REGISTERED NUMBER: |
Strategic Report, Report of the Directors and |
Financial Statements for the Year Ended 30 September 2024 |
for |
Drainage Consultants Limited |
REGISTERED NUMBER: |
Strategic Report, Report of the Directors and |
Financial Statements for the Year Ended 30 September 2024 |
for |
Drainage Consultants Limited |
Drainage Consultants Limited (Registered number: 02925940) |
Contents of the Financial Statements |
for the Year Ended 30 September 2024 |
Page |
Company Information | 1 |
Strategic Report | 2 |
Report of the Directors | 3 |
Report of the Independent Auditors | 5 |
Income Statement | 8 |
Other Comprehensive Income | 9 |
Balance Sheet | 10 |
Statement of Changes in Equity | 11 |
Cash Flow Statement | 12 |
Notes to the Cash Flow Statement | 13 |
Notes to the Financial Statements | 14 |
Drainage Consultants Limited |
Company Information |
for the Year Ended 30 September 2024 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
BUSINESS ADDRESS: |
REGISTERED NUMBER: |
INDEPENDENT AUDITORS: |
Chartered Accountants and Statutory Auditors |
Westminster House |
10 Westminster Road |
Macclesfield |
Cheshire |
SK10 1BX |
Drainage Consultants Limited (Registered number: 02925940) |
Strategic Report |
for the Year Ended 30 September 2024 |
The directors present their strategic report of the company for the year ended 30 September 2024. |
Drainage Consultants Limited are a 31 year old company that specialise nationally in all aspects of drainage work. The company replaces and maintains pipework in the public highway in accordance with health and safety regulations and Local authority regulations. It also undertakes significant work on domestic properties for insurance companies and housing. |
The company's market focused approach brings innovation and customer service to the core of our culture and underpins the Drainage Consultants Limited brand. The company and its people are committed to adding value to our customers. Our aim is to grow our business and we focus heavily in developing a culture that nurtures and develops our people to achieve this. |
REVIEW OF BUSINESS |
The entity has performed well, turnover increasing by 5% on 2023. Gross Profit remains consistent, however the operating profit margin was negatively effected in 2023 by inflationary pressures. The business has continued to improve cost controls which has resulted in their operating profit margin increasing by 1.1% in 2024. |
KEY PERFORMANCE INDICATORS |
The key financial performance indicators from continuing operations during the year were as follows: |
2024 | 2023 |
(£'000) | (£'000) |
Turnover | 8,978 | 8,551 |
Gross Profit | 8,051 | 7,745 |
Gross Profit (%) | 89.7% | 90.6% |
Operating Profit | 1,162 | 1,006 |
Operating profit (%) | 12.9% | 11.8% |
PRINCIPAL RISKS AND UNCERTAINTIES |
The company continues to face challenging circumstances due to a combination of common risks. The current rate of inflation has caused issues with general spending but with inflation now down to a lower level we expect to see these pressures ease. The risks that all UK companies are facing relating to the change of Government are also to be considered. The company's largest cost is that of its people. Consequently wage inflation is another risk factor going forward. The company wants to retains its people which brings with it the risk of higher wage cost. |
FUTURE DEVELOPMENTS |
The company is heavily focussed on expanding its client base and expanding its operations around the UK. The company has recently rebranded to give more emphasis its green credentials. |
RESEARCH AND DEVELOPMENT ACTIVITIES |
We continue to investigate and develop innovations for our business. |
ON BEHALF OF THE BOARD: |
Drainage Consultants Limited (Registered number: 02925940) |
Report of the Directors |
for the Year Ended 30 September 2024 |
The directors present their report with the financial statements of the company for the year ended 30 September 2024. |
PRINCIPAL ACTIVITY |
The principal activity of the company in the year under review was that of water collection, treatment and supply. |
DIVIDENDS |
The total distribution of dividends for the year ended 30 September 2024 will be £875,000 (2023: £960,000). |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 October 2023 to the date of this report. |
