Registered number
02534043
Drum Developments (North West) Ltd
Unaudited Filleted Accounts
28 February 2023
Drum Developments (North West) Ltd
Registered number: 02534043
Balance Sheet
as at 28 February 2023
Notes 2023 2022
£ £
Current assets
Stocks 1,342,241 1,272,720
Debtors 2 3,366 2,862
Cash at bank and in hand 5,295 3,516
1,350,902 1,279,098
Creditors: amounts falling due within one year 3 (337,267) (264,874)
Net current assets 1,013,635 1,014,224
Net assets 1,013,635 1,014,224
Capital and reserves
Called up share capital 1,000 1,000
Profit and loss account 1,012,635 1,013,224
Shareholders' funds 1,013,635 1,014,224
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr J F Lowe
Director
Approved by the board on 20 November 2023
Drum Developments (North West) Ltd
Notes to the Accounts
for the year ended 28 February 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials, direct labour and overheads that have been incurred in bringing the stocks to their present location and condition.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company - -
2 Debtors 2023 2022
£ £
Other debtors 3,366 2,862
3 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 864 1,320
Taxation and social security costs 1,548 645
Other creditors 334,855 262,909
337,267 264,874
4 Related party transactions
The company owed Mr J F Lowe, director and shareholder £183,363 (2022 - £136,977) at the year-end. This amount is interest-free and is repayable on demand and included in other creditors in these accounts.
The company owed the Estate of Mr C T Kerkham, a shareholder, £154,920 (2022 - £124,406) at the year-end. This amount is interest-free and repayable on demand and include in other creditors in these accounts.
5 Controlling party
The company is controlled by Mr J F Lowe, as the director and a shareholder.
6 Other information
Drum Developments (North West) Ltd is a private company limited by shares and incorporated in England. Its registered office is:
Shaw Lane Cottage
Shaw Lane
Milnrow
Rochdale
OL16 3TP
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