ) -
At 30 June 2023 336,073 1,634,614 10,508
Depreciation
At 1 July 2022 22,399 553,083 4,021
Charge for year 233 52,606 310
Eliminated on disposal - (7,060 ) -
At 30 June 2023 22,632 598,629 4,331
Net book value
At 30 June 2023 313,441 1,035,985 6,177
At 30 June 2022 313,674 1,021,579 5,988

Motor Computer
vehicles equipment Totals
£    £    £   
Cost
At 1 July 2022 609,133 11,173 2,541,050
Additions 28,260 4,246 108,545
Disposals (10,950 ) - (26,538 )
At 30 June 2023 626,443 15,419 2,623,057
Depreciation
At 1 July 2022 317,388 2,181 899,072
Charge for year 62,441 3,691 119,281
Eliminated on disposal (9,627 ) - (16,687 )
At 30 June 2023 370,202 5,872 1,001,666
Net book value
At 30 June 2023 256,241 9,547 1,621,391
At 30 June 2022 291,745 8,992 1,641,978

Drake Towage Limited (Registered number: 03062990)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2023


7. Fixed asset investments
Other
investments
£   
Cost or valuation
At 1 July 2022 350,822
Additions 14,825
Revaluations 19,547
At 30 June 2023 385,194
Net book value
At 30 June 2023 385,194
At 30 June 2022 350,822

Cost or valuation at 30 June 2023 is represented by:

Other
investments
£   
Valuation in 2023 385,194

If fixed assets investments had not been revalued they would have been included at the following historical cost:

2023 2022
£    £   
Cost 324,323 309,498

Fixed asset investments were valued on an open market basis on 30 June 2023 by Raymond James Investment Services Limited .

8. Debtors
2023 2022
£    £   
Amounts falling due within one year:
Trade debtors 162,308 195,141
VAT 51,323 4,542
Prepayments 303,912 77,307
517,543 276,990

Amounts falling due after more than one year:
Other debtors 33,250 33,250

Aggregate amounts 550,793 310,240

Drake Towage Limited (Registered number: 03062990)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2023


9. Creditors: amounts falling due within one year
2023 2022
£    £   
Trade creditors 91,417 55,228
Corporation Tax 44,775 43,034
Social security and other taxes 14,016 13,282
Directors' loan accounts 1,449 11,158
Accruals and deferred income 40,412 24,184
192,069 146,886

10. Related party disclosures

During the year, the directors provided the company with an unsecured interest free loan. The amount outstanding at the balance sheet date was £1,158 (2022: £11,158).