Draker Ltd 07107760 false 2023-01-01 2023-12-31 2023-12-31 The principal activity of the company is residential letting agents Digita Accounts Production Advanced 6.30.9574.0 true true 07107760 2023-01-01 2023-12-31 07107760 2023-12-31 07107760 bus:Director1 1 2023-12-31 07107760 core:RetainedEarningsAccumulatedLosses 2023-12-31 07107760 core:ShareCapital 2023-12-31 07107760 core:CurrentFinancialInstruments 2023-12-31 07107760 core:CurrentFinancialInstruments core:WithinOneYear 2023-12-31 07107760 core:Non-currentFinancialInstruments 2023-12-31 07107760 core:Non-currentFinancialInstruments core:AfterOneYear 2023-12-31 07107760 core:FurnitureFittingsToolsEquipment 2023-12-31 07107760 core:LandBuildings 2023-12-31 07107760 core:MotorVehicles 2023-12-31 07107760 bus:SmallEntities 2023-01-01 2023-12-31 07107760 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 07107760 bus:FilletedAccounts 2023-01-01 2023-12-31 07107760 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 07107760 bus:RegisteredOffice 2023-01-01 2023-12-31 07107760 bus:Director1 2023-01-01 2023-12-31 07107760 bus:Director1 1 2023-01-01 2023-12-31 07107760 bus:Director2 2023-01-01 2023-12-31 07107760 bus:Director3 2023-01-01 2023-12-31 07107760 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 07107760 core:FurnitureFittingsToolsEquipment 2023-01-01 2023-12-31 07107760 core:LandBuildings 2023-01-01 2023-12-31 07107760 core:MotorVehicles 2023-01-01 2023-12-31 07107760 countries:EnglandWales 2023-01-01 2023-12-31 07107760 2022-12-31 07107760 bus:Director1 1 2022-12-31 07107760 core:FurnitureFittingsToolsEquipment 2022-12-31 07107760 core:LandBuildings 2022-12-31 07107760 core:MotorVehicles 2022-12-31 07107760 2022-01-01 2022-12-31 07107760 2022-12-31 07107760 bus:Director1 1 2022-12-31 07107760 core:RetainedEarningsAccumulatedLosses 2022-12-31 07107760 core:ShareCapital 2022-12-31 07107760 core:CurrentFinancialInstruments 2022-12-31 07107760 core:CurrentFinancialInstruments core:WithinOneYear 2022-12-31 07107760 core:Non-currentFinancialInstruments 2022-12-31 07107760 core:Non-currentFinancialInstruments core:AfterOneYear 2022-12-31 07107760 core:FurnitureFittingsToolsEquipment 2022-12-31 07107760 core:LandBuildings 2022-12-31 07107760 core:MotorVehicles 2022-12-31 07107760 bus:Director1 1 2022-01-01 2022-12-31 07107760 bus:Director1 1 2021-12-31 iso4217:GBP xbrli:pure

Registration number: 07107760

Draker Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2023

 

Draker Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Financial Statements

4 to 9

 

Draker Ltd

Company Information

Directors

T Hassell

C J A Andrew

J R Collins

Registered office

1 Holbein Place
London
SW1W 8NS

Accountants

Landmark Accountants Limited
Chartered Accountants
Leavesden Park
5 Hercules Way
Watford
Hertfordshire
WD25 7GS

 

Draker Ltd

(Registration number: 07107760)
Balance Sheet as at 31 December 2023

Note

2023

2022

   

£

£

£

£

Fixed assets

   

 

Tangible assets

4

 

202,214

 

239,837

Current assets

   

 

Debtors

5

350,413

 

254,474

 

Cash at bank and in hand

 

718,071

 

546,520

 

 

1,068,484

 

800,994

 

Creditors: Amounts falling due within one year

6

(626,796)

 

(623,528)

 

Net current assets

   

441,688

 

177,466

Total assets less current liabilities

   

643,902

 

417,303

Creditors: Amounts falling due after more than one year

6

 

(198,000)

 

(120,928)

Provisions for liabilities

 

(2,634)

 

(6,048)

Net assets

   

443,268

 

290,327

Capital and reserves

   

 

Called up share capital

1,000

 

1,000

 

Retained earnings

442,268

 

289,327

 

Shareholders' funds

   

443,268

 

290,327

For the financial year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 25 September 2024 and signed on its behalf by:
 

 

Draker Ltd

(Registration number: 07107760)
Balance Sheet as at 31 December 2023

.........................................
T Hassell
Director

 

Draker Ltd

Notes to the Financial Statements for the Year Ended 31 December 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
1 Holbein Place
London
SW1W 8NS

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises of commission received or receivable for the provision of services in the ordinary course of the company's activities. Turnover is shown net of sales/vale added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

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

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

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

 

Draker Ltd

Notes to the Financial Statements for the Year Ended 31 December 2023

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Land and buildings

Over the lease term.

Furniture, fittings and equipment

25% Straight line method

Motor vehicles

25% Straight line method

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

Draker Ltd

Notes to the Financial Statements for the Year Ended 31 December 2023

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

Classification
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments.
 Recognition and measurement
Basic financial instruments are recognised at amortised cost.
 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 28 (2022 - 27).

 

Draker Ltd

Notes to the Financial Statements for the Year Ended 31 December 2023

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 January 2023

277,985

364,776

32,294

675,055

Additions

12,762

9,502

-

22,264

Disposals

-

-

(21,000)

(21,000)

At 31 December 2023

290,747

374,278

11,294

676,319

Depreciation

At 1 January 2023

85,406

329,517

20,295

435,218

Charge for the year

30,561

17,327

2,811

50,699

Eliminated on disposal

-

-

(11,812)

(11,812)

At 31 December 2023

115,967

346,844

11,294

474,105

Carrying amount

At 31 December 2023

174,780

27,434

-

202,214

At 31 December 2022

192,579

35,259

11,999

239,837

Included within the net book value of land and buildings above is £174,780 (2022 - £192,579) in respect of short leasehold land and buildings.
 

5

Debtors

Current

2023
£

2022
£

Prepayments

118,798

97,996

Other debtors

231,615

156,478

 

350,413

254,474

 

Draker Ltd

Notes to the Financial Statements for the Year Ended 31 December 2023

6

Creditors

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

7

119,060

91,352

Trade creditors

 

115,445

111,940

Taxation and social security

 

295,330

274,414

Accruals and deferred income

 

6,000

51,908

Other creditors

 

90,961

93,914

 

626,796

623,528

7

Loans and borrowings

Non-current loans and borrowings

2023
£

2022
£

Bank borrowings

198,000

120,928

Current loans and borrowings

2023
£

2022
£

Bank borrowings

119,060

91,352

8

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £1,038,301 (2022 - £1,217,220).

 

Draker Ltd

Notes to the Financial Statements for the Year Ended 31 December 2023

9

Related party transactions

Transactions with directors

Loans with directors are repayable on demand and are charged 2.25% interest per annum.

2023

At 1 January 2023
£

Advances to director
£

Repayments by director
£

At 31 December 2023
£

T Hassell

33,969

117,161

(58,419)

92,711

2022

At 1 January 2022
£

Advances to director
£

Repayments by director
£

At 31 December 2022
£

T Hassell

49,267

34,146

(49,444)

33,969