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REGISTERED NUMBER: 07340557 (England and Wales)










G & M Davies Ltd

Unaudited Financial Statements

for the Year Ended 31 December 2023






G & M Davies Ltd (Registered number: 07340557)






Contents of the Financial Statements
for the year ended 31 December 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


G & M Davies Ltd

Company Information
for the year ended 31 December 2023







DIRECTORS: Mr G S Davies
Mrs A Davies
Mrs M E Davies
Mr M W Davies
Miss K E Davies





REGISTERED OFFICE: The Paddock
Bryn Ffynnon
Llanferres
Mold
Flintshire
CH7 5SH





REGISTERED NUMBER: 07340557 (England and Wales)





ACCOUNTANTS: Salisbury & Company
Chartered Accountants
Irish Square
Upper Denbigh Road
St Asaph
Denbighshire
LL17 0RN

G & M Davies Ltd (Registered number: 07340557)

Balance Sheet
31 December 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 36,333 25,666
Tangible assets 5 389,946 342,304
426,279 367,970

CURRENT ASSETS
Stocks 20,000 20,000
Debtors 6 47,415 346,792
Cash at bank and in hand 88,491 53,325
155,906 420,117
CREDITORS
Amounts falling due within one year 7 398,964 484,361
NET CURRENT LIABILITIES (243,058 ) (64,244 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

183,221

303,726

CREDITORS
Amounts falling due after more than one
year

8

(62,881

)

(37,936

)

PROVISIONS FOR LIABILITIES (55,263 ) (55,263 )
NET ASSETS 65,077 210,527

CAPITAL AND RESERVES
Called up share capital 17 17
Retained earnings 65,060 210,510
SHAREHOLDERS' FUNDS 65,077 210,527

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 5 March 2024 and were signed on its behalf by:



Mr G S Davies - Director


G & M Davies Ltd (Registered number: 07340557)

Notes to the Financial Statements
for the year ended 31 December 2023

1. STATUTORY INFORMATION

G & M Davies Ltd 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.

The financial statements have been prepared on a going concern basis.

At the balance sheet date, the company had net current liabilities, however included within creditors due within one year are loans from directors. The directors aim to continue to support the company for the foreseeable future. Current liabilities also include the current portion of asset financing, which fall due over the next 12 months, and which will be funded from cash generated from trade.

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

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2010, is being amortised evenly over its estimated useful life of fifteen years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 33% on cost, 25% on cost, 20% on cost, 20% on reducing balance, 10% on reducing balance and 5% on cost

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

G & M Davies Ltd (Registered number: 07340557)

Notes to the Financial Statements - continued
for the year ended 31 December 2023

2. ACCOUNTING POLICIES - continued

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 13 (2022 - 14 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 January 2023 140,000
Additions 20,000
At 31 December 2023 160,000
AMORTISATION
At 1 January 2023 114,334
Charge for year 9,333
At 31 December 2023 123,667
NET BOOK VALUE
At 31 December 2023 36,333
At 31 December 2022 25,666

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 January 2023 953,842
Additions 87,928
Disposals (783 )
At 31 December 2023 1,040,987
DEPRECIATION
At 1 January 2023 611,538
Charge for year 39,503
At 31 December 2023 651,041
NET BOOK VALUE
At 31 December 2023 389,946
At 31 December 2022 342,304

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 11,422 346,102
Other debtors 35,993 690
47,415 346,792

G & M Davies Ltd (Registered number: 07340557)

Notes to the Financial Statements - continued
for the year ended 31 December 2023

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 15,203 16,883
Hire purchase contracts 22,725 18,998
Trade creditors 57,462 110,331
Taxation and social security 4,361 82,531
Other creditors 299,213 255,618
398,964 484,361

Other creditors include amounts owed to the directors of the company amounting to £284,698 (2022: £242,997). There are no defined repayment terms and no interest is charged. The directors aim to continue to support the company for the foreseeable future.

Hire purchase obligations included within creditors are payable over a period of up to 5 years. These will be financed by cash generated from use of the assets.

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans 22,133 34,933
Hire purchase contracts 40,748 3,003
62,881 37,936

9. RELATED PARTY DISCLOSURES

The company operates from premises owned by the directors. No charge is made for the use of the premises.

10. ULTIMATE CONTROLLING PARTY

Ultimate control of the company lies with the directors, who, between them, hold the issued voting capital.