Drybeck Limited Filleted accounts for Companies House (small and micro)

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COMPANY REGISTRATION NUMBER: 06607224

DRYBECK LIMITED

FILLETED UNAUDITED FINANCIAL STATEMENTS

31 May 2018

DRYBECK LIMITED

STATEMENT OF FINANCIAL POSITION

31 May 2018

	2018		2017
Note	£	£	£	£

FIXED ASSETS

Tangible assets	5		43,033		64,503

CURRENT ASSETS

Debtors	6	1,987	1,820
Cash at bank and in hand		11,631	124,620
		--------	---------
		13,618	126,440

CREDITORS: Amounts falling due within one year	7	32,178		147,024
		--------		---------
NET CURRENT LIABILITIES			18,560		20,584
			--------		--------
TOTAL ASSETS LESS CURRENT LIABILITIES			24,473		43,919

PROVISIONS

Taxation including deferred tax	8,176	12,256
	--------	--------
NET ASSETS	16,297	31,663
	--------	--------

CAPITAL AND RESERVES

Called up share capital	2	2
Profit and loss account	16,295	31,661
	--------	--------
SHAREHOLDERS FUNDS	16,297	31,663
	--------	--------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

For the year ending 31 May 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

DRYBECK LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

31 May 2018

These financial statements were approved by the board of directors and authorised for issue on 9 November 2018 , and are signed on behalf of the board by:

R. Holgate	J. Holgate
Director	Director

Company registration number: 06607224

DRYBECK LIMITED

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 MAY 2018

1. GENERAL INFORMATION

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Green Fold House, Silverdale Road, Yealand, Redmayne, Carnforth, LA5 9TA, Lancashire.

2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. ACCOUNTING POLICIES

(a) Basis of preparation

The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.

(b) Operating lease agreements

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profits on a straight line basis over the period of the lease.

The turnover shown in the profit and loss account represents the invoice value of goods supplied and services provided during the year, exclusive of Value Added Tax.

(d) Taxation

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

(e) Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.

(f) Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

	Equipment	-	`20% per annum reducing balance`

(g) 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 as a finance cost in profit or loss in the period it arises.

(h) Financial instruments

Basic financial instruments are recognised at amortised cost.

4. EMPLOYEE NUMBERS

The average number of persons employed by the company during the year amounted to 2 (2017: 2 ).

5. TANGIBLE ASSETS

	Equipment	Total
	£	£
Cost
At 1 June 2017	157,552	157,552
Disposals	( 22,462)	( 22,462)
	---------	---------
At 31 May 2018	135,090	135,090
	---------	---------
Depreciation
At 1 June 2017	93,049	93,049
Charge for the year	10,758	10,758
Disposals	( 11,750)	( 11,750)
	---------	---------
At 31 May 2018	92,057	92,057
	---------	---------
Carrying amount
At 31 May 2018	43,033	43,033
	---------	---------
At 31 May 2017	64,503	64,503
	---------	---------

6. DEBTORS

	2018	2017
	£	£
Prepayments and accrued income	1,754	1,617
Other debtors	233	203
	-------	-------
	1,987	1,820
	-------	-------

7. CREDITORS: Amounts falling due within one year

	2018	2017
	£	£
Trade creditors	434	–
Accruals and deferred income	750	5,135
Corporation tax	983	203
Director loan accounts	30,011	141,686
	--------	---------
	32,178	147,024
	--------	---------

8. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

There are no transactions with directors that require disclosure under FRS 102.

9. RELATED PARTY TRANSACTIONS

The company was under the control of the directors throughout the year. No transactions with related parties were undertaken such as are required to be disclosed under the provisions of FRS 102 Section 1A.