REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 31 December 2023 |
for |
Drysdale Brothers (Larbert) Limited |
REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 31 December 2023 |
for |
Drysdale Brothers (Larbert) Limited |
Drysdale Brothers (Larbert) Limited (Registered number: SC015465) |
Contents of the Financial Statements |
for the Year Ended 31 December 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
Drysdale Brothers (Larbert) Limited |
Company Information |
for the Year Ended 31 December 2023 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
10 Duckburn Business Park |
Dunblane |
FK15 0EW |
Drysdale Brothers (Larbert) Limited (Registered number: SC015465) |
Balance Sheet |
31 December 2023 |
31/12/23 | 31/12/22 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investments | 5 |
CURRENT ASSETS |
Stocks |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
8 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Revaluation reserve | 10 |
Capital redemption reserve |
Other reserves |
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. |
Drysdale Brothers (Larbert) Limited (Registered number: SC015465) |
Balance Sheet - continued |
31 December 2023 |
In accordance with Section 444 of the Companies Act 2006, the Profit and loss account has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
Drysdale Brothers (Larbert) Limited (Registered number: SC015465) |
Notes to the Financial Statements |
for the Year Ended 31 December 2023 |
1. | STATUTORY INFORMATION |
Drysdale Brothers (Larbert) Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention, modified to include the revaluation of certain assets, and on the going concern basis. They are presented in sterling, which is the functional currency of the company. |
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires the directors to exercise their judgement in the application of the company's accounting policies. They do not consider that there are any matters arising in this regard that are so significant to the financial statements as to require separate disclosure. |
The principal accounting policies applied in the preparation of these financial statements are set out below. They have been applied consistently to all years presented, unless otherwise stated. |
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. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. It is recognised when the company becomes entitled to it, normally on the rendering of an invoice. |
Tangible fixed assets |
Land and buildings | - |
Plant and machinery etc | - |
Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
Stocks and work in progress |
Stocks and work in progress, including outward consignment inventories, are valued at the lower of cost and net realisable value on a first-in, first-out basis. Cost comprises raw material, labour and attributable production overheads. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and loss account, 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. |
Drysdale Brothers (Larbert) Limited (Registered number: SC015465) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
2. | ACCOUNTING POLICIES - continued |
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. |
Research and development |
Research expenditure is written off as incurred. Development expenditure is similarly treated unless it relates to the production of new or substantially improved products,in which case it may be capitalised as incurred after the technical feasibility and commercial viability of the products have been proven, and costs can be measured accurately. Capitalised development expenditure is written off over the expected life of the product, subject to a maximum period of 10 years. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
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. |
Operating lease rentals and any incentives receivable are recognised in the profit and loss account on a straight-line basis over the term 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. |
Debtors and creditors due within one year |
Debtors, prepayments, creditors and provisions are recognised at the transaction value, after taking account of any discounts or impairments. |
Cash and cash equivalents |
Cash at bank and in hand includes cash, bank current accounts and bank deposits repayable without penalty on notice of not more than three months. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
Drysdale Brothers (Larbert) Limited (Registered number: SC015465) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
4. | TANGIBLE FIXED ASSETS |
Plant and |
Land and | machinery |
buildings | etc | Totals |
£ | £ | £ |
COST OR VALUATION |
At 1 January 2023 |
Additions |
Disposals | ( |
) | ( |
) |
At 31 December 2023 |
DEPRECIATION |
At 1 January 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
Cost or valuation at 31 December 2023 is represented by: |
Plant and |
Land and | machinery |
buildings | etc | Totals |
£ | £ | £ |
Valuation in 1975 | 30,500 | - | 30,500 |
Valuation in 1988 | 162,500 | - | 162,500 |
Valuation in 1998 | 55,875 | - | 55,875 |
Cost | 477,880 | 5,732,437 | 6,210,317 |
726,755 | 5,732,437 | 6,459,192 |
The heritable property has been revalued as noted above. This value has been adopted as deemed cost for the purposes of FRS 102. |
The comparable amounts for heritable property at historical cost were: |
£ |
Cost | 477,880 |
Depreciation | 142,675 |
Net Book Value | 335,205 |
Drysdale Brothers (Larbert) Limited (Registered number: SC015465) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
5. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
£ |
COST |
At 1 January 2023 |
and 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31/12/23 | 31/12/22 |
£ | £ |
Trade debtors |
Other debtors |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31/12/23 | 31/12/22 |
£ | £ |
Hire purchase contracts |
Trade creditors |
Amounts owed to group undertakings |
Taxation and social security |
Other creditors |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31/12/23 | 31/12/22 |
£ | £ |
Hire purchase contracts |
9. | SECURED DEBTS |
Bank borrowings are secured by a bond and floating charges over the company's assets and a standard security over the premises at 340 Main Street, Stenhousemuir. |
Drysdale Brothers (Larbert) Limited (Registered number: SC015465) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
10. | RESERVES |
Revaluation |
reserve |
£ |
At 1 January 2023 |
Revaluation reserve element |
of depreciation charge | (12,977 | ) |
Revaluation reserve element of deferred tax charge |
(2,941 |
) |
At 31 December 2023 |
Deferred tax is provided on revaluation increases, and a charge is made to the revaluation reserve for the tax relating to the revaluation element of the tax provision. |