Drakepine Limited - Period Ending 2019-03-30
Drakepine Limited - Period Ending 2019-03-30
Registration number:
Drakepine Limited
for the Period from 1 April 2018 to 30 March 2019
Certified Certified Accountants
Flat 25 Meadowgate
19 Corbins Lane
South Harrow
Middlesex
HA2 8ET
Drakepine Limited
Contents
Company Information |
|
Directors' Report |
|
Accountants' Report |
|
Profit and Loss Account |
|
Balance Sheet |
|
Statement of Changes in Equity |
|
Notes to the Financial Statements |
Drakepine Limited
Company Information
Directors |
T S Hooper J A Phillips |
Registered office |
|
Accountants |
|
Page 1 |
Drakepine Limited
Directors' Report for the Period from 1 April 2018 to 30 March 2019
The directors present their report and the financial statements for the period from 1 April 2018 to 30 March 2019.
Directors of the company
The directors who held office during the period were as follows:
Principal activity
The principal activity of the company is dealers in carpets and other floor coverings
Small companies provision statement
This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
Approved by the
.........................................
Director
Page 2 |
Chartered Certified Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Drakepine Limited
for the Period Ended 30 March 2019
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Drakepine Limited for the period ended 30 March 2019 as set out on pages 4 to 11 from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at
http://www.accaglobal.com/gb/en/discover/public-value/rulebook.html.
This report is made solely to the Board of Directors of Drakepine Limited, as a body, in accordance with the terms of our engagement letter dated 26 November 2018. Our work has been undertaken solely to prepare for your approval the accounts of Drakepine Limited and state those matters that we have agreed to state to the Board of Directors of Drakepine Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/gb/en/technical-activities/technical-resources-search/2009/
october/factsheet-163-audit-exempt-companies.html. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Drakepine Limited and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that Drakepine Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of Drakepine Limited. You consider that Drakepine Limited is exempt from the statutory audit requirement for the period.
We have not been instructed to carry out an audit or a review of the accounts of Drakepine 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 accounts.
......................................
Certified Certified Accountants
19 Corbins Lane
South Harrow
Middlesex
HA2 8ET
Page 3 |
Drakepine Limited
Profit and Loss Account for the Period from 1 April 2018 to 30 March 2019
Note |
2019 |
2018 |
|
Turnover |
|
|
|
Cost of sales |
( |
( |
|
Gross profit |
|
|
|
Administrative expenses |
( |
( |
|
Operating (loss)/profit |
( |
|
|
Other interest receivable and similar income |
- |
|
|
Interest payable and similar expenses |
( |
( |
|
(406) |
(198) |
||
(Loss)/profit before tax |
( |
|
|
Taxation |
|
( |
|
(Loss)/profit for the financial period |
( |
|
The above results were derived from continuing operations.
The company has no recognised gains or losses for the period other than the results above.
Page 4 |
Drakepine Limited
(Registration number: 02305427)
Balance Sheet as at 30 March 2019
Note |
2019 |
2018 |
|
Fixed assets |
|||
Tangible assets |
|
|
|
Current assets |
|||
Stocks |
|
|
|
Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current assets |
|
|
|
Total assets less current liabilities |
|
|
|
Creditors: Amounts falling due after more than one year |
- |
( |
|
Net assets |
|
|
|
Capital and reserves |
|||
Called up share capital |
|
|
|
Profit and loss account |
|
|
|
Total equity |
|
|
For the financial period ending 30 March 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
• |
|
• |
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
Approved and authorised by the
.........................................
Director
Page 5 |
Drakepine Limited
Statement of Changes in Equity for the Period from 1 April 2018 to 30 March 2019
Share capital |
Profit and loss account |
Total |
|
At 1 April 2018 |
|
|
|
Loss for the period |
- |
( |
( |
Total comprehensive income |
- |
( |
( |
Dividends |
- |
( |
( |
At 30 March 2019 |
|
|
|
Share capital |
Profit and loss account |
Total |
|
At 1 April 2017 |
|
|
|
Profit for the period |
- |
|
|
Total comprehensive income |
- |
|
|
Dividends |
- |
( |
( |
At 31 March 2018 |
|
|
|
Page 6 |
Drakepine Limited
Notes to the Financial Statements for the Period from 1 April 2018 to 30 March 2019
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
United Kingdom
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Tax
The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Page 7 |
Drakepine Limited
Notes to the Financial Statements for the Period from 1 April 2018 to 30 March 2019
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Land and buildings |
2% on cost |
Fixtures, fittings and equipment |
20% Reducing balance method |
Motor vehicles |
20% Reducing balance method |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Page 8 |
Drakepine Limited
Notes to the Financial Statements for the Period from 1 April 2018 to 30 March 2019
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease. Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.
Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Staff numbers |
The average number of persons employed by the company (including directors) during the period, was
Loss/profit before tax |
Arrived at after charging/(crediting)
2019 |
2018 |
|
Depreciation expense |
|
|
Page 9 |
Drakepine Limited
Notes to the Financial Statements for the Period from 1 April 2018 to 30 March 2019
Tangible assets |
Land and buildings |
Furniture, fittings and equipment |
Motor vehicles |
Total |
|
Cost or valuation |
||||
At 1 April 2018 |
|
|
|
|
At 30 March 2019 |
|
|
|
|
Depreciation |
||||
At 1 April 2018 |
|
|
|
|
Charge for the period |
|
|
|
|
At 30 March 2019 |
|
|
|
|
Carrying amount |
||||
At 30 March 2019 |
|
|
|
|
At 31 March 2018 |
|
|
|
|
Stocks |
2019 |
2018 |
|
Work in progress |
|
|
Debtors |
2019 |
2018 |
|
Trade debtors |
|
|
Prepayments |
|
|
Other debtors |
|
|
|
|
Creditors |
Creditors: amounts falling due within one year
Page 10 |
Drakepine Limited
Notes to the Financial Statements for the Period from 1 April 2018 to 30 March 2019
Note |
2019 |
2018 |
|
Due within one year |
|||
Bank loans and overdrafts |
|
|
|
Trade creditors |
|
|
|
Taxation and social security |
|
|
|
Accruals and deferred income |
|
|
|
Other creditors |
|
|
|
|
|
Creditors: amounts falling due after more than one year
Note |
2019 |
2018 |
|
Due after one year |
|||
Loans and borrowings |
- |
|
Loans and borrowings |
2019 |
2018 |
|
Non-current loans and borrowings |
||
Finance lease liabilities |
- |
|
2019 |
2018 |
|
Current loans and borrowings |
||
Bank borrowings |
|
- |
Finance lease liabilities |
|
|
|
|
Related party transactions |
Directors' remuneration
The directors' remuneration for the period was as follows:
2019 |
2018 |
|
Remuneration |
|
|
Page 11 |