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Registered Number: 03344065
England and Wales

 

 

 

GLOBAL DRAINCARE LIMITED


Unaudited Financial Statements
 


Period of accounts

Start date: 01 May 2023

End date: 30 April 2024
 
 
Notes
 
2024
£
  2023
£
Fixed assets      
Tangible fixed assets 3 485,677    407,668 
Investments 4 100    100 
485,777    407,768 
Current assets      
Stocks 5 34,495    41,020 
Debtors 6 378,429    502,673 
Cash at bank and in hand 8,832    3,361 
421,756    547,054 
Creditors: amount falling due within one year 7 (399,745)   (631,804)
Net current assets 22,011    (84,750)
 
Total assets less current liabilities 507,788    323,018 
Creditors: amount falling due after more than one year 8 (142,660)   (161,128)
Provisions for liabilities 9 (96,265)   (78,443)
Net assets 268,863    83,447 
 

Capital and reserves
     
Called up share capital 150    150 
Capital Redemption Reserve 10 25    25 
Profit and loss account 268,688    83,272 
Shareholders' funds 268,863    83,447 
 


For the year ended 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. 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.
These 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 to the Registrar of Companies.
The financial statements were approved by the board of directors on 23 October 2024 and were signed on its behalf by:


-------------------------------
P McGowan
Director
1
General Information
Global Draincare Limited is a private company, limited by shares, registered in England and Wales, registration number 03344065, registration address Unit 1 Chatsworth Industrial Estate, Percy Street , Leeds, West Yorkshire, LS12 1EL.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
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)
Going concern basis
The directors believe that the company is well placed to manage its business risks successfully. Accordingly, they have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the financial statements.
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Government grants
Government grants received are credited to deferred income. Grants towards capital expenditure are released to the income statement over the expected useful life of the assets. Grants received towards revenue expenditure are released to the income statement as the related expenditure is incurred.
Finance lease and hire purchase charges
The finance element of the rental payment is charged to the income statement on a straight line basis.
Taxation
Taxation represents the sum of tax currently payable and deferred tax. Tax is recognised in the statement of income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves.
The company’s liability for current tax is calculated using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Current and deferred tax assets and liabilities are not discounted
Deferred taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the reporting date.
Deferred tax is measured using 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.
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.
Current and deferred tax assets and liabilities are not discounted.
Dividends
Proposed dividends are only included as liabilities in the statement of financial position when their payment has been approved by the shareholders prior to the statement of financial position date.
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Plant and Machinery 15% Reducing Balance
Motor Vehicles 20% Reducing Balance
Assets on finance lease and hire purchase
Assets held under finance lease or hire purchase contracts i.e. those contracts where substantially all the risks and rewards of ownership have passed to the company, are included in the appropriate category of tangible fixed assets and depreciated over the shorter of the lease term and their estimated expected useful lives.
Future obligations under such contracts are included in creditors net of the finance charge allocated to future periods.
Fixed asset investments
Fixed asset investments are stated at cost less provision for any permanent diminution in value.
Stocks
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving items. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
Current asset investments
Current asset investments are stated at the lower of cost and net realisable value.
Provisions
Provisions are recognised when the company has a present obligation as a result of a past event which it is more probable than not will result in an outflow of economic benefits that can be reasonably estimated.
2.

Average number of employees

Average number of employees during the year was 29 (2023 : 24).
3.

Tangible fixed assets

Cost or valuation Plant and Machinery   Motor Vehicles   Total
  £   £   £
At 01 May 2023 206,500    445,771    652,271 
Additions 42,129    145,853    187,982 
Disposals (1,371)   (15,900)   (17,271)
At 30 April 2024 247,258    575,724    822,982 
Depreciation
At 01 May 2023 76,546    168,057    244,603 
Charge for year 24,844    81,471    106,315 
On disposals (279)   (13,334)   (13,613)
At 30 April 2024 101,111    236,194    337,305 
Net book values
Closing balance as at 30 April 2024 146,147    339,530    485,677 
Opening balance as at 01 May 2023 129,954    277,714    407,668 


4.

Investments

Cost Other investments other than loans   Total
  £   £
At 01 May 2023 100    100 
Additions  
Transfer to/from tangible fixed assets  
Disposals  
At 30 April 2024 100    100 

5.

Stocks

2024
£
  2023
£
Stocks 34,495    41,020 
34,495    41,020 

6.

Debtors: amounts falling due within one year

2024
£
  2023
£
Trade Debtors 269,414    381,032 
Other Debtors 109,015    121,641 
378,429    502,673 

7.

Creditors: amount falling due within one year

2024
£
  2023
£
Trade Creditors 81,894    263,528 
Bank Loans & Overdrafts 25,000    26,091 
Taxation and Social Security 25,594    46,540 
Obligations under HP/Financial Leases 92,042    77,379 
Other Creditors 175,215    218,266 
399,745    631,804 
Security Note
The short and long term HP liabilities are secured against the company assets.

8.

Creditors: amount falling due after more than one year

2024
£
  2023
£
Bank Loans & Overdrafts 2,083    27,083 
Obligations under HP/Financial Leases 140,577    134,045 
142,660    161,128 

9.

Provisions for liabilities

2024
£
  2023
£
Deferred Tax 92,279    77,457 
Pension Provisions 3,986    986 
96,265    78,443 

10.

Capital Redemption Reserve

2024
£
  2023
£
Capital Redemption Reserve b/fwd 25    25 
25    25 

11.

Related Party

At the balance sheet date there was an amount due from a connected company of  £70,677 (2023 £6,562.).

2