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Registration number: 06027610

Draytek Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 October 2024

 

Draytek Limited

Contents

Balance Sheet

1

Notes to the Unaudited Financial Statements

2 to 4

 

Draytek Limited

(Registration number: 06027610)
Balance Sheet as at 31 October 2024

Note

2024
£

2023
£

Fixed assets

 

Investment property

4

725,001

956,601

Current assets

 

Debtors

5

65

86

Cash at bank and in hand

 

90,988

5,151

 

91,053

5,237

Creditors: Amounts falling due within one year

6

(423,138)

(369,349)

Net current liabilities

 

(332,085)

(364,112)

Total assets less current liabilities

 

392,916

592,489

Creditors: Amounts falling due after more than one year

6

(4,859)

(9,595)

Provisions for liabilities

(21,510)

(33,705)

Net assets

 

366,547

549,189

Capital and reserves

 

Called up share capital

8

100

100

Revaluation reserve

89,578

171,629

Retained earnings

276,869

377,460

Shareholders' funds

 

366,547

549,189

For the financial year ending 31 October 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 accounts for the year in question in accordance with section 476; and

The Directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

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 29 July 2025 and signed on its behalf by:
 

.........................................
M J Swan
Director

 

Draytek Limited

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

1

General information

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

The address of its registered office is:
44 Newdown Road
South Park Industrial Estate
Scunthorpe
North Lincolnshire
DN17 2TX

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 ioncluding 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 that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are presented in pounds sterling and are rounded to the nearest £1.

The financial statements represent the company as an individual entity. The company not forming part of a group.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the Company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The Company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the Company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change 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.

 

Draytek Limited

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

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by directors' internal valuations. The valuers use observable market prices, adjusted if necessary for any difference in nature, location or condition of the specific asset. Changes in fair value are recognised in the statement of income and retained earnings.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the Company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

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.

3

Staff numbers

The average number of persons employed by the Company (including Directors) during the year, was 3 (2023 - 3).

4

Investment properties

2024
£

At 1 November

956,601

Disposals

(231,600)

At 31 October

725,001

The company's investment property was revalued by the directors on 31 October 2024. The basis of valuation is open market value. Had this class of asset been measured on a historical cost basis, the carrying amount would have been £613,913 (2023 - £751,266)

There has been no valuation of investment property by an independent valuer.

5

Debtors

Current

2024
£

2023
£

Trade debtors

64

85

Other debtors

1

1

 

65

86

 

Draytek Limited

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

6

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Loans and borrowings

7

4,688

4,548

Trade creditors

 

3,000

70

Amounts owed to related parties

327,149

327,149

Taxation and social security

 

73,032

24,319

Accruals and deferred income

 

12,338

3,465

Other creditors

 

2,931

9,798

 

423,138

369,349

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Loans and borrowings

7

4,859

9,595

7

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

4,859

9,595

Current loans and borrowings

2024
£

2023
£

Bank borrowings

4,688

4,548

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100