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Registration number: 01039021

Davtee Investments Limited
 

Annual Report and Unaudited Financial Statements- Companies house filing

for the Year Ended 31 March 2023

 

Davtee Investments Limited

Contents

Statement of Financial Position

1 to 2

Notes to the Unaudited Financial Statements

3 to 7

 

Davtee Investments Limited

(Registration number: 01039021)
Statement of Financial Position as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

1,390,559

1,400,065

Current assets

 

Debtors

5

75,815

106,574

Cash at bank and in hand

 

56,557

66,681

 

132,372

173,255

Creditors: Amounts falling due within one year

6

(89,196)

(82,625)

Net current assets

 

43,176

90,630

Total assets less current liabilities

 

1,433,735

1,490,695

Creditors: Amounts falling due after more than one year

6

(26,211)

(30,126)

Net assets

 

1,407,524

1,460,569

Capital and reserves

 

Called up share capital

100

100

Fair value reserve

734,375

734,375

Profit and loss account

673,049

726,094

Shareholders' funds

 

1,407,524

1,460,569

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

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Income Statement has been taken.

 

Davtee Investments Limited

(Registration number: 01039021)
Statement of Financial Position as at 31 March 2023

Approved and authorised by the Board on 9 November 2023 and signed on its behalf by:
 

.........................................
Mr D R Nobes
Director

 

Davtee Investments Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is: Knoll House, Knoll Road, Camberley, Surrey, GU15 3SY. United Kingdom.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.

The company recognises revenue when the amount of revenue can be reliably measured, it is probable that future economic benefits will flow to the entity and specific criteria have been met for each of the company's activities.

Government grants

Grants are accounted for under the accruals model as permitted by FRS 102. Grants of a revenue nature are recognised in “other income” within profit or loss in the same period as the related expenditure.

Tax

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

 

Davtee Investments Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Freehold property

Straight line over fifty years

Long leasehold property

Straight line over the life of the lease

Plant and machinery

15% reducing balance

Motor vehicles

25% reducing balance

Trade debtors

Short term debtors are measured at transaction price, less any impairment.

Cash and cash equivalents

Cash is represented by cash in hand and bank deposits.

Trade creditors

Short term creditors are measured at the transaction price.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the income statement over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Provisions

Provisions are recognised when the company has an obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the statement of financial position as a finance lease obligation.

Lease payments are apportioned between finance costs in the income statement and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

 

Davtee Investments Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Employee benefits

Short-term employee benefits are recognised as an expense in the period which they are incurred.

Financial instruments

The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and loans to related parties.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 4 (2022 - 4).

4

Tangible assets

Land and buildings
£

Long leasehold land and buildings
£

Plant and machinery
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2022

1,383,327

1

9,161

41,774

1,434,263

At 31 March 2023

1,383,327

1

9,161

41,774

1,434,263

Depreciation

At 1 April 2022

18,414

-

5,340

10,444

34,198

Charge for the year

1,100

-

573

7,833

9,506

At 31 March 2023

19,514

-

5,913

18,277

43,704

Carrying amount

At 31 March 2023

1,363,813

1

3,248

23,497

1,390,559

At 31 March 2022

1,364,913

1

3,821

31,330

1,400,065

Included within the net book value of land and buildings above is £1,363,813 (2022 - £1,364,913) in respect of freehold land and buildings and £1 (2022 - £1) in respect of long leasehold land and buildings.
 

 

Davtee Investments Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

5

Debtors

Note

2023
£

2022
£

Trade debtors

 

22,963

59,832

Amounts owed by related parties

8

1,998

1,998

Other debtors

 

27,434

23,934

Prepayments

 

23,420

20,810

 

75,815

106,574

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Bank loans and overdrafts

7

3,915

3,767

Trade creditors

 

11,680

2,788

Amounts owed to group undertakings and undertakings in which the company has a participating interest

8

13,296

13,296

Taxation and social security

 

7,803

6,255

Accruals and deferred income

 

8,300

11,314

Other creditors

 

44,202

45,205

 

89,196

82,625

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Loans and borrowings

7

26,211

30,126



Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £30,126. (2022 - £33,893.).

7

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Hire purchase contracts

26,211

30,126

2023
£

2022
£

Current loans and borrowings

Hire purchase contracts

3,915

3,767

 

Davtee Investments Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

8

Related party transactions

At the year end the company was owed £1,998 (2022: £1,998) by Davtee Construction Limited, and owed £13,296 (2021: £13,296) to Davtee Holdings Limited, both companies are under the control of the Nobes family.

Transactions with directors

2023

At 1 April 2022
£

Advances to director
£

At 31 March 2023
£

Amounts are unsecured and repayable on demand.

16,688

3,500

20,188

       
     

 

2022

At 1 April 2021
£

Advances to director
£

At 31 March 2022
£

Amounts are unsecured and repayable on demand.

15,206

1,482

16,688