Caseware UK (AP4) 2023.0.135 2023.0.135 2024-03-312024-03-3132023-04-01falseBuilders2truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 08914422 2023-04-01 2024-03-31 08914422 2022-04-01 2023-03-31 08914422 2024-03-31 08914422 2023-03-31 08914422 c:Director1 2023-04-01 2024-03-31 08914422 c:Director2 2023-04-01 2024-03-31 08914422 c:Director2 2024-03-31 08914422 c:RegisteredOffice 2023-04-01 2024-03-31 08914422 d:Buildings 2023-04-01 2024-03-31 08914422 d:Buildings 2024-03-31 08914422 d:Buildings 2023-03-31 08914422 d:Buildings d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 08914422 d:Buildings d:LeasedAssetsHeldAsLessee 2023-04-01 2024-03-31 08914422 d:PlantMachinery 2023-04-01 2024-03-31 08914422 d:PlantMachinery 2024-03-31 08914422 d:PlantMachinery 2023-03-31 08914422 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 08914422 d:PlantMachinery d:LeasedAssetsHeldAsLessee 2023-04-01 2024-03-31 08914422 d:MotorVehicles 2023-04-01 2024-03-31 08914422 d:MotorVehicles 2024-03-31 08914422 d:MotorVehicles 2023-03-31 08914422 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 08914422 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2023-04-01 2024-03-31 08914422 d:OfficeEquipment 2023-04-01 2024-03-31 08914422 d:OfficeEquipment 2024-03-31 08914422 d:OfficeEquipment 2023-03-31 08914422 d:OfficeEquipment d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 08914422 d:OfficeEquipment d:LeasedAssetsHeldAsLessee 2023-04-01 2024-03-31 08914422 d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 08914422 d:LeasedAssetsHeldAsLessee 2023-04-01 2024-03-31 08914422 d:CurrentFinancialInstruments 2024-03-31 08914422 d:CurrentFinancialInstruments 2023-03-31 08914422 d:Non-currentFinancialInstruments 2024-03-31 08914422 d:Non-currentFinancialInstruments 2023-03-31 08914422 d:CurrentFinancialInstruments d:WithinOneYear 2024-03-31 08914422 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 08914422 d:Non-currentFinancialInstruments d:AfterOneYear 2024-03-31 08914422 d:Non-currentFinancialInstruments d:AfterOneYear 2023-03-31 08914422 d:ShareCapital 2024-03-31 08914422 d:ShareCapital 2023-03-31 08914422 d:RetainedEarningsAccumulatedLosses 2024-03-31 08914422 d:RetainedEarningsAccumulatedLosses 2023-03-31 08914422 c:FRS102 2023-04-01 2024-03-31 08914422 c:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 08914422 c:FullAccounts 2023-04-01 2024-03-31 08914422 c:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 08914422 d:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2023-04-01 2024-03-31 08914422 d:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2024-03-31 08914422 d:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2023-03-31 08914422 2 2023-04-01 2024-03-31 08914422 e:PoundSterling 2023-04-01 2024-03-31 iso4217:GBP xbrli:pure

Registered number: 08914422










P D DRAKE LTD








UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

 
P D DRAKE LTD
 
 
COMPANY INFORMATION


Directors
P D Drake 
K Drake (appointed 9 January 2024)




Registered number
08914422



Registered office
7 The Close

Norwich

Norfolk

NR1 4DJ




Accountants
MA Partners LLP
Chartered Accountants

7 The Close

Norwich

Norfolk

NR1 4DJ





 
P D DRAKE LTD
 

CONTENTS



Page
Accountants' report
 
1
Balance sheet
 
2 - 3
Notes to the financial statements
 
4 - 8


 
P D DRAKE LTD
 
 
  
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF P D DRAKE LTD
FOR THE YEAR ENDED 31 MARCH 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of P D Drake Ltd for the year ended 31 March 2024 which comprise  the Balance sheet and the related notes from the Company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW)we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com /regulation.

This report is made solely to the Board of directors of P D Drake Ltd, as a body, in accordance with the terms of our engagement letter dated 12 July 2021Our work has been undertaken solely to prepare for your approval the financial statements of P D Drake Ltd and state those matters that we have agreed to state to the Board of directors of P D Drake Ltd, as a body, in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than P D Drake Ltd and its Board of directors, as a body, for our work or for this report. 

