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DRAKES (UK) LTD

Unaudited Financial Statements

for the Year Ended 31 October 2024






DRAKES (UK) LTD (REGISTERED NUMBER: 08170303)

Contents of the Financial Statements
for the Year Ended 31 October 2024










Page

Company Information 1

Balance Sheet 2 to 3

Notes to the Financial Statements 4 to 6

Chartered Accountant's Report 7

DRAKES (UK) LTD

Company Information
for the Year Ended 31 October 2024







DIRECTORS: J A Drake
NA Bettson



REGISTERED OFFICE: 4 Northwest Business Park
Servia Hill
Leeds
West Yorkshire
LS6 2QH



REGISTERED NUMBER: 08170303 (England and Wales)



ACCOUNTANT: Botros & Co
4 Northwest Business Park
Servia Hill
Leeds
West Yorkshire
LS6 2QH



BANKERS: Barclays Bank PLC
Halifax Business Centre
P O Box 14
39-47 Commercial Street
Halifax
West Yorkshire
HX1 1BG

DRAKES (UK) LTD (REGISTERED NUMBER: 08170303)

Balance Sheet
31 October 2024

31.10.24 31.10.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 27,571 14,711

CURRENT ASSETS
Stocks 5 53,973 67,392
Debtors 6 170,263 111,437
Cash at bank and in hand 93,732 170,369
317,968 349,198
CREDITORS
Amounts falling due within one year 7 182,863 183,302
NET CURRENT ASSETS 135,105 165,896
TOTAL ASSETS LESS CURRENT
LIABILITIES

162,676

180,607

CREDITORS
Amounts falling due after more than one
year

8

(14,166

)

(15,833

)

PROVISIONS FOR LIABILITIES (2,719 ) (2,719 )
NET ASSETS 145,791 162,055

CAPITAL AND RESERVES
Called up share capital 9 100 100
Retained earnings 145,691 161,955
SHAREHOLDERS' FUNDS 145,791 162,055

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

DRAKES (UK) LTD (REGISTERED NUMBER: 08170303)

Balance Sheet - continued
31 October 2024


The 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.

The financial statements were approved by the Board of Directors and authorised for issue on 10 February 2025 and were signed on its behalf by:





J A Drake - Director


DRAKES (UK) LTD (REGISTERED NUMBER: 08170303)

Notes to the Financial Statements
for the Year Ended 31 October 2024


1. STATUTORY INFORMATION

Drakes (UK) Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The financial statements have been prepared under the historical cost convention. The company has taken advantage of the exemption from preparing cash flow statements as conferred by the Financial Reporting Standard No. 1 (Revised 1996) on the grounds that it qualifies as a small company under the Companies Act 1985.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 15% on reducing balance
Fixtures and fittings - 15% on reducing balance
Computer equipment - 33% on cost

Stocks
Work in progress is valued at the lower of cost and net realisable value.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and 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.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

DRAKES (UK) LTD (REGISTERED NUMBER: 08170303)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2024


3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 12 (2023 - 12 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Computer
machinery fittings equipment Totals
£    £    £    £   
COST
At 1 November 2023 43,805 5,985 5,276 55,066
Additions 16,000 - 2,199 18,199
Disposals - - (5,276 ) (5,276 )
At 31 October 2024 59,805 5,985 2,199 67,989
DEPRECIATION
At 1 November 2023 31,103 3,977 5,275 40,355
Charge for year 4,305 301 733 5,339
Eliminated on disposal - - (5,276 ) (5,276 )
At 31 October 2024 35,408 4,278 732 40,418
NET BOOK VALUE
At 31 October 2024 24,397 1,707 1,467 27,571
At 31 October 2023 12,702 2,008 1 14,711

5. STOCKS
31.10.24 31.10.23
£    £   
Work-in-progress 53,973 67,392

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.10.24 31.10.23
£    £   
Trade debtors 87,963 52,522
Botros & Co - 15
Staff loans 17,300 17,300
Prepayments 65,000 41,600
170,263 111,437

DRAKES (UK) LTD (REGISTERED NUMBER: 08170303)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2024


7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.10.24 31.10.23
£    £   
Bank loans and overdrafts 10,000 10,000
Hire purchase contracts 4,000 -
Trade creditors 34,417 40,033
Tax 28,827 31,776
Social security and other taxes 2,692 3,048
Pension payable 171 285
VAT 28,097 20,062
Loan account 17,069 17,069
Wage control - 1,517
Directors' loan accounts 4,816 1,803
Accrued expenses 52,774 57,709
182,863 183,302

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31.10.24 31.10.23
£    £   
Bank loans - 2-5 years 5,833 15,833
Hire purchase contracts 8,333 -
14,166 15,833

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.10.24 31.10.23
value: £    £   
100 Ordinary Shares £1 100 100

Chartered Accountant's Report to the Board of Directors
on the Unaudited Financial Statements of
Drakes (UK) Ltd


The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, I have prepared for your approval the financial statements of Drakes (UK) Ltd for the year ended 31 October 2024 which comprise the Income Statement, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given me.

As a practising member of the Institute of Chartered Accountants in England and Wales (ICAEW), I am subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Drakes (UK) Ltd, as a body, in accordance with the terms of my engagement letter dated 7 August 2012. My work has been undertaken solely to prepare for your approval the financial statements of Drakes (UK) Ltd and state those matters that I have agreed to state to the Board of Directors of Drakes (UK) Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than Drakes (UK) Ltd and its Board of Directors, as a body, for my work or for this report.

It is your duty to ensure that Drakes (UK) Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Drakes (UK) Ltd. You consider that Drakes (UK) Ltd is exempt from the statutory audit requirement for the year.

I have not been instructed to carry out an audit or a review of the financial statements of Drakes (UK) Ltd. For this reason, I have not verified the accuracy or completeness of the accounting records or information and explanations you have given to me and I do not, therefore, express any opinion on the statutory financial statements.






Botros & Co
4 Northwest Business Park
Servia Hill
Leeds
West Yorkshire
LS6 2QH


10 February 2025