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REGISTERED NUMBER: 01745635 (England and Wales)









FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 NOVEMBER 2023

FOR

DRUCEGROVE LIMITED

DRUCEGROVE LIMITED (REGISTERED NUMBER: 01745635)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


DRUCEGROVE LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 NOVEMBER 2023







DIRECTORS: D Kelly
D A Kelly
Mrs R L Kelly



SECRETARY: D A Kelly



REGISTERED OFFICE: Essex House
8 The Shrubberies
George Lane
South Woodford
London
E18 1BD



REGISTERED NUMBER: 01745635 (England and Wales)



BANKERS: Barclays Bank
183 High Street
Epping
Essex
CM16 4BH

DRUCEGROVE LIMITED (REGISTERED NUMBER: 01745635)

BALANCE SHEET
30 NOVEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 89,721 71,976

CURRENT ASSETS
Stocks 248,966 219,482
Debtors 5 100,412 688,424
Cash at bank and in hand 408,361 398,150
757,739 1,306,056
CREDITORS
Amounts falling due within one year 6 134,967 138,174
NET CURRENT ASSETS 622,772 1,167,882
TOTAL ASSETS LESS CURRENT
LIABILITIES

712,493

1,239,858

CREDITORS
Amounts falling due after more than one
year

7

(407,202

)

(407,202

)

PROVISIONS FOR LIABILITIES - (47,709 )
NET ASSETS 305,291 784,947

CAPITAL AND RESERVES
Called up share capital 76 76
Retained earnings 305,215 784,871
SHAREHOLDERS' FUNDS 305,291 784,947

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

The members have not required the company to obtain an audit of its financial statements for the year ended 30 November 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.

DRUCEGROVE LIMITED (REGISTERED NUMBER: 01745635)

BALANCE SHEET - continued
30 NOVEMBER 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 28 June 2024 and were signed on its behalf by:




D Kelly - Director



D A Kelly - Director


DRUCEGROVE LIMITED (REGISTERED NUMBER: 01745635)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

1. STATUTORY INFORMATION

Drucegrove 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 as modified by the revaluation of certain assets.

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.
Short leasehold - 2% on reducing balance
Fixtures and fittings - 15% on reducing balance
Computer equipment - 33% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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.

DRUCEGROVE LIMITED (REGISTERED NUMBER: 01745635)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2023

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
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.

Going concern
The financial statements have been prepared under the going concern basis as the directors have agreed to provide financial support to meet the company's day to day commitments for at least twelve months from the date of approval by the Board of Directors.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 12 (2022 - 10 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Short and Computer
leasehold fittings equipment Totals
£    £    £    £   
COST OR VALUATION
At 1 December 2022 58,622 16,150 30,250 105,022
Additions - 23,604 - 23,604
At 30 November 2023 58,622 39,754 30,250 128,626
DEPRECIATION
At 1 December 2022 1,172 7,720 24,154 33,046
Charge for year 1,149 2,698 2,012 5,859
At 30 November 2023 2,321 10,418 26,166 38,905
NET BOOK VALUE
At 30 November 2023 56,301 29,336 4,084 89,721
At 30 November 2022 57,450 8,430 6,096 71,976

Cost or valuation at 30 November 2023 is represented by:

Fixtures
Short and Computer
leasehold fittings equipment Totals
£    £    £    £   
Cost 58,622 39,754 30,250 128,626

DRUCEGROVE LIMITED (REGISTERED NUMBER: 01745635)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2023

4. TANGIBLE FIXED ASSETS - continued

Freehold land and buildings were valued on an open market basis on 30 November 2015 by the directors. .

The company applied the transitional arrangements of Section 35 of FRS 102 and used a previous valuation as the deemed cost of the freehold property. The property is being depreciated from the valuation date. When the asset is depreciated or sold an appropriate transfer is made from the fair value reserve to retained earnings.

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 67,363 61,687
Other debtors 33,049 626,737
100,412 688,424

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 1,905 1,782
Trade creditors 82,046 86,584
Taxation and social security 8,556 8,866
Other creditors 42,460 40,942
134,967 138,174

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
2023 2022
£    £   
Other creditors 407,202 407,202

8. RELATED PARTY DISCLOSURES

The director Mr D. A. Kelly is the controlling shareholder of Kelly Group Holdings Limited the parent company of Drucegrove Limited.

Mr D. Kelly and Mr D. A. Kelly are also directors of Kelly Investments Limited a company wholly owned by the ultimate controlling party Kelly Group Holdings Limited of which they also both directors.

The balance due to Kelly Investments Limited at the balance sheet date was £407,202 (2022: £407,202).