Company registration number 00438124 (England and Wales)
JAMES DREWITT & SON LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
JAMES DREWITT & SON LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
JAMES DREWITT & SON LIMITED
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
42,739
43,114
Investment properties
5
4,026,723
4,026,723
Investments
6
500
500
4,069,962
4,070,337
Current assets
Debtors
7
96,677
121,902
Investments
8
200,000
Cash at bank and in hand
259,749
405,703
556,426
527,605
Creditors: amounts falling due within one year
9
(332,792)
(322,171)
Net current assets
223,634
205,434
Total assets less current liabilities
4,293,596
4,275,771
Creditors: amounts falling due after more than one year
10
(274,464)
(320,925)
Provisions for liabilities
(3,732)
(2,570)
Net assets
4,015,400
3,952,276
Capital and reserves
Called up share capital
96,080
96,080
Capital redemption reserve
4,020
4,020
Profit and loss reserves
3,915,300
3,852,176
Total equity
4,015,400
3,952,276
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
JAMES DREWITT & SON LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2024
31 March 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 16 October 2024 and are signed on its behalf by:
G D Drewitt
Director
Company Registration No. 00438124
JAMES DREWITT & SON LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
1
Accounting policies
Company information
James Drewitt & Son LimitedJAMES DREWITT & SON LIMITED is a private company limited by shares incorporated in England and Wales. The registered office is 865 Ringwood Road, Bournemouth, Dorset, United Kingdom, BH11 8LW.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
1.2
Turnover
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised.
Rendering of services
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all the following conditions are satisfied:
The amount of revenue can be measured reliably.
it is probable that the Company will receive the consideration due under the contract.
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and equipment
20% on cost
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.4
Investment properties
Investment property is carried at fair value determined annually by the directors and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the Statement of Comprehensive Income.
1.5
Fixed asset investments
Investments in subsidiaries are measured at cost less accumulated impairment.
JAMES DREWITT & SON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 4 -
1.6
Cash at bank and in hand
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.7
Financial instruments
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans and loans from fellow group, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Finance costs are charged to the Statement of Comprehensive Income over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
1.8
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
JAMES DREWITT & SON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 5 -
1.9
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
3
3
JAMES DREWITT & SON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 6 -
4
Tangible fixed assets
Plant and equipment
£
Cost
At 1 April 2023
169,731
Additions
13,003
At 31 March 2024
182,734
Depreciation and impairment
At 1 April 2023
126,617
Depreciation charged in the year
13,378
At 31 March 2024
139,995
Carrying amount
At 31 March 2024
42,739
At 31 March 2023
43,114
5
Investment property
2024
£
Fair value
At 1 April 2023 and 31 March 2024
4,026,723
The 2018 valuations were made by G Drewitt, a director of the company and a qualified Chartered Surveyor, on an open market value for existing use basis.
If the investment properties had been accounted for under the historic cost accounting rules, the properties would have been valued at £3,307,025.
6
Fixed asset investments
2024
2023
£
£
Other investments other than loans
500
500
7
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
88,282
73,360
Other debtors
8,395
38,542
96,677
111,902
JAMES DREWITT & SON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
7
Debtors
(Continued)
- 7 -
2024
2023
Amounts falling due after more than one year:
£
£
Other debtors
10,000
Total debtors
96,677
121,902
8
Current asset investments
2024
2023
£
£
Other investments
200,000
9
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
11
28,462
28,462
Obligations under finance leases
242
Trade creditors
29,574
48,809
Amounts owed to group undertakings
18,500
18,500
Corporation tax
21,100
23,826
Other taxation and social security
24,092
17,541
Other creditors
75,844
71,485
Accruals and deferred income
135,220
113,306
332,792
322,171
10
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Bank loans and overdrafts
11
213,464
241,925
Amounts owed to group undertakings
61,000
79,000
274,464
320,925
JAMES DREWITT & SON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 8 -
11
Loans and overdrafts
2024
2023
£
£
Bank loans
241,926
270,387
Payable within one year
28,462
28,462
Payable after one year
213,464
241,925
Outstanding bank loans are secured by a fixed charge over the related freehold properties .
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