The Secret Drawer Ltd.

	Page
Statement of Financial Position	1—2
Notes to the Financial Statements	3—6

1. General Information

The Secret Drawer Ltd. is a private company, limited by shares, incorporated in England & Wales, registered number 04884308 . The registered office is The Old Chapel, Sawley Street, Skipton, North Yorkshire, BD23 1SX.

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

The financial statements are prepared under the historical cost convention and in accordance with the FRS 102 Section 1A

Small Entities - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act

2006.

The financial statements are prepared under the historical cost basis.

The financial statements are prepared in sterling, which is the functional currency of the entity.

2.2. 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.

Turnover is invoiced and recognised on a staged basis throughout the job process.

2.3. Intangible Fixed Assets and Amortisation - Goodwill

Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to income statement over its estimated economic life of 10 years.

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:

Leasehold	20% straight line
Plant & Machinery	15% - 25% reducing balance
Motor Vehicles	25% reducing balance

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 income statement 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 income statement 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 after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.

2.7. 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 transactions 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.

Debt instruments are subsequently measured at amortised cost.

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The Secret Drawer Ltd.

Notes to the Financial Statements (continued)

For The Year Ended 30 September 2025

2.8. Taxation

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively.

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.

2.9. Pensions

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.

2.10. Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.

Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period is arises.

2.11. 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.

For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

2.12. Operating leases

Lease payments are recognised as an expense over the lease term on a straight-line basis.

3. Average Number of Employees

Average number of employees, including directors, during the year was: 23 (2024: 27)

4. Intangible Assets

	Goodwill
	£
Cost
As at 1 October 2024	27,900

As at 30 September 2025	27,900

Amortisation
As at 1 October 2024	26,505
Provided during the period	1,395

As at 30 September 2025	27,900

...CONTINUED

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The Secret Drawer Ltd.

Notes to the Financial Statements (continued)

For The Year Ended 30 September 2025

Net Book Value
As at 30 September 2025	-

As at 1 October 2024	1,395

5. Tangible Assets

	Land & Property
	Leasehold	Plant & Machinery	Motor Vehicles	Total
	£	£	£	£
Cost
As at 1 October 2024	226,884	300,982	130,204	658,070
Additions	-	2,035	124,573	126,608
Disposals	-	-	(45,417 )	(45,417 )

As at 30 September 2025	226,884	303,017	209,360	739,261

Depreciation
As at 1 October 2024	205,362	218,976	37,336	461,674
Provided during the period	5,381	13,568	27,961	46,910
Disposals	-	-	(5,677 )	(5,677 )

As at 30 September 2025	210,743	232,544	59,620	502,907

Net Book Value
As at 30 September 2025	16,141	70,473	149,740	236,354

As at 1 October 2024	21,522	82,006	92,868	196,396

6. Debtors

	2025	2024
	£	£
Due within one year
Trade debtors	241,682	91,499
Prepayments and accrued income	9,063	13,165
Corporation tax recoverable assets	-	2,719

	250,745	107,383

7. Creditors: Amounts Falling Due Within One Year

	2025	2024
	£	£
Net obligations under finance lease and hire purchase contracts	6,000	6,125
Trade creditors	43,304	64,471
Bank loans and overdrafts	10,000	10,000
Corporation tax	30,155	-
Other taxes and social security	17,420	17,952
VAT	66,808	37,348
Net wages	-	464
Accruals and deferred income	264,640	224,156
Director's loan account	4,846	1,141

	443,173	361,657

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The Secret Drawer Ltd.

Notes to the Financial Statements (continued)

For The Year Ended 30 September 2025

Included in creditors: amounts falling due within one year, are net obligations under hire purchase contracts of £6,000 (2024 - £6,125) which are secured against the assets to which they relate.

8. Creditors: Amounts Falling Due After More Than One Year

	2025	2024
	£	£
Net obligations under finance lease and hire purchase contracts	21,000	15,313
Bank loans	4,167	14,167

	25,167	29,480

Included in creditors: amounts falling due after more than one year, are net obligations under hire purchase contracts of £21,000 (2024 - £15,313) which are secured against the assets to which they relate.

9. Other Commitments

The total of future minimum lease payments under non-cancellable operating leases are as following:

	2025	2024
	£	£
Not later than one year	-	593
Later than one year and not later than five years	-	593

	-	1,186

10. Pension Commitments

The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £16,901 (2024 - £20,445).

Contributions totalling £nil (2024 - £3,222) were payable to the fund at the year end, and are included in creditors: amount falling due within one year.

11. Related Party Transactions

During the year, dividends of £31,000 (2024 - £42,000) were paid to the director.

Included in creditors: amounts falling due within one year, is a directors loan account balance of £4,846 (2024 - £1,141) owing to Mr R Mason.

The loan is interest free and repayable on demand.

12. Ultimate Controlling Party

The company is under the control of Mr R Mason & Mrs K Mason, who are interested in 100% of the company's issued share capital.

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		2025		2024
	Notes	£	£	£	£
FIXED ASSETS
Intangible Assets	4		-		1,395
Tangible Assets	5		236,354		196,396

			236,354		197,791
CURRENT ASSETS
Stocks		142,333		168,245
Debtors	6	250,745		107,383
Cash at bank and in hand		252,821		258,275

		645,899		533,903
Creditors: Amounts Falling Due Within One Year	7	(443,173 )		(361,657 )

NET CURRENT ASSETS (LIABILITIES)			202,726		172,246

TOTAL ASSETS LESS CURRENT LIABILITIES			439,080		370,037

Creditors: Amounts Falling Due After More Than One Year	8		(25,167 )		(29,480 )

PROVISIONS FOR LIABILITIES
Deferred Taxation			(59,089 )		(49,099 )

NET ASSETS			354,824		291,458

CAPITAL AND RESERVES
Called up share capital			100		100
Income Statement			354,724		291,358

SHAREHOLDERS' FUNDS			354,824		291,458