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REGISTERED NUMBER: 03602624 (England and Wales)












IAN DAVIES DEMOLITION LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

28 FEBRUARY 2023






IAN DAVIES DEMOLITION LIMITED (REGISTERED NUMBER: 03602624)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


IAN DAVIES DEMOLITION LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 28 FEBRUARY 2023







DIRECTOR: H I Davies



SECRETARY: Mrs P A Davies



REGISTERED OFFICE: C/O Bevan Buckland LLP
Ground Floor, Cardigan House
Castle Court, Swansea Enterprise Park
Swansea
SA7 9LA



REGISTERED NUMBER: 03602624 (England and Wales)



ACCOUNTANTS: Bevan Buckland LLP
Ground Floor Cardigan House
Castle Court
Swansea Enterprise Park
Swansea
SA7 9LA



BANKERS: Lloyds Bank PLC
113 High Street
Gorseinon
Swansea
SA4 4BR

IAN DAVIES DEMOLITION LIMITED (REGISTERED NUMBER: 03602624)

BALANCE SHEET
28 FEBRUARY 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 654,480 682,686
Investments 5 2 2
654,482 682,688

CURRENT ASSETS
Debtors 6 567,702 577,707
Cash at bank 23,492 21,431
591,194 599,138
CREDITORS
Amounts falling due within one year 7 109,146 34,846
NET CURRENT ASSETS 482,048 564,292
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,136,530

1,246,980

CREDITORS
Amounts falling due after more than one year 8 (6,588 ) (14,010 )

PROVISIONS FOR LIABILITIES (121,702 ) (135,122 )
NET ASSETS 1,008,240 1,097,848

CAPITAL AND RESERVES
Called up share capital 2 2
Retained earnings 1,008,238 1,097,846
SHAREHOLDERS' FUNDS 1,008,240 1,097,848

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

IAN DAVIES DEMOLITION LIMITED (REGISTERED NUMBER: 03602624)

BALANCE SHEET - continued
28 FEBRUARY 2023


The 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 4 October 2023 and were signed by:





H I Davies - Director


IAN DAVIES DEMOLITION LIMITED (REGISTERED NUMBER: 03602624)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

1. STATUTORY INFORMATION

Ian Davies Demolition Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Freehold property - Nil
Plant and Machinery - 25% reducing balance
Fixtures and fittings - 20% reducing balance
Motor vehicles - 25% reducing balance

The freehold property is land and so is not depreciated.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Hire purchase and leasing commitments
Hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to the profit and loss account over the relevant period. The capital element of the future payments is treated as a liability.

IAN DAVIES DEMOLITION LIMITED (REGISTERED NUMBER: 03602624)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28 FEBRUARY 2023

2. ACCOUNTING POLICIES - continued

Debtors
Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

Cash at bank and in hand
Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

Creditors and provisions
Creditors and provisions are recognised where the company has a present obligation (legal and constructive) resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

Financial Instruments

The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial I instruments Issues' of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include trade and other receivables and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Trade debtors, loans and other receivables that have fixed or determinable payments that are not quoted in an active market are classified as 'loans and receivables'. Loans and receivables are measured at amortised cost using the effective interest method, less any impairment.

Interest is recognised by applying the effective interest rate, except for short-term receivables when the recognition of interest would be immaterial. The effective interest method is a method of calculating the amortised cost of a debt instrument and of allocating the interest income over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash receipts through the expected life of the debt instrument to the net carrying amount on initial recognition.

Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

IAN DAVIES DEMOLITION LIMITED (REGISTERED NUMBER: 03602624)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28 FEBRUARY 2023

2. ACCOUNTING POLICIES - continued
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Basic financial liabilities
Basic financial liabilities, including trade and other payables, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into, An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Derecognition of financial liabilities
Financial liabilities are derecognised when the company's contractual obligations expire or are discharged or cancelled.

Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2022 - NIL).

IAN DAVIES DEMOLITION LIMITED (REGISTERED NUMBER: 03602624)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28 FEBRUARY 2023

4. TANGIBLE FIXED ASSETS
Fixtures
Freehold Plant and and Motor
property Machinery fittings vehicles Totals
£    £    £    £    £   
COST
At 1 March 2022 100,000 1,175,225 1,743 227,555 1,504,523
Additions - 130,150 - 35,185 165,335
Disposals - (13,480 ) - (20,241 ) (33,721 )
At 28 February 2023 100,000 1,291,895 1,743 242,499 1,636,137
DEPRECIATION
At 1 March 2022 - 688,915 1,724 131,198 821,837
Charge for year - 153,405 4 31,418 184,827
Eliminated on disposal - (10,637 ) - (14,370 ) (25,007 )
At 28 February 2023 - 831,683 1,728 148,246 981,657
NET BOOK VALUE
At 28 February 2023 100,000 460,212 15 94,253 654,480
At 28 February 2022 100,000 486,310 19 96,357 682,686

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1 March 2022
and 28 February 2023 56,700
DEPRECIATION
At 1 March 2022 24,303
Charge for year 8,099
At 28 February 2023 32,402
NET BOOK VALUE
At 28 February 2023 24,298
At 28 February 2022 32,397

5. FIXED ASSET INVESTMENTS
Other
investments
£   
COST
At 1 March 2022
and 28 February 2023 2
NET BOOK VALUE
At 28 February 2023 2
At 28 February 2022 2

IAN DAVIES DEMOLITION LIMITED (REGISTERED NUMBER: 03602624)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28 FEBRUARY 2023

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 30,000 30,000
Amounts owed by group undertakings 280,000 280,000
Amounts owed by related parties 253,215 253,215
Other debtors 4,487 14,492
567,702 577,707

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Hire purchase contracts 7,421 6,892
Trade creditors 1,654 24,168
Amounts owed to group undertakings 93,576 34
Other creditors 6,495 3,752
109,146 34,846

Included within other creditors is a directors loan account balance of £1,544 (2022: £1,704), which is interest free and repayable upon demand.

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Hire purchase contracts 6,588 14,010

9. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Hire purchase contracts 14,009 20,902

The company has an overdraft facility with its bankers which is secured by a personal guarantee given by the directors.

The hire purchase liabilities are secured on the assets to which they relate.

10. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 28 February 2023 and 28 February 2022:

2023 2022
£    £   
I Davies and Mrs P A Davies
Balance outstanding at start of year - (1,237 )
Amounts advanced - 1,237
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - -

IAN DAVIES DEMOLITION LIMITED (REGISTERED NUMBER: 03602624)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28 FEBRUARY 2023

10. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES - continued

H I Davies
Balance outstanding at start of year (1,704 ) -
Amounts advanced 159 18,296
Amounts repaid - (20,000 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (1,545 ) (1,704 )

11. RELATED PARTY DISCLOSURES

Included in debtors is an amount £253,215 (2022: £253,215) owed from Ian Davies Investments Ltd which is a company that Mr Davies is also a director of. This amount is repayable upon demand and transactions undertaken were at an arms length basis.

12. ULTIMATE CONTROLLING PARTY

Mr H I Davies is considered to be the ultimate controlling party due to his 100% Shareholding in the parent company Ian Davies Plant & Son limited.