1 May 2023 false No description of principal activity Taxfiler 2024.6.1 03730537business:PrivateLimitedCompanyLtd2023-05-012024-04-30 037305372023-04-30 037305372023-05-012024-04-30 03730537business:AuditExemptWithAccountantsReport2023-05-012024-04-30 03730537business:FilletedAccounts2023-05-012024-04-30 037305372024-04-30 03730537business:Director12023-05-012024-04-30 03730537business:Director22023-05-012024-04-30 03730537business:Director32023-05-012024-04-30 03730537business:Director42023-05-012024-04-30 03730537business:Director52023-05-012024-04-30 03730537business:Director62023-05-012024-04-30 03730537business:Director72023-05-012024-04-30 03730537business:RegisteredOffice2023-05-012024-04-30 037305372023-04-30 03730537core:WithinOneYear2024-04-30 03730537core:WithinOneYear2023-04-30 03730537core:AfterOneYear2024-04-30 03730537core:AfterOneYear2023-04-30 03730537core:ShareCapitalcore:PreviouslyStatedAmount2024-04-30 03730537core:ShareCapitalcore:PreviouslyStatedAmount2023-04-30 03730537core:CapitalRedemptionReservecore:PreviouslyStatedAmount2024-04-30 03730537core:CapitalRedemptionReservecore:PreviouslyStatedAmount2023-04-30 03730537core:RetainedEarningsAccumulatedLossescore:PreviouslyStatedAmount2024-04-30 03730537core:RetainedEarningsAccumulatedLossescore:PreviouslyStatedAmount2023-04-30 03730537core:PreviouslyStatedAmount2024-04-30 03730537core:PreviouslyStatedAmount2023-04-30 03730537business:SmallEntities2023-05-012024-04-30 03730537countries:EnglandWales2023-05-012024-04-30 03730537core:PlantMachinery2023-05-012024-04-30 03730537core:MotorVehicles2023-05-012024-04-30 03730537core:FurnitureFittings2023-05-012024-04-30 03730537core:PlantMachinery2023-04-30 03730537core:MotorVehicles2023-04-30 03730537core:FurnitureFittings2023-04-30 03730537core:PlantMachinery2024-04-30 03730537core:MotorVehicles2024-04-30 03730537core:FurnitureFittings2024-04-30 037305372022-05-012023-04-30 iso4217:GBP xbrli:pure
Company Registration No. 03730537 (England and Wales)
Drew & Co. (Electrical Contractors) Ltd Unaudited accounts for the year ended 30 April 2024
Drew & Co. (Electrical Contractors) Ltd Unaudited accounts Contents
Page
- 2 -
Drew & Co. (Electrical Contractors) Ltd Company Information for the year ended 30 April 2024
Directors
A Veasey P Burn T Matthews J McGinty R Turton C Wright J A Worthington
Company Number
03730537 (England and Wales)
Registered Office
Unit 2a & 2b Kay Close Plympton Plymouth PL7 4LU
Accountants
Blackwell Bate Ltd Brunel Court 122 Fore Street Saltash Cornwall PL12 6JW
- 3 -
Drew & Co. (Electrical Contractors) Ltd Statement of financial position as at 30 April 2024
2024 
2023 
Notes
£ 
£ 
Fixed assets
Tangible assets
295,931 
277,547 
Current assets
Inventories
92,075 
30,505 
Debtors
820,881 
1,230,770 
Cash at bank and in hand
2,641,979 
4,173,188 
3,554,935 
5,434,463 
Creditors: amounts falling due within one year
(1,337,853)
(2,988,408)
Net current assets
2,217,082 
2,446,055 
Total assets less current liabilities
2,513,013 
2,723,602 
Creditors: amounts falling due after more than one year
(26,052)
(63,925)
Provisions for liabilities
Deferred tax
(70,281)
(69,387)
Net assets
2,416,680 
2,590,290 
Capital and reserves
Called up share capital
1,100 
1,100 
Capital redemption reserve
150 
150 
Profit and loss account
2,415,430 
2,589,040 
Shareholders' funds
2,416,680 
2,590,290 
For the year ending 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 24 January 2025 and were signed on its behalf by
A Veasey Director Company Registration No. 03730537
- 4 -
Drew & Co. (Electrical Contractors) Ltd Notes to the Accounts for the year ended 30 April 2024
1
Statutory information
Drew & Co. (Electrical Contractors) Ltd is a private company, limited by shares, registered in England and Wales, registration number 03730537. The registered office is Unit 2a & 2b Kay Close, Plympton , Plymouth, PL7 4LU.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
3
Accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
20% on cost
Motor vehicles
25% on reducing balance
Fixtures & fittings
20% on cost
Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Inventories
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
Deferred taxation
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.
