Company registration number 10739840 (England and Wales)
DAVID (AF) 3 LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 OCTOBER 2022
PAGES FOR FILING WITH REGISTRAR
DAVID (AF) 3 LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
DAVID (AF) 3 LIMITED
BALANCE SHEET
AS AT
28 OCTOBER 2022
28 October 2022
- 1 -
29 October 2022
31 October 2021
Notes
£
£
£
£
Fixed assets
Intangible assets
4
11,000
16,500
Tangible assets
5
768,224
804,313
779,224
820,813
Current assets
Stocks
6
1,222
1,290
Debtors
7
579,806
370,694
Cash at bank and in hand
352,792
117,372
933,820
489,356
Creditors: amounts falling due within one year
8
(919,340)
(960,863)
Net current assets/(liabilities)
14,480
(471,507)
Total assets less current liabilities
793,704
349,306
Creditors: amounts falling due after more than one year
9
(169,321)
(293,354)
Provisions for liabilities
-
0
(17,313)
Net assets
624,383
38,639
Capital and reserves
Called up share capital
1
1
Profit and loss reserves
624,382
38,638
Total equity
624,383
38,639

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 period ended 28 October 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 period 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.

DAVID (AF) 3 LIMITED
BALANCE SHEET (CONTINUED)
AS AT
28 OCTOBER 2022
28 October 2022
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 27 October 2023
Mr David O'Donnell
Director
Company Registration No. 10739840
DAVID (AF) 3 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 OCTOBER 2022
- 3 -
1
Accounting policies
Company information

David (AF) 3 Limited is a private company limited by shares incorporated in England and Wales. The registered office is Ground Floor West, 68 South Lambeth Road, Vauxhall, London, SW8 1RL. The company registration number is 10739840.

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.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

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 other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation 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:

Franchise fee
over 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.

DAVID (AF) 3 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 28 OCTOBER 2022
1
Accounting policies
(Continued)
- 4 -

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:

Leasehold land and buildings
Enter depreciation rate via StatDB - cd75
Plant and equipment
20% on reducing balance
Office equipment
20% on reducing balance
Motor vehicles
25% on 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.

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.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

1.6
Cash and cash equivalents

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.

1.7
Financial instruments
Basic financial assets

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.

Basic financial liabilities

Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest method. Loans and borrowings that are receivable within one year are not discounted. If an arrangement constitutes a finance transaction it is measured at present value of future payments discounted at a market rate of interest for a similar loan.

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.

DAVID (AF) 3 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 28 OCTOBER 2022
1
Accounting policies
(Continued)
- 5 -
1.9
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.10
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

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.

1.12

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

1.13

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

The average monthly number of persons (including directors) employed by the company during the period was:

2022
2021
Number
Number
Total
8
6
DAVID (AF) 3 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 28 OCTOBER 2022
- 6 -
4
Intangible fixed assets
Franchise fee
£
Cost
At 1 November 2021 and 28 October 2022
27,500
Amortisation and impairment
At 1 November 2021
11,000
Amortisation charged for the period
5,500
At 28 October 2022
16,500
Carrying amount
At 28 October 2022
11,000
At 31 October 2021
16,500
5
Tangible fixed assets
Leasehold land and buildings
Plant and equipment
Office equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 November 2021
851,553
56,379
42,133
-
0
950,065
Additions
-
0
23,245
6,748
14,333
44,326
At 28 October 2022
851,553
79,624
48,881
14,333
994,391
Depreciation and impairment
At 1 November 2021
117,534
18,161
10,057
-
0
145,752
Depreciation charged in the period
56,770
12,296
7,766
3,583
80,415
At 28 October 2022
174,304
30,457
17,823
3,583
226,167
Carrying amount
At 28 October 2022
677,249
49,167
31,058
10,750
768,224
At 31 October 2021
734,019
38,218
32,076
-
0
804,313
6
Stocks
2022
2021
£
£
Key fobs
1,222
1,290
DAVID (AF) 3 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 28 OCTOBER 2022
- 7 -
7
Debtors
2022
2021
Amounts falling due within one year:
£
£
Intercompany loans
430,683
226,402
Rental deposit
142,438
142,439
Prepayments and accrued income
6,685
1,853
579,806
370,694
8
Creditors: amounts falling due within one year
2022
2021
£
£
Bank loans
143,623
163,213
Corporation tax
15,253
-
0
Other taxation and social security
50,534
54,671
Other creditors
426,044
506,378
Accruals and deferred income
283,886
236,601
919,340
960,863
9
Creditors: amounts falling due after more than one year
2022
2021
£
£
Bank loans and overdrafts
169,321
293,354
10
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2022
2021
£
£
3,940,846
4,243,988
11
Related party transactions

Included within debtors falling due within one year is an amount of £430,683 (2021: £226,402) due from connected companies and in creditors due within one year is an amount of £408,987 (2021: £501,563) due to connected companies.

2022-10-282021-11-01false27 October 2023CCH SoftwareCCH Accounts Production 2023.200No description of principal activityMr David O'Donnell107398402021-11-012022-10-28107398402022-10-28107398402021-10-3110739840core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill2022-10-2810739840core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill2021-10-3110739840core:LandBuildingscore:LeasedAssetsHeldAsLessee2022-10-2810739840core:PlantMachinery2022-10-2810739840core:FurnitureFittings2022-10-2810739840core:MotorVehicles2022-10-2810739840core:LandBuildingscore:LeasedAssetsHeldAsLessee2021-10-3110739840core:PlantMachinery2021-10-3110739840core:FurnitureFittings2021-10-3110739840core:MotorVehicles2021-10-3110739840core:CurrentFinancialInstrumentscore:WithinOneYear2022-10-2810739840core:CurrentFinancialInstrumentscore:WithinOneYear2021-10-3110739840core:Non-currentFinancialInstrumentscore:AfterOneYear2022-10-2810739840core:Non-currentFinancialInstrumentscore:AfterOneYear2021-10-3110739840core:CurrentFinancialInstruments2022-10-2810739840core:CurrentFinancialInstruments2021-10-3110739840core:ShareCapital2022-10-2810739840core:ShareCapital2021-10-3110739840core:RetainedEarningsAccumulatedLosses2022-10-2810739840core:RetainedEarningsAccumulatedLosses2021-10-3110739840bus:Director12021-11-012022-10-2810739840core:IntangibleAssetsOtherThanGoodwill2021-11-012022-10-2810739840core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill2021-11-012022-10-2810739840core:LandBuildingscore:LongLeaseholdAssets2021-11-012022-10-2810739840core:PlantMachinery2021-11-012022-10-2810739840core:FurnitureFittings2021-11-012022-10-2810739840core:MotorVehicles2021-11-012022-10-28107398402020-11-012021-10-3110739840core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill2021-10-3110739840core:LandBuildingscore:LeasedAssetsHeldAsLessee2021-10-3110739840core:PlantMachinery2021-10-3110739840core:FurnitureFittings2021-10-3110739840core:MotorVehicles2021-10-31107398402021-10-3110739840core:LandBuildingscore:LeasedAssetsHeldAsLessee2021-11-012022-10-2810739840core:Non-currentFinancialInstruments2022-10-2810739840core:Non-currentFinancialInstruments2021-10-3110739840bus:PrivateLimitedCompanyLtd2021-11-012022-10-2810739840bus:SmallCompaniesRegimeForAccounts2021-11-012022-10-2810739840bus:FRS1022021-11-012022-10-2810739840bus:AuditExemptWithAccountantsReport2021-11-012022-10-2810739840bus:FullAccounts2021-11-012022-10-28xbrli:purexbrli:sharesiso4217:GBP