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REGISTERED NUMBER: 08267396 (England and Wales)












Unaudited Financial Statements

for the Year Ended 31 October 2023

for

HAPPY DRAINS LIMITED

HAPPY DRAINS LIMITED (REGISTERED NUMBER: 08267396)






Contents of the Financial Statements
for the Year Ended 31 October 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


HAPPY DRAINS LIMITED

Company Information
for the Year Ended 31 October 2023







DIRECTORS: D Miele
W R Wennington





REGISTERED OFFICE: 100 Church Street
Brighton
East Sussex
BN1 1UJ





REGISTERED NUMBER: 08267396 (England and Wales)





ACCOUNTANTS: Paddenburg & Co Limited
100 Church Street
Brighton
East Sussex
BN1 1UJ

HAPPY DRAINS LIMITED (REGISTERED NUMBER: 08267396)

Balance Sheet
31 October 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 259,170 218,590
Investments 5 24 24
259,194 218,614

CURRENT ASSETS
Debtors 6 185,472 166,194
Cash at bank and in hand 256,458 318,243
441,930 484,437
CREDITORS
Amounts falling due within one year 7 367,703 320,043
NET CURRENT ASSETS 74,227 164,394
TOTAL ASSETS LESS CURRENT
LIABILITIES

333,421

383,008

CREDITORS
Amounts falling due after more than one
year

8

(42,500

)

(39,446

)

PROVISIONS FOR LIABILITIES 9 (64,793 ) (41,532 )
NET ASSETS 226,128 302,030

CAPITAL AND RESERVES
Called up share capital 6,004 6,004
Retained earnings 220,124 296,026
SHAREHOLDERS' FUNDS 226,128 302,030

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 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.

HAPPY DRAINS LIMITED (REGISTERED NUMBER: 08267396)

Balance Sheet - continued
31 October 2023


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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 31 July 2024 and were signed on its behalf by:




D Miele - Director



W R Wennington - Director


HAPPY DRAINS LIMITED (REGISTERED NUMBER: 08267396)

Notes to the Financial Statements
for the Year Ended 31 October 2023

1. STATUTORY INFORMATION

Happy Drains Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office 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 received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated
useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery - 25% on reducing balance
Fixtures and fittings - 20% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 33% on reducing balance

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.

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.

HAPPY DRAINS LIMITED (REGISTERED NUMBER: 08267396)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2023

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 15 (2022 - 16 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor Computer
machinery fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 November 2022 229,476 9,545 94,350 32,313 365,684
Additions 29,445 - 71,390 7,639 108,474
At 31 October 2023 258,921 9,545 165,740 39,952 474,158
DEPRECIATION
At 1 November 2022 88,561 4,440 34,045 20,048 147,094
Charge for year 39,355 1,020 21,585 5,934 67,894
At 31 October 2023 127,916 5,460 55,630 25,982 214,988
NET BOOK VALUE
At 31 October 2023 131,005 4,085 110,110 13,970 259,170
At 31 October 2022 140,915 5,105 60,305 12,265 218,590

HAPPY DRAINS LIMITED (REGISTERED NUMBER: 08267396)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2023

4. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and Motor
machinery vehicles Totals
£    £    £   
COST
At 1 November 2022 110,000 29,250 139,250
Additions - 46,000 46,000
At 31 October 2023 110,000 75,250 185,250
DEPRECIATION
At 1 November 2022 33,875 17,555 51,430
Charge for year 19,035 6,475 25,510
At 31 October 2023 52,910 24,030 76,940
NET BOOK VALUE
At 31 October 2023 57,090 51,220 108,310
At 31 October 2022 76,125 11,695 87,820

5. FIXED ASSET INVESTMENTS
Other
investments
£   
COST
At 1 November 2022
and 31 October 2023 24
NET BOOK VALUE
At 31 October 2023 24
At 31 October 2022 24

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 176,636 159,425
Other debtors 596 109
Prepayments 8,240 6,660
185,472 166,194

HAPPY DRAINS LIMITED (REGISTERED NUMBER: 08267396)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2023

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Hire purchase contracts 21,646 16,850
Trade creditors 169,823 142,197
Tax 111,923 116,256
Social security and other taxes 7,588 9,490
VAT 32,788 17,471
Other creditors 5,020 4,688
Directors' loan accounts 10,665 4,841
Accrued expenses 8,250 8,250
367,703 320,043

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Hire purchase contracts 42,500 39,446

9. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax 64,793 41,532

Deferred
tax
£   
Balance at 1 November 2022 41,532
Accelerated capital allowances 23,261
Balance at 31 October 2023 64,793

10. RELATED PARTY DISCLOSURES

The company paid rent to Mr and Mrs Miele totalling £22,000 for the year (2022 : £21,000).

11. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is D Miele.