Company registration number 03354301 (England and Wales)
ANTHONY A DAVIES LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
PAGES FOR FILING WITH REGISTRAR
ANTHONY A DAVIES LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 7
ANTHONY A DAVIES LIMITED
BALANCE SHEET
AS AT
31 MARCH 2022
31 March 2022
- 1 -
2022
2021
Notes
£
£
£
£
Fixed assets
Intangible assets
3
1
1
Tangible assets
4
457,907
483,910
Investments
5
2
2
457,910
483,913
Current assets
Stocks
27,927
19,196
Debtors
7
1,363,441
882,459
Cash at bank and in hand
301,501
594,824
1,692,869
1,496,479
Creditors: amounts falling due within one year
8
(593,774)
(544,519)
Net current assets
1,099,095
951,960
Total assets less current liabilities
1,557,005
1,435,873
Provisions for liabilities
(40,362)
(31,137)
Deferred income
9
(22,104)
(22,844)
Net assets
1,494,539
1,381,892
Capital and reserves
Called up share capital
10
25,004
25,004
Profit and loss reserves
1,469,535
1,356,888
Total equity
1,494,539
1,381,892
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 March 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 18 August 2022 and are signed on its behalf by:
Mr A Davies
Director
Company Registration No. 03354301
ANTHONY A DAVIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
- 2 -
1
Accounting policies
Company information
Anthony A Davies Limited is a private company limited by shares incorporated in England and Wales. The registered office is C/o UHY Hacker Young, Lanyon House, Mission Court, NEWPORT, NP20 2DW.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.
1.3
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Land and buildings Freehold
2% on cost
Plant and machinery
15% on cost
Fixtures, fittings & equipment
20% on cost
Computer equipment
25% on cost
Motor vehicles
25% on cost
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
ANTHONY A DAVIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
1
Accounting policies
(Continued)
- 3 -
1.5
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
1.6
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
1.7
Financial instruments
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.
1.8
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.9
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.10
Leases
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
ANTHONY A DAVIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
1
Accounting policies
(Continued)
- 4 -
1.11
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 48 (2021 - 46).
2022
2021
Number
Number
Total
48
46
3
Intangible fixed assets
Goodwill
£
Cost
At 1 April 2021 and 31 March 2022
1
Amortisation and impairment
At 1 April 2021 and 31 March 2022
Carrying amount
At 31 March 2022
1
At 31 March 2021
1
ANTHONY A DAVIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
- 5 -
4
Tangible fixed assets
Land and buildings Freehold
Plant and machinery
Fixtures, fittings & equipment
Computer equipment
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 April 2021
451,846
229,918
22,698
50,098
212,152
966,712
Additions
37,207
37,207
Disposals
(4,800)
(4,800)
At 31 March 2022
451,846
229,918
22,698
50,098
244,559
999,119
Depreciation and impairment
At 1 April 2021
144,505
161,985
22,698
40,388
113,226
482,802
Depreciation charged in the year
6,636
12,624
3,252
40,698
63,210
Eliminated in respect of disposals
(4,800)
(4,800)
At 31 March 2022
151,141
174,609
22,698
43,640
149,124
541,212
Carrying amount
At 31 March 2022
300,705
55,309
6,458
95,435
457,907
At 31 March 2021
307,341
67,933
9,710
98,926
483,910
5
Fixed asset investments
2022
2021
£
£
Shares in group undertakings and participating interests
2
2
6
Subsidiaries
Details of the company's subsidiaries at 31 March 2022 are as follows:
Name of undertaking
Registered office
Class of
%
shares
Direct
Anthony A Davies Construction Ltd
Union Road, Ind Est, Abergavenny
Ordinary
100.00
ANTHONY A DAVIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
- 6 -
7
Debtors
2022
2021
Amounts falling due within one year:
£
£
Trade debtors
1,131,273
872,434
Other debtors
232,168
10,025
1,363,441
882,459
8
Creditors: amounts falling due within one year
2022
2021
£
£
Trade creditors
236,240
262,527
Corporation tax
49,313
74,534
Other taxation and social security
264,075
146,032
Other creditors
44,146
61,426
593,774
544,519
9
Government grants
2022
2021
£
£
Arising from government grants
22,104
22,844
Government grants totalling £22,104 (2021: £22,844) represent capital based grants received that are being released to the profit and loss account over the life of the related assets that the funding was used to purchase.
10
Called up share capital
2022
2021
2022
2021
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
25,004
25,004
25,004
25,004
ANTHONY A DAVIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
- 7 -
11
Directors' transactions
Dividends totalling £69,912 (2021 - £75,912) were paid in the year in respect of shares held by the company's directors.
Description
% Rate
Opening balance
Amounts advanced
Interest charged
Closing balance
£
£
£
£
Director
2.00
-
100,000
167
100,167
-
100,000
167
100,167