2023-11-012024-10-312024-10-31false04529720DRAKE AND MACEFIELD 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DRAKE AND MACEFIELD LIMITED

Registered Number
04529720
(England and Wales)

Unaudited Financial Statements for the Year ended
31 October 2024

DRAKE AND MACEFIELD LIMITED
Company Information
for the year from 1 November 2023 to 31 October 2024

Directors

TEAL, Alison
TEAL, Andrew Richard
TEAL, Richard John
TEAL, Steven John

Registered Address

Number 3 Acorn Business Park
Airedale Business Centre
Skipton
BD23 2UE

Registered Number

04529720 (England and Wales)
DRAKE AND MACEFIELD LIMITED
Statement of Financial Position
31 October 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Intangible assets37,0008,750
Tangible assets4466,685466,483
473,685475,233
Current assets
Stocks91,00085,000
Debtors5170,272144,402
Cash at bank and on hand16,3522,124
277,624231,526
Creditors amounts falling due within one year6(441,819)(339,124)
Net current assets (liabilities)(164,195)(107,598)
Total assets less current liabilities309,490367,635
Creditors amounts falling due after one year7(207,697)(278,219)
Provisions for liabilities8(72,000)(71,000)
Net assets29,79318,416
Capital and reserves
Called up share capital100100
Revaluation reserve37,08037,800
Profit and loss account(7,387)(19,484)
Shareholders' funds29,79318,416
The financial statements were approved and authorised for issue by the Board of Directors on 19 March 2025, and are signed on its behalf by:
TEAL, Richard John
Director
Registered Company No. 04529720
DRAKE AND MACEFIELD LIMITED
Notes to the Financial Statements
for the year ended 31 October 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Basis of preparation
The financial statements have been prepared under the historical cost convention on a going concern basis unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
Functional and presentation currency
The financial statements are presented in sterling and this is the functional currency of the company.
Going concern
The directors believe that the company has adequate resources to continue in operational existence for the foreseeable future. The company continues to have the support of the directors, shareholders and creditors and therefore continue to adopt the going concern basis of accounting in preparing the financial statements.
Turnover policy
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. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer.
Employee benefits
The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further obligations. Contributions to defined contribution plans are expensed in the period to which they relate. Amounts not paid are shown in accruals in the Statement of Financial Position. The assets of the plan are held separately from the company in independently administered funds.
Current taxation
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
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.
Intangible assets
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years. Amortisation is provided on the following bases: Goodwill - 10% Straight Line
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost or valuation less depreciation. The assets residual values, useful lives and depreciation methods are reviewed and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposal are determined by comparing the proceeds with the carrying amount and are recognised in the Income Statement Depreciation is provided on all tangible fixed assets as follows: Fixtures & Fittings: 10% reducing balance, 15% reducing balance and 20% straight line, varying depending on the asset

Reducing balance (%)Straight line (years)
Land and buildings-50
Plant and machinery10-
Vehicles25-
Finance leases and hire purchase contracts
Rentals paid under operating leases are charged to the Income Statement on a straight line basis over the lease term.
Stocks and work in progress
Stocks are valued at the lower of cost and estimated selling price (less any associated costs to enable such sales to complete). At each date of Statement of Financial Position, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete the sale. The impairment loss is recognised immediately in the Income Statement.
Financial instruments
The company enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
2.Average number of employees

20242023
Average number of employees during the year2729
3.Intangible assets

Goodwill

Total

££
Cost or valuation
At 01 November 2317,50017,500
At 31 October 2417,50017,500
Amortisation and impairment
At 01 November 238,7508,750
Charge for year1,7501,750
At 31 October 2410,50010,500
Net book value
At 31 October 247,0007,000
At 31 October 238,7508,750
4.Tangible fixed assets

Land & buildings

Plant & machinery

Vehicles

Fixtures & fittings

Total

£££££
Cost or valuation
At 01 November 23230,000248,295127,096276,814882,205
Additions-37,723--37,723
At 31 October 24230,000286,018127,096276,814919,928
Depreciation and impairment
At 01 November 234,600124,13392,480194,509415,722
Charge for year4,60014,8388,6549,42937,521
At 31 October 249,200138,971101,134203,938453,243
Net book value
At 31 October 24220,800147,04725,96272,876466,685
At 31 October 23225,400124,16234,61682,305466,483
The net book value of land and buildings may be further analysed as follows: 2024 2023 Freehold £220,800 £225,400 The freehold property was valued at £230,000 on a fair value basis during the year ended 31 October 2022. The 2024 valuation was conducted by the directors at 31 October 2024. Cost or valuation at 31 October 2024 is as follows: At cost £194,000 At valuation (31 October 2022) £36,000 £230,000 If the land and buildings had not been included at valuation they would have been included under the historical cost convention as follows: 2024 2023 Cost £194,000 £194,000 Accumulated depreciation (£23,280) (£19,400) Net book value £170,720 £174,600
5.Debtors: amounts due within one year

2024

2023

££
Trade debtors / trade receivables74,79958,021
Other debtors85,32776,883
Prepayments and accrued income10,1469,498
Total170,272144,402
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.
6.Creditors: amounts due within one year

2024

2023

££
Trade creditors / trade payables313,681213,035
Bank borrowings and overdrafts75,71178,144
Taxation and social security13,06329,758
Finance lease and HP contracts10,000-
Other creditors3,55810,160
Accrued liabilities and deferred income25,8068,027
Total441,819339,124
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. The following creditors are secured over the assets of the company: Bank overdrafts £Nil (2023 - £8,134) Bank loans £44,637 (2023 - £41,545) Finance lease and HP contracts £10,000 (2023 - £Nil)
7.Creditors: amounts due after one year

2024

2023

££
Bank borrowings and overdrafts201,863278,219
Other creditors5,834-
Total207,697278,219
The following creditors are secured over the assets of the company: Bank loans £153,634 (2023 - £198,917) Finance lease and HP contracts £5,834 (2023 - £Nil)
8.Provisions for liabilities

2024

2023

££
Net deferred tax liability (asset)72,00071,000
Total72,00071,000
9.Operating lease commitments
At 31 October 2024 the company had future minimum lease payments under non-cancellable operating leases for each of the following periods: Not later than 1 year £20,333 (2023 - £16,393) Later than 1 year and not later than 5 years £35,000 (2023 - £Nil)
10.Guarantees provided on behalf of directors
The bank overdraft is secured by personal guarantees given by the directors. The bank loan is secured by joint and several guarantees from the directors for the sum of £168,000.
11.Related party transactions
Included in other debtors is an amount owing from S J Teal of £24,800 (2023 - £24,222). This balance is interest free and repayable on demand. Included in other debtors is an amount owing from R J Teal of £5,172 (2023 - £5,461). This balance is interest free and repayable on demand. Included in other debtors is an amount owing from A R Teal of £22,709 (2023 - £22,158). This balance is interest free and repayable on demand. Included in other debtors is an amount owing from A Teal of £258 (2023 - £Nil). This balance is interest free and repayable on demand.
12.Further information regarding the company's financial position
The company is controlled by its Director R J Teal and his close family.