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Registration number: 05193915


Dramco Limited

Annual Report and Financial Statements

for the Year Ended 31 December 2024

 

Dramco Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3 to 8

 

Dramco Limited

Company Information

Directors

Mr T W M Ford

Mr P C Bence

Mr C J Coombes

Registered office

17 Blacklands Way
Abingdon
Oxford
Oxfordshire
OX14 1DY

Bankers

Lloyds Bank PLC
PO Box 1000
BX2 1LB

Auditors

Hazlewoods LLP
Staverton Court
Cheltenham
GL51 0UX

 

Dramco Limited

(Registration number: 05193915)
Balance Sheet as at 31 December 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

25,920

27,179

Current assets

 

Stocks

6

493,083

312,896

Debtors

7

236,409

196,839

Cash at bank and in hand

 

466,164

338,148

 

1,195,656

847,883

Creditors: Amounts falling due within one year

8

(1,005,956)

(792,413)

Net current assets

 

189,700

55,470

Total assets less current liabilities

 

215,620

82,649

Deferred tax liabilities

4

(6,480)

(6,795)

Net assets

 

209,140

75,854

Capital and reserves

 

Called up share capital

9

100

100

Share premium reserve

3

3

Retained earnings

209,037

75,751

Shareholders' funds

 

209,140

75,854

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 8 July 2025 and signed on its behalf by:
 


Mr T W M Ford
Director

 

Dramco Limited

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

 

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
17 Blacklands Way
Abingdon
Oxford
Oxfordshire
OX14 1DY

 

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except for, where disclosed in these accounting policies, certain items that are shown at fair value.

The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.

Going concern

After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.

Critical accounting judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
 

Judgements

No significant judgements have been made by management in preparing these financial statements.

Key sources of estimation uncertainty

No key sources of estimation uncertainty have been identified by management in preparing these financial statements other than those detailed in these accounting policies.

 

Dramco Limited

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

Revenue recognition

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

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in the profit and loss account, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures and fittings

15% on reducing balance

Computer equipment

33.33% on cost

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. All trade debtors are repayable within one year and hence are included at the undiscounted cost of cash expected to be received. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the debtors.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and all are repayable within one year and hence are included at the undiscounted amount of cash expected to be paid.

Leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

 

Dramco Limited

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

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments


Classification
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability on the balance sheet. The corresponding dividends relating to the liability component are charged as interest expenses in the profit and loss account.


Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 11 (2023 - 13).

 

4

Deferred tax

Deferred tax assets and liabilities

2024

Liability
£

Fixed asset timing differences

6,480

6,480

2023

Liability
£

Fixed asset timing differences

6,795

6,795

 

Dramco Limited

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

 

5

Tangible assets

Furniture, fittings and equipment
 £

Computer equipment
 £

Total
£

Cost

At 1 January 2024

30,199

34,967

65,166

Additions

478

3,914

4,392

At 31 December 2024

30,677

38,881

69,558

Depreciation

At 1 January 2024

5,697

32,290

37,987

Charge for the year

3,647

2,004

5,651

At 31 December 2024

9,344

34,294

43,638

Carrying amount

At 31 December 2024

21,333

4,587

25,920

At 31 December 2023

24,502

2,677

27,179

 

6

Stocks

2024
 £

2023
 £

Goods for resale

493,083

312,896

 

7

Debtors

Note

2024
£

2023
£

Trade debtors

 

17,729

11,651

Directors' current accounts

11

-

3,598

Prepayments

 

85,368

44,390

Other debtors

 

133,312

137,200

 

236,409

196,839

 

8

Creditors

Note

2024
£

2023
£

Due within one year

 

Directors' current accounts

11

4,715

-

Trade creditors

 

893,943

642,886

Taxation and social security

 

54,961

54,334

Accruals and deferred income

 

37,943

87,698

Other creditors

 

14,394

7,495

 

1,005,956

792,413

 

Dramco Limited

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

 

9

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary A of £0.10 each

502

50

502

50.20

Ordinary B of £0.10 each

500

50

500

50.00

 

1,002

100

1,002

100

The company's shares rank pari passu in all respects.

 

10

Obligations under leases

Operating leases

The total of future minimum lease payments is as follows:

2024
£

2023
£

Not later than one year

80,305

48,619

Later than one year and not later than five years

58,585

103,452

138,890

152,071

The amount of non-cancellable operating lease payments recognised as an expense during the year was £57,251 (2023 - £47,095).

 

11

Related party transactions

Transactions with directors
During the year amounts of £1,687 (2023 - £2,929) were advanced in the form of a director's loan and dividends of £10,000 (2023 - £nil) declared to directors. At the year end, £4,715 was due to directors from the company (2023 - £3,598 due to the company from directors).

2024

Directors
£

At start of period

3,598

Advanced

1,687

Dividends

(10,000)

At end of period

(4,715)

2023

Directors
£

At start of period

669

Advanced

2,929

At end of period

3,598

Transactions with other related parties

During the year, the company made sales of £23,459 (2023 - £29,430) to and purchases of £20,361 (2023 - £29,009) from TAIL Distribution Ltd, a company under common control. At 31 December 2024, the net balance owed to Dramco Limited by TAIL Distribution Ltd was £14,311 (2022 - £7,746).
 

 

Dramco Limited

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

 

12

Parent and ultimate parent undertaking

The ultimate controlling party is Bence Roofing Supplies Limited. Its financial statements are available from its registered office: 41-47 Fairview Road, Cheltenham, GL52 2EJ.

 

13

Audit report

The Independent Auditor's Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report on 8 July 2025 was Ryan Hancock, who signed for and on behalf of Hazlewoods LLP.