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Registration number: 04052186

Bascomb & Drew Ltd.

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2024

 

Bascomb & Drew Ltd.

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 8

Accountants' Report

9

 

Bascomb & Drew Ltd.

Company Information

Directors

Mrs Fiona Dean

Mr William Griffith

Mr Blake Anthony Buckingham

Mr Andrew Paul Dean

Mrs Maja M Griffith

Company secretary

Mr William Griffith

Registered office

Keephatch Farmhouse
Clover Close
Wokingham
Berkshire
RG40 5PU

Accountants

EQ Accountants Ltd
Unit 4B
Gateway Business Park
Beancross Road
Grangemouth
FK3 8WX

 

Bascomb & Drew Ltd.

(Registration number: 04052186)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

77,756

42,844

Current assets

 

Stocks

5

177,777

79,764

Debtors

6

597,328

355,291

Cash at bank and in hand

 

137,635

209,214

 

912,740

644,269

Creditors: Amounts falling due within one year

7

(590,006)

(260,187)

Net current assets

 

322,734

384,082

Total assets less current liabilities

 

400,490

426,926

Creditors: Amounts falling due after more than one year

7

(29,366)

(14,939)

Provisions for liabilities

(17,106)

(8,140)

Net assets

 

354,018

403,847

Capital and reserves

 

Called up share capital

1,000

1,000

Retained earnings

353,018

402,847

Shareholders' funds

 

354,018

403,847

For the financial year ending 31 March 2024 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 accounts for the year in question in accordance with section 476; and

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

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 18 July 2024 and signed on its behalf by:
 

.........................................
Mr Andrew Paul Dean
Director

 

Bascomb & Drew Ltd.

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

1

General information

The company is a private company limited by share capital, incorporated in England.

2

Accounting policies

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

 

Bascomb & Drew Ltd.

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

25% on reducing balance

Fixtures and fittings

25% on reducing balance

Motor vehicles

25% on reducing balance

Computer equipment

33% on cost

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Financial instruments

Classification
Financial instruments are classified and accounted for, according to the substance of the contractual
arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any
contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

 

3

Employees and Directors

The average number of persons employed by the company (including directors) during the year, was 4 (2023 - 4).

 

Bascomb & Drew Ltd.

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

4

Tangible assets

Fixtures and fittings
£

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2023

1,064

987

3,661

93,570

99,282

Additions

200

-

1,010

72,157

73,367

Disposals

-

-

-

(27,300)

(27,300)

At 31 March 2024

1,264

987

4,671

138,427

145,349

Depreciation

At 1 April 2023

1,064

634

3,123

51,617

56,438

Charge for the year

50

116

713

31,097

31,976

Eliminated on disposal

-

-

-

(20,821)

(20,821)

At 31 March 2024

1,114

750

3,836

61,893

67,593

Carrying amount

At 31 March 2024

150

237

835

76,534

77,756

At 31 March 2023

-

353

538

41,953

42,844

5

Stocks

2024
£

2023
£

Work in progress

168,777

70,764

Other inventories

9,000

9,000

177,777

79,764

6

Debtors

Current

2024
£

2023
£

Other debtors

597,328

355,291

 

597,328

355,291

7

Creditors

Creditors: amounts falling due within one year

 

Bascomb & Drew Ltd.

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

8

27,601

10,400

Trade creditors

 

11,746

-

Taxation and social security

 

194,763

234,479

Other creditors

 

355,896

15,308

 

590,006

260,187

 

Bascomb & Drew Ltd.

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

8

29,366

14,939

8

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

-

4,392

Hire purchase contracts

29,366

10,547

29,366

14,939

Current loans and borrowings

2024
£

2023
£

Bank borrowings

-

2,152

Hire purchase contracts

27,601

8,248

27,601

10,400

9

Leasing agreements

Minimum lease payments under non-cancellable operating leases fall due as follows:
 

2024
 £

2023
 £

Within one year

10,648

13,384

Between one and five years

3,622

15,051

14,270

28,435

 

Bascomb & Drew Ltd.

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

10

Related party transactions

Creditors include the following amounts which are owed to individuals who were directors of the company during the year:

2024
 £

2023
 £

Mr W Griffith

1,005

1,064

Mr A Dean

311

354

 

1,316

1,418

The directors current accounts are repayable on demand.

Included within other debtors is an inter-company loan of £350,235 (2023:£250,000) due from Bascomb & Drew Maintenance Ltd, a company which has the same directors as Bascomb & Drew Limited.

Also included within other debtors is an inter-company loan of £247,092 (2023:£101,528) due from Bascomb & Drew Developments Ltd, a company which has the same directors as Bascomb & Drew Limited.

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Bascomb & Drew Ltd.
for the Year Ended 31 March 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Bascomb & Drew Ltd. for the year ended 31 March 2024 as set out on pages 2 to 8 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of ICAS, we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/accountspreparationguidance.

This report is made solely to the Board of Directors of Bascomb & Drew Ltd., as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Bascomb & Drew Ltd. and state those matters that we have agreed to state to the Board of Directors of Bascomb & Drew Ltd., as a body, in this report in accordance with the requirements of ICAS as detailed at http://www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Bascomb & Drew Ltd. and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Bascomb & Drew Ltd. has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Bascomb & Drew Ltd.. You consider that Bascomb & Drew Ltd. is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Bascomb & Drew Ltd.. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

EQ Accountants Ltd
Unit 4B
Gateway Business Park
Beancross Road
Grangemouth
FK3 8WX

18 July 2024