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COMPANY REGISTRATION NUMBER: 12955200
DRP International (UK) Ltd
Filleted Unaudited Financial Statements
31 December 2023
DRP International (UK) Ltd
Financial Statements
Year ended 31 December 2023
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
DRP International (UK) Ltd
Statement of Financial Position
31 December 2023
2023
2022
Note
£
£
Fixed assets
Tangible assets
5
1,233
2,290
Current assets
Debtors
6
527,410
2,522
Cash at bank and in hand
109,751
5,361
---------
-------
637,161
7,883
Creditors: amounts falling due within one year
7
598,055
16,865
---------
--------
Net current assets/(liabilities)
39,106
( 8,982)
--------
-------
Total assets less current liabilities
40,339
( 6,692)
--------
-------
Net assets/(liabilities)
40,339
( 6,692)
--------
-------
Capital and reserves
Called up share capital
1,000
1,000
Profit and loss account
39,339
( 7,692)
--------
-------
Shareholders funds/(deficit)
40,339
( 6,692)
--------
-------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 December 2023 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
DRP International (UK) Ltd
Statement of Financial Position (continued)
31 December 2023
These financial statements were approved by the board of directors and authorised for issue on 4 March 2024 , and are signed on behalf of the board by:
Mr R Singh
Director
Company registration number: 12955200
DRP International (UK) Ltd
Notes to the Financial Statements
Year ended 31 December 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Camburgh House, 27 New Dover Road, Canterbury, Kent, CT1 3DN, United Kingdom.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Income tax
The taxation expense represents the aggregate amount of current tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Equipment
-
33% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.
4. Employee numbers
The average number of persons employed by the company during the year, including directors, amounted to 4 (2022: 3).
5. Tangible assets
Equipment
£
Cost
At 1 January 2023
2,309
Disposals
( 436)
-------
At 31 December 2023
1,873
-------
Depreciation
At 1 January 2023
19
Charge for the year
624
Disposals
( 3)
-------
At 31 December 2023
640
-------
Carrying amount
At 31 December 2023
1,233
-------
At 31 December 2022
2,290
-------
6. Debtors
2023
2022
£
£
Trade debtors
515,364
Other debtors
12,046
2,522
---------
-------
527,410
2,522
---------
-------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
212,489
Amounts owed to group undertakings and undertakings in which the company has a participating interest
296,983
Corporation tax
9,581
Other creditors
79,002
16,865
---------
--------
598,055
16,865
---------
--------
8. Related party transactions
At the year end, the company owed Mr R Singh £77,502 (2022: £5,639). At the year end, the company was owed £333,422 by companies under common control and this is shown within Trade Debtors. The company also owed £205,648 to companies under common control and this is shown within Trade Creditors. At the year end, the company owed £296,983 (2022: £11,226) to another two companies under common control.
9. Controlling party
The ultimate parent company is DRP International Ltd , a company registered in Canada. The registered address of the ultimate controlling party is 80B-135 James St. S. Hamilton L8P 2Z6, ON, Canada .