R J Drake Ltd 07623214 false 2022-08-01 2023-07-31 2023-07-31 The principal activity of the company is General Builders Digita Accounts Production Advanced 6.30.9574.0 true true 07623214 2022-08-01 2023-07-31 07623214 2023-07-31 07623214 bus:OrdinaryShareClass1 2023-07-31 07623214 core:RetainedEarningsAccumulatedLosses 2023-07-31 07623214 core:ShareCapital 2023-07-31 07623214 core:CurrentFinancialInstruments 2023-07-31 07623214 core:CurrentFinancialInstruments core:WithinOneYear 2023-07-31 07623214 core:MotorVehicles 2023-07-31 07623214 core:OtherPropertyPlantEquipment 2023-07-31 07623214 bus:SmallEntities 2022-08-01 2023-07-31 07623214 bus:AuditExemptWithAccountantsReport 2022-08-01 2023-07-31 07623214 bus:AbridgedAccounts 2022-08-01 2023-07-31 07623214 bus:SmallCompaniesRegimeForAccounts 2022-08-01 2023-07-31 07623214 bus:RegisteredOffice 2022-08-01 2023-07-31 07623214 bus:Director1 2022-08-01 2023-07-31 07623214 bus:OrdinaryShareClass1 2022-08-01 2023-07-31 07623214 bus:PrivateLimitedCompanyLtd 2022-08-01 2023-07-31 07623214 core:Goodwill 2022-08-01 2023-07-31 07623214 core:MotorVehicles 2022-08-01 2023-07-31 07623214 core:OtherPropertyPlantEquipment 2022-08-01 2023-07-31 07623214 core:PlantMachinery 2022-08-01 2023-07-31 07623214 countries:AllCountries 2022-08-01 2023-07-31 07623214 2022-07-31 07623214 core:MotorVehicles 2022-07-31 07623214 core:OtherPropertyPlantEquipment 2022-07-31 07623214 2021-08-01 2022-07-31 07623214 2022-07-31 07623214 bus:OrdinaryShareClass1 2022-07-31 07623214 core:RetainedEarningsAccumulatedLosses 2022-07-31 07623214 core:ShareCapital 2022-07-31 07623214 core:CurrentFinancialInstruments 2022-07-31 07623214 core:CurrentFinancialInstruments core:WithinOneYear 2022-07-31 07623214 core:MotorVehicles 2022-07-31 07623214 core:OtherPropertyPlantEquipment 2022-07-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 07623214

R J Drake Ltd

Unaudited Filleted Abridged Financial Statements

for the Year Ended 31 July 2023

 

R J Drake Ltd

Contents

Company Information

1

Abridged Balance Sheet

2 to 3

Notes to the Unaudited Abridged Financial Statements

4 to 8

 

R J Drake Ltd

Company Information

Director

Mr Richard John Drake

Registered office

39 South Court Avenue
Dorchester
Dorset
DT1 2BY

Accountants

Scott Vevers Ltd
Chartered Accountants
and Registered Auditors
65 East Street
Bridport
Dorset
DT6 3LB

 

R J Drake Ltd

(Registration number: 07623214)
Abridged Balance Sheet as at 31 July 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

17,037

22,341

Current assets

 

Stocks

6

24,680

625

Debtors

28,821

54,553

Cash at bank and in hand

 

517,626

438,472

 

571,127

493,650

Prepayments and accrued income

 

1,080

1,096

Creditors: Amounts falling due within one year

(92,882)

(52,475)

Net current assets

 

479,325

442,271

Total assets less current liabilities

 

496,362

464,612

Provisions for liabilities

(4,259)

(4,245)

Accruals and deferred income

 

(1,035)

(1,535)

Net assets

 

491,068

458,832

Capital and reserves

 

Called up share capital

7

100

100

Retained earnings

490,968

458,732

Shareholders' funds

 

491,068

458,832

For the financial year ending 31 July 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 accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

All of the company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

 

R J Drake Ltd

(Registration number: 07623214)
Abridged Balance Sheet as at 31 July 2023

Approved and authorised by the director on 19 April 2024
 

.........................................

Mr Richard John Drake

Director

 

R J Drake Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 July 2023

1

General information

The company is limited by shares incorporated in England within the United Kingdom. The address of the registered office is given in the company information on page 1 of these financial statements.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These abridged financial statements were prepared in accordance with Section 1A of the Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

Basis of preparation

These abridged financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the company will comply with conditions attaching to them and the grants will be received using the accrual model.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

R J Drake Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 July 2023

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

25% Reducing balance

Motor vehicles

25% Reducing balance

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

10% Straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

R J Drake Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 July 2023

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2022 - 1).

 

R J Drake Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 July 2023

4

Intangible assets

Total
£

Cost or valuation

At 1 August 2022

37,000

At 31 July 2023

37,000

Amortisation

At 1 August 2022

37,000

At 31 July 2023

37,000

Carrying amount

At 31 July 2023

-

5

Tangible assets

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 August 2022

43,505

6,245

49,750

Additions

-

375

375

At 31 July 2023

43,505

6,620

50,125

Depreciation

At 1 August 2022

22,278

5,131

27,409

Charge for the year

5,307

372

5,679

At 31 July 2023

27,585

5,503

33,088

Carrying amount

At 31 July 2023

15,920

1,117

17,037

At 31 July 2022

21,227

1,114

22,341

6

Stocks

2023
£

2022
£

Work in progress

24,000

-

Finished goods and goods for resale

680

625

24,680

625

 

R J Drake Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 July 2023

7

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100