2022-04-012023-03-312023-03-31falseSC314904R. DAVIDSON & SONS 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R. DAVIDSON & SONS LIMITED

Registered Number
SC314904
(Scotland)

Unaudited Financial Statements for the Year ended
31 March 2023

R. DAVIDSON & SONS LIMITED
Company Information
for the year from 1 April 2022 to 31 March 2023

Directors

DAVIDSON, Robert George
DAVIDSON, Robert

Registered Address

51 Rae Street
Dumfries
DG1 1JD

Registered Number

SC314904 (Scotland)
R. DAVIDSON & SONS LIMITED
Statement of Financial Position
31 March 2023

Notes

2023

2022

£

£

£

£

Fixed assets
Tangible assets5614,721512,883
614,721512,883
Current assets
Stocks71,8757,250
Debtors8196,154242,058
Cash at bank and on hand100,93097,006
298,959346,314
Creditors amounts falling due within one year9(232,260)(216,210)
Net current assets (liabilities)66,699130,104
Total assets less current liabilities681,420642,987
Creditors amounts falling due after one year10(233,120)(215,883)
Provisions for liabilities12(125,300)(119,500)
Net assets323,000307,604
Capital and reserves
Called up share capital1010
Profit and loss account322,990307,594
Shareholders' funds323,000307,604
The financial statements were approved and authorised for issue by the Board of Directors on 18 October 2023, and are signed on its behalf by:
DAVIDSON, Robert George
Director
Registered Company No. SC314904
R. DAVIDSON & SONS LIMITED
Notes to the Financial Statements
for the year ended 31 March 2023

1.Statutory information
The company is a private company limited by shares and registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.
2.Basis of measurement used in financial statements
The financial statements have been prepared under the historical cost convention on a going concern basis unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
3.Accounting policies
Functional and presentation currency policy
The financial statements are presented in sterling and this is the functional currency of the company.
Turnover policy
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 rendering of services. 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.
Property, plant and equipment policy
Tangible fixed assets are stated at cost or valuation less depreciation. The assets residual values, useful lives and depreciation methods are reviewed and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposal are determined by comparing the proceeds with the carrying amount and are recognised in the Income Statement Depreciation is provided on all tangible fixed assets as follows:

Reducing balance (%)Straight line (years)
Land and buildings1025
Plant and machinery25-
Vehicles25-
Office Equipment25-
Stocks policy
Stocks are valued at the lower of cost and estimated selling price (less any associated costs to enable such sales to complete). At each date of Statement of Financial Position, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete the sale. The impairment loss is recognised immediately in the Income Statement
Taxation policy
Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax policy
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.
Leases policy
Assets held under finance leases which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, and hire purchase contracts are capitalised in the Statement of Financial Position. They are depreciated over the shorter of their useful lives or the term of the lease. All other lease arrangements are classified as an operating lease Payments made under operating leases are charged to the Income Statement on a straight line basis over the lease term.
Employee benefits policy
The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further obligation. Contributions to defined contribution plans are expensed in the period to which they relate. Amounts not paid are shown in accruals in the Statement of Financial Position. The assets of the plan are held separately from the company in independently administered funds.
4.Employee information

20232022
Average number of employees during the year810
5.Property, plant and equipment

Land & buildings

Plant & machinery

Vehicles

Office Equipment

Total

£££££
Cost or valuation
At 01 April 2245,510497,767518,5347951,062,606
Additions-199,000105,202-304,202
Disposals-(149,447)(101,995)-(251,442)
At 31 March 2345,510547,320521,7417951,115,366
Depreciation and impairment
At 01 April 2210,902239,737298,751333549,723
Charge for year3,30567,91068,830116140,161
On disposals-(104,963)(84,276)-(189,239)
At 31 March 2314,207202,684283,305449500,645
Net book value
At 31 March 2331,303344,636238,436346614,721
At 31 March 2234,608258,030219,783462512,883
The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows: Motor Vehicles - £113,839 (2022 - £138,369) Plant & Machinery - £262,531 (2022 - £112,542)
6.Description of financial commitments other than capital commitments
At 31 March 2023 the company had future minimum lease payments under non-cancellable operating leases of £nil (2022: £14,037).
7.Stocks

2023

2022

££
Finished goods1,8757,250
Total1,8757,250
8.Debtors

2023

2022

££
Trade debtors / trade receivables192,324238,767
Prepayments and accrued income3,8303,291
Total196,154242,058
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.
9.Creditors within one year

2023

2022

££
Trade creditors / trade payables17,77529,198
Bank borrowings and overdrafts10,00024,948
Taxation and social security13,91932,649
Finance lease and HP contracts77,21350,725
Other creditors105,62772,106
Accrued liabilities and deferred income7,7266,584
Total232,260216,210
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. Finance lease and HP are secured on the assets to which they relate.
10.Creditors after one year

2023

2022

££
Bank borrowings and overdrafts25,83382,939
Other creditors207,287132,944
Total233,120215,883
Finance lease and HP contracts equal to £207,286, (2022 - £132,944) are included within other creditors and are secured against the assets to which they relate.
11.Finance lease and HP contracts after one year

2023

2022

££
Finance lease and HP contracts207,286132,944
12.Provisions for liabilities

2023

2022

££
Net deferred tax liability (asset)125,300119,500
Total125,300119,500