DRAINS 4 LESS LIMITED
Balance Sheet
as at 30 November 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 33,796 42,247
Current assets
Stocks 300 400
Debtors 4 4,857 4,570
Cash at bank and in hand 30,488 16,319
35,645 21,289
Creditors: amounts falling due within one year 5 (46,886) (43,746)
Net current liabilities (11,241) (22,457)
Total assets less current liabilities 22,555 19,790
Provisions for liabilities (5,201) (6,539)
Net assets 17,354 13,251
Capital and reserves
Called up share capital 100 100
Profit and loss account 17,254 13,151
Shareholders' funds 17,354 13,251
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
C. RAHMATALLA
Director
Approved by the board on 9 August 2024
DRAINS 4 LESS LIMITED
Notes to the Accounts
for the year ended 30 November 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
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 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.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset over its expected useful life, as follows:
Plant and machinery 10% reducing balance basis
Fixtures, fittings, tools and equipment 20% reducing balance basis
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction 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.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference. Current and deferred tax assets and liabilities are not discounted.
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.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 3 2
3 Tangible fixed assets
Plant and machinery etc Fixtures, fittings tools and equipment Total
£ £ £
Cost
At 1 December 2022 79,256 2,237 81,493
At 30 November 2023 79,256 2,237 81,493
Depreciation
At 1 December 2022 37,667 1,579 39,246
Charge for the year 8,320 131 8,451
At 30 November 2023 45,987 1,710 47,697
Net book value
At 30 November 2023 33,269 527 33,796
At 30 November 2022 41,589 658 42,247
4 Debtors 2023 2022
£ £
Trade debtors 4,857 4,570
5 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 2,338 2,104
Corporation tax 4,177 3,690
Directors loan account 40,371 37,952
46,886 43,746
6 Controlling party
Mr. and Mrs. Rahmatalla, the directors of the company at the Balance Sheet date, own 60% and 40% respectively of the issued share capital of the company.
7 Other information
DRAINS 4 LESS LIMITED is a private company limited by shares and incorporated in England (Company Number 05811146). Its registered office is 7, Loring Road, Newcastle-under-Lyme, Staffordshire, ST5 8EF .
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