4 false false false false false false false false false true false false false false false false No description of principal activity 2022-10-01 Sage Accounts Production Advanced 2021 - FRS102_2021 1,563 71 1,634 1,634 1,563 5,906 982 4,924 xbrli:pure xbrli:shares iso4217:GBP 00984176 2022-10-01 2023-07-31 00984176 2023-07-31 00984176 2022-09-30 00984176 2021-08-01 2022-09-30 00984176 2022-09-30 00984176 2021-07-31 00984176 bus:OrdinaryShareClass1 2022-10-01 2023-07-31 00984176 bus:Director3 2022-10-01 2023-07-31 00984176 bus:Director4 2022-10-01 2023-07-31 00984176 core:WithinOneYear 2023-07-31 00984176 core:WithinOneYear 2022-09-30 00984176 core:LandBuildings 2022-09-30 00984176 core:PlantMachinery 2022-09-30 00984176 core:MotorVehicles 2022-09-30 00984176 core:LandBuildings 2023-07-31 00984176 core:PlantMachinery 2023-07-31 00984176 core:MotorVehicles 2023-07-31 00984176 core:LandBuildings 2022-10-01 2023-07-31 00984176 core:PlantMachinery 2022-10-01 2023-07-31 00984176 core:MotorVehicles 2022-10-01 2023-07-31 00984176 core:ShareCapital 2023-07-31 00984176 core:ShareCapital 2022-09-30 00984176 core:CapitalRedemptionReserve 2023-07-31 00984176 core:CapitalRedemptionReserve 2022-09-30 00984176 core:RetainedEarningsAccumulatedLosses 2023-07-31 00984176 core:RetainedEarningsAccumulatedLosses 2022-09-30 00984176 core:DeferredTaxation 2022-10-01 2023-07-31 00984176 core:CostValuation core:Non-currentFinancialInstruments 2022-09-30 00984176 core:Non-currentFinancialInstruments core:RevaluationsIncreaseDecreaseInInvestments 2023-07-31 00984176 core:CostValuation core:Non-currentFinancialInstruments 2023-07-31 00984176 core:Non-currentFinancialInstruments 2023-07-31 00984176 core:Non-currentFinancialInstruments 2022-09-30 00984176 core:AcceleratedTaxDepreciationDeferredTax 2023-07-31 00984176 core:AcceleratedTaxDepreciationDeferredTax 2022-09-30 00984176 core:LandBuildings 2022-09-30 00984176 core:PlantMachinery 2022-09-30 00984176 core:MotorVehicles 2022-09-30 00984176 core:DeferredTaxation 2022-09-30 00984176 core:DeferredTaxation 2023-07-31 00984176 bus:Director3 2022-09-30 00984176 bus:Director3 2023-07-31 00984176 bus:Director3 2021-07-31 00984176 bus:Director3 2022-09-30 00984176 bus:Director4 2021-07-31 00984176 bus:Director3 2021-08-01 2022-09-30 00984176 bus:Director4 2021-08-01 2022-09-30 00984176 bus:SmallEntities 2022-10-01 2023-07-31 00984176 bus:AuditExemptWithAccountantsReport 2022-10-01 2023-07-31 00984176 bus:FullAccounts 2022-10-01 2023-07-31 00984176 bus:SmallCompaniesRegimeForAccounts 2022-10-01 2023-07-31 00984176 bus:PrivateLimitedCompanyLtd 2022-10-01 2023-07-31 00984176 bus:OrdinaryShareClass1 2023-07-31 00984176 bus:OrdinaryShareClass1 2022-09-30 00984176 core:LandBuildings core:OwnedOrFreeholdAssets 2022-10-01 2023-07-31
COMPANY REGISTRATION NUMBER: 00984176
KEITH DRAKE LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
31 July 2023
KEITH DRAKE LIMITED
FINANCIAL STATEMENTS
PERIOD FROM 1 OCTOBER 2022 TO 31 JULY 2023
Contents
Pages
Balance sheet 1 to 2
Notes to the financial statements 3 to 7
KEITH DRAKE LIMITED
BALANCE SHEET
31 July 2023
31 Jul 23
30 Sep 22
Note
£
£
Fixed assets
Tangible assets
5
51,997
57,610
Investments
6
1,634
1,563
------------
------------
53,631
59,173
Current assets
Stocks
7
58,698
42,780
Debtors
8
61,454
89,160
Cash at bank and in hand
481,410
558,335
------------
------------
601,562
690,275
Creditors: amounts falling due within one year
9
( 61,081)
( 47,430)
------------
------------
Net current assets
540,481
642,845
------------
------------
Total assets less current liabilities
594,112
702,018
Provisions
Taxation including deferred tax
10
( 4,924)
( 5,906)
------------
------------
Net assets
589,188
696,112
------------
------------
Capital and reserves
Called up share capital
12
10,502
10,502
Capital redemption reserve
32,783
32,783
Profit and loss account
545,903
652,827
------------
------------
Shareholders funds
589,188
696,112
------------
------------
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 profit and loss account has not been delivered.
