Company registration number 05946322 (England and Wales)
MEDWAY DRUMS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
PAGES FOR FILING WITH REGISTRAR
MEDWAY DRUMS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
MEDWAY DRUMS LIMITED (REGISTERED NUMBER: 05946322)
BALANCE SHEET
AS AT
31 MARCH 2025
31 March 2025
- 1 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
3
201,469
268,212
Current assets
Debtors
4
157,685
145,470
Cash at bank and in hand
72,253
120,095
229,938
265,565
Creditors: amounts falling due within one year
5
(184,383)
(188,116)
Net current assets
45,555
77,449
Total assets less current liabilities
247,024
345,661
Creditors: amounts falling due after more than one year
6
(26,416)
(45,183)
Provisions for liabilities
(38,279)
(50,529)
Net assets
182,329
249,949
Capital and reserves
Called up share capital
7
5
5
Profit and loss reserves
182,324
249,944
Total equity
182,329
249,949
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 March 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
MEDWAY DRUMS LIMITED (REGISTERED NUMBER: 05946322)
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2025
31 March 2025
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 12 June 2025 and are signed on its behalf by:
Mrs J L French
N French
Director
Director
MEDWAY DRUMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
- 3 -
1
Accounting policies
Company information
Medway Drums Limited is a private company limited by shares incorporated in England and Wales. The registered office is 19/21 Swan Street, West Malling, Kent, ME19 6JU.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £1.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
Turnover for the sale of goods is recognised when all of the following conditions are met:
The company has transferred the significant risks and rewards of ownership to the buyer;
The amount of turnover can be recognised reliably and;
It is probable that the company will receive the consideration due under the transaction.
MEDWAY DRUMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 4 -
Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
The amount of turnover can be measured reliably;
It is probable that the company will receive the consideration due under the contract;
The stage of completion of the contract at the end of the reporting period can be measured reliably and;
The costs incurred and the costs to complete the contract can be measured reliably
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and machinery
25% on reducing balance
Fixtures, fittings & equipment
25% on reducing balance
Motor vehicles
25% on reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.5
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
MEDWAY DRUMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 5 -
1.6
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2025
2024
Number
Number
Total
6
6
MEDWAY DRUMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 6 -
3
Tangible fixed assets
Plant and machinery
Fixtures, fittings & equipment
Motor vehicles
Total
£
£
£
£
Cost
At 1 April 2024
766,184
22,850
238,071
1,027,105
Additions
413
413
Disposals
(65,175)
(65,175)
At 31 March 2025
701,009
23,263
238,071
962,343
Depreciation and impairment
At 1 April 2024
637,754
21,479
99,660
758,893
Depreciation charged in the year
32,107
446
34,603
67,156
Eliminated in respect of disposals
(65,175)
(65,175)
At 31 March 2025
604,686
21,925
134,263
760,874
Carrying amount
At 31 March 2025
96,323
1,338
103,808
201,469
At 31 March 2024
128,430
1,371
138,411
268,212
4
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
100,685
93,970
Other debtors
57,000
51,500
157,685
145,470
5
Creditors: amounts falling due within one year
2025
2024
£
£
Trade creditors
40,585
33,303
Taxation and social security
7,149
787
Other creditors
136,649
154,026
184,383
188,116
MEDWAY DRUMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 7 -
6
Creditors: amounts falling due after more than one year
2025
2024
Notes
£
£
Obligations under finance leases
26,416
45,183
7
Called up share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
2
2
2
2
Ordinary A of £1 each
1
1
1
1
Ordinary B of £1 each
1
1
1
1
Ordinary C of £1 each
1
1
1
1
5
5
5
5
8
Directors' transactions
Included within other debtors is a balance of £57,000 (2024: £51,500) held on account by the directors to pay future corporation tax liabilities.