- 5 -
Drew & Co. (Electrical Contractors) Ltd Notes to the Accounts for the year ended 30 April 2024
Provision for liabilities
Provisions are recognised when the Company has a present (legal or constructive) obligation as a result of a past event; it is probable that an outflow of resources will be required to settle the obligation; and the amount of the obligation can be estimated reliably. The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the end of the reporting period, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value using a pre-tax discount rate. The unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Finance leases
Leases of assets that transfer substantially all the risks and rewards of ownership to the Company are classified as finance leases. Assets held under finance leases are recognized initially at the fair value of the leased asset (or, if lower, the present value of minimum lease payments) at the inception of the lease. The corresponding liability to the lessor is included in the statement of financial position as a finance lease obligation. Lease payments are apportioned between finance charges and reduction of the lease obligation using the effective interest method so as to achieve a constant rate of interest on the remaining balance of the liability. Finance charges are deducted in measuring profit or loss. Assets held under finance leases are included in tangible fixed assets and depreciated over the shorter of the lease term and the estimated useful life of the asset. Assets are assessed for impairment at each reporting date.
Pension costs
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
Government grants
Government grants in relation to tangible fixed assets are credited to profit and loss account over the useful lives of the related assets, whereas those in relation to expenditure are credited when the expenditure is charged to profit and loss.
4
Tangible fixed assets
Plant & machinery 
Motor vehicles 
Fixtures & fittings 
Total 
£ 
£ 
£ 
£ 
Cost or valuation
At cost 
At cost 
At cost 
At 1 May 2023
302,879 
383,098 
2,601 
688,578 
Additions
34,349 
82,440 
180 
116,969 
Disposals
(10,157)
(13,023)
- 
(23,180)
At 30 April 2024
327,071 
452,515 
2,781 
782,367 
Depreciation
At 1 May 2023
216,358 
193,065 
1,608 
411,031 
Charge for the year
35,973 
60,453 
339 
96,765 
On disposals
(10,026)
(11,334)
- 
(21,360)
At 30 April 2024
242,305 
242,184 
1,947 
486,436 
Net book value
At 30 April 2024
84,766 
210,331 
834 
295,931 
At 30 April 2023
86,521 
190,033 
993 
277,547 
- 6 -
Drew & Co. (Electrical Contractors) Ltd Notes to the Accounts for the year ended 30 April 2024
5
Debtors
2024 
2023 
£ 
£ 
Amounts falling due within one year
Trade debtors
792,811 
1,158,891 
Other debtors
28,070 
71,879 
820,881 
1,230,770 
6
Creditors: amounts falling due within one year
2024 
2023 
£ 
£ 
Obligations under finance leases and hire purchase contracts
37,873 
47,113 
Trade creditors
382,793 
638,015 
Taxes and social security
128,552 
488,495 
Other creditors
788,635 
1,814,785 
1,337,853 
2,988,408 
7
Creditors: amounts falling due after more than one year
2024 
2023 
£ 
£ 
Obligations under finance leases and hire purchase contracts
26,052 
63,925 
8
Average number of employees
During the year the average number of employees was 58 (2023: 52).
- 7 -