Company Registration No. 10305095 (England and Wales)
JD Drains Limited
Unaudited accounts
for the year ended 31 July 2024
JD Drains Limited
Unaudited accounts
Contents
JD Drains Limited
Company Information
for the year ended 31 July 2024
Company Number
10305095 (England and Wales)
Registered Office
105 Hyde End Lane
Ryeish Green
Reading
Berkshire
RG7 1ES
England
Accountants
I Sumar & Co Ltd
71-75 Shelton Street
Covent Garden
London
WC2H 9JQ
JD Drains Limited
Statement of financial position
as at 31 July 2024
Tangible assets
140,139
264,520
Cash at bank and in hand
61,515
148,633
Creditors: amounts falling due within one year
(56,161)
(93,018)
Net current assets
95,090
141,049
Total assets less current liabilities
235,229
405,569
Creditors: amounts falling due after more than one year
(151,335)
(162,276)
Provisions for liabilities
Deferred tax
(48,320)
(54,532)
Called up share capital
105
105
Profit and loss account
35,469
188,656
Shareholders' funds
35,574
188,761
For the year ending 31 July 2024 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 director acknowledges his 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 and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 13 November 2024 and were signed on its behalf by
Giuseppe Defazio
Director
Company Registration No. 10305095
JD Drains Limited
Notes to the Accounts
for the year ended 31 July 2024
JD Drains Limited is a private company, limited by shares, registered in England and Wales, registration number 10305095. The registered office is 105 Hyde End Lane, Ryeish Green, Reading, Berkshire, RG7 1ES, England.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
These financial statements for the year ended 31 July 2024 are the first financial statements that comply with FRS 102 Section 1A Small Entities. The date of transition is 1 August 2022.
The transition to FRS 102 Section 1A Small Entities has resulted in a small number of changes in accounting policies to those used previously.
The nature of these changes and their impact on opening equity and profit for the comparative period are explained in the notes below.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
25% reducing balance
Motor vehicles
25% reducing balance
Fixtures & fittings
25% reducing balance
Computer equipment
25% reducing balance
Intangible fixed assets (including purchased goodwill and patents) are included at cost less accumulated amortisation.
JD Drains Limited
Notes to the Accounts
for the year ended 31 July 2024
4
Intangible fixed assets
Other
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 5 years.
For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.
JD Drains Limited
Notes to the Accounts
for the year ended 31 July 2024
5
Tangible fixed assets
Plant & machinery
Motor vehicles
Fixtures & fittings
Computer equipment
Total
Cost or valuation
At cost
At cost
At cost
At cost
At 1 August 2023
42,722
545,342
2,549
13,039
603,652
Additions
9,883
21,702
542
3,249
35,376
At 31 July 2024
52,605
567,044
3,091
16,288
639,028
At 1 August 2023
19,541
311,931
552
7,108
339,132
Charge for the year
13,151
141,761
773
4,072
159,757
At 31 July 2024
32,692
453,692
1,325
11,180
498,889
At 31 July 2024
19,913
113,352
1,766
5,108
140,139
At 31 July 2023
23,181
233,411
1,997
5,931
264,520
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been
incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
Amounts falling due within one year
Trade debtors
85,736
72,777
Accrued income and prepayments
-
11,807
JD Drains Limited
Notes to the Accounts
for the year ended 31 July 2024
8
Creditors: amounts falling due within one year
2024
2023
Obligations under finance leases and hire purchase contracts
10,940
46,170
Trade creditors
17,636
7,560
Taxes and social security
11,496
24,515
Loans from directors
-
643
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Creditors: amounts falling due after more than one year
2024
2023
Obligations under finance leases and hire purchase contracts
151,335
162,276
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Deferred taxation
2024
2023
Accelerated capital allowances
48,320
54,532
Provision at start of year
54,532
54,532
Credited to the profit and loss account
(6,212)
-
Provision at end of year
48,320
54,532
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference
arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date 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 is calculated at the tax rates that are expected to apply in the period when the liability is settled, or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with
in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities, and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
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Average number of employees
During the year the average number of employees was 5 (2023: 5).