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Registered Number: 04607924
England and Wales

 

 

 

ROBERT DAVIES MOTORS LIMITED


Unaudited Financial Statements
 


Period of accounts

Start date: 01 April 2022

End date: 31 March 2023
 
 
Notes
 
2023
£
  2022
£
Fixed assets      
Tangible fixed assets 4 931,143    904,395 
931,143    904,395 
Current assets      
Stocks 5 802,411    816,560 
Debtors: amounts falling due within one year 6 60,118    125,858 
Cash at bank and in hand 29,388    4,241 
891,917    946,659 
Creditors: amount falling due within one year 7 (557,527)   (708,170)
Net current assets 334,390    238,489 
 
Total assets less current liabilities 1,265,533    1,142,884 
Creditors: amount falling due after more than one year 8 (42,929)   (62,393)
Provisions for liabilities 9 (65,367)   (65,367)
Net assets 1,157,237    1,015,124 
 

Capital and reserves
     
Called up share capital 10 20    20 
Profit and loss account 1,157,217    1,015,104 
Shareholder's funds 1,157,237    1,015,124 
 


For the year ended 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. The director acknowledges their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
These financial statements 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 Part 15 of the Companies Act 2006. In accordance with Section 444 of the Companies Act 2006, the income statement has not been delivered to the Registrar of Companies.
The financial statements were approved by the director on 16 October 2023 and were signed by:


-------------------------------
Robert Davies
Director
1
General Information
Robert Davies Motors Limited is a private company, limited by shares, registered in England and Wales, registration number 04607924, registration address Robert Davies Motors Limited, Llechryd, Cardigan, Ceredigion, SA43 2NR.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by Section 1A of the standard)
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Finance lease and hire purchase charges
The finance element of the rental payment is charged to the profit and loss account on a straight line basis over the period of the lease.
Taxation
Taxation represents the sum of tax currently payable and deferred tax. Tax is recognised in the statement of income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves.
The company’s liability for current tax is calculated using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Current and deferred tax assets and liabilities are not discounted
Deferred taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the reporting date.
Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Current and deferred tax assets and liabilities are not discounted.
Intangible assets
Intangible assets (including purchased goodwill and patents) are amortised at rates calculated to write off the assets on a straight line basis over their estimated useful economic lives. Impairment of intangible assets is only reviewed where circumstances indicate that the carrying value of an asset may not be fully recoverable.
Goodwill
Acquired goodwill is stated at cost less amortisation. Amortisation is calculated on a straight line basis over the estimated expected useful economic life of the goodwill of 5 years.
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Land and Buildings 0% Reducing Balance
Plant and Machinery 20% Reducing Balance
Motor Vehicles 20% Reducing Balance
Stocks
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving items. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
Provisions
Provisions are recognised when the company has a present obligation as a result of a past event which it is more probable than not will result in an outflow of economic benefits that can be reasonably estimated.
2.

Average number of employees

Average number of employees during the year was 34 (2022 : 27).
3.

Intangible fixed assets

Cost Goodwill   Total
  £   £
At 01 April 2022 50,000    50,000 
Additions  
Disposals  
At 31 March 2023 50,000    50,000 
Amortisation
At 01 April 2022 50,000    50,000 
Charge for year  
On disposals  
At 31 March 2023 50,000    50,000 
Net book values
At 31 March 2023  
At 31 March 2022  


4.

Tangible fixed assets

Cost or valuation Land and Buildings   Plant and Machinery   Motor Vehicles   Total
  £   £   £   £
At 01 April 2022 608,469    835,205    52,557    1,496,231 
Additions   98,498      98,498 
Disposals      
At 31 March 2023 608,469    933,703    52,557    1,594,729 
Depreciation
At 01 April 2022   568,450    23,386    591,836 
Charge for year   65,457    6,293    71,750 
On disposals      
At 31 March 2023   633,907    29,679    663,586 
Net book values
Closing balance as at 31 March 2023 608,469    299,796    22,878    931,143 
Opening balance as at 01 April 2022 608,469    266,755    29,171    904,395 


5.

Stocks

2023
£
  2022
£
Stocks 802,411    816,560 
802,411    816,560 

6.

Debtors: amounts falling due within one year

2023
£
  2022
£
Trade Debtors 10,027    49,513 
Prepayments 5,787    3,472 
Other Debtors 44,304    72,873 
60,118    125,858 

7.

Creditors: amount falling due within one year

2023
£
  2022
£
Trade Creditors 234,254    213,495 
Bank Loans & Overdrafts 14,000    59,957 
Taxation & Social Security 70,780    87,348 
Accruals & Deferred Income 11,976    25,005 
Other Creditors 1,111    2,361 
Obligations under HP/Financial Leases 5,477    5,477 
Stock Funding Loan 153,686    220,354 
Directors' Current Accounts 66,243    94,173 
557,527    708,170 

8.

Creditors: amount falling due after more than one year

2023
£
  2022
£
Bank Loans & Overdrafts 31,519    45,506 
Obligations Under HP/Financial Leases 11,410    16,887 
42,929    62,393 

9.

Provisions for liabilities

2023
£
  2022
£
Deferred Tax 65,367    50,802 
Charged to Profit & Loss   14,565 
65,367    65,367 

10.

Share Capital

Authorised
20 Ordinary shares of £1.00 each
Allotted, called up and fully paid
2023
£
  2022
£
20 Ordinary shares of £1.00 each 20    20 
20    20 

2