Company Registration No. 06829090 (England and Wales)
DREW LEAR TECHNOLOGY LIMITED
Unaudited accounts
for the period from 1 March 2023 to 27 August 2024
DREW LEAR TECHNOLOGY LIMITED
Unaudited accounts
Contents
DREW LEAR TECHNOLOGY LIMITED
Company Information
for the period from 1 March 2023 to 27 August 2024
Director
Andrew Philip Falconer
Company Number
06829090 (England and Wales)
Registered Office
UNIT 37 CRESSEX ENTERPRISE CENTRE
LINCOLN ROAD
HIGH WYCOMBE
BUCKINGHAMSHIRE
HP12 3RL
ENGLAND
Accountants
Insight Business Services Limited
20-22 Wenlock Road
London
N1 7GU
DREW LEAR TECHNOLOGY LIMITED
Statement of financial position
as at 27 August 2024
Tangible assets
30,753
26,108
Cash at bank and in hand
20,502
75,276
Creditors: amounts falling due within one year
(36,987)
(62,608)
Net current assets
2,079
50,610
Total assets less current liabilities
32,832
76,718
Creditors: amounts falling due after more than one year
(27,338)
(36,094)
Called up share capital
100
100
Profit and loss account
5,394
40,524
Shareholders' funds
5,494
40,624
For the period ending 27 August 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 director acknowledges his 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 and authorised for issue on 22 May 2025 and were signed on its behalf by
Andrew Philip Falconer
Director
Company Registration No. 06829090
DREW LEAR TECHNOLOGY LIMITED
Notes to the Accounts
for the period from 1 March 2023 to 27 August 2024
DREW LEAR TECHNOLOGY LIMITED is a private company, limited by shares, registered in England and Wales, registration number 06829090. The registered office and principal place of business is UNIT 37 CRESSEX ENTERPRISE CENTRE, LINCOLN ROAD, HIGH WYCOMBE, BUCKINGHAMSHIRE, HP12 3RL, ENGLAND.
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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.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous period, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
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.
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% Reducing Balance
Computer equipment
20% Reducing Balance
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.
Expenditure on research and development is written off in the year in which it is incurred.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term.
Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
DREW LEAR TECHNOLOGY LIMITED
Notes to the Accounts
for the period from 1 March 2023 to 27 August 2024
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.
The accounts are prepared on a going concern basis.
Included above are assets held under finance leases or hire purchase contracts
The company has taken advantage of FRED67 from calculating the NPV of long term liabilities of the company.
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rates of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
Change in Depreciation Policy
The depreciation policy was changed during the year to reflect a true and fair picture of company assets at the year end date.
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Tangible fixed assets
Plant & machinery
Computer equipment
Total
Cost or valuation
At cost
At cost
At 1 March 2023
30,988
14,071
45,059
Additions
12,885
4,940
17,825
At 27 August 2024
43,873
19,011
62,884
At 1 March 2023
6,897
12,054
18,951
Charge for the period
11,093
2,087
13,180
At 27 August 2024
17,990
14,141
32,131
At 27 August 2024
25,883
4,870
30,753
At 28 February 2023
24,091
2,017
26,108
Amounts falling due within one year
Trade debtors
3,697
32,571
Accrued income and prepayments
8,121
3,871
DREW LEAR TECHNOLOGY LIMITED
Notes to the Accounts
for the period from 1 March 2023 to 27 August 2024
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Creditors: amounts falling due within one year
2024
2023
Trade creditors
13,373
37,608
Taxes and social security
19,134
11,201
Other creditors
4,480
6,081
Loans from directors
-
120
7
Creditors: amounts falling due after more than one year
2024
2023
Allotted, called up and fully paid:
100 Ordinary shares of £1 each
100
100
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Average number of employees
During the period the average number of employees was 3 (2023: 3).