Company Registration No. 05968445 (England and Wales)
Drains Ahead Limited
Unaudited accounts
for the year ended 31 March 2023
Drains Ahead Limited
Unaudited accounts
Contents
Drains Ahead Limited
Company Information
for the year ended 31 March 2023
Directors
D J O Avis
K M Avis
Company Number
05968445 (England and Wales)
Registered Office
Southbridge House
Southbridge Place
Croydon
CR0 4HA
Accountants
Keywhites Limited
26 Grisedale Gardens
Purley
Surrey
CR8 1EN
Drains Ahead Limited
Statement of financial position
as at 31 March 2023
Tangible assets
79,046
105,610
Cash at bank and in hand
128,715
173,424
Creditors: amounts falling due within one year
(166,115)
(179,503)
Net current assets
56,693
135,095
Total assets less current liabilities
135,739
240,705
Creditors: amounts falling due after more than one year
(113,134)
(196,196)
Provisions for liabilities
Deferred tax
(15,018)
(20,066)
Called up share capital
100
100
Profit and loss account
7,487
24,343
Shareholders' funds
7,587
24,443
For the year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their 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 and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 23 November 2023 and were signed on its behalf by
K M Avis
Director
Company Registration No. 05968445
Drains Ahead Limited
Notes to the Accounts
for the year ended 31 March 2023
Drains Ahead Limited is a private company, limited by shares, registered in England and Wales, registration number 05968445. The registered office is Southbridge House, Southbridge Place, Croydon, CR0 4HA.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
These are the first financial statements of Drains Ahead Limited prepared in accordance with FRS 102 Section 1A. The date of transition to FRS 102 Section 1A was 1 April 2020. An explanation of how the transition to FRS 102 Section 1A has affected the reported financial position and financial performance is given in note 12.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
25% reducing balance
Motor vehicles
25% reducing balance
Fixtures & fittings
25% reducing balance
Computer equipment
25% reducing balance
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
Drains Ahead Limited
Notes to the Accounts
for the year ended 31 March 2023
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term.
Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
4
Tangible fixed assets
Plant & machinery
Motor vehicles
Fixtures & fittings
Computer equipment
Total
Cost or valuation
At cost
At cost
At cost
At cost
At 1 April 2022
58,361
106,425
8,347
4,146
177,279
Additions
-
204,237
-
666
204,903
Disposals
(15,722)
(218,869)
(5,680)
-
(240,271)
At 31 March 2023
42,639
91,793
2,667
4,812
141,911
At 1 April 2022
33,765
29,361
6,092
2,451
71,669
Charge for the year
5,264
20,213
281
590
26,348
On disposals
(12,183)
(18,419)
(4,550)
-
(35,152)
At 31 March 2023
26,846
31,155
1,823
3,041
62,865
At 31 March 2023
15,793
60,638
844
1,771
79,046
At 31 March 2022
24,596
77,064
2,255
1,695
105,610
Carrying values included above held under finance leases and hire purchase contracts:
£
£
- Motor vehicles
16,415
52,033
Amounts falling due within one year
Trade debtors
45,943
79,565
Other debtors
48,150
61,609
6
Creditors: amounts falling due within one year
2023
2022
Bank loans and overdrafts
48,747
48,747
Obligations under finance leases and hire purchase contracts
4,151
11,732
Trade creditors
16,242
10,834
Taxes and social security
95,460
93,096
Other creditors
1,500
4,290
Loans from directors
15
10,804
Drains Ahead Limited
Notes to the Accounts
for the year ended 31 March 2023
7
Creditors: amounts falling due after more than one year
2023
2022
Obligations under finance leases and hire purchase contracts
21,607
55,274
8
Operating lease commitments
2023
2022
At 31 March 2023 the company had the following future minimum lease payments under non-cancellable operating leases for each of the following periods:
Not later than one year
-
23,423
9
Average number of employees
During the year the average number of employees was 5 (2022: 5).