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REGISTERED NUMBER: 03669599 (England and Wales)















DREW FORSYTH & CO LTD.

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024






DREW FORSYTH & CO LTD. (REGISTERED NUMBER: 03669599)

CONTENTS OF THE FINANCIAL STATEMENTS
for the year ended 31 March 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


DREW FORSYTH & CO LTD.

COMPANY INFORMATION
for the year ended 31 March 2024







DIRECTORS: A Forsyth
G B L Forsyth





SECRETARY: J E Lancaster





REGISTERED OFFICE: Unit1a Moderna Bus Park
Moderna Way
Mytholmroyd
Hebden Bridge
West Yorkshire
HX7 5QQ





REGISTERED NUMBER: 03669599 (England and Wales)





ACCOUNTANTS: SMH Sheards
Chartered Accountants
Vernon House
40 New North Road
Huddersfield
West Yorkshire
HD1 5LS

DREW FORSYTH & CO LTD. (REGISTERED NUMBER: 03669599)

BALANCE SHEET
31 March 2024

31.3.24 31.3.23
Notes £    £   
FIXED ASSETS
Tangible assets 4 696,216 702,284

CURRENT ASSETS
Stocks 200,024 170,602
Debtors 5 90,550 95,539
Cash at bank and in hand 39,962 39,115
330,536 305,256
CREDITORS
Amounts falling due within one year 6 (641,204 ) (647,788 )
NET CURRENT LIABILITIES (310,668 ) (342,532 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

385,548

359,752

CREDITORS
Amounts falling due after more than one year 7 (270,524 ) (325,166 )
NET ASSETS 115,024 34,586

CAPITAL AND RESERVES
Called up share capital 100 100
Revaluation reserve 9 98,092 98,092
Retained earnings 16,832 (63,606 )
SHAREHOLDERS' FUNDS 115,024 34,586

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

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.

DREW FORSYTH & CO LTD. (REGISTERED NUMBER: 03669599)

BALANCE SHEET - continued
31 March 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

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 29 November 2024 and were signed on its behalf by:





G B L Forsyth - Director


DREW FORSYTH & CO LTD. (REGISTERED NUMBER: 03669599)

NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 March 2024


1. STATUTORY INFORMATION

Drew Forsyth & Co Ltd. is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The financial statements have been prepared on the going concern basis which assumes that the company will continue in operational existence for the foreseeable future. The validity of the assumption depends on the continuing support of the company's bankers and director. The financial statements do not include any adjustments that would result if the support did not continue.

Turnover
Turnover is recognised net of VAT when work is either completed or at agreed stages of completion depending on the size of the contract.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery - 15% on cost and 10% on cost
Fixtures and fittings - 20% on cost
Motor vehicles - 25% on cost
Computer equipment - 25% on cost

Stocks
Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

DREW FORSYTH & CO LTD. (REGISTERED NUMBER: 03669599)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 March 2024


2. ACCOUNTING POLICIES - continued

Financial instruments
Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument.

Basic financial assets, which include trade and other debtors and cash and bank balances, are initially measured at transaction price including transaction costs.

Financial assets are assessed for indicators of impairment at each balance sheet date, with any impairment losses being recognised in profit or loss. If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed in profit or loss.

Financial liabilities are classified depending on the substance of the contractual arrangements entered into.

Basic financial liabilities, including trade and other creditors, bank loans, finance leases, accruals and amounts owed to group undertakings, are initially recognised at transaction price.

Financial assets and liabilities are derecognised when the company's contractual obligations are settled, cancelled or they expire.

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
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

DREW FORSYTH & CO LTD. (REGISTERED NUMBER: 03669599)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 March 2024


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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 38 (2023 - 32 ) .

4. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 April 2023 475,000 665,068 1,140,068
Additions - 48,754 48,754
At 31 March 2024 475,000 713,822 1,188,822
DEPRECIATION
At 1 April 2023 - 437,784 437,784
Charge for year - 54,822 54,822
At 31 March 2024 - 492,606 492,606
NET BOOK VALUE
At 31 March 2024 475,000 221,216 696,216
At 31 March 2023 475,000 227,284 702,284

DREW FORSYTH & CO LTD. (REGISTERED NUMBER: 03669599)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 March 2024


4. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and
machinery
etc
£   
COST
At 1 April 2023 30,893
Transfer to ownership (6,700 )
At 31 March 2024 24,193
DEPRECIATION
At 1 April 2023 16,122
Charge for year 6,048
Transfer to ownership (6,700 )
At 31 March 2024 15,470
NET BOOK VALUE
At 31 March 2024 8,723
At 31 March 2023 14,771

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Trade debtors 70,646 74,634
Amounts owed by associates - 2,616
Other debtors 19,904 18,289
90,550 95,539

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Bank loans and overdrafts 47,959 46,904
Hire purchase contracts 6,652 6,931
Trade creditors 219,664 298,061
Amounts owed to associates 224 -
Taxation and social security 244,878 163,987
Other creditors 121,827 131,905
641,204 647,788

DREW FORSYTH & CO LTD. (REGISTERED NUMBER: 03669599)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 March 2024


7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.3.24 31.3.23
£    £   
Bank loans 267,446 315,436
Hire purchase contracts 3,078 9,730
270,524 325,166

Amounts falling due in more than five years:

Repayable by instalments
Bank loans 124,737 147,922

8. SECURED DEBTS

The following secured debts are included within creditors:

31.3.24 31.3.23
£    £   
Bank loans 315,405 362,340
Hire purchase contracts 9,730 -
325,135 362,340

The Bounce Back Loan is secured under government backed initiatives.

The bank loan is secured against the property.

Hire purchase liabilities are secured over the asset to which the agreement relates.

9. RESERVES
Revaluation
reserve
£   
At 1 April 2023
and 31 March 2024 98,092

10. RELATED PARTY DISCLOSURES

Creditors includes loans due to directors totalling £61,575 (2023: £41,598). The loans are on an interest free basis and will be repaid when funds permit.

A loan of £224 was owing in the year to Drew Forsyth & Co Construction Limited on an interest free basis.

A current director & majority shareholder in Drew Forsyth & Co Limited is also a director & majority shareholder in Drew Forsyth & Co Construction Limited.

DREW FORSYTH & CO LTD. (REGISTERED NUMBER: 03669599)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 March 2024


11. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is G B L Forsyth.