DIRECTORS' INSURANCE AND INDEMNITIES |
The company carries appropriate insurance cover in respect of possible legal action being taken against its Directors and Officers. The Articles provide Directors and Officers with further protection against liability to third parties, subject to the conditions set out in the Companies Act 2006. Such qualifying third-party indemnity provision remains in force as at the date of this report. |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations. |
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies |
Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish |
that the company's auditors are aware of that information. |
Drainage Consultants Limited (Registered number: 02925940) |
Report of the Directors |
for the Year Ended 30 September 2024 |
AUDITORS |
The auditors, Harts Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
ON BEHALF OF THE BOARD: |
Report of the Independent Auditors to the Members of |
Drainage Consultants Limited |
Opinion |
We have audited the financial statements of Drainage Consultants Limited (the 'company') for the year ended 30 September 2024 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
In our opinion the financial statements: |
- | give a true and fair view of the state of the company's affairs as at 30 September 2024 and of its profit for the year then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
Conclusions relating to going concern |
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. |
Other information |
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
Report of the Independent Auditors to the Members of |
Drainage Consultants Limited |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors. |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of directors' remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so. |
Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
The objectives of our audit, in respect to fraud, are: to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses; and to respond appropriately to fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and management. |
Our approach was as follows: |
We obtained an understanding of the legal and regulatory frameworks that are applicable to the Company and |
determined that the most significant are those that relate to the reporting framework (UK GAAP and the Companies Act 2006) and employment law. In addition the Company has to comply with laws and regulations relating to its operations and health and safety. |
We understood how Drainage Consultants Limited is complying with those frameworks by making inquiries of |
management and the head of technical, and confirmation to identify any non-compliance with laws and regulations. |
We assessed the susceptibility of the Company's financial statements to material misstatement, including how fraud might occur by discussion with directors to understand where it's considered there was a susceptibility to fraud. We considered the controls that the Company has established to address risks identified, or that otherwise prevent, deter and detect fraud. |
To address the risk of fraud through management bias and override of controls, we performed analytical procedures to identify any unusual or unexpected relationships; investigated the rationale behind significant or unusual transactions; and tested journal entries to identify unusual transactions. Controls have also been considered, that the company has established to address risks identified, or that otherwise prevent, defer and detect fraud. No susceptibilities identified in these controls. |
Report of the Independent Auditors to the Members of |
Drainage Consultants Limited |
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. |
Based on this understanding we designed our audit procedures to identify non-compliance with such laws and regulations that could materially impact the financial statements. Taking into accounts our understanding of the Company, our procedures involved enquires of management and focused testing as appropriate with consideration to risk assessment. |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
for and on behalf of |
Chartered Accountants and Statutory Auditors |
Westminster House |
10 Westminster Road |
Macclesfield |
Cheshire |
SK10 1BX |
