Registered number
10612540
Davies May Ltd
Filleted Accounts
28 February 2023
Davies May Ltd
Registered number: 10612540
Balance Sheet
as at 28 February 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 495 660
Current assets
Debtors 4 1,193,113 590,195
Cash at bank and in hand 233,337 85,263
1,426,450 675,458
Creditors: amounts falling due within one year 5 (793,100) (1,911,530)
Net current assets/(liabilities) 633,350 (1,236,072)
Total assets less current liabilities 633,845 (1,235,412)
Provisions for liabilities (94) -
Net assets/(liabilities) 633,751 (1,235,412)
Capital and reserves
Called up share capital 10 10
Profit and loss account 633,741 (1,235,422)
Shareholders' funds 633,751 (1,235,412)
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr Benjamin Couch
Director
Approved by the board on 27 November 2023
Davies May Ltd
Notes to the Accounts
for the year ended 28 February 2023
1 Accounting policies
Turnover
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 from 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.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Fixtures, fittings, tools and equipment 25% reducing balance
Debtors
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, less any impairment losses for bad and doubtful debts.
Creditors
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.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. 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.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 2 2
3 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 March 2022 1,174
At 28 February 2023 1,174
Depreciation
At 1 March 2022 514
Charge for the year 165
At 28 February 2023 679
Net book value
At 28 February 2023 495
At 28 February 2022 660
4 Debtors 2023 2022
£ £
Trade debtors 279,300 279,300
Deferred tax asset - 291,215
Other debtors 913,813 19,680
1,193,113 590,195
5 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 30,948 1,260,178
Taxation and social security costs 30,557 16,929
Other creditors 731,595 634,423
793,100 1,911,530
6 Related party transactions
At the period end the company was owed £166,303 (2022: £81,934 Creditor) from Mr B Couch and Mrs N Couch, directors, who together own 100% of the share capital.
7 Controlling party
The company is ultimately controlled by Mr B Couch and Mrs N Couch, directors, who together control 100% of the share capital.
8 Other information
Davies May Ltd is a private company limited by shares and incorporated in England. Its registered office is:
Tre-Ru House
The Leats
Truro
Cornwall
TR1 3AG
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