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REGISTERED NUMBER: 10534201 (England and Wales)






Drylock Technologies Limited

Financial Statements

for the Year Ended 31 December 2023






Drylock Technologies Limited (Registered number: 10534201)

Contents of the Financial Statements
for the year ended 31 December 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Drylock Technologies Limited

Company Information
for the year ended 31 December 2023







DIRECTORS: Mr B Van Malderen
Mr J Van Malderen





REGISTERED OFFICE: The Annexe
New Barnes Mill
Cottonmill Lane
St Albans
Hertfordshire
AL1 2HA





REGISTERED NUMBER: 10534201 (England and Wales)





AUDITORS: SMH Jolliffe Cork Audit Ltd
Chartered Accountants & Statutory Auditor
33 George Street
Wakefield
West Yorkshire
WF1 1LX

Drylock Technologies Limited (Registered number: 10534201)

Balance Sheet
31 December 2023

2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible assets 4 15,315 6,847

CURRENT ASSETS
Debtors 5 307,037 731,162
Cash at bank 365,232 58,342
672,269 789,504
CREDITORS
Amounts falling due within one year 6 300,070 560,460
NET CURRENT ASSETS 372,199 229,044
TOTAL ASSETS LESS CURRENT
LIABILITIES

387,514

235,891

PROVISIONS FOR LIABILITIES 1,712 669
NET ASSETS 385,802 235,222

CAPITAL AND RESERVES
Called up share capital 8 1,000 1,000
Retained earnings 384,802 234,222
SHAREHOLDERS' FUNDS 385,802 235,222

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 13 August 2024 and were signed on its behalf by:





Mr B Van Malderen - Director


Drylock Technologies Limited (Registered number: 10534201)

Notes to the Financial Statements
for the year ended 31 December 2023


1. STATUTORY INFORMATION

Drylock Technologies 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.

The functional and presentation currency for the company is the pound sterling (£). All financial information presented has been rounded to the nearest (£), unless otherwise stated.

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.
Fixtures, fittings & equipment - 33% on cost and 20% on cost

Fixed assets are initially recorded at cost.

Financial instruments
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

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.


Drylock Technologies Limited (Registered number: 10534201)

Notes to the Financial Statements - continued
for the year ended 31 December 2023


2. ACCOUNTING POLICIES - continued
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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Pension costs and other post-retirement benefits
The company operates an auto-enrolment pension scheme on behalf of its employees and makes defined contributions into the scheme. Contributions payable are charged to the profit and loss account in the period to which they relate.

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

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 8 (2022 - 5 ) .

4. TANGIBLE FIXED ASSETS
Fixtures,
fittings &
equipment
£
COST
At 1 January 2023 25,802
Additions 12,915
At 31 December 2023 38,717
DEPRECIATION
At 1 January 2023 18,955
Charge for year 4,447
At 31 December 2023 23,402
NET BOOK VALUE
At 31 December 2023 15,315
At 31 December 2022 6,847

Drylock Technologies Limited (Registered number: 10534201)

Notes to the Financial Statements - continued
for the year ended 31 December 2023


5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£ £
Amounts owed by group undertakings 271,870 632,528
VAT 13,305 66,674
Prepayments and accrued income 21,862 31,960
307,037 731,162

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£ £
Trade creditors 12,977 46,333
Amounts owed to group undertakings 119,997 397,379
Tax 86,123 43,637
Social security and other taxes - 1,000
Other creditors 6,765 7,279
Accruals and deferred income 74,208 64,832
300,070 560,460

7. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
£ £
Within one year 52,901 48,412
Between one and five years 78,943 91,679
131,844 140,091

8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £ £
1,000 Ordinary £1 1,000 1,000

9. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Jane Crossley FCA CTA (Senior Statutory Auditor)
for and on behalf of SMH Jolliffe Cork Audit Ltd

10. PENSION COMMITMENTS

The company operates an auto-enrolment pension scheme on behalf of its employees and makes defined contributions into the scheme. The assets of the scheme are held separately from those of the company. At the balance sheet date, unpaid contributions of £2,801 (2022 - £1,075) were due to the fund. They are included in other creditors.

Drylock Technologies Limited (Registered number: 10534201)

Notes to the Financial Statements - continued
for the year ended 31 December 2023


11. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

12. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Mr B Van Malderen.

The company is a wholly owned subsidiary of Drylock Technologies NV, a company incorporated in Belgium. The registered office and principal place of business of the parent company is Spinnerijstraat 12, 9240 Zele, Belgium.

The ultimate parent undertaking and the smallest and largest group to consolidate these financial statements is Drylock Technologies NV.