Drainage Consultants Limited (Registered number: 02925940) |
Income Statement |
for the Year Ended 30 September 2024 |
30.9.24 | 30.9.23 |
Notes | £ | £ |
TURNOVER | 3 |
Cost of sales | ( |
) | ( |
) |
GROSS PROFIT |
Administrative expenses | ( |
) | ( |
) |
OPERATING PROFIT | 5 |
Interest receivable and similar income |
1,196,162 | 1,014,603 |
Interest payable and similar expenses | 7 | ( |
) | ( |
) |
PROFIT BEFORE TAXATION |
Tax on profit | 8 | ( |
) | ( |
) |
PROFIT FOR THE FINANCIAL YEAR |
Drainage Consultants Limited (Registered number: 02925940) |
Other Comprehensive Income |
for the Year Ended 30 September 2024 |
30.9.24 | 30.9.23 |
Notes | £ | £ |
PROFIT FOR THE YEAR |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
Drainage Consultants Limited (Registered number: 02925940) |
Balance Sheet |
30 September 2024 |
30.9.24 | 30.9.23 |
Notes | £ | £ |
FIXED ASSETS |
Intangible assets | 10 |
Tangible assets | 11 |
CURRENT ASSETS |
Stocks | 12 |
Debtors | 13 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 14 | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
15 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 19 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 20 |
Retained earnings | 21 |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the Board of Directors and authorised for issue on |
Drainage Consultants Limited (Registered number: 02925940) |
Statement of Changes in Equity |
for the Year Ended 30 September 2024 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Balance at 1 October 2022 |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 30 September 2023 |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 30 September 2024 |
Drainage Consultants Limited (Registered number: 02925940) |
Cash Flow Statement |
for the Year Ended 30 September 2024 |
30.9.24 | 30.9.23 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 |
Interest paid | ( |
) |
Interest element of hire purchase payments paid |
( |
) |
( |
) |
Tax paid | ( |
) | ( |
) |
Net cash from operating activities |
Cash flows from investing activities |
Purchase of tangible fixed assets | ( |
) | ( |
) |
Sale of tangible fixed assets |
Interest received |
Net cash from investing activities | ( |
) | ( |
) |
Cash flows from financing activities |
Capital repayments in year | ( |
) |
Amount introduced by directors | 1,127,001 | 1,191,082 |
Amount withdrawn by directors | (1,128,380 | ) | (1,077,839 | ) |
Equity dividends paid | ( |
) | ( |
) |
Net cash from financing activities | ( |
) | ( |
) |
Increase/(decrease) in cash and cash equivalents | ( |
) |
Cash and cash equivalents at beginning of year |
2 |
1,309,729 |
1,655,825 |
Cash and cash equivalents at end of year | 2 | 1,737,548 |
Drainage Consultants Limited (Registered number: 02925940) |
Notes to the Cash Flow Statement |
for the Year Ended 30 September 2024 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
30.9.24 | 30.9.23 |
£ | £ |
Profit before taxation |
Depreciation charges |
Loss on disposal of fixed assets |
Finance costs | 17,107 | 111,907 |
Finance income | (34,004 | ) | (8,335 | ) |
1,363,448 | 1,174,005 |
Decrease/(increase) in stocks | ( |
) |
Decrease/(increase) in trade and other debtors | ( |
) |
(Decrease)/increase in trade and other creditors | ( |
) |
Cash generated from operations |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
Year ended 30 September 2024 |
30.9.24 | 1.10.23 |
£ | £ |
Cash and cash equivalents | 1,737,548 | 1,309,959 |
Bank overdrafts | ( |
) |
1,737,548 | 1,309,729 |
Year ended 30 September 2023 |
30.9.23 | 1.10.22 |
£ | £ |
Cash and cash equivalents | 1,309,959 | 1,655,825 |
Bank overdrafts | ( |
) |
1,309,729 | 1,655,825 |
3. | ANALYSIS OF CHANGES IN NET FUNDS |
At 1.10.23 | Cash flow | At 30.9.24 |
£ | £ | £ |
Net cash |
Cash at bank | 1,309,959 | 427,589 | 1,737,548 |
Bank overdrafts | (230 | ) | 230 | - |
1,309,729 | 1,737,548 |
Debt |
Finance leases | (377,273 | ) | 2,446 | (374,827 | ) |
(377,273 | ) | 2,446 | (374,827 | ) |
Total | 932,456 | 430,265 | 1,362,721 |
Drainage Consultants Limited (Registered number: 02925940) |
Notes to the Financial Statements |
for the Year Ended 30 September 2024 |
1. | STATUTORY INFORMATION |
Drainage Consultants Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The presentation currency of the financial statements is the Pound Sterling (£). |
