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Filleted

Registration number: 07933929

Simon Davies Construction Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 28 February 2018

 

Simon Davies Construction Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Financial Statements

4 to 9

 

Simon Davies Construction Limited

Company Information

Director

Mr Simon Davies

Registered office

Cartrefle
Middle Mill Road
Solva
SA62 6XB

 

Simon Davies Construction Limited

(Registration number: 07933929)
Balance Sheet as at 28 February 2018

Note

2018
£

2017
£

Fixed assets

 

Tangible assets

4

33,784

37,539

Current assets

 

Stocks

5

616,477

451,053

Debtors

6

111,673

110,056

Cash at bank and in hand

 

87,248

7,371

 

815,398

568,480

Creditors: Amounts falling due within one year

7

(384,837)

(380,791)

Net current assets

 

430,561

187,689

Total assets less current liabilities

 

464,345

225,228

Creditors: Amounts falling due after more than one year

7

(189,546)

(4,614)

Net assets

 

274,799

220,614

Capital and reserves

 

Called up share capital

302

300

Profit and loss account

274,497

220,314

Total equity

 

274,799

220,614

For the financial year ending 28 February 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his 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 and the option not to file the Profit and Loss Account has been taken.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

 

Simon Davies Construction Limited

(Registration number: 07933929)
Balance Sheet as at 28 February 2018

Approved and authorised by the director on 27 September 2018
 

.........................................
Mr Simon Davies
Director

   
     
 

Simon Davies Construction Limited

Notes to the Financial Statements for the Year Ended 28 February 2018

1

General information

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

The address of its registered office is:
Cartrefle
Middle Mill Road
Solva
SA62 6XB

These financial statements were authorised for issue by the director on 27 September 2018.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

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 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.

Tangible assets

Tangible assets are stated in the statement of financial position 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.

 

Simon Davies Construction Limited

Notes to the Financial Statements for the Year Ended 28 February 2018

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

Motor vehicles

Reducing balance 10%

Plant and machinery

Reducing balance 10%

Furniture and fittings

Reducing balance 10%

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

Simon Davies Construction Limited

Notes to the Financial Statements for the Year Ended 28 February 2018

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

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.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 0 (2017 - 1).

 

Simon Davies Construction Limited

Notes to the Financial Statements for the Year Ended 28 February 2018

4

Tangible assets

Fixtures and fittings
£

Plant and machinery
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 March 2017

211

29,746

18,130

48,087

At 28 February 2018

211

29,746

18,130

48,087

Depreciation

At 1 March 2017

65

8,670

1,813

10,548

Charge for the year

13

2,110

1,632

3,755

At 28 February 2018

78

10,780

3,445

14,303

Carrying amount

At 28 February 2018

133

18,966

14,685

33,784

At 28 February 2017

146

21,076

16,317

37,539

Included within the net book value of land and buildings above is £Nil (2017 - £Nil) in respect of freehold land and buildings.
 

5

Stocks

2018
£

2017
£

Work in progress

616,477

451,053

6

Debtors

2018
£

2017
£

Trade debtors

-

1,070

Other debtors

111,673

108,986

111,673

110,056

 

Simon Davies Construction Limited

Notes to the Financial Statements for the Year Ended 28 February 2018

7

Creditors

Creditors: amounts falling due within one year

Note

2018
£

2017
£

Due within one year

 

Bank loans and overdrafts

8

4,077

4,077

Trade creditors

 

22,036

17,587

Directors loan account

9

341,733

350,966

Other creditors

 

16,991

8,161

 

384,837

380,791

Due after one year

 

Loans and borrowings

8

189,546

4,614

Creditors: amounts falling due after more than one year

Note

2018
£

2017
£

Due after one year

 

Loans and borrowings

8

189,546

4,614

8

Loans and borrowings

2018
£

2017
£

Non-current loans and borrowings

Finance lease liabilities

546

4,614

Other borrowings

189,000

-

189,546

4,614

2018
£

2017
£

Current loans and borrowings

Finance lease liabilities

4,077

4,077

 

Simon Davies Construction Limited

Notes to the Financial Statements for the Year Ended 28 February 2018

9

Related party transactions

Transactions with directors

2018

At 1 March 2017
£

Advances to directors
£

Other payments made to company by director
£

At 28 February 2018
£

Mr Simon Davies

Interest free loan with no fixed repayment terms

(350,966)

44,533

(35,300)

(341,733)

         
       

 

2017

At 1 March 2016
£

Advances to directors
£

Other payments made to company by director
£

At 28 February 2017
£

Mr Simon Davies

Interest free loan with no fixed repayment terms

(370,799)

29,581

(9,749)

(350,966)