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REGISTERED NUMBER: 01770337 (England and Wales)












FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST JANUARY 2024

FOR

DRAKESET LIMITED

DRAKESET LIMITED (REGISTERED NUMBER: 01770337)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST JANUARY 2024




Page

Company Information 1

Chartered Certified Accountants' Report 2

Statement of Financial Position 3

Notes to the Financial Statements 5


DRAKESET LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31ST JANUARY 2024







DIRECTORS: Mrs C Palmer
L D L Palmer
P R Stringer
S J Fisher





SECRETARY: Mrs C Palmer





REGISTERED OFFICE: Unit 3, Tansey Green Road
Pensnett
Brierley Hill
West Midlands
DY5 4TL





REGISTERED NUMBER: 01770337 (England and Wales)





ACCOUNTANTS: French Ludlam & Co Limited
Mountfield House
661 High Street
Kingswinford
West Midlands
DY6 8AL

CHARTERED CERTIFIED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS
ON THE UNAUDITED FINANCIAL STATEMENTS OF
DRAKESET LIMITED

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Statement of Financial Position. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Drakeset Limited for the year ended 31st January 2024 which comprise the Income Statement, Other Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity 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 Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/rulebook.

This report is made solely to the Board of Directors of Drakeset Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Drakeset Limited and state those matters that we have agreed to state to the Board of Directors of Drakeset Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/factsheet163. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Drakeset Limited 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 Drakeset Limited. You consider that Drakeset Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Drakeset Limited. 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.






French Ludlam & Co Limited
Mountfield House
661 High Street
Kingswinford
West Midlands
DY6 8AL


11th October 2024

DRAKESET LIMITED (REGISTERED NUMBER: 01770337)

STATEMENT OF FINANCIAL POSITION
31ST JANUARY 2024

2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible assets 4 43,036 17,905

CURRENT ASSETS
Stocks 54,450 69,381
Debtors 5 277,445 219,331
Cash at bank and in hand 129,103 67,737
460,998 356,449
CREDITORS
Amounts falling due within one year 6 196,203 194,351
NET CURRENT ASSETS 264,795 162,098
TOTAL ASSETS LESS CURRENT
LIABILITIES

307,831

180,003

CREDITORS
Amounts falling due after more than one
year

7

(35,495

)

(24,841

)

PROVISIONS FOR LIABILITIES (5,965 ) -
NET ASSETS 266,371 155,162

CAPITAL AND RESERVES
Called up share capital 2,005 2,005
Retained earnings 264,366 153,157
SHAREHOLDERS' FUNDS 266,371 155,162

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st January 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st January 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

DRAKESET LIMITED (REGISTERED NUMBER: 01770337)

STATEMENT OF FINANCIAL POSITION - continued
31ST JANUARY 2024


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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 11th October 2024 and were signed on its behalf by:





Mrs C Palmer - Director


DRAKESET LIMITED (REGISTERED NUMBER: 01770337)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST JANUARY 2024

1. STATUTORY INFORMATION

Drakeset Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Short leasehold - 10% on cost
Plant and machinery - at variable rates on reducing balance
Motor vehicles - 25% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

DRAKESET LIMITED (REGISTERED NUMBER: 01770337)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST JANUARY 2024

2. ACCOUNTING POLICIES - continued

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 12 (2023 - 12 ) .

4. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£ £ £
COST
At 1st February 2023 13,094 145,605 158,699
Additions - 31,027 31,027
Disposals - (14,995 ) (14,995 )
At 31st January 2024 13,094 161,637 174,731
DEPRECIATION
At 1st February 2023 13,094 127,700 140,794
Charge for year - 4,395 4,395
Eliminated on disposal - (13,494 ) (13,494 )
At 31st January 2024 13,094 118,601 131,695
NET BOOK VALUE
At 31st January 2024 - 43,036 43,036
At 31st January 2023 - 17,905 17,905


5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£ £
Trade debtors 273,439 216,295
Other debtors 4,006 3,036
277,445 219,331

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£ £
Bank loans and overdrafts 10,000 10,000
Hire purchase contracts (see note 8) 6,848 -
Trade creditors 146,162 161,280
Taxation and social security 23,794 10,572
Other creditors 9,399 12,499
196,203 194,351

DRAKESET LIMITED (REGISTERED NUMBER: 01770337)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST JANUARY 2024

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£ £
Bank loans 14,950 24,841
Hire purchase contracts (see note 8) 20,545 -
35,495 24,841

8. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2024 2023
£ £
Net obligations repayable:
Within one year 6,848 -
Between one and five years 20,545 -
27,393 -

Non-cancellable
operating leases
2024 2023
£ £
Within one year 1,744 3,488
Between one and five years - 1,744
1,744 5,232

9. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£ £
Bank loans 24,950 34,841
Hire purchase contracts 27,393 -
52,343 34,841

Hire purchase liabilities are secured against the assets to which they relate.