All the amount in the financial statements are rounded to the nearest pound (£), unless otherwise stated. |
Critical accounting judgements and key sources of estimation uncertainty |
Preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. |
The directors do not believe that there are any estimates that had a significant affect on the amounts recognised within the financial statements. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, net of VAT and trade discounts. |
When the outcome of a transaction can be estimated reliably, turnover from services is recognised by reference to the stage of completion at the balance sheet date. Stage of completion is measured by reference to finalisation of work completed. |
Where the outcome cannot be measured reliably, turnover is recognised only to the extent of the expenses recognised that are recoverable. |
Goodwill |
Goodwill, being the amount paid in connection with the acquisition of a business, is being amortised evenly over its estimated useful life. |
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
Tangible fixed assets |
Short leasehold | - |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Drainage Consultants Limited (Registered number: 02925940) |
Notes to the Financial Statements - continued |
for the Year Ended 30 September 2024 |
2. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the period 2024 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 2024 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. |
Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
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. |
3. | TURNOVER |
The turnover and profit before taxation are attributable to the one principal activity of the company. |
An analysis of turnover by class of business is given below: |
30.9.24 | 30.9.23 |
£ | £ |
4. | EMPLOYEES AND DIRECTORS |
30.9.24 | 30.9.23 |
£ | £ |
Wages and salaries |
Social security costs |
Other pension costs |
Drainage Consultants Limited (Registered number: 02925940) |
Notes to the Financial Statements - continued |
for the Year Ended 30 September 2024 |
4. | EMPLOYEES AND DIRECTORS - continued |
The average number of employees during the year was as follows: |
30.9.24 | 30.9.23 |
Directors | 3 | 2 |
Finance | 3 | 4 |
Administration | 18 | 18 |
Engineers | 73 | 73 |
30.9.24 | 30.9.23 |
£ | £ |
Directors' remuneration |
Information regarding the highest paid director is as follows: |
30.9.24 | 30.9.23 |
£ | £ |
Emoluments etc |
5. | OPERATING PROFIT |
The operating profit is stated after charging: |
30.9.24 | 30.9.23 |
£ | £ |
Hire of plant and machinery |
Depreciation - owned assets |
Depreciation - assets on hire purchase contracts |
Loss on disposal of fixed assets |
6. | AUDITORS' REMUNERATION |
30.9.24 | 30.9.23 |
£ | £ |
Fees payable to the company's auditors for the audit of the company's financial statements |
14,310 |
12,500 |
Non audit services |
7. | INTEREST PAYABLE AND SIMILAR EXPENSES |
30.9.24 | 30.9.23 |
£ | £ |
PAYE interest |
Hire purchase interest |
Drainage Consultants Limited (Registered number: 02925940) |
Notes to the Financial Statements - continued |
for the Year Ended 30 September 2024 |
8. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
30.9.24 | 30.9.23 |
£ | £ |
Current tax: |
UK corporation tax |
(Over) Under provision in prior years | (99 | ) | - |
Total current tax |
Deferred tax |
Tax on profit |
UK corporation tax has been charged at 25% (2023 - 22%). |
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below: |
30.9.24 | 30.9.23 |
£ | £ |
Profit before tax |
Profit multiplied by the standard rate of corporation tax in the UK of (2023 - |
Effects of: |
Expenses not deductible for tax purposes |
Capital allowances in excess of depreciation | ( |
) | ( |
) |
Origination and reversal of timing differences | 1,718 | 25,751 |
(Over)/under provisions relating to prior years | (99 | ) | - |
Total tax charge | 290,302 | 232,475 |
9. | DIVIDENDS |
30.9.24 | 30.9.23 |
£ | £ |
Ordinary shares of £1 each |
Interim |
Ordinary B shares of £1 each |
Interim |
Drainage Consultants Limited (Registered number: 02925940) |
Notes to the Financial Statements - continued |
for the Year Ended 30 September 2024 |
10. | INTANGIBLE FIXED ASSETS |
Goodwill |
£ |
COST |
At 1 October 2023 |
and 30 September 2024 |
