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REGISTERED NUMBER: 04385793 (England and Wales)
















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

FOR

24-7 DRAINS LIMITED

24-7 DRAINS LIMITED (REGISTERED NUMBER: 04385793)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


24-7 DRAINS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2024







DIRECTORS: Mr M P Chesman
Mrs L S Chesman





SECRETARY: Mrs L S Chesman





REGISTERED OFFICE: 2 Old Cottages
Gainsborough Road
Gate Burton
GAINSBOROUGH
Lincolnshire
DN21 5BA





REGISTERED NUMBER: 04385793 (England and Wales)





ACCOUNTANTS: Rigel Wolf Ltd
Orion House
28A Spital Terrace
GAINSBOROUGH
Lincolnshire
DN21 2HQ

24-7 DRAINS LIMITED (REGISTERED NUMBER: 04385793)

BALANCE SHEET
31 MARCH 2024

31.3.24 31.3.23
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 9,684 13,547
9,684 13,547

CURRENT ASSETS
Debtors 6 17,721 27,222
Cash at bank 28,305 26,000
46,026 53,222
CREDITORS
Amounts falling due within one year 7 19,812 20,945
NET CURRENT ASSETS 26,214 32,277
TOTAL ASSETS LESS CURRENT
LIABILITIES

35,898

45,824

CREDITORS
Amounts falling due after more than one
year

8

(7,560

)

(12,043

)

PROVISIONS FOR LIABILITIES 11 (1,840 ) (2,574 )
NET ASSETS 26,498 31,207

CAPITAL AND RESERVES
Called up share capital 12 100 100
Retained earnings 13 26,398 31,107
SHAREHOLDERS' FUNDS 26,498 31,207

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 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.

24-7 DRAINS LIMITED (REGISTERED NUMBER: 04385793)

BALANCE SHEET - continued
31 MARCH 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 19 November 2024 and were signed on its behalf by:




Mr M P Chesman - Director



Mrs L S Chesman - Director


24-7 DRAINS LIMITED (REGISTERED NUMBER: 04385793)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1. STATUTORY INFORMATION

24-7 Drains 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.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2003, is being amortised evenly over its useful life of ten years. This amount has now been fully written off.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 20% on cost
Motor vehicles - 25% on reducing balance
Computer equipment - 20% on cost

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 balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

24-7 DRAINS LIMITED (REGISTERED NUMBER: 04385793)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 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 2 (2023 - 3 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 April 2023
and 31 March 2024 55,000
AMORTISATION
At 1 April 2023
and 31 March 2024 55,000
NET BOOK VALUE
At 31 March 2024 -
At 31 March 2023 -

5. TANGIBLE FIXED ASSETS
Plant and Motor Computer
machinery vehicles equipment Totals
£    £    £    £   
COST
At 1 April 2023
and 31 March 2024 19,441 18,412 6,898 44,751
DEPRECIATION
At 1 April 2023 17,874 8,346 4,984 31,204
Charge for year 718 2,517 628 3,863
At 31 March 2024 18,592 10,863 5,612 35,067
NET BOOK VALUE
At 31 March 2024 849 7,549 1,286 9,684
At 31 March 2023 1,567 10,066 1,914 13,547

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Trade debtors 17,243 26,013
Prepayments and accrued income 478 1,209
17,721 27,222

24-7 DRAINS LIMITED (REGISTERED NUMBER: 04385793)

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

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Bank loans and overdrafts (see note 9) 3,347 3,347
Trade creditors 875 2,004
Corporation tax 4,321 5,481
Social security and other taxes 1,820 84
VAT 7,613 8,618
Other creditors 283 274
Directors' current accounts 941 375
Accruals and deferred income 612 762
19,812 20,945

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.3.24 31.3.23
£    £   
Bank loans (see note 9) 7,560 12,043

9. LOANS

An analysis of the maturity of loans is given below:

31.3.24 31.3.23
£    £   
Amounts falling due within one year or on demand:
Bank loans 3,347 3,347

Amounts falling due between one and two years:
Bank loans - 1-2 years 4,818 4,818

Amounts falling due between two and five years:
Bank loans - 2-5 years 2,742 7,225

10. SECURED DEBTS

The following secured debts are included within creditors:

31.3.24 31.3.23
£    £   
Bank loans 10,907 15,390

11. PROVISIONS FOR LIABILITIES
31.3.24 31.3.23
£    £   
Deferred tax 1,840 2,574

24-7 DRAINS LIMITED (REGISTERED NUMBER: 04385793)

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

11. PROVISIONS FOR LIABILITIES - continued

Deferred
tax
£   
Balance at 1 April 2023 2,574
Accelerated capital allowances (734 )
Balance at 31 March 2024 1,840

12. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.3.24 31.3.23
value: £    £   
100 Ordinary £1 100 100

13. RESERVES
Retained
earnings
£   

At 1 April 2023 31,107
Profit for the year 15,291
Dividends (20,000 )
At 31 March 2024 26,398

14. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

During the year the directors Mr M and Mrs L Chesman, charged the company £624 (2023 - £624) for the use of home as office.

15. RELATED PARTY DISCLOSURES

During the year, total dividends of £20,000 (2023 - £16,000) were paid to the directors .

At 31 March 2024 there was a balance owing to the directors Mr M Chesman and Mrs L Chesman, of £941 (2023 - £375).

This balance has been shown in Creditors.

16. ULTIMATE CONTROLLING PARTY

The controlling parties are the directors Mr M and Mrs L Chesman.