It is your duty to ensure that P D Drake Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of P D Drake Ltd. You consider that P D Drake Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or review of the financial statements of P D Drake Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

  



MA Partners LLP
 
Chartered Accountants
  
7 The Close
Norwich
Norfolk
NR1 4DJ
23 August 2024
Page 1

 
P D DRAKE LTD
REGISTERED NUMBER: 08914422

BALANCE SHEET
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
514,531
348,948

  
514,531
348,948

Current assets
  

Stocks
  
192,016
33,650

Debtors: amounts falling due within one year
 5 
501,819
442,815

Cash at bank and in hand
  
100,568
50,100

  
794,403
526,565

Creditors: amounts falling due within one year
 6 
(213,758)
(131,949)

Net current assets
  
 
 
580,645
 
 
394,616

Total assets less current liabilities
  
1,095,176
743,564

Creditors: amounts falling due after more than one year
 7 
(113,052)
(27,388)

Provisions for liabilities
  

Deferred tax
  
(119,923)
(59,258)

Net assets
  
862,201
656,918


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
862,101
656,818

  
862,201
656,918


Page 2

 
P D DRAKE LTD
REGISTERED NUMBER: 08914422
    
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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 financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 23 August 2024.




P D Drake
Director

The notes on pages 4 to 8 form part of these financial statements.

Page 3

 
P D DRAKE LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

The Company is a private Company, limited by shares, incorporated and domiciled in England and Wales. The registered office is 7 The Close, Norwich, Norfolk, NR1 4DJ.
The Company's principal activity is that of construction work in Norfolk.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

 
2.2

Turnover

Turnover comprises revenue recognised by the Company in respect of building services supplied during the year net of Value Added Tax. Revenue is recognised at various milestones throughout a project.

 
2.3

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.4

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.5

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 4

 
P D DRAKE LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.6

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.7

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Improvements to property
-
15% reducing balance
Plant and machinery
-
15% reducing balance
Motor vehicles
-
25% reducing balance
Office equipment
-
15% reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.8

Stocks

Stocks and work in progress are valued at cost.

Page 5

 
P D DRAKE LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.9

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.10

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.11

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.12

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 3 (2023 - 2).

Page 6

 
P D DRAKE LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

4.


Tangible fixed assets





Improvements to property
Plant and machinery
Motor vehicles
Office equipment
Total

£
£
£
£
£



Cost or valuation


At 1 April 2023
42,034
435,807
119,395
10,818
608,054


Additions
-
334,902
-
1,187
336,089


Disposals
-
(136,041)
-
-
(136,041)



At 31 March 2024

42,034
634,668
119,395
12,005
808,102



Depreciation


At 1 April 2023
10,346
191,070
51,913
5,777
259,106


Charge for the year on owned assets
4,754
47,253
16,870
935
69,812


Charge for the year on financed assets
-
13,050
-
-
13,050


Disposals
-
(48,397)
-
-
(48,397)



At 31 March 2024

15,100
202,976
68,783
6,712
293,571



Net book value



At 31 March 2024
26,934
431,692
50,612
5,293
514,531



At 31 March 2023
31,688
244,737
67,482
5,041
348,948


5.


Debtors

2024
2023
£
£


Trade debtors
59,324
141,569

Other debtors
441,995
299,980

Prepayments and accrued income
500
1,266

501,819
442,815


Page 7

 
P D DRAKE LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

6.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
480
765

Trade creditors
-
37,901

Other taxation and social security
76,750
71,318

Obligations under finance lease and hire purchase contracts
30,883
13,339

Other creditors
105,645
8,626

213,758
131,949


The director has given a personal guarantee on one of the company's bank loan.
Hire purchase liabilities are secured on the assets financed.


7.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
26,575
27,388

Net obligations under finance leases and hire purchase contracts
86,477
-

113,052
27,388


The aggregate amount of liabilities repayable wholly or in part more than five years after the balance sheet date is:

2024
2023
£
£


Repayable by instalments
24,655
23,956

24,655
23,956




8.


Related party transactions

As at 31 March 2024 the balance owed to the directors was £82,593 (2023: £228).

 
Page 8