Registered number
SC396013
Drum Central Edinburgh Limited
Filleted Accounts
31 March 2024
Drum Central Edinburgh Limited
Registered number: SC396013
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 6,373 7,889
Current assets
Stocks 238,534 206,777
Debtors 4 501 (1,231)
Cash at bank and in hand 13,327 13,697
252,362 219,243
Creditors: amounts falling due within one year 5 (178,001) (169,024)
Net current assets 74,361 50,219
Total assets less current liabilities 80,734 58,108
Creditors: amounts falling due after more than one year 6 (24,595) (24,244)
Net assets 56,139 33,864
Capital and reserves
Called up share capital 40,425 40,425
Profit and loss account 15,714 (6,561)
Shareholders' funds 56,139 33,864
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
John Alexander
Director
Approved by the board on 22 October 2024
Drum Central Edinburgh Limited
Notes to the Accounts
for the year ended 31 March 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
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 from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Office Equipment 20% Straight Line Method
Plant and machinery 20% Reducing Balance Method
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 2 3
3 Tangible fixed assets
Office Equipment Plant and machinery Total
£ £ £
Cost
At 1 April 2023 - 21,070 21,070
Additions 483 - 483
At 31 March 2024 483 21,070 21,553
Depreciation
At 1 April 2023 - 13,181 13,181
Charge for the year 96 1,903 1,999
At 31 March 2024 96 15,084 15,180
Net book value
At 31 March 2024 387 5,986 6,373
At 31 March 2023 - 7,889 7,889
4 Debtors 2024 2023
£ £
Trade debtors - (1,579)
Prepayment 501 348
501 (1,231)
5 Creditors: amounts falling due within one year 2024 2023
£ £
Overdrafts 11,318 9,939
Other Loan 40,282 33,407
Trade creditors 44,233 55,177
Directors Loan Account 74,397 64,237
Taxation and social security costs 4,919 1,918
Net Wages 2,570 1,777
Accruals and deferred income - 2,289
Other creditors 282 280
178,001 169,024
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 24,595 24,244
7 Other information
Drum Central Edinburgh Limited is a private company limited by shares and incorporated in Scotland. Its registered office is:
125 Great Junction Street
Edinburgh
Scotland
EH6 5JB
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