Registered number
11060758
Drake & Case Ltd
Filleted Accounts
31 March 2024
Drake & Case Ltd
Registered number: 11060758
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 114,126 77,986
Current assets
Debtors 4 155,025 132,286
Cash at bank and in hand 81,826 158,750
236,851 291,036
Creditors: amounts falling due within one year 5 (16,949) (14,154)
Net current assets 219,902 276,882
Net assets 334,028 354,868
Capital and reserves
Called up share capital 300 300
Profit and loss account 333,728 354,568
Shareholders' funds 334,028 354,868
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.
Mitesh Amit Patel
Director
Approved by the board on 24 January 2025
Drake & Case Ltd
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:
Plant and machinery 10% reducing balance
Motor vehicle 10% reducing balance
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.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 4 4
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 April 2023 24,636 70,488 95,124
Additions - 48,821 48,821
At 31 March 2024 24,636 119,309 143,945
Depreciation
At 1 April 2023 10,089 7,049 17,138
Charge for the year 1,455 11,226 12,681
At 31 March 2024 11,544 18,275 29,819
Net book value
At 31 March 2024 13,092 101,034 114,126
At 31 March 2023 14,547 63,439 77,986
4 Debtors 2024 2023
£ £
Other debtors 155,025 132,286
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 18 18
Trade creditors 10,371 21,876
Director's current account 1,096 1,096
Taxation and social security costs 3,464 (8,836)
Other creditors 2,000 -
16,949 14,154
6 Other information
Drake & Case Ltd is a private company limited by shares and incorporated in England. Its registered office is:
42 Upper Berkeley Street
Marylebone
London
W1H 5QL
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