Draintec Solutions Limited - Accounts to registrar (filleted) - small 23.2.5
Draintec Solutions Limited - Accounts to registrar (filleted) - small 23.2.5
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MAY 2023 |
FOR |
DRAINTEC SOLUTIONS LIMITED |
DRAINTEC SOLUTIONS LIMITED (REGISTERED NUMBER: SC303174) |
CONTENTS OF THE FINANCIAL STATEMENTS |
for the Year Ended 31 May 2023 |
Page |
Abridged Balance Sheet | 1 |
Notes to the Financial Statements | 4 |
DRAINTEC SOLUTIONS LIMITED (REGISTERED NUMBER: SC303174) |
ABRIDGED BALANCE SHEET |
31 May 2023 |
31.5.23 | 31.5.22 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Stocks |
Debtors |
Cash at bank |
CREDITORS |
Amounts falling due within one year |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Revaluation reserve | 6 |
Capital redemption reserve |
Retained earnings |
SHAREHOLDERS' FUNDS |
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. |
DRAINTEC SOLUTIONS LIMITED (REGISTERED NUMBER: SC303174) |
ABRIDGED BALANCE SHEET - continued |
31 May 2023 |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
DRAINTEC SOLUTIONS LIMITED (REGISTERED NUMBER: SC303174) |
ABRIDGED BALANCE SHEET - continued |
31 May 2023 |
The financial statements were approved by the Board of Directors and authorised for issue on |
DRAINTEC SOLUTIONS LIMITED (REGISTERED NUMBER: SC303174) |
NOTES TO THE FINANCIAL STATEMENTS |
for the Year Ended 31 May 2023 |
1. | STATUTORY INFORMATION |
Draintec Solutions Limited is a |
Registered number: |
Registered office: |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover and revenue recognition |
Turnover represents net invoiced sales of goods and services, excluding VAT. Revenue is recognised when goods and services are provided to the customer. |
Tangible fixed assets |
Plant and machinery | - |
Motor vehicles | - |
Computer equipment | - |
Stocks |
Work in progress is valued at the lower of cost and net realisable value. |
Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition. |
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 balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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. |
DRAINTEC SOLUTIONS LIMITED (REGISTERED NUMBER: SC303174) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 May 2023 |
2. | ACCOUNTING POLICIES - continued |
Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
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. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | TANGIBLE FIXED ASSETS |
Totals |
£ |
COST OR VALUATION |
At 1 June 2022 |
Additions |
Disposals | ( |
) |
At 31 May 2023 |
DEPRECIATION |
At 1 June 2022 |
Charge for year |
Eliminated on disposal | ( |
) |
At 31 May 2023 |
NET BOOK VALUE |
At 31 May 2023 |
At 31 May 2022 |
Cost or valuation at 31 May 2023 is represented by: |
Totals |
£ |
Valuation in 2010 | 20,000 |
Valuation in 2012 | 255,054 |
Cost | 1,408,760 |
1,683,814 |
DRAINTEC SOLUTIONS LIMITED (REGISTERED NUMBER: SC303174) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 May 2023 |
4. | TANGIBLE FIXED ASSETS - continued |
If Plant and Machinery had not been revalued they would have been included at the following historical cost: |
31.5.23 | 31.5.22 |
£ | £ |
Cost | 79,875 | 79,875 |
Aggregate depreciation | 47,999 | 47,999 |
Plant and Machinery were valued on an open market basis on 31 May 2012 by an independent firm . |
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Totals |
£ |
COST OR VALUATION |
At 1 June 2022 | 440,573 |
Additions | 265,535 |
At 31 May 2023 | 706,108 |
DEPRECIATION |
At 1 June 2022 | 51,186 |
Charge for year | 107,265 |
At 31 May 2023 | 158,451 |
NET BOOK VALUE |
At 31 May 2023 | 547,657 |
At 31 May 2022 | 389,387 |
5. | SECURED DEBTS |
The following secured debts are included within creditors: |
31.5.23 | 31.5.22 |
£ | £ |
Bank loans |
There are two Royal Bank of Scotland floating charges over the assets of the company. |
6. | RESERVES |
Revaluation |
reserve |
£ |
At 1 June 2022 |
and 31 May 2023 |
7. | RELATED PARTY DISCLOSURES |
There is a loan of £63,245 due to Paddock Management Services Ltd, a company controlled by the same directors. |
DRAINTEC SOLUTIONS LIMITED (REGISTERED NUMBER: SC303174) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 May 2023 |
8. | ULTIMATE CONTROLLING PARTY |
The Directors own and control the company. |