Company No: 05470315 (England and Wales)

Contents

• Company Information
• Statement of Financial Position
• Notes to the Financial Statements

DIRECTOR

Ken Twydell

REGISTERED OFFICE	Century House
	Nicholson Road
	Torquay
	Devon
	England
	TQ2 7TD
	United Kingdom

COMPANY NUMBER

05470315 (England and Wales)

CHARTERED ACCOUNTANTS	Bishop Fleming LLP
	Century House
	Nicholson Road
	Torquay
	TQ2 7TD

	Note	2021		2020
		£		£
Fixed assets
Tangible assets	4	43,052		21,879
		43,052		21,879
Current assets
Stocks	5	0		1,000
Debtors	6	14,892		6,758
Cash at bank and in hand		14,556		17,929
		29,448		25,687
Creditors
Amounts falling due within one year	7	( 11,049)		( 18,748)
Net current assets		18,399		6,939
Total assets less current liabilities		61,451		28,818
Creditors
Amounts falling due after more than one year	8	( 12,090)		0
Provisions for liabilities	9	( 10,378)		( 3,781)
Net assets		38,983		25,037
Capital and reserves
Called-up share capital	10	100		100
Profit and loss account		38,883		24,937
Total shareholder's funds		38,983		25,037

For the financial year ending 30 June 2021 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

• The member has not required the Company to obtain an audit of its financial statements for the financial year in accordance with section 476;
• The director acknowledges their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Profit and Loss Account has not been delivered.

The financial statements of Draincure (SW) Limited (registered number: 05470315) were approved and authorised for issue by the Director on 24 June 2022. They were signed on its behalf by:

Ken Twydell Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year.

General information and basis of accounting

Draincure (SW) Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales (Company number 05470315). The address of the Company's registered office is Century House, Nicholson Road, Torquay, Devon, England, TQ2 7TD, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council.

The functional currency of Draincure (SW) Limited is considered to be pounds sterling because that is the currency of the primary economic environment in which the Company operates.

Going concern

The director has assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The director has a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the sale of goods is recognised when the goods are physically delivered to the customer. Turnover from the supply of services represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the fair value of the consideration received or receivable. Where a contract has only been partially completed at the Statement of Financial Position date turnover represents the fair value of the service provided to date based on the stage of completion of the contract activity at the Statement of Financial Position date. Where payments are received from customers in advance of services provided, the amounts are recorded as deferred income and included as part of creditors due within one year.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Statement of Income and Retained Earnings in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Statement of Financial Position.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.

Deferred tax assets and liabilities are not discounted.

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis over its useful economic life of 10 years.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery - 25% reducing balance
Motor vehicles - 25% reducing balance
Fixtures and fittings - 15% reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Statement of Financial Position date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

2. Employees

	2021		2020
	Number		Number
Monthly average number of persons employed by the Company during the year, including the director	4		4

3. Intangible assets

	Goodwill		Total
	£		£
Cost
At 01 July 2020	58,514		58,514
At 30 June 2021	58,514		58,514
Accumulated amortisation
At 01 July 2020	58,514		58,514
At 30 June 2021	58,514		58,514
Net book value
At 30 June 2021	0		0
At 30 June 2020	0		0

4. Tangible assets

	Plant and machinery		Vehicles		Fixtures and fittings		Total
	£		£		£		£
Cost
At 01 July 2020	61,718		33,307		4,956		99,981
Additions	2,218		24,885		168		27,271
At 30 June 2021	63,936		58,192		5,124		127,252
Accumulated depreciation
At 01 July 2020	46,722		27,986		3,394		78,102
Charge for the financial year	4,009		1,848		241		6,098
At 30 June 2021	50,731		29,834		3,635		84,200
Net book value
At 30 June 2021	13,205		28,358		1,489		43,052
At 30 June 2020	14,996		5,321		1,562		21,879

5. Stocks

	2021		2020
	£		£
Stocks	0		1,000

6. Debtors

	2021		2020
	£		£
Trade debtors	5,057		1,889
Amounts owed by director	4,250		1,576
Prepayments	2,979		2,475
Other taxation and social security	1,569		0
Other debtors	1,037		818
	14,892		6,758

7. Creditors: amounts falling due within one year

	2021		2020
	£		£
Bank loans	7,400		0
Trade creditors	445		387
Other creditors	727		4,770
Accruals	1,699		1,465
Corporation tax	219		3,371
Other taxation and social security	559		8,755
	11,049		18,748

8. Creditors: amounts falling due after more than one year

	2021		2020
	£		£
Bank loans	12,090		0

There are no amounts included above in respect of which any security has been given by the small entity.

9. Deferred tax

	2021		2020
	£		£
At the beginning of financial year	( 3,781)		( 2,966)
Charged to the Statement of Income and Retained Earnings	( 6,597)		( 815)
At the end of financial year	( 10,378)		( 3,781)

10. Called-up share capital

	2021		2020
	£		£
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each	100		100

11. Financial commitments

Pensions

The Company operates a defined contribution pension scheme for the director and employees. The assets of the scheme are held separately from those of the Company in an independently administered fund.

	2021		2020
	£		£
Unpaid contributions due to the fund (inc. in other creditors)	309		205

12. Related party transactions

Transactions with the entity's director

	2021		2020
	£		£
Dividends	2,000		2,000

Advances

During the year the director maintained loan accounts with the company. At the year-end the director owed the company £4,250 (2020: £1,576). No interest is charged and there are no set repayment terms.