For the period ending 31 July 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 period 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 .
KEITH DRAKE LIMITED
BALANCE SHEET (continued)
31 July 2023
These financial statements were approved by the board of directors and authorised for issue on 20 March 2024 , and are signed on behalf of the board by:
M A Bridge
L B Bridge
Director
Director
Company registration number: 00984176
KEITH DRAKE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
PERIOD FROM 1 OCTOBER 2022 TO 31 JULY 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 Honley Mill, Newtown, Honley, Holmfirth, HD9 6PQ.
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 comprises the value of sales excluding value added tax and trade discounts. Revenue is recognised on delivery of goods.
Taxation
The taxation expense represents the aggregate amount of current and deferred 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. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
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 of an asset, less its residual value, over the useful economic life of that asset as follows:
Freehold property
-
2.5% per annum reducing balance
Plant and machinery
-
15% per annum reducing balance
Motor vehicles
-
25% per annum reducing balance
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
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. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are stated at the lower of cost and net realisable value.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Defined contribution plans
The company operates defined contribution pension schemes. The amount charged to the profit and loss account in respect of pension costs is the contributions payable in the year. Differences between contributions payable in the year and contributions actually paid are shown as either accruals or prepayments in the balance sheet.
4. Employee numbers
The average number of persons employed by the company during the period amounted to 4 (2022: 3 ).
5. Tangible assets
Land and buildings
Plant and machinery
Motor vehicles
Total
£
£
£
£
Cost
At 1 October 2022
81,627
311,276
231,400
624,303
Disposals
( 80,980)
( 80,980)
------------
------------
------------
------------
At 31 July 2023
81,627
311,276
150,420
543,323
------------
------------
------------
------------
Depreciation
At 1 October 2022
55,099
289,960
221,634
566,693
Charge for the period
553
2,664
1,939
5,156
Disposals
( 80,523)
( 80,523)
------------
------------
------------
------------
At 31 July 2023
55,652
292,624
143,050
491,326
------------
------------
------------
------------
Carrying amount
At 31 July 2023
25,975
18,652
7,370
51,997
------------
------------
------------
------------
At 30 September 2022
26,528
21,316
9,766
57,610
------------
------------
------------
------------
6. Investments
Other investments other than loans
£
Fair value
At 1 October 2022
1,563
Revaluations
71
------------
At 31 July 2023
1,634
------------
Impairment
At 1 October 2022 and 31 July 2023
------------
Carrying amount
At 31 July 2023
1,634
------------
At 30 September 2022
1,563
------------
The above investments are listed and are measured at fair value.
7. Stocks
31 Jul 23
30 Sep 22
£
£
Finished goods and goods for resale
58,698
42,780
------------
------------
8. Debtors
31 Jul 23
30 Sep 22
£
£
Trade debtors
41,159
74,121
Prepayments and accrued income
9,850
14,426
Corporation tax repayable
7,828
Directors' loan accounts
150
150
Other debtors
2,467
463
------------
------------
61,454
89,160
------------
------------
9. Creditors: amounts falling due within one year
31 Jul 23
30 Sep 22
£
£
Trade creditors
50,510
30,664
Accruals and deferred income
10,042
5,669
Corporation tax
10,750
Social security and other taxes
311
347
Other creditors
218
------------
------------
61,081
47,430
------------
------------
10. Provisions
Deferred tax (note 11)
£
At 1 October 2022
5,906
Charge against provision
( 982)
------------
At 31 July 2023
4,924
------------
11. Deferred tax
The deferred tax included in the balance sheet is as follows:
31 Jul 23
30 Sep 22
£
£
Included in provisions (note 10)
4,924
5,906
------------
------------
The deferred tax account consists of the tax effect of timing differences in respect of:
31 Jul 23
30 Sep 22
£
£
Accelerated capital allowances
4,924
5,906
------------
------------
12. Called up share capital
Issued, called up and fully paid
31 Jul 23
30 Sep 22
No.
£
No.
£
Ordinary shares of £ 1 each
10,502
10,502
10,502
10,502
------------
------------
------------
------------
13. Directors' advances, credits and guarantees
During the period the directors entered into the following advances and credits with the company:
31 Jul 23
Balance brought forward
Advances/ (credits) to the directors
Balance outstanding
£
£
£
M A Bridge
150
150
L B Bridge
------------
------------
------------
150
150
------------
------------
------------
30 Sep 22
Balance brought forward
Advances/ (credits) to the directors
Balance outstanding
£
£
£
M A Bridge
9,999
( 9,849)
150
L B Bridge
9,999
( 9,999)
------------
------------
------------
19,998
( 19,848)
150
------------
------------
------------
The loans are unsecured and interest free. The outstanding loan was repaid after the year end.
14. Control
The company is controlled by the directors.