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Company registration number: 09182698
The Drake Foundation
Company limited by guarantee
Unaudited filleted financial statements
31 August 2023
The Drake Foundation
Company limited by guarantee
Contents
Directors and other information
Statement of financial position
Notes to the financial statements
The Drake Foundation
Company limited by guarantee
Directors and other information
Director Mr James Jean-Pierre Drake
Company number 09182698
Registered office 3rd Floor Unitec House
2 Albert Place
London
N3 1QB
Business address 2nd Floor Unitec House
2 Albert Place
London
N3 1QB
The Drake Foundation
Company limited by guarantee
Statement of financial position
31 August 2023
2023 2022
Note £ £ £ £
Current assets
Debtors 6 6,000 10,209
Cash at bank and in hand 3,351 10,171
_______ _______
9,351 20,380
Creditors: amounts falling due
within one year 7 ( 2,506,837) ( 2,435,721)
_______ _______
Net current liabilities ( 2,497,486) ( 2,415,341)
_______ _______
Total assets less current liabilities ( 2,497,486) ( 2,415,341)
_______ _______
Net liabilities ( 2,497,486) ( 2,415,341)
_______ _______
Capital and reserves
Profit and loss account ( 2,497,486) ( 2,415,341)
_______ _______
Members deficit ( 2,497,486) ( 2,415,341)
_______ _______
For the year ending 31 August 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's 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 director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
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.
These financial statements were approved by the board of directors and authorised for issue on 16 April 2024 , and are signed on behalf of the board by:
Mr James Jean-Pierre Drake
Director
Company registration number: 09182698
The Drake Foundation
Company limited by guarantee
Notes to the financial statements
Year ended 31 August 2023
1. General information
The company is a private company limited by guarantee, registered in United Kingdom. The address of the registered office is 3rd Floor Unitec House, 2 Albert Place, London, N3 1QB.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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.
Research and development
Research expenditure is written off in the year in which it is incurred. Development expenditure incurred is capitalised as an intangible asset only when all of the following criteria are met: - It is technically feasible to complete the intangible asset so that it will be available for use or sale; - There is the intention to complete the intangible asset and use or sell it; - There is the ability to use or sell the intangible asset; - The use or sale of the intangible asset will generate probable future economic benefits; - There are adequate technical, financial and other resources available to complete the development and to use or sell the intangible asset; and - The expenditure attributable to the intangible asset during its development can be measured reliably. Expenditure that does not meet the above criteria is expensed as incurred.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Limited by guarantee
The company is limited by guarantee and is not-for-profit with no share capital. The director, Mr James Jean-Pierre Drake , has given a guarantee, as member and subscriber to the Memorandum and Articles of Association, in the sum of £1.
5. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2022: 1 ).
6. Debtors
2023 2022
£ £
Other debtors 6,000 10,209
_______ _______
7. Creditors: amounts falling due within one year
2023 2022
£ £
Trade creditors 8,152 406
Social security and other taxes 1,011 310
Other creditors 2,497,674 2,435,005
_______ _______
2,506,837 2,435,721
_______ _______
8. Financial instruments
Exposure to foreign currency, credit, liquidity and cash flow interest rate risks arises in the normal course of the Company's business. These risks are limited by the Company's financial management policies and practices which include substantially transacting the company's business in Sterling, only dealing with clients who have demonstrated creditworthiness and by retaining sufficient reserves and entering into banking arrangement that facilitate the mitigation of risk.
9. Directors advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
2023
Balance brought forward Advances /(credits) to the director Balance o/standing
£ £ £
Mr James Jean-Pierre Drake ( 2,426,842) - ( 2,426,842)
_______ _______ _______
2022
Balance brought forward Advances /(credits) to the director Balance o/standing
£ £ £
Mr James Jean-Pierre Drake ( 2,306,842) ( 120,000) ( 2,426,842)
_______ _______ _______
10. Related party transactions
At the year end the company owed £61,643 to the companies under the common control of the director (2022: £1,191 was owed by companies under common control).
11. Controlling party
The company is limited by guarantee and has no share capital and is therefore not controlled by shareholders.
12. Going concern
The accounts have been prepared on the going concern basis that assumes the director, Mr J J-P Drake will continue to provide financial support in the form of a long term director's loan.