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Registered number: 02912171
Drumco Events Ltd.
Unaudited Financial Statements
For The Year Ended 31 October 2023
Behegan Lynes
Accountancy & Taxation Advisers
Bank Chambers
Brook Street
Bishops Waltham
Hampshire
SO32 1AX
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—8
Page 1
Balance Sheet
Registered number: 02912171
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 133,020 139,501
133,020 139,501
CURRENT ASSETS
Stocks 5 4,000 2,500
Debtors 6 102,384 53,000
Cash at bank and in hand 21,686 258,491
128,070 313,991
Creditors: Amounts Falling Due Within One Year 7 (125,803 ) (223,330 )
NET CURRENT ASSETS (LIABILITIES) 2,267 90,661
TOTAL ASSETS LESS CURRENT LIABILITIES 135,287 230,162
Creditors: Amounts Falling Due After More Than One Year 8 (40,218 ) (52,260 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (25,274 ) (26,505 )
NET ASSETS 69,795 151,397
CAPITAL AND RESERVES
Called up share capital 12 105 105
Profit and Loss Account 69,690 151,292
SHAREHOLDERS' FUNDS 69,795 151,397
Page 1
Page 2
For the year ending 31 October 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mrs Ashley Dukes
Director
25 October 2024
The notes on pages 3 to 8 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Drumco Events Ltd. is a private company, limited by shares, incorporated in England & Wales, registered number 02912171 . The registered office is Warren Farm, Old Down, Morestead, Winchester, Hampshire, SO21 1JD.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
2.2.1 Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
2.2.2 Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Improvements to property 20% on cost
Marquees & equipment 15% on cost
Motor Vehicles 25% on cost
Fixtures & Fittings 20% on cost
Office Equipment 25% on cost
2.4. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
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2.5. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.6. Financial Instruments
The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.
2.6.1 Debtors
Short term debtors are measured at transaction price, less any impairment.
2.6.2 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.
2.6.3 Creditors
Short term creditors are measured at the transaction price.
2.7. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
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2.8. Pensions
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.
2.9. Employee benefits
Short term employee benefits, including holiday pay and other similar non monetary benefits, are recognised as an expense in the period in which they are incurred.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 11 (2022: 15)
11 15
4. Tangible Assets
Land & Property
Improvements to property Marquees & equipment Motor Vehicles Fixtures & Fittings
£ £ £ £
Cost
As at 1 November 2022 24,924 690,148 144,496 2,043
Additions - 17,355 14,950 -
As at 31 October 2023 24,924 707,503 159,446 2,043
Depreciation
As at 1 November 2022 24,924 593,390 101,753 2,043
Provided during the period - 19,452 20,084 -
As at 31 October 2023 24,924 612,842 121,837 2,043
Net Book Value
As at 31 October 2023 - 94,661 37,609 -
As at 1 November 2022 - 96,758 42,743 -
Office Equipment Total
£ £
Cost
As at 1 November 2022 43,024 904,635
Additions 1,000 33,305
As at 31 October 2023 44,024 937,940
...CONTINUED
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Depreciation
As at 1 November 2022 43,024 765,134
Provided during the period 250 39,786
As at 31 October 2023 43,274 804,920
Net Book Value
As at 31 October 2023 750 133,020
As at 1 November 2022 - 139,501
Included above are assets held under finance leases or hire purchase contracts with a net book value as follows:
2023 2022
£ £
Motor Vehicles 35,859 40,037
5. Stocks
2023 2022
£ £
Stock 4,000 2,500
6. Debtors
2023 2022
£ £
Due within one year
Trade debtors 681 1,818
Other debtors 101,703 51,182
102,384 53,000
7. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Net obligations under finance lease and hire purchase contracts 14,500 14,543
Trade creditors 22,177 12,419
Bank loans and overdrafts 10,000 10,000
Other creditors 36,646 92,034
Taxation and social security 42,480 94,334
125,803 223,330
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8. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Net obligations under finance lease and hire purchase contracts 21,051 23,093
Bank loans 19,167 29,167
40,218 52,260
9. Secured Creditors
The Bank Loan is secured by the UK Government, under the bounce back loan scheme.
Hire purchase loans are secured against the assets purchased.
Of the creditors the following amounts are secured.
2023 2022
£ £
Net obligations under finance lease and hire purchase contracts 35,551 37,636
Bank loans and overdrafts 29,167 39,167
10. Obligations Under Finance Leases and Hire Purchase
2023 2022
£ £
The future minimum finance lease payments are as follows:
Not later than one year 14,500 14,543
Later than one year and not later than five years 21,051 23,093
35,551 37,636
35,551 37,636
11. Provisions for Liabilities
Deferred Tax Total
£ £
As at 1 November 2022 26,505 26,505
Deferred taxation (1,231 ) (1,231 )
Balance at 31 October 2023 25,274 25,274
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12. Share Capital
2023 2022
Allotted, called up and fully paid £ £
80 Ordinary Shares of £ 1.00 each 80 80
10 Ordinary A shares of £ 1.00 each 10 10
10 Ordinary B shares of £ 1.00 each 10 10
5 Ordinary C shares of £ 1.00 each 5 5
105 105
13. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
As at 1 November 2022 Amounts advanced Amounts repaid Amounts written off As at 31 October 2023
£ £ £ £ £
Mr Paul Dukes 31,845 19,175 - - 51,020
Mrs Ashley Dukes - 23,171 - - 23,171
The above loan is unsecured, interest free and repayable on demand.
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