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Company registration number: 08611110
Northumbria Drainage Services Limited
Pages for filing with Registrar
31 July 2024
Northumbria Drainage Services Limited
Contents
Statement of financial position
Notes to the financial statements
Northumbria Drainage Services Limited
Statement of financial position
31 July 2024
2024 2023
Note £ £ £ £
Fixed assets
Tangible assets 5 75,629 72,970
_______ _______
75,629 72,970
Current assets
Stocks 35,500 35,500
Debtors 6 82,189 68,952
Cash at bank and in hand 128,860 116,848
_______ _______
246,549 221,300
Creditors: amounts falling due
within one year 7 ( 121,255) ( 107,219)
_______ _______
Net current assets 125,294 114,081
_______ _______
Total assets less current liabilities 200,923 187,051
Creditors: amounts falling due
after more than one year 8 ( 5,903) ( 8,934)
Provisions for liabilities ( 13,511) ( 11,448)
_______ _______
Net assets 181,509 166,669
_______ _______
Capital and reserves
Called up share capital 300 300
Profit and loss account 181,209 166,369
_______ _______
Shareholders funds 181,509 166,669
_______ _______
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.
Directors responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 08 February 2025 , and are signed on behalf of the board by:
Kevin John Monaghan
Director
Company registration number: 08611110
Northumbria Drainage Services Limited
Notes to the financial statements
Year ended 31 July 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 51 Drummonds Close, Longhorsley, Morpeth, Northumberland, NE65 8UR.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the 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.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery - 25 % reducing balance
Office Equipment - 10 % reducing balance
Motor vehicles - 25 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Debt instruments are subsequently measured at amortised cost.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 4 (2023: 4 ).
5. Tangible assets
Short leasehold property Plant and machinery Fixtures, fittings and equipment Motor vehicles Total
£ £ £ £ £
Cost
At 1 August 2023 853 302,608 4,952 24,155 332,568
Additions - 28,000 - - 28,000
Disposals - ( 901) - - ( 901)
_______ _______ _______ _______ _______
At 31 July 2024 853 329,707 4,952 24,155 359,667
_______ _______ _______ _______ _______
Depreciation
At 1 August 2023 - 236,677 2,930 19,991 259,598
Charge for the year - 24,030 202 1,041 25,273
Disposals - ( 833) - - ( 833)
_______ _______ _______ _______ _______
At 31 July 2024 - 259,874 3,132 21,032 284,038
_______ _______ _______ _______ _______
Carrying amount
At 31 July 2024 853 69,833 1,820 3,123 75,629
_______ _______ _______ _______ _______
At 31 July 2023 853 65,931 2,022 4,164 72,970
_______ _______ _______ _______ _______
6. Debtors
2024 2023
£ £
Trade debtors 82,189 67,085
Other debtors - 1,867
_______ _______
82,189 68,952
_______ _______
7. Creditors: amounts falling due within one year
2024 2023
£ £
Bank loans and overdrafts 3,538 4,043
Trade creditors 51,593 54,270
Corporation tax 33,352 31,629
Social security and other taxes 15,093 16,163
Other creditors 17,679 1,114
_______ _______
121,255 107,219
_______ _______
8. Creditors: amounts falling due after more than one year
2024 2023
£ £
Bank loans and overdrafts 5,903 8,934
_______ _______
9. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2024
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
Christopher Ian Monaghan 970 29,854 ( 36,500) ( 5,676)
Kevin John Monaghan 897 29,704 ( 36,500) ( 5,899)
Paul Oxley ( 739) 31,434 ( 36,500) ( 5,805)
_______ _______ _______ _______
1,128 90,992 ( 109,500) ( 17,380)
_______ _______ _______ _______
2023
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
Christopher Ian Monaghan 578 31,892 ( 31,500) 970
Kevin John Monaghan ( 376) 32,773 ( 31,500) 897
Paul Oxley ( 3,187) 33,948 ( 31,500) ( 739)
_______ _______ _______ _______
( 2,985) 98,613 ( 94,500) 1,128
_______ _______ _______ _______