Company registration number 05946322 (England and Wales)
MEDWAY DRUMS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
MEDWAY DRUMS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
MEDWAY DRUMS LIMITED (REGISTERED NUMBER: 05946322)
BALANCE SHEET
AS AT 31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
268,212
217,593
Current assets
Debtors
4
145,470
117,023
Cash at bank and in hand
120,095
238,223
265,565
355,246
Creditors: amounts falling due within one year
5
(188,116)
(200,255)
Net current assets
77,449
154,991
Total assets less current liabilities
345,661
372,584
Creditors: amounts falling due after more than one year
6
(45,183)
(18,010)
Provisions for liabilities
(50,529)
(40,817)
Net assets
249,949
313,757
Capital and reserves
Called up share capital
7
5
5
Profit and loss reserves
249,944
313,752
Total equity
249,949
313,757

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

MEDWAY DRUMS LIMITED (REGISTERED NUMBER: 05946322)
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024
31 March 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 7 August 2024 and are signed on its behalf by:
Mrs J L French
N French
Director
Director
MEDWAY DRUMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
1
Accounting policies
Company information

Medway Drums Limited is a private company limited by shares incorporated in England and Wales. The registered office is 19/21 Swan Street, West Malling, Kent, ME19 6JU.

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 are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £1.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
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.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Turnover for the sale of goods is recognised when all of the following conditions are met:

MEDWAY DRUMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 4 -

Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

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:

Plant and machinery
25% on reducing balance
Fixtures, fittings & equipment
25% on reducing balance
Motor vehicles
25% on reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

1.6
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
6
6
MEDWAY DRUMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 5 -
3
Tangible fixed assets
Plant and machinery
Fixtures, fittings & equipment
Motor vehicles
Total
£
£
£
£
Cost
At 1 April 2023
737,243
22,850
148,071
908,164
Additions
28,941
-
0
90,000
118,941
At 31 March 2024
766,184
22,850
238,071
1,027,105
Depreciation and impairment
At 1 April 2023
595,748
21,022
73,801
690,571
Depreciation charged in the year
42,006
457
25,859
68,322
At 31 March 2024
637,754
21,479
99,660
758,893
Carrying amount
At 31 March 2024
128,430
1,371
138,411
268,212
At 31 March 2023
141,495
1,828
74,270
217,593
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
93,970
82,992
Other debtors
51,500
34,031
145,470
117,023
5
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
33,303
51,636
Taxation and social security
787
2,510
Other creditors
154,026
146,109
188,116
200,255
6
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Obligations under finance leases
45,183
18,010
MEDWAY DRUMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 6 -
7
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A of £1 each
2
2
2
2
Ordinary B of £1 each
1
1
1
1
Ordinary C of £1 each
1
1
1
1
Ordinary D of £1 each
1
1
1
1
5
5
5
5
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