Company registration number 04318202 (England and Wales)
DRP AGENCIES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
PAGES FOR FILING WITH REGISTRAR
DRP AGENCIES LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
DRP AGENCIES LIMITED
BALANCE SHEET
AS AT
30 NOVEMBER 2023
30 November 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
70,768
78,024
Current assets
Stocks
45,500
45,500
Debtors
5
23,915
18,176
Cash at bank and in hand
10,193
69,415
73,869
Creditors: amounts falling due within one year
6
(108,231)
(118,248)
Net current liabilities
(38,816)
(44,379)
Total assets less current liabilities
31,952
33,645
Creditors: amounts falling due after more than one year
7
(31,408)
(33,241)
Net assets
544
404
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
444
304
Total equity
544
404
For the financial year ended 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved and signed by the director and authorised for issue on 27 August 2024
Mr D R Prestridge
Director
Company registration number 04318202 (England and Wales)
DRP AGENCIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 2 -
1
Accounting policies
Company information
DRP Agencies Limited is a private company limited by shares incorporated in England and Wales. The registered office is The Vesey Gallery, 48-50 Chester Road, New Oscott, Sutton Coldfield, West Midlands, England, B73 5DA.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.3
Intangible fixed assets - goodwill
Acquired goodwill is written off in equal annual instalments over its estimated useful economic life.
1.4
Tangible fixed assets
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Leasehold land and buildings
Not provided
Leasehold improvements
5% on cost
Plant and equipment
20% on cost
Fixtures and fittings
15% on reducing balance
Computers
33% on cost
1.5
Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
1.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
DRP AGENCIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
1
Accounting policies
(Continued)
- 3 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.7
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.8
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
1.9
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
7
6
DRP AGENCIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 4 -
3
Intangible fixed assets
Goodwill
£
Cost
At 1 December 2022 and 30 November 2023
30,000
Amortisation and impairment
At 1 December 2022 and 30 November 2023
30,000
Carrying amount
At 30 November 2023
At 30 November 2022
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 December 2022
83,273
67,347
150,620
Additions
1,006
1,006
At 30 November 2023
83,273
68,353
151,626
Depreciation and impairment
At 1 December 2022
28,050
44,546
72,596
Depreciation charged in the year
3,192
5,070
8,262
At 30 November 2023
31,242
49,616
80,858
Carrying amount
At 30 November 2023
52,031
18,737
70,768
At 30 November 2022
55,223
22,801
78,024
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
13,240
16,888
Other debtors
10,675
1,288
23,915
18,176
DRP AGENCIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 5 -
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
11,259
10,649
Obligations under finance leases
1,833
1,833
Trade creditors
44,905
52,210
Corporation tax
12,852
18,812
Other taxation and social security
33,150
31,118
Other creditors
2,629
2,101
Accruals and deferred income
1,603
1,525
108,231
118,248
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
30,644
30,644
Other creditors
764
2,597
31,408
33,241
8
Financial commitments, guarantees and contingent liabilities
The total amount of commitments is £19,444 (2022: £28,228).
9
Directors' transactions
Description
% Rate
Opening balance
Amounts advanced
Closing balance
£
£
£
D Prestridge
-
-
9,386
9,386
-
9,386
9,386