Company Registration No. 04412960 (England and Wales)
DAVEYS WHOLESALE LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
30 APRIL 2022
PAGES FOR FILING WITH REGISTRAR
7 Kings Court
Newcomen Way
Colchester
Essex
CO4 9RA
DAVEYS WHOLESALE LTD
CONTENTS
Page
Company information
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 7
DAVEYS WHOLESALE LTD
BALANCE SHEET
AS AT
30 APRIL 2022
30 April 2022
- 2 -
2022
2021
Notes
£
£
£
£
Fixed assets
Intangible assets
3
12,000
Tangible assets
4
10,147
11,937
10,147
23,937
Current assets
Stocks
75,619
63,788
Debtors
5
141,335
110,039
Cash at bank and in hand
160,173
117,072
377,127
290,899
Creditors: amounts falling due within one year
6
(207,410)
(152,074)
Net current assets
169,717
138,825
Total assets less current liabilities
179,864
162,762
Provisions for liabilities
(1,647)
(1,924)
Net assets
178,217
160,838
Capital and reserves
Called up share capital
4
4
Profit and loss reserves
178,213
160,834
Total equity
178,217
160,838
DAVEYS WHOLESALE LTD
BALANCE SHEET (CONTINUED)
AS AT
30 APRIL 2022
30 April 2022
- 3 -
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 30 April 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his 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 and signed by the director and authorised for issue on 14 September 2022
Mr David Wright
Director
Company Registration No. 04412960
The notes on pages 4 to 7 form part of these financial statements
DAVEYS WHOLESALE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2022
- 4 -
1
Accounting policies
Company information
Daveys Wholesale Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 7 Kings Court, Newcomen Way, Colchester, Essex, CO4 9RA.
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, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. 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.
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. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 16.5 years.
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:
Plant and equipment
15% reducing balance
Fixtures and fittings
15% reducing balance
Motor vehicles
25% reducing balance
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.
DAVEYS WHOLESALE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2022
1
Accounting policies
(Continued)
- 5 -
1.5
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.
1.6
Cash at bank and in hand
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
1.7
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.
DAVEYS WHOLESALE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2022
1
Accounting policies
(Continued)
- 6 -
1.8
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:
2022
2021
Number
Number
Total
6
6
3
Intangible fixed assets
Goodwill
£
Cost
At 1 May 2021 and 30 April 2022
198,000
Amortisation and impairment
At 1 May 2021
186,000
Amortisation charged for the year
12,000
At 30 April 2022
198,000
Carrying amount
At 30 April 2022
At 30 April 2021
12,000
DAVEYS WHOLESALE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2022
- 7 -
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 May 2021 and 30 April 2022
124,169
Depreciation and impairment
At 1 May 2021
112,232
Depreciation charged in the year
1,790
At 30 April 2022
114,022
Carrying amount
At 30 April 2022
10,147
At 30 April 2021
11,937
5
Debtors
2022
2021
Amounts falling due within one year:
£
£
Trade debtors
120,433
101,286
Amounts owed by group undertakings
13,500
Other debtors
7,402
8,753
141,335
110,039
6
Creditors: amounts falling due within one year
2022
2021
£
£
Trade creditors
178,311
98,358
Amounts owed to group undertakings
23,067
Taxation and social security
27,180
28,749
Other creditors
1,919
1,900
207,410
152,074