Registration number:
Bascomb & Drew Ltd.
for the Year Ended 31 March 2024
Bascomb & Drew Ltd.
Contents
Company Information |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
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Accountants' Report |
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 |
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Accountants |
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Bascomb & Drew Ltd.
(Registration number: 04052186)
Balance Sheet as at 31 March 2024
Note |
2024 |
2023 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
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Provisions for liabilities |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Retained earnings |
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Shareholders' funds |
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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:
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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
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Bascomb & Drew Ltd.
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024
General information |
The company is a private company limited by share capital, incorporated in England.
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
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.
Employees and Directors |
The average number of persons employed by the company (including directors) during the year, was
Bascomb & Drew Ltd.
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024
Tangible assets |
Fixtures and fittings |
Plant and machinery |
Office equipment |
Motor vehicles |
Total |
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Cost or valuation |
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At 1 April 2023 |
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Additions |
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Disposals |
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At 31 March 2024 |
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Depreciation |
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At 1 April 2023 |
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Charge for the year |
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Eliminated on disposal |
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At 31 March 2024 |
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Carrying amount |
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At 31 March 2024 |
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At 31 March 2023 |
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Stocks |
2024 |
2023 |
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Work in progress |
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Other inventories |
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Debtors |
Current |
2024 |
2023 |
Other debtors |
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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 |
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Due within one year |
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Loans and borrowings |
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Trade creditors |
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- |
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Taxation and social security |
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Other creditors |
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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 |
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Due after one year |
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Loans and borrowings |
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Loans and borrowings |
Non-current loans and borrowings
2024 |
2023 |
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Bank borrowings |
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Hire purchase contracts |
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Current loans and borrowings
2024 |
2023 |
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Bank borrowings |
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Hire purchase contracts |
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Leasing agreements |
Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 |
2023 |
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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
Related party transactions |
Creditors include the following amounts which are owed to individuals who were directors of the company during the year:
2024 |
2023 |
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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.
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Gateway Business Park
Beancross Road
Grangemouth
FK3 8WX