Draintec Solutions Limited - Accounts to registrar (filleted) - small 23.2.5

Draintec Solutions Limited - Accounts to registrar (filleted) - small 23.2.5


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REGISTERED NUMBER: SC303174 (Scotland)




















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 4 892,311 775,350

CURRENT ASSETS
Stocks 20,686 23,117
Debtors 151,842 149,103
Cash at bank 709,059 380,616
881,587 552,836
CREDITORS
Amounts falling due within one year 480,424 338,189
NET CURRENT ASSETS 401,163 214,647
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,293,474

989,997

CREDITORS
Amounts falling due after more than one
year

(354,450

)

(309,172

)

PROVISIONS FOR LIABILITIES (166,911 ) (144,520 )
NET ASSETS 772,113 536,305

CAPITAL AND RESERVES
Called up share capital 1,500 1,500
Revaluation reserve 6 275,054 275,054
Capital redemption reserve 500 500
Retained earnings 495,059 259,251
SHAREHOLDERS' FUNDS 772,113 536,305

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2023 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.

DRAINTEC SOLUTIONS LIMITED (REGISTERED NUMBER: SC303174)

ABRIDGED BALANCE SHEET - continued
31 May 2023


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

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 31 May 2023 in accordance with Section 444(2A) of the Companies Act 2006.

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 14 November 2023 and were signed on its behalf by:





S McCallum - Director


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 private company, limited by shares , registered in Scotland. The company's registered number and registered office address are as below:

Registered number: SC303174

Registered office: 22 Backbrae Street
Kilsyth
G65 0NH

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
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. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

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
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery - 10% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 20% on reducing balance

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 15 (2022 - 18 ) .

4. TANGIBLE FIXED ASSETS
Totals
£   
COST OR VALUATION
At 1 June 2022 1,472,946
Additions 349,977
Disposals (139,109 )
At 31 May 2023 1,683,814
DEPRECIATION
At 1 June 2022 697,596
Charge for year 165,595
Eliminated on disposal (71,688 )
At 31 May 2023 791,503
NET BOOK VALUE
At 31 May 2023 892,311
At 31 May 2022 775,350

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 30,599 -

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 275,054

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.