2023-01-012023-12-312023-12-31false02940834Dripool 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Dripool Limited

Registered Number
02940834
(England and Wales)

Unaudited Financial Statements for the Year ended
31 December 2023

Dripool Limited
Company Information
for the year from 1 January 2023 to 31 December 2023

Directors

MURPHY, Paul
POTTS, Nick

Registered Address

Unit 3 Houndsdown Business Park Newmans Copse Road
Totton
Southampton
SO40 9LX

Registered Number

02940834 (England and Wales)
Dripool Limited
Balance Sheet as at
31 December 2023

Notes

2023

2022

£

£

£

£

Fixed assets
Tangible assets3115,71886,598
115,71886,598
Current assets
Stocks77,37881,263
Debtors427,85139,486
Cash at bank and on hand64,39557,444
169,624178,193
Creditors amounts falling due within one year5(152,949)(152,716)
Net current assets (liabilities)16,67525,477
Total assets less current liabilities132,393112,075
Creditors amounts falling due after one year6(65,622)(43,822)
Net assets66,77168,253
Capital and reserves
Called up share capital300300
Profit and loss account66,47167,953
Shareholders' funds66,77168,253
The financial statements were approved and authorised for issue by the Board of Directors on 5 September 2024, and are signed on its behalf by:
POTTS, Nick
Director
Registered Company No. 02940834
Dripool Limited
Notes to the Financial Statements
for the year ended 31 December 2023

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.
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).
Functional and presentation currency
The financial statements are presented in sterling and this is the functional currency of the company.
Turnover policy
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 sale of goods and from the rendering of services.
Revenue from sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
Employee benefits
Contributions to defined contribution plans are expensed in the period to which they relate.
Defined contribution pension plan
The company operates a defined contribution pension plan for the benefit of its employees. Contributions are recognised as expenses as they become payable. Differences between contributions payable in the year and those actually paid are recognised as either prepayments or accruals in the balance sheet. The assets of the defined contribution pension scheme are held separately from those of the company in an independently administered fund.
Current taxation
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.
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided on all tangible fixed assets as follows:

Reducing balance (%)
Plant and machinery20
Vehicles25
Office Equipment20
Finance leases and hire purchase contracts
Assets held under finance leases which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, and hire purchase contracts are capitalised in the balance sheet. They are depreciated over the shorter of their useful lives or the term of the lease.
Stocks and work in progress
Stocks are valued at the lower of cost and estimated selling price (less any associated costs to enable such sales to complete).
Related parties
For the purposes of these financial statements, a related party could be a person or an entity. Careful consideration is given to the definition of a related party to ensure that all related party relationships, transactions and balances are identified.
2.Average number of employees

20232022
Average number of employees during the year58
3.Tangible fixed assets

Total

£
Cost or valuation
At 01 January 23170,099
Additions82,594
Disposals(42,853)
At 31 December 23209,840
Depreciation and impairment
At 01 January 2383,501
Charge for year26,216
On disposals(15,595)
At 31 December 2394,122
Net book value
At 31 December 23115,718
At 31 December 2286,598
4.Debtors: amounts due within one year

2023

2022

££
Trade debtors / trade receivables1,24619,178
Prepayments and accrued income26,60520,308
Total27,85139,486
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
5.Creditors: amounts due within one year

2023

2022

££
Trade creditors / trade payables30,95832,508
Bank borrowings and overdrafts10,00010,000
Amounts owed to related parties71,75980,104
Taxation and social security17,23017,074
Finance lease and HP contracts19,7819,808
Other creditors1,4962,022
Accrued liabilities and deferred income1,7251,200
Total152,949152,716
Short term creditors are measured at transaction price (which is usually the invoice 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.
6.Creditors: amounts due after one year

2023

2022

££
Bank borrowings and overdrafts16,66726,667
Other creditors48,95517,155
Total65,62243,822
7.Obligations under finance leases

2023

2022

££
Finance lease and HP contracts48,95517,155
8.Related party transactions
Included within Other Creditors are the following Director Loan accounts : Mr N Potts £35,916 ( 2022 - £ 40,051 ) Mr P Murphy £35,844 ( 2022 - £ 40,052 )