REGISTERED NUMBER:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
UNAUDITED FINANCIAL STATEMENTS |
|
FOR THE YEAR ENDED 31 JANUARY 2020 |
|
FOR |
|
DRAIN AID LIMITED |
REGISTERED NUMBER:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
UNAUDITED FINANCIAL STATEMENTS |
|
FOR THE YEAR ENDED 31 JANUARY 2020 |
|
FOR |
|
DRAIN AID LIMITED |
DRAIN AID LIMITED (REGISTERED NUMBER: 03500245) |
|
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 JANUARY 2020 |
|
|
|
|
|
|
|
|
|
|
Page |
|
Company Information | 1 |
|
Balance Sheet | 2 |
|
Notes to the Financial Statements | 3 |
|
DRAIN AID LIMITED |
|
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 JANUARY 2020 |
|
|
|
|
|
|
|
DIRECTORS: |
|
|
|
|
|
|
|
SECRETARY: |
|
|
|
|
|
|
REGISTERED OFFICE: |
|
|
|
|
|
|
|
|
|
|
|
REGISTERED NUMBER: |
|
|
|
|
|
|
ACCOUNTANTS: |
|
Chartered Accountants |
Shalford Court |
95 Springfield Road |
Chelmsford |
Essex |
CM2 6JL |
DRAIN AID LIMITED (REGISTERED NUMBER: 03500245) |
|
BALANCE SHEET |
31 JANUARY 2020 |
|
2020 | 2019 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
|
|
Investments | 5 |
|
|
|
|
|
CURRENT ASSETS |
Debtors | 6 |
|
|
Cash at bank |
|
|
|
|
CREDITORS |
Amounts falling due within one year | 7 |
|
|
NET CURRENT ASSETS |
|
|
TOTAL ASSETS LESS CURRENT
LIABILITIES |
|
|
|
PROVISIONS FOR LIABILITIES | 9 |
|
|
NET ASSETS |
|
|
|
CAPITAL AND RESERVES |
Called up share capital |
|
|
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. |
|
|
|
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
|
The financial statements were approved by the Board of Directors and authorised for issue on
|
|
|
|
|
|
|
|
DRAIN AID LIMITED (REGISTERED NUMBER: 03500245) |
|
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 JANUARY 2020 |
|
|
1. | STATUTORY INFORMATION |
|
Drain Aid Limited is a
|
|
The presentation currency of the financial statements is the Pound Sterling (£). |
|
|
2. | ACCOUNTING POLICIES |
|
Basis of preparing the financial statements |
|
|
Preparation of consolidated financial statements |
The financial statements contain information about Drain Aid Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements. |
|
Related party exemption |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
|
Revenue recognition |
Revenue is measured at the fair value of the consideration received or receivable and represents the amount receivable for services supplied, net of returns, discounts and value added taxes. |
|
Revenue is recognised based on the service delivery date of when services are delivered to the customer, such that the risks and rewards of ownership have passed to them. |
|
Tangible fixed assets |
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. |
|
Plant and machinery | 25% - 33% on reducing balance |
Fixtures and fittings | 33% on cost |
Motor vehicles | 25% on reducing balance |
|
Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
|
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. |
|
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
DRAIN AID LIMITED (REGISTERED NUMBER: 03500245) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JANUARY 2020 |
|
|
2. | ACCOUNTING POLICIES - continued |
|
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. |
|
Fixed asset investments |
Fixed asset investments are stated at cost less provision for any diminution in value. |
|
3. | EMPLOYEES AND DIRECTORS |
|
The average number of employees during the year was
|
|
4. | TANGIBLE FIXED ASSETS |
Fixtures |
Plant and | and | Motor |
machinery | fittings | vehicles | Totals |
£ | £ | £ | £ |
COST |
At 1 February 2019 |
|
|
|
|
Additions |
|
|
|
