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COMPANY REGISTRATION NUMBER: 09691129
Drabest UK Limited
Filleted Unaudited Financial Statements
31 December 2023
Drabest UK Limited
Statement of Financial Position
31 December 2023
31 Dec 23
31 Aug 22
Note
£
£
£
Fixed assets
Tangible assets
5
13,922
17,450
Current assets
Stocks
168,585
162,298
Debtors
6
270,356
371,751
Cash at bank and in hand
105,684
62,424
---------
---------
544,625
596,473
Creditors: amounts falling due within one year
7
409,665
426,224
---------
---------
Net current assets
134,960
170,249
---------
---------
Total assets less current liabilities
148,882
187,699
Creditors: amounts falling due after more than one year
8
499,864
508,519
---------
---------
Net liabilities
( 350,982)
( 320,820)
---------
---------
Capital and reserves
Called up share capital
2,000
2,000
Profit and loss account
( 352,982)
( 322,820)
---------
---------
Shareholders deficit
( 350,982)
( 320,820)
---------
---------
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.
For the Period ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the Period in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Drabest UK Limited
Statement of Financial Position (continued)
31 December 2023
These financial statements were approved by the board of directors and authorised for issue on 9 July 2024 , and are signed on behalf of the board by:
R Chwast
Director
Company registration number: 09691129
Drabest UK Limited
Notes to the Financial Statements
Period from 1 September 2022 to 31 December 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 3rd Floor, Regent House, Bath Avenue, Wolverhampton, WV1 4EG.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the 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. Monetary amounts in these financial statements are rounded to the nearest pound.
Revenue recognition
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 profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
15% reducing balance
Fixtures and fittings
-
15% reducing balance
Motor vehicles
-
25% reducing balance
Equipment
-
33% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the Period amounted to 4 (2022: 7 ).
5. Tangible assets
Plant and machinery
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
£
Cost
At 1 September 2022 and 31 December 2023
5,458
570
27,485
2,734
36,247
-------
----
--------
-------
--------
Depreciation
At 1 September 2022
3,396
303
12,883
2,215
18,797
Charge for the period
412
53
2,738
325
3,528
-------
----
--------
-------
--------
At 31 December 2023
3,808
356
15,621
2,540
22,325
-------
----
--------
-------
--------
Carrying amount
At 31 December 2023
1,650
214
11,864
194
13,922
-------
----
--------
-------
--------
At 31 August 2022
2,062
267
14,602
519
17,450
-------
----
--------
-------
--------
6. Debtors
31 Dec 23
31 Aug 22
£
£
Trade debtors
139,575
245,493
Deferred tax asset
80,200
73,000
Prepayments and accrued income
15,865
18,458
Other debtors
34,716
34,800
---------
---------
270,356
371,751
---------
---------
The debtors above include the following amounts falling due after more than one year:
31 Dec 23
31 Aug 22
£
£
Deferred tax asset
80,200
73,000
--------
--------
7. Creditors: amounts falling due within one year
31 Dec 23
31 Aug 22
£
£
Trade creditors
19,713
37,529
Amounts owed to group undertakings
299,177
282,038
Accruals and deferred income
2,870
2,550
Social security and other taxes
51,905
57,874
Obligations under finance leases and hire purchase contracts
9,430
Director loan accounts
36,000
36,000
Other creditors
803
---------
---------
409,665
426,224
---------
---------
8. Creditors: amounts falling due after more than one year
31 Dec 23
31 Aug 22
£
£
Amounts owed to group undertakings
314,464
317,119
Director loan accounts
185,400
191,400
---------
---------
499,864
508,519
---------
---------
9. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
31 Dec 23
31 Aug 22
£
£
Not later than 1 year
56,000
53,333
Later than 1 year and not later than 5 years
116,000
190,000
---------
---------
172,000
243,333
---------
---------
10. Parent company
The company is a subsidiary of Drabest Group sp. z.o.o. whose registered office is Mników 281, 32-084 Morawica, Krakow, Poland.