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Registered number: 08798340
Dredco Limited
Unaudited Financial Statements
For The Year Ended 31 December 2024
Naylor Accountancy Services Limited
16 Mount Pleasant Road
Tunbridge Wells
Kent
TN1 1QU
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 08798340
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 3,836 6,246
3,836 6,246
CURRENT ASSETS
Stocks 5 815,859 396,143
Debtors 6 14,285 65,937
Cash at bank and in hand 4,339 2,459
834,483 464,539
Creditors: Amounts Falling Due Within One Year 7 (851,395 ) (463,911 )
NET CURRENT ASSETS (LIABILITIES) (16,912 ) 628
TOTAL ASSETS LESS CURRENT LIABILITIES (13,076 ) 6,874
Creditors: Amounts Falling Due After More Than One Year 8 (33,050 ) (45,493 )
PROVISIONS FOR LIABILITIES
Deferred Taxation 10 (729 ) (797 )
NET LIABILITIES (46,855 ) (39,416 )
CAPITAL AND RESERVES
Called up share capital 11 1 1
Profit and Loss Account (46,856 ) (39,417 )
SHAREHOLDERS' FUNDS (46,855) (39,416)
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For the year ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
O S Davies
Director
15th September 2025
The notes on pages 3 to 6 form part of these financial statements.
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Page 3
Notes to the Financial Statements
1. General Information
Dredco Limited is a private company, limited by shares, incorporated in England & Wales, registered number 08798340 . The registered office is Tranquil View, 3 High Street, Pembury, Kent, TN2 4PH.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Going Concern Disclosure
The directors have not identified any material uncertainties related to events or conditions that may cast significant doubt about the company's ability to continue as a going concern, which assumes the continuing support of the company's director and external funders.
2.3. Turnover
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 property and from the rendering of services.
Sale of goods
Turnover from the sale of property is recognisedon completion of the sale.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 25% Straight Line
Motor Vehicles 20% Reducing Balance
Fixtures & Fittings 25% Straight Line
Computer Equipment 25% Straight Line
2.5. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to the profit and loss account as incurred.
2.6. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
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2.7. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was as follows:
2024 2023
Office and administration 1 -
1 1
4. Tangible Assets
Plant & Machinery Motor Vehicles Fixtures & Fittings Computer Equipment Total
£ £ £ £ £
Cost
As at 29 December 2023 4,906 37,985 7,930 2,458 53,279
As at 31 December 2024 4,906 37,985 7,930 2,458 53,279
Depreciation
As at 29 December 2023 2,594 35,078 7,149 2,212 47,033
Provided during the period 787 726 651 246 2,410
As at 31 December 2024 3,381 35,804 7,800 2,458 49,443
Net Book Value
As at 31 December 2024 1,525 2,181 130 - 3,836
As at 29 December 2023 2,312 2,907 781 246 6,246
Included above are assets held under finance leases or hire purchase contracts with a net book value as follows:
5. Stocks
2024 2023
£ £
Stock 815,859 396,143
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6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 1,899 1,942
Prepayments and accrued income 4,608 3,881
VAT 6,940 60,114
Other taxes and social security 838 -
14,285 65,937
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 1,925 1,806
Trade creditors 4,892 560
Bank loans and overdrafts 8,160 2,166
Other taxes and social security - 4,675
Other creditors 802,641 403,285
Accruals and deferred income 995 995
Director's loan account 32,782 50,424
851,395 463,911
8. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 4,060 5,986
Bank loans 28,990 39,507
33,050 45,493
9. Obligations Under Finance Leases and Hire Purchase
2024 2023
£ £
The future minimum finance lease payments are as follows:
Not later than one year 1,925 1,806
Later than one year and not later than five years 4,060 5,986
5,985 7,792
5,985 7,792
10. Deferred Taxation
The provision for deferred tax is made up as follows:
2024 2023
£ £
Other timing differences 729 797
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11. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 1 1
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