2022-03-012023-02-282023-02-28false06397698DAVID TEWARD 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DAVID TEWARD LIMITED

Registered Number
06397698
(England and Wales)

Unaudited Financial Statements for the Year ended
28 February 2023

DAVID TEWARD LIMITED
Company Information
for the year from 1 March 2022 to 28 February 2023

Directors

TEWARD, Christiane Martine
TEWARD, Christopher
TEWARD, David John

Registered Address

East New House
Baldersdale
Barnard Castle
DL12 9UU

Registered Number

06397698 (England and Wales)
DAVID TEWARD LIMITED
Statement of Financial Position
28 February 2023

Notes

2023

2022

£

£

£

£

Fixed assets
Tangible assets5804,374840,695
804,374840,695
Current assets
Stocks23,81820,500
Debtors8364,861383,471
Cash at bank and on hand52,734134,156
441,413538,127
Creditors amounts falling due within one year9(717,509)(769,427)
Net current assets (liabilities)(276,096)(231,300)
Total assets less current liabilities528,278609,395
Creditors amounts falling due after one year10(109,537)(155,290)
Provisions for liabilities11(199,500)(158,462)
Net assets219,241295,643
Capital and reserves
Called up share capital1,0001,000
Profit and loss account218,241294,643
Shareholders' funds219,241295,643
The financial statements were approved and authorised for issue by the Board of Directors on 7 November 2023, and are signed on its behalf by:
TEWARD, David John
Director
Registered Company No. 06397698
DAVID TEWARD LIMITED
Notes to the Financial Statements
for the year ended 28 February 2023

1.Statutory information
The company is a private company limited by shares and registered in England and Wales. 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 sale of goods and/or the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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 (%)
Plant and machinery15
Vehicles25
Office Equipment33
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 and sell. 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.
Valuation of financial instruments policy
The company enters into basic financial instrument 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, loans to related parties and investments in ordinary shares.
4.Employee information

20232022
Average number of employees during the year99
5.Property, plant and equipment

Plant & machinery

Vehicles

Office Equipment

Total

££££
Cost or valuation
At 01 March 221,637,38988,984-1,726,373
Additions96,501-1,89498,395
At 28 February 231,733,89088,9841,8941,824,768
Depreciation and impairment
At 01 March 22824,61861,060-885,678
Charge for year127,2686,981467134,716
At 28 February 23951,88668,0414671,020,394
Net book value
At 28 February 23782,00420,9431,427804,374
At 28 February 22812,77127,924-840,695
6.Description of nature of transactions and balances with related parties
Included in other creditors are amounts owed to the directors. No interest has been charged on these loans and there are no set terms for repayment.
7.Further information regarding the company's financial position
In respect of these Financial Statements the comparative income statement has had £439,482 moved from cost of sales to distribution costs, £65,855 from cost of sales to administrative expenses, £5,832 from administrative costs to Gain (loss) on disposal of fixed assets and £1,426 from administrative costs to interest payable and similar charges. These reclassifications have not affected the reported profit position which remains the same.
8.Debtors

2023

2022

££
Trade debtors / trade receivables362,376382,405
Other debtors2,4851,066
Total364,861383,471
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 payables241,747327,942
Bank borrowings and overdrafts10,00010,000
Taxation and social security39,27540,637
Finance lease and HP contracts108,948127,699
Other creditors314,167260,373
Accrued liabilities and deferred income3,3722,776
Total717,509769,427
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 contracts are secured on the assets to which they relate.
10.Creditors after one year

2023

2022

££
Bank borrowings and overdrafts27,50037,499
Other creditors82,037117,791
Total109,537155,290
Finance lease and HP contracts equal to £82,037, (2022 - £117,791) are included within other creditors and are secured against the assets to which they relate.
11.Provisions for liabilities

2023

2022

££
Net deferred tax liability (asset)199,500158,462
Total199,500158,462