REGISTERED NUMBER: 03062990 (England and Wales)

Drake Towage Limited

Unaudited Financial Statements

for the Year Ended 30 June 2025

Page

Company information

1

Chartered accountants' report

2

Statement of financial position

3

Notes to the financial statements

5

Directors:

M Sayer

R Sayer

Registered office:

41-43 Crab Marsh

Wisbech

Cambridgeshire

PE13 3JQ

Registered number:

03062990 (England and Wales)

Accountants:

Moore Thompson

Monica House

St Augustines Road

Wisbech

Cambridgeshire

PE13 3AD

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Statement of financial position. Readers are cautioned that the Income statement and certain other primary statements and the Directors' report are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Drake Towage Limited for the year ended 30 June 2025 which comprise the Income statement, Statement of financial position, Statement of changes in equity and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Drake Towage Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Drake Towage Limited and state those matters that we have agreed to state to the Board of Directors of Drake Towage Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Drake Towage Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Drake Towage Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Drake Towage Limited. You consider that Drake Towage Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Drake Towage Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Moore Thompson

Monica House

St Augustines Road

Wisbech

Cambridgeshire

PE13 3AD

9 December 2025

Fixed assets

Intangible assets

5

40,000

40,000

Tangible assets

6

1,699,031

1,701,038

1,739,031

1,741,038

Current assets

Stocks

10,000

25,000

Debtors

7

303,533

405,135

Cash at bank and in hand

787,469

2,000,212

1,101,002

2,430,347

Creditors

Amounts falling due within one year

8

184,315

300,135

Net current assets

916,687

2,130,212

Total assets less current liabilities

2,655,718

3,871,250

Provisions for liabilities

403,515

421,127

Net assets

2,252,203

3,450,123

Capital and reserves

Called up share capital

100

300

Capital redemption reserve

200

-

Retained earnings

2,251,903

3,449,823

Shareholders' funds

2,252,203

3,450,123

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2025 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 9 December 2025 and were signed on its behalf by:

M Sayer - Director

R Sayer - Director

1.	Statutory information

Drake Towage Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3.	Accounting policies

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention.

Turnover

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

Intangible assets

Intangible assets are usually measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Intangible assets with an indefinite useful life are not amortised.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Freehold property

-

Not depreciated

Plant and machinery

-

5% on a straight line basis

Fixtures and fittings

-

5% on a straight line basis

Motor vehicles

-

20% on a straight line basis

Computer equipment

-

33.33% Straight line

Stocks

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

Taxation

Taxation for the year 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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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 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

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.

4.	Employees and directors

The average number of employees during the year was 18 (2024 - 18 ) .

5.	Intangible fixed assets

Other

intangible

assets

£

Cost

At 1 July 2024

and 30 June 2025

40,000

Net book value

At 30 June 2025

40,000

At 30 June 2024

40,000

6.	Tangible fixed assets

Fixtures

Freehold

Plant and

and

property

machinery

fittings

£

£

£

Cost

At 1 July 2024

22,866

1,702,714

12,293

Additions

-

157,293

2,885

Disposals

-

(38,154

)

-

At 30 June 2025

22,866

1,821,853

15,178

Depreciation

At 1 July 2024

22,866

618,676

4,414

Charge for year

-

56,225

473

Eliminated on disposal

-

(17,472

)

-

At 30 June 2025

22,866

657,429

4,887

Net book value

At 30 June 2025

-

1,164,424

10,291

At 30 June 2024

-

1,084,038

7,879

Motor

Computer

vehicles

equipment

Totals

£

£

£

Cost

At 1 July 2024

977,335

17,881

2,733,089

Additions

84,865

3,686

248,729

Disposals

(252,356

)

-

(290,510

)

At 30 June 2025

809,844

21,567

2,691,308

Depreciation

At 1 July 2024

376,707

9,388

1,032,051

Charge for year

118,981

3,270

178,949

Eliminated on disposal

(201,251

)

-

(218,723

)

At 30 June 2025

294,437

12,658

992,277

Net book value

At 30 June 2025

515,407

8,909

1,699,031

At 30 June 2024

600,628

8,493

1,701,038

7.

Debtors

2025

2024

£

£

Amounts falling due within one year:

Trade debtors

106,768

173,139

Amounts owed by group undertakings

-

26,158

VAT

2,533

68,250

Prepayments

171,732

115,088

281,033

382,635

Amounts falling due after more than one year:

Other debtors

22,500

22,500

Aggregate amounts

303,533

405,135

8.

Creditors: amounts falling due within one year

2025

2024

£

£

Trade creditors

20,174

81,556

Amounts owed to group undertakings

19,842

-

Corporation Tax

64,572

140,860

Social security and other taxes

29,293

15,720

Other creditors

5,955

8,454

Directors' loan accounts

324

5,836

Accruals and deferred income

44,155

47,709

184,315

300,135

9.	Related party disclosures

During the year, the directors provided the company with an unsecured interest free loan. The amount outstanding at the balance sheet date was £324 (2024: £5,836).