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Company registration number:
01204227
David Barker Contractors Limited
Unaudited Filleted Financial Statements for the year ended
31 March 2023
David Barker Contractors Limited
Report to the board of directors on the preparation of the unaudited statutory financial statements of David Barker Contractors Limited
Year ended
31 March 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the
financial statements
of
David Barker Contractors Limited
for the year ended
31 March 2023
which comprise the income statement, statement of income and retained earnings, statement of financial position and related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at https://www.accaglobal.com/​content/​dam/​ACCA_Global/​Members/​Doc/​rule/​2018-rulebook.pdf.
This report is made solely to the Board of Directors of
David Barker Contractors Limited
, as a body, in accordance with the terms of our engagement letter dated 1 June 2023. Our work has been undertaken solely to prepare for your approval the
financial statements
of
David Barker Contractors Limited
and state those matters that we have agreed to state to the Board of Directors of
David Barker Contractors Limited
, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at https://www.accaglobal.com/​content/​dam/​ACCA_Global/​Technical/​fact/​technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than
David Barker Contractors Limited
and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that
David Barker Contractors Limited
has kept adequate accounting records and to prepare statutory
financial statements
that give a true and fair view of the assets, liabilities, financial position and profit of
David Barker Contractors Limited
. You consider that
David Barker Contractors Limited
is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of David Barker Contractors Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Emery & Co Accountants Limited
The Old Cottage Hospital
Leicester Road
Ashby de la Zouch
Leicestershire
LE65 1DB
United Kingdom
Date:
2 November 2023
David Barker Contractors Limited
Statement of Financial Position
31 March 2023
20232022
Note££
Fixed assets    
Tangible assets 5
12,317
 
13,931
 
Investments 6
4,418,190
 
3,272,189
 
4,430,507
 
3,286,120
 
Current assets    
Debtors 7
11,066
 
54,922
 
Cash at bank and in hand
403,334
 
391,567
 
414,400
 
446,489
 
Creditors: amounts falling due within one year 8
(52,061
)
(50,405
)
Net current assets
362,339
 
396,084
 
Total assets less current liabilities 4,792,846   3,682,204  
Creditors: amounts falling due after more than one year 9
(201,333
)
(250,000
)
Provisions for liabilities
(631,642
)
(414,208
)
Net assets
3,959,871
 
3,017,996
 
Capital and reserves    
Called up share capital
5,200
 
5,200
 
Profit and loss account
3,954,671
 
3,012,796
 
Shareholders funds
3,959,871
 
3,017,996
 
For the 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 financial statements for the year in question in accordance with section 476;
  • The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These
financial statements
have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies’ regime.
In accordance with Section 444 of the Companies Act 2006, the income statement has not been delivered.
These
financial statements
were approved by the board of directors and authorised for issue on
2 November 2023
, and are signed on behalf of the board by:
Mrs G Barker Lane
Director
Company registration number:
01204227
David Barker Contractors Limited
Notes to the Financial Statements
Year ended
31 March 2023

1 General information

The company is a private company limited by shares and is registered in England and Wales. The address of the registered office is
63 Clapgun St
,
Castle Donington
,
Derby
,
Derbyshire
,
DE74 2LF
, United Kingdom.

2 Statement of compliance

These
financial statements
have been prepared in compliance with FRS 102 Section 1A, 'The Financial Reporting Standard applicable to the UK and Republic of Ireland'.

3 Accounting policies

Basis of preparation

The
financial statements
have been prepared on the historical cost basis, as modified by the revaluation of certain assets.
The
financial statements
are prepared in sterling, which is the functional currency of the company.

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.

Tangible assets

Tangible assets are initially measured at cost, and are subsequently measured at cost less any accumulated depreciation and accumulated impairment losses or at a revalued amount.
Any tangible assets carried at a revalued amount are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
An increase in the carrying amount of an asset as a result of a revaluation is recognised in other comprehensive income and accumulated in capital and reserves. However, the increase is recognised in profit or loss to the extent that it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves. If a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess is recognised in profit or loss.
Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:
Fixtures and fittings
10% reducing balance
Plant and machinery
20% reducing balance
Office equipment
3 year straight line
Motor vehicles
20% reducing balance

Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
Properties where fair value can be measured reliably are held under the revaluation model and are carried at a revalued amount, being their fair value at the date of valuation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. The fair value of the land and buildings is usually considered to be their market value.
Revaluation gains and losses are recognised in other comprehensive income and accumulated in equity, except to the extent that a revaluation gain reverses a revaluation loss previously recognised in profit or loss or a revaluation exceeds the accumulated revaluation gains recognised in equity, such gains or losses are recognised in profit and loss.
The 2023 valuation was undertaken by the directors, at market value and the directors have included a fair value adjustment of £1,146,001 (2022: £Nil) in the financial statements.
The historical cost of the investment properties is £1,106,078 (2022: £1,106,078).

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price and are subsequently measured as follows: Debt instruments are subsequently measured at amortised cost and commitments to receive a loan and to make a loan to another entity are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment.
All other financial instruments, including derivatives, are initially recognised at fair value, which is normally the transaction price and are subsequently measured at fair value, with any changes recognised in profit or loss.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.
All equity instruments regardless of significance, and other financial assets that are individually significant, are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics.
Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is more likely than not that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured on an undiscounted basis at the tax rates that would apply in the periods in which timing differences are expected to reverse, based on tax rates and laws enacted at the statement of financial position date.

Provisions for liabilities

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.
Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.

4 Average number of employees

The average number of persons employed by the company during the year was
2
(2022:
2.00
).

5 Tangible assets

Plant and machinery etc.
£
Cost  
At
1 April 2022
and
31 March 2023
59,218
 
Depreciation  
At
1 April 2022
45,287
 
Charge
1,614
 
At
31 March 2023
46,901
 
Carrying amount  
At
31 March 2023
12,317
 
At 31 March 2022
13,931
 

Investment property

6 Investments

Other investments other than loans
£
Cost or valuation  
At
1 April 2022
3,272,189
 
Revaluations
1,146,001
 
At
31 March 2023
4,418,190
 
Impairment  
At
1 April 2022
and
31 March 2023
-  
Carrying amount  
At
31 March 2023
4,418,190
 
At 31 March 2022
3,272,189
 

7 Debtors

20232022
££
Other debtors
11,066
 
54,922
 

8 Creditors: amounts falling due within one year

20232022
££
Taxation and social security
2,145
 
2,526
 
Other creditors
49,916
 
47,879
 
52,061
 
50,405
 

9 Creditors: amounts falling due after more than one year

20232022
££
Other creditors
201,333
 
250,000
 

10 Directors' advances, credit and guarantees

During the year, dividends totalling £17,922 (2022: £2,000) were paid to the shareholders. Amount paid per share varied by class of share.
Included within other creditors is £41,273 (2022: £41,337) owed to the director Mrs G Barker-Lane. This is interest free and repayable on demand.
Included within other creditors is £201,333 (2022: £250,000) owed to the director Mrs G Barker. This is interest free and repayable in a period greater than 1 year.

12 Controlling party

The controlling party is Mrs G Barker-Lane.