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REGISTERED NUMBER: 05493931 (England and Wales)















FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023

FOR

M Drake & Son Limited

M Drake & Son Limited (Registered number: 05493931)






CONTENTS OF THE FINANCIAL STATEMENTS
for the year ended 30 September 2023




Page

Company Information 1

Balance Sheet 2 to 3

Notes to the Financial Statements 4 to 7


M Drake & Son Limited

COMPANY INFORMATION
for the year ended 30 September 2023







Directors: P Drake
M Drake





Secretary: Mrs E Drake





Registered office: Barbary Park
Duck Lane
Trematon
Saltash
Cornwall
PL12 4RT





Business address: 29 Desborough Lane
St Judes
Plymouth
Devon
PL4 9PJ





Registered number: 05493931 (England and Wales)





Accountants: Nigel Webster & Co
129 North Hill
Plymouth
Devon
PL4 8JY

M Drake & Son Limited (Registered number: 05493931)

BALANCE SHEET
30 September 2023

2023 2022
Notes £    £    £    £   
Fixed assets
Intangible assets 4 - -
Tangible assets 5 15,253 16,397
15,253 16,397

Current assets
Stocks 1,075 1,125
Debtors 6 2,511 4,573
Cash at bank and in hand 57,971 37,387
61,557 43,085
Creditors
Amounts falling due within one year 7 55,064 32,922
Net current assets 6,493 10,163
Total assets less current liabilities 21,746 26,560

Provisions for liabilities 8 2,900 2,650
Net assets 18,846 23,910

Capital and reserves
Called up share capital 9 100 100
Retained earnings 18,746 23,810
Shareholders' funds 18,846 23,910

M Drake & Son Limited (Registered number: 05493931)

BALANCE SHEET - continued
30 September 2023


The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Profit & Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 7 March 2024 and were signed on its behalf by:





M Drake - Director


M Drake & Son Limited (Registered number: 05493931)

NOTES TO THE FINANCIAL STATEMENTS
for the year ended 30 September 2023

1. STATUTORY INFORMATION

M Drake and Son Limited is a private company, limited by shares , registered in England and Wales. The company's registered number, registered office address and business address can be found on the company information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is recognised at the point of invoicing the customer.

Goodwill
Goodwill, is the amount paid in connection with the acquisition of a business in 2006. In the year to 30 September 2016, the useful life was revised to five years and the net book value as at 1 October 2015 was amortised evenly over its estimated remaining useful life of five years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Tools and equipment - 10% on cost
Motor vehicles - 20% on reducing balance

Stocks
Stock is valued at the lower of cost and net realisable value. Net realisable value represents estimated selling price less costs required to sell. Cost is determined using the first in first out method. Provision is made for slow moving, obsolete or damaged stock where the net realisable value is less than cost.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit & Loss Account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


M Drake & Son Limited (Registered number: 05493931)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 30 September 2023

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.

Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.

Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2022 - 4 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
Cost
At 1 October 2022
and 30 September 2023 75,000
Amortisation
At 1 October 2022
and 30 September 2023 75,000
Net book value
At 30 September 2023 -
At 30 September 2022 -

M Drake & Son Limited (Registered number: 05493931)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 30 September 2023

5. TANGIBLE FIXED ASSETS
Tools and Motor
equipment vehicles Totals
£    £    £   
Cost
At 1 October 2022
and 30 September 2023 22,388 2,250 24,638
Depreciation
At 1 October 2022 7,404 837 8,241
Charge for year 861 283 1,144
At 30 September 2023 8,265 1,120 9,385
Net book value
At 30 September 2023 14,123 1,130 15,253
At 30 September 2022 14,984 1,413 16,397

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 2,450 4,523
Other debtors 61 50
2,511 4,573

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 11,423 5,528
Taxation and social security 12,580 10,213
Other creditors 31,061 17,181
55,064 32,922

8. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax 2,900 2,650

Deferred
tax
£   
Balance at 1 October 2022 2,650
Provided during year 250
Balance at 30 September 2023 2,900

M Drake & Son Limited (Registered number: 05493931)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 30 September 2023

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
100 Ordinary £1 100 100

10. RELATED PARTY DISCLOSURES

At the balance sheet date the company owed the following amounts to the directors:

NAME £
P Drake Director and shareholder 2,892
M Drake Director and shareholder 25,143

During the year, P Drake's loan account became overdrawn. The maximum amount overdrawn in the year was £4,260. No interest has been charged.