Drake Financial Advisory Limited 31/12/2024 iXBRL

Company registration number: 10464774

Drake Financial Advisory Limited

Unaudited filleted financial statements

31 December 2024

Drake Financial Advisory Limited

Contents

Directors and other information

Statement of financial position

Notes to the financial statements

Drake Financial Advisory Limited

Directors and other information


	Directors	Mr C H F Methven
		Ms H Schutrumpf


	Company number	10464774


	Registered office	The Chilterns Fox
		Ibstone Road
		High Wycombe
		HP14 3XT


	Accountants	Redford & Co Limited
		Chartered Accountants
		First Floor
		64 Baker Street
		London
		W1U 7GB

Drake Financial Advisory Limited

Statement of financial position

31 December 2024

		2024		2023
	Note	£	£	£	£

Fixed assets
Investments	5	1,612,875		994,050
		_______		_______
			1,612,875		994,050

Current assets
Debtors	6	100,001		102,501
Cash at bank and in hand		24,178		1,559
		_______		_______
		124,179		104,060
Creditors: amounts falling due
within one year	7	( 1,684,961)		( 1,051,033)
		_______		_______
Net current liabilities			( 1,560,782)		( 946,973)
			_______		_______
Total assets less current liabilities			52,093		47,077

			_______		_______
Net assets			52,093		47,077
			_______		_______

Capital and reserves
Called up share capital			1		1
Profit and loss account			52,092		47,076
			_______		_______
Shareholders funds			52,093		47,077
			_______		_______

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.

Directors responsibilities:

- 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;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.

These financial statements were approved by the board of directors and authorised for issue on 15 December 2025 , and are signed on behalf of the board by:

Mr C H F Methven

Director

Company registration number: 10464774

Drake Financial Advisory Limited

Notes to the financial statements

Year ended 31 December 2024

1. General information

The company is a private company limited by shares, registered in England. The address of the registered office is The Chilterns Fox, Ibstone Road, High Wycombe, HP14 3XT.

2. Statement of compliance

These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis and in sterling, which is the functional currency of the entity.

Turnover

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Taxation

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period.Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Fixed asset investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.

Financial instruments

A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 2 (2023: 2 ).

5. Investments

	Other investments other than loans	Total
	£	£
Cost
At 1 January 2024	994,050	994,050
Additions	618,825	618,825
	_______	_______
At 31 December 2024	1,612,875	1,612,875
	_______	_______
Impairment
At 1 January 2024 and 31 December 2024	-	-
	_______	_______
Carrying amount
At 31 December 2024	1,612,875	1,612,875
	_______	_______
At 31 December 2023	994,050	994,050
	_______	_______

6. Debtors

	2024	2023
	£	£
Other debtors	100,001	102,501
	_______	_______

7. Creditors: amounts falling due within one year

	2024	2023
	£	£
Trade creditors	13,500	5,300
Corporation tax	2,785	4,427
Social security and other taxes	3,416	21,860
Other creditors	1,665,260	1,019,446
	_______	_______
	1,684,961	1,051,033
	_______	_______

8. Related party transactions

During the year, the company had a loan with Dragon Associates Limited, a company in which the director Mr C H F Methven is also a director and shareholder. The loan is interest free, unsecured and repayable on demand. The balance outstanding at the year end was £52,385 (2023: £25,396) and is show under other creditors.During the year, the company had a loan with The Chilterns Fox Limited, a company in which the director Mr C H F Methven is also a director and shareholder. The loan is interest free, unsecured and repayable on demand. The balance outstanding at the year end was £100,000 (2023: £100,000) and is show under other debtors. During the year, the company had a loan with Zorro y Toro Limited, a company in which the director Mr C H F Methven is also a director and shareholder. The loan is interest free, unsecured and repayable on demand. The balance outstanding at the year end was £10,850 (2023: £2,500 debtor) and is show under other current liabilities.

9. Controlling party

The company was controlled throughout the year by Mr C H F Methven, by virtue of his 100% holding of the share capital in the company.