AMORTISATION |
At 1 October 2023 |
and 30 September 2024 |
NET BOOK VALUE |
At 30 September 2024 |
At 30 September 2023 |
11. | TANGIBLE FIXED ASSETS |
Fixtures |
Short | Plant and | and | Motor |
leasehold | machinery | fittings | vehicles | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 October 2023 |
Additions |
Disposals | ( |
) | ( |
) |
At 30 September 2024 |
DEPRECIATION |
At 1 October 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 30 September 2024 |
NET BOOK VALUE |
At 30 September 2024 |
At 30 September 2023 |
Drainage Consultants Limited (Registered number: 02925940) |
Notes to the Financial Statements - continued |
for the Year Ended 30 September 2024 |
11. | TANGIBLE FIXED ASSETS - continued |
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Motor |
vehicles |
£ |
COST |
At 1 October 2023 |
Additions |
Disposals | ( |
) |
At 30 September 2024 |
DEPRECIATION |
At 1 October 2023 |
Charge for year |
Eliminated on disposal | ( |
) |
At 30 September 2024 |
NET BOOK VALUE |
At 30 September 2024 |
At 30 September 2023 |
12. | STOCKS |
30.9.24 | 30.9.23 |
£ | £ |
Stocks |
Work-in-progress |
13. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.9.24 | 30.9.23 |
£ | £ |
Trade debtors |
Directors' current accounts | 1,029,265 | 1,027,886 |
Taxation |
Prepayments and accrued income |
Drainage Consultants Limited (Registered number: 02925940) |
Notes to the Financial Statements - continued |
for the Year Ended 30 September 2024 |
14. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.9.24 | 30.9.23 |
£ | £ |
Bank loans and overdrafts (see note 16) |
Hire purchase contracts (see note 17) |
Trade creditors |
Corporation tax |
Social security and other taxes |
VAT | 192,990 | 185,367 |
Other creditors |
Pension creditor | 39,520 | 30,944 |
Accrued expenses |
15. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
30.9.24 | 30.9.23 |
£ | £ |
Hire purchase contracts (see note 17) |
16. | LOANS |
An analysis of the maturity of loans is given below: |
30.9.24 | 30.9.23 |
£ | £ |
Amounts falling due within one year or on demand: |
Bank overdrafts |
17. | LEASING AGREEMENTS |
Minimum lease payments under hire purchase fall due as follows: |
30.9.24 | 30.9.23 |
£ | £ |
Net obligations repayable: |
Within one year |
Between one and five years |
18. | SECURED DEBTS |
The following secured debts are included within creditors: |
30.9.24 | 30.9.23 |
£ | £ |
Hire purchase contracts | 374,827 | 377,273 |
Hire purchase creditors are secured on the assets to which they relate. |
Drainage Consultants Limited (Registered number: 02925940) |
Notes to the Financial Statements - continued |
for the Year Ended 30 September 2024 |
19. | PROVISIONS FOR LIABILITIES |
30.9.24 | 30.9.23 |
£ | £ |
Deferred tax | 168,423 | 166,705 |
Deferred |
tax |
£ |
Balance at 1 October 2023 |
Provided during year |
Balance at 30 September 2024 |
20. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 30.9.24 | 30.9.23 |
value: | £ | £ |
Ordinary | £1 | 52 | 52 |
Ordinary B | £1 | 48 | 48 |
100 | 100 |
21. | RESERVES |
Retained |
earnings |
£ |
At 1 October 2023 |
Profit for the year |
Dividends | ( |
) |
At 30 September 2024 |
22. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
The following advances and credits to directors subsisted during the years ended 30 September 2024 and 30 September 2023: |
30.9.24 | 30.9.23 |
£ | £ |
Balance outstanding at start of year |
Amounts advanced |
Amounts repaid | ( |
) | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
Drainage Consultants Limited (Registered number: 02925940) |
Notes to the Financial Statements - continued |
for the Year Ended 30 September 2024 |
22. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES - continued |
Balance outstanding at start of year |
Amounts advanced |
Amounts repaid | ( |
) | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
Balance outstanding at start of year | ( |
) |
Amounts advanced |
Amounts repaid |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
The directors' loan accounts are interest free, unsecured and repayable on demand. |
23. | RELATED PARTY DISCLOSURES |
During the year, the company paid rents to the directors totalling £52,770 in relation to the occupation of property (2023: £52,770). |
The company's immediate and ultimate controlling party is Mr Roy Buxton. |