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Registered number: 08598021
Drainmanlondon Ltd
Unaudited Financial Statements
For The Year Ended 31 August 2023
Tony R Pomfret & Associates
37a High Street
Hoddesdon
EN11 8TA
Unaudited Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 08598021
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 47,067 38,607
47,067 38,607
CURRENT ASSETS
Debtors 5 47,052 16,218
Cash at bank and in hand 30,711 24,691
77,763 40,909
Creditors: Amounts Falling Due Within One Year 6 (59,067 ) (32,368 )
NET CURRENT ASSETS (LIABILITIES) 18,696 8,541
TOTAL ASSETS LESS CURRENT LIABILITIES 65,763 47,148
Creditors: Amounts Falling Due After More Than One Year 7 (11,468 ) (15,048 )
PROVISIONS FOR LIABILITIES
Deferred Taxation 8 (8,943 ) (7,335 )
NET ASSETS 45,352 24,765
CAPITAL AND RESERVES
Called up share capital 9 100 100
Profit and Loss Account 45,252 24,665
SHAREHOLDERS' FUNDS 45,352 24,765
Page 1
Page 2
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.
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.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Royston Wade
Director
19/04/2024
The notes on pages 3 to 5 form part of these financial statements.
Page 2
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Notes to the Financial Statements
1. General Information
Drainmanlondon Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 08598021 . The registered office is 37A High Street, Hoddesdon, Herts, EN11 8TA.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and form the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Rendering of services
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 25% reducing balance
Motor Vehicles 25% reducing balance
Fixtures & Fittings 15% straight line
2.4. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
...CONTINUED
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2.4. Taxation - continued
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 2 (2022: 2)
2 2
4. Tangible Assets
Plant & Machinery Motor Vehicles Fixtures & Fittings Total
£ £ £ £
Cost
As at 1 September 2022 26,149 44,686 634 71,469
Additions 10,241 13,907 - 24,148
As at 31 August 2023 36,390 58,593 634 95,617
Depreciation
As at 1 September 2022 15,105 17,123 634 32,862
Provided during the period 5,321 10,367 - 15,688
As at 31 August 2023 20,426 27,490 634 48,550
Net Book Value
As at 31 August 2023 15,964 31,103 - 47,067
As at 1 September 2022 11,044 27,563 - 38,607
5. Debtors
2023 2022
£ £
Due within one year
Trade debtors 47,052 13,860
Other debtors - 2,358
47,052 16,218
6. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Bank loans and overdrafts 3,544 3,494
Other creditors 20,376 15,650
Taxation and social security 35,147 13,224
59,067 32,368
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7. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Bank loans 11,468 15,048
11,468 15,048
8. Deferred Taxation
The provision for deferred tax is made up as follows:
2023 2022
£ £
Other timing differences 8,943 7,335
9. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 100 100
10. Related Party Transactions
Directors' Loan Accounts

Directors' Loan Accounts

At balance sheet date, the company owed £8,206 (£8,895 - 2022) to Mr R Wade and Mrs J Wade, who are directors and shareholders of the company.
11. Ultimate Controlling Party
The company's ultimate controlling party is Mr R Wade and Mrs J Wade by virtue of their ownership of 100% of the issued share capital in the company.
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