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COMPANY REGISTRATION NUMBER: SC651344
Dry Creek Limited
Unaudited Financial Statements
31 January 2024
Dry Creek Limited
Financial Statements
Year ended 31 January 2024
Contents
Page
Director's report
1
Statement of income and retained earnings
2
Statement of financial position
3
Notes to the financial statements
4
Dry Creek Limited
Director's Report
Year ended 31 January 2024
The director presents his report and the unaudited financial statements of the company for the year ended 31 January 2024 .
Director
The director who served the company during the year was as follows:
Mr I Allan
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on 31 October 2024 and signed on behalf of the board by:
Mr I Allan
Director
Registered office:
6 Bowmont Terrace
Glasgow
G12 9LP
Dry Creek Limited
Statement of Income and Retained Earnings
Year ended 31 January 2024
2024
2023
Note
£
£
Turnover
25,650
23,500
--------
--------
Gross profit
25,650
23,500
Administrative expenses
32,776
13,703
Other operating income
29,662
--------
--------
Operating profit
22,536
9,797
Interest payable and similar expenses
5
5,000
1,250
--------
--------
Profit before taxation
17,536
8,547
Tax on profit
3,356
1,625
--------
-------
Profit for the financial year and total comprehensive income
14,180
6,922
--------
-------
Retained earnings at the start of the year
6,922
--------
-------
Retained earnings at the end of the year
21,102
6,922
--------
-------
All the activities of the company are from continuing operations.
Dry Creek Limited
Statement of Financial Position
31 January 2024
2024
2023
Note
£
£
Current assets
Debtors
6
3,280
Cash at bank and in hand
281,391
262,999
---------
---------
284,671
262,999
Creditors: amounts falling due within one year
7
13,469
5,977
---------
---------
Net current assets
271,202
257,022
---------
---------
Total assets less current liabilities
271,202
257,022
Creditors: amounts falling due after more than one year
8
250,000
250,000
---------
---------
Net assets
21,202
7,022
---------
---------
Capital and reserves
Called up share capital
100
100
Profit and loss account
21,102
6,922
--------
-------
Shareholders funds
21,202
7,022
--------
-------
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
For the year ending 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- 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 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 31 October 2024 , and are signed on behalf of the board by:
Mr I Allan
Director
Company registration number: SC651344
Dry Creek Limited
Notes to the Financial Statements
Year ended 31 January 2024
1. General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is 6 Bowmont Terrace, Glasgow, G12 9LP.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Disclosure exemptions
The entity satisfies the criteria of being a qualifying entity as defined in FRS 102. As such, advantage has been taken of the following disclosure exemptions available under paragraph 1.12 of FRS 102: (a) No cash flow statement has been presented for the company. (b) Disclosures in respect of financial instruments have not been presented.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2023: 1 ).
5. Interest payable and similar expenses
2024
2023
£
£
Other interest payable and similar charges
5,000
1,250
-------
-------
6. Debtors
2024
2023
£
£
Other debtors
3,280
-------
----
7. Creditors: amounts falling due within one year
2024
2023
£
£
Corporation tax
3,332
1,624
Social security and other taxes
221
Other creditors
10,137
4,132
--------
-------
13,469
5,977
--------
-------
8. Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
250,000
250,000
---------
---------
9. Director's advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
2024
Balance brought forward
Advances/ (credits) to the director
Balance outstanding
£
£
£
Mr I Allan
( 250,000)
( 250,000)
---------
----
---------
2023
Balance brought forward
Advances/ (credits) to the director
Balance outstanding
£
£
£
Mr I Allan
( 250,000)
( 250,000)
----
---------
---------