Company registration number 09055301 (England and Wales)
DRAKE'S AUCTIONS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023
PAGES FOR FILING WITH REGISTRAR
DRAKE'S AUCTIONS LIMITED
CONTENTS
Page
Statement of financial position
1
Notes to the financial statements
2 - 4
DRAKE'S AUCTIONS LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 MAY 2023
31 May 2023
- 1 -
2023
2022
Notes
£
£
£
£
Non-current assets
Property, plant and equipment
3
12,765
5,397
Current assets
Trade and other receivables
4
4,402
997
Cash and cash equivalents
92,569
83,095
96,971
84,092
Current liabilities
5
(67,910)
(79,452)
Net current assets
29,061
4,640
Total assets less current liabilities
41,826
10,037
Non-current liabilities
6
-
0
(3,913)
Provisions for liabilities
(690)
-
0
Net assets
41,136
6,124
Equity
Called up share capital
7
7
Retained earnings
41,129
6,117
Total equity
41,136
6,124

The directors of the company have elected not to include a copy of the income statement within the financial statements.true

For the financial year ended 31 May 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 14 November 2023 and are signed on its behalf by:
Mr M W A M Helm
Mr P G Williams
Director
Director
Company Registration No. 09055301
DRAKE'S AUCTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023
- 2 -
1
Accounting policies
Company information

Drake's Auctions Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 6 Parade Business Park, Pixon Lane, Tavistock, Devon, United Kingdom, PL19 9RQ.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Revenue

Revenue is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

 

1.3
Property, plant and equipment

Property, plant and equipment are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses, where cost includes expenditure directly attributable to bringing the asset to the location and condition for operation as intended by management.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold improvements
15 years - straight line
Plant and equipment
20% - straight line
Office Equipment
33% - reducing balance
Motor vehicles
25% - reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.4
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

DRAKE'S AUCTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
1
Accounting policies
(Continued)
- 3 -
Deferred tax

Deferred tax liabilities are generally recognised for all material timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.5
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
9
9
3
Property, plant and equipment
Leasehold improvements
Plant and equipment
Office Equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 June 2022
4,239
-
0
7,149
5,300
16,688
Additions
5,897
2,700
-
0
-
0
8,597
At 31 May 2023
10,136
2,700
7,149
5,300
25,285
Depreciation and impairment
At 1 June 2022
786
-
0
6,461
4,042
11,289
Depreciation charged in the year
283
405
229
314
1,231
At 31 May 2023
1,069
405
6,690
4,356
12,520
Carrying amount
At 31 May 2023
9,067
2,295
459
944
12,765
At 31 May 2022
3,452
-
0
687
1,258
5,397
DRAKE'S AUCTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
- 4 -
4
Trade and other receivables
2023
2022
Amounts falling due within one year:
£
£
Trade receivables
792
997
Other receivables
3,610
-
0
4,402
997
5
Current liabilities
2023
2022
£
£
Bank loans
3,699
3,859
Trade payables
31,980
50,614
Taxation and social security
31,191
23,939
Other payables
1,040
1,040
67,910
79,452
6
Non-current liabilities
2023
2022
£
£
Bank loans and overdrafts
-
0
3,913
7
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2023
2022
£
£
Other leases
19,490
4,079
8
Related party transactions
Transactions with related parties

During the year the company entered into the following transactions with related parties:

The Company paid rent to the Mother of a director totalling £9,000 (2022 - £8,400) in the year, for the use of a commercial property. This rent is deemed to be less than market value.

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