Company registration number 06808021 (England and Wales)
DAVID & CAROLINE LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 OCTOBER 2023
PAGES FOR FILING WITH REGISTRAR
DAVID & CAROLINE LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
DAVID & CAROLINE LTD
BALANCE SHEET
AS AT
31 OCTOBER 2023
31 October 2023
- 1 -
31 October 2023
31 March 2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
3,381
Current assets
Stocks
-
112,284
Debtors
5
228,499
131,035
Cash at bank and in hand
85,898
188,363
314,397
431,682
Creditors: amounts falling due within one year
6
(24,112)
(101,764)
Net current assets
290,285
329,918
Total assets less current liabilities
290,285
333,299
Creditors: amounts falling due after more than one year
7
(10,307)
Net assets
290,285
322,992
Capital and reserves
Called up share capital
10,000
10,000
Profit and loss reserves
280,285
312,992
Total equity
290,285
322,992
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 period ended 31 October 2023 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 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 & CAROLINE LTD
BALANCE SHEET (CONTINUED)
AS AT
31 OCTOBER 2023
31 October 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 1 November 2023 and are signed on its behalf by:
Mr D P Torrance
Mrs C Torrance
Director
Director
Company registration number 06808021 (England and Wales)
DAVID & CAROLINE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 OCTOBER 2023
- 3 -
1
Accounting policies
Company information
David & Caroline Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Prospect House, 1 Prospect Place, Pride Park, Derby, DE24 8HG. The company registration number is 06808021.
1.1
Reporting period
These financial statements are prepared for the 7 month period to 31st October 2023 due to the cessation of trade on the 23rd August 2023. The comparative amounts presented in the financial statements ( including the related notes ) are not entirely comparable
1.2
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.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods 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.
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:
Fixtures, fittings & equipment
15% 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.
DAVID & CAROLINE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 OCTOBER 2023
1
Accounting policies
(Continued)
- 4 -
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.
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.
1.9
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are 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.
DAVID & CAROLINE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 OCTOBER 2023
- 5 -
3
Employees
The average monthly number of persons (including directors) employed by the company during the period was:
2023
2023
Number
Number
Total
3
3
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2023
8,138
Disposals
(8,138)
At 31 October 2023
Depreciation and impairment
At 1 April 2023
4,757
Depreciation charged in the period
212
Eliminated in respect of disposals
(4,969)
At 31 October 2023
Carrying amount
At 31 October 2023
At 31 March 2023
3,381
5
Debtors
2023
2023
Amounts falling due within one year:
£
£
Trade debtors
121,035
Other debtors
228,499
10,000
228,499
131,035
DAVID & CAROLINE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 OCTOBER 2023
- 6 -
6
Creditors: amounts falling due within one year
2023
2023
£
£
Bank loans
5,485
Trade creditors
46,456
Corporation tax
22,012
16,588
Other taxation and social security
29,735
Other creditors
2,100
3,500
24,112
101,764
7
Creditors: amounts falling due after more than one year
2023
2023
£
£
Bank loans and overdrafts
10,307
8
Directors' transactions
Description
% Rate
Opening balance
Amounts advanced
Interest charged
Amounts repaid
Closing balance
£
£
£
£
£
C Torrance
-
-
134,068
182
(25,000)
109,250
D Torrance
-
-
134,068
182
(25,000)
109,250
-
268,136
364
(50,000)
218,500