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Registration number: 04909417

Dave Cope Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2022

































 

image-name

Abacus Accountants
21 Castlewood Avenue
Highweek
NEWTON ABBOT
Devon
TQ12 1NX

 

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3

Notes to the Unaudited Financial Statements

4 to 9

 

Company Information

Director

Mr David Richard Cope

Company secretary

Mrs Esther Ruth Cope

Registered office

81 Sandringham Road
Buckland
NEWTON ABBOT
Devon
TQ12 4HB

Bankers

Santander
Business Banking
301 St Vincent Street
GLASGOW
G2 5NT

Accountants

Abacus Business Management Limited
21 Castlewood Avenue
Highweek
NEWTON ABBOT
Devon
TQ12 1NX

 

Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Dave Cope Limited
for the Year Ended 31 March 2022

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Dave Cope Limited for the year ended 31 March 2022 as set out on pages 3 to 9 from the company's accounting records and from information and explanations you have given us.

Although not a member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), wherever possible we have carried out this engagement in accordance with its ethical and other professional requirements.

This report is made solely to the Board of Directors of Dave Cope Limited, as a body, in accordance with the terms of our engagement letter dated 5 March 2019. Our work has been undertaken solely to prepare for your approval the accounts of Dave Cope Limited and state those matters that we have agreed to state to the Board of Directors of Dave Cope Limited, as a body. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Dave Cope Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Dave Cope Limited 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 Dave Cope Limited. You consider that Dave Cope Limited 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 Dave Cope Limited. 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.

......................................

Abacus Business Management Limited
21 Castlewood Avenue
Highweek
NEWTON ABBOT
Devon
TQ12 1NX

8 August 2022

 

(Registration number: 04909417)
Balance Sheet as at 31 March 2022

Note

2022
£

2021
£

Fixed assets

 

Tangible assets

5

2,599

1,859

Current assets

 

Debtors

6

1,525

1,418

Cash at bank and in hand

 

8,615

12,637

 

10,140

14,055

Creditors: Amounts falling due within one year

7

(8,740)

(10,540)

Net current assets

 

1,400

3,515

Net assets

 

3,999

5,374

Capital and reserves

 

Called up share capital

8

10

10

Retained earnings

3,989

5,364

Shareholders' funds

 

3,999

5,374

For the financial year ending 31 March 2022 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.

Approved and authorised by the director on 8 August 2022
 

.........................................
Mr David Richard Cope
Director

 

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022

1

General information

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

The address of its registered office is:
81 Sandringham Road
Buckland
NEWTON ABBOT
Devon
TQ12 4HB
United Kingdom

These financial statements were authorised for issue by the director on 8 August 2022.

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 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 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 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.

 

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022

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

Equipment

18% on written down value

Motor vehicles

18% on written down value

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

20% on straight line basis

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.

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.

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.

 

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022

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.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 2 (2021 - 2).

 

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 April 2021

7,500

7,500

At 31 March 2022

7,500

7,500

Amortisation

At 1 April 2021

7,500

7,500

At 31 March 2022

7,500

7,500

Carrying amount

At 31 March 2022

-

-

5

Tangible assets

Motor vehicles
 £

Plant and equipment
£

Total
£

Cost or valuation

At 1 April 2021

7,638

10,560

18,198

Additions

-

1,310

1,310

At 31 March 2022

7,638

11,870

19,508

Depreciation

At 1 April 2021

7,391

8,948

16,339

Charge for the year

44

526

570

At 31 March 2022

7,435

9,474

16,909

Carrying amount

At 31 March 2022

203

2,396

2,599

At 31 March 2021

247

1,612

1,859

 

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022

6

Debtors

Current

2022
£

2021
£

Trade debtors

996

1,035

Prepayments

529

383

 

1,525

1,418

7

Creditors

Creditors: amounts falling due within one year

2022
£

2021
£

Due within one year

Trade creditors

-

190

Taxation and social security

87

62

Accruals and deferred income

672

718

Other creditors

4,211

4,691

Amounts due to related parties

3,770

4,879

8,740

10,540

 

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022

8

Share capital

Allotted, called up and fully paid shares

 

2022

2021

 

No.

£

No.

£

Ordinary of £1 each

10

10

10

10

         

9

Dividends

   

2022

 

2021

   

£

 

£

Final dividend of £200.00 (2021 - £200.00) per ordinary share

 

2,000

 

2,000

Interim dividend of £1,800.00 (2021 - £1,600.00) per ordinary share

 

18,000

 

16,000

   

20,000

 

18,000

         

The director is recommending a final dividend of £200.00 (2021 - £200.00) per share totalling £2,000.00 (2021 - £2,000.00). This dividend has not been accrued in the balance sheet.

10

Related party transactions

Director's remuneration

The director's remuneration for the year was as follows:

2022
£

2021
£

Remuneration

9,600

9,540

Contributions paid to money purchase schemes

101

99

9,701

9,639