Registered number
04141664
David McPhie (UK) Ltd
Filleted Accounts
31 January 2023
David McPhie (UK) Ltd
Registered number: 04141664
Balance Sheet
as at 31 January 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 444,620 454,584
Current assets
Stocks 184,690 124,867
Debtors 4 16,824 16,298
Cash at bank and in hand 83,900 65,669
285,414 206,834
Creditors: amounts falling due within one year 5 (116,956) (92,280)
Net current assets 168,458 114,554
Total assets less current liabilities 613,078 569,138
Creditors: amounts falling due after more than one year 6 (140,253) (156,204)
Provisions for liabilities (11,758) (13,637)
Net assets 461,067 399,297
Capital and reserves
Called up share capital 12,186 12,186
Revaluation reserve 7 226,964 226,964
Profit and loss account 221,917 160,147
Shareholder's funds 461,067 399,297
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Louisa Rogers
Director
Approved by the board on 18 October 2023
David McPhie (UK) Ltd
Notes to the Accounts
for the year ended 31 January 2023
1 Accounting policies
Basis of preparation
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 is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 33.33% reducing balance
Motor vehicles 20% reducing balance
Fixtures, fittings, tools and equipment 25% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 31 31
3 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 February 2022 381,582 202,568 21,453 605,603
Additions - 10,197 - 10,197
At 31 January 2023 381,582 212,765 21,453 615,800
Depreciation
At 1 February 2022 - 148,815 2,204 151,019
Charge for the year - 16,312 3,849 20,161
At 31 January 2023 - 165,127 6,053 171,180
Net book value
At 31 January 2023 381,582 47,638 15,400 444,620
At 31 January 2022 381,582 53,753 19,249 454,584
4 Debtors 2023 2022
£ £
Trade debtors 836 1,222
Other debtors 15,988 15,076
16,824 16,298
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 22,828 22,037
Trade creditors 39,382 30,506
Taxation and social security costs 38,795 29,627
Other creditors 15,951 10,110
116,956 92,280
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 140,253 156,204
7 Revaluation reserve 2023 2022
£ £
At 1 February 2022 226,964 176,660
Company buy back of own shares - 50,304
At 31 January 2023 226,964 226,964
8 Other information
David McPhie (UK) Ltd is a private company limited by shares and incorporated in England. Its registered office is:
Bookstore Brierlow Bar
Brierlow Bar
BUXTON
Derbyshire
SK17 9PY
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