Company registration number 09055301 (England and Wales)
DRAKE'S AUCTIONS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
PAGES FOR FILING WITH REGISTRAR
DRAKE'S AUCTIONS LIMITED
BALANCE SHEET
AS AT
31 MAY 2024
31 May 2024
- 1 -
2024
2023
as restated
£
£
£
£
Fixed assets
15,148
12,765
Current assets
56,871
96,969
Creditors: amounts falling due within one year
(37,239)
(67,908)
Net current assets
19,632
29,061
Total assets less current liabilities
34,780
41,826
Net assets
34,780
41,826
Capital and reserves
34,780
41,826
Notes to the financial statements
1
Financial commitments, guarantees and contingencies
Operating lease commitments

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases of £40,533 (2023 - £19,490).

2
Employees

The average number of persons, including directors, employed by the company during the year was as follows:

2024
2023
Number
Number
Employees
9
9
3
Change in accounting framework - FRS 105

On transition to FRS 105 the following items were restated:-

 

Deferred tax

Deferred tax has been derecognised.

 

The effect of the above was an increase in reserves at 31 May 2023 of £690.

4
Related party transactions

The company paid rent to the Mother of a director totalling £9,000 (2023 - £9,000) in the year, for the use of a commerical property. This rent is deemed to be below market rate.

Drake's Auctions Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 6 Parade Business Park, Pixon Lane, Tavistock, Devon, United Kingdom, PL19 9RQ.

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

DRAKE'S AUCTIONS LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MAY 2024
31 May 2024
- 2 -

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 in accordance with the micro-entity provisions and in accordance with FRS 105 'The Financial Reporting Standard applicable to the Micro-entities Regime' and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

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

The financial statements were approved by the board of directors and authorised for issue on 9 October 2024 and are signed on its behalf by:
Mr M W A M Helm
Mr P G Williams
Director
Director
Company registration number 09055301 (England and Wales)
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