|
Disposals |
|
|
( |
) | ( |
) |
At 31 January 2020 |
|
|
|
|
DEPRECIATION |
At 1 February 2019 |
|
|
|
|
Charge for year |
|
|
|
|
Eliminated on disposal |
|
|
( |
) | ( |
) |
At 31 January 2020 |
|
|
|
|
NET BOOK VALUE |
At 31 January 2020 |
|
|
|
|
At 31 January 2019 |
|
|
|
|
|
5. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
£ |
COST |
At 1 February 2019 |
and 31 January 2020 |
|
NET BOOK VALUE |
At 31 January 2020 |
|
At 31 January 2019 |
|
DRAIN AID LIMITED (REGISTERED NUMBER: 03500245) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JANUARY 2020 |
|
|
5. | FIXED ASSET INVESTMENTS - continued |
|
The company's investments at the Balance Sheet date in the share capital of companies include the following: |
|
|
Registered office: |
Nature of business: |
% |
Class of shares: | holding |
|
|
|
|
£ | £ |
Aggregate capital and reserves |
|
|
Profit for the year |
|
|
|
The company has a 60% share in GDM Management LLP (number OC342187), a limited liability partnership whose registered office is Home Farm Broad Street, Green Road, Great Totham, Maldon, Essex CM9 8NU.The partnership was incorporated on 18 December 2008 in the United Kingdom and is trading in property management, and the provision of short term secured bridging finance via a broker, and motor vehicle finance. |
Drain Aid Limited received 60% of the profit of GDM Management LLP for the year ended 31 January 2020 amounting to £148,308 (2019 : £226,150). |
|
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2020 | 2019 |
£ | £ |
Trade debtors |
|
|
Amounts owed by group undertakings |
|
|
Prepayments and accrued income |
|
|
|
|
|
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2020 | 2019 |
£ | £ |
Trade creditors |
|
|
Amounts owed to group undertakings |
|
|
Corporation tax |
|
|
Social security and other taxes |
|
|
VAT | 53,440 | 42,176 |
Accruals and deferred income |
|
|
|
|
|
8. | LEASING AGREEMENTS |
|
Minimum lease payments under non-cancellable operating leases fall due as follows: |
2020 | 2019 |
£ | £ |
Within one year |
|
|
Between one and five years |
|
|
In more than five years |
|
|
|
|
|
9. | PROVISIONS FOR LIABILITIES |
2020 | 2019 |
£ | £ |
Deferred tax |
Accelerated capital allowances | 27,629 | 23,014 |
DRAIN AID LIMITED (REGISTERED NUMBER: 03500245) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JANUARY 2020 |
|
|
9. | PROVISIONS FOR LIABILITIES - continued |
|
Deferred |
tax |
£ |
Balance at 1 February 2019 |
|
Charge to Income Statement during year |
|
Balance at 31 January 2020 |
|
|
10. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
|
The following advances and credits to a director subsisted during the years ended 31 January 2020 and 31 January 2019: |
|
2020 | 2019 |
£ | £ |
|
Balance outstanding at start of year |
|
|
Amounts repaid |
|
( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
|
|
|
11. | RELATED PARTY DISCLOSURES |
|
At 31 January 2020 the company was owed £1,474,969 (2019 : £1,326,661) by GDM Management LLP. GDM Management LLP is a limited liability partnership of which the partners are Drain aid Limited and Mark Pepper as trustee of the Robert Cotton No 1 Settlement. Mr R L Cotton is the sole beneficiary of the Robert No 1 Settlement. The partnership profits in GDM Management LLP are shared 60% Drain Aid Limited and 40% Robert Cotton No 1 Settlement. |
|
12. | ULTIMATE CONTROLLING PARTY |
|
The ultimate controlling party is Mr R L Cotton by virtue of his shareholding in GDM Holdings Limited. |
|
The company is a wholly owned subsidiary of GDM Holdings Limited whose registered office is the same as the company's registered office. |