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Registration number: 03657952

D.C. and C.P. Myers Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 October 2023

 

D.C. and C.P. Myers Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 8

 

D.C. and C.P. Myers Limited

Company Information

Directors

D C Myers

Mrs C P Myers

Mrs P L Bannister

Mrs R M Moors

I T Moors

M F Bannister

Company secretary

D C Myers

Registered office

Orchard House
4a St Marys Lane
Louth
Lincolnshire
LN11 0DT

 

D.C. and C.P. Myers Limited

(Registration number: 03657952)
Balance Sheet as at 31 October 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

1,884

696

Investment property

5

373,586

373,586

 

375,470

374,282

Current assets

 

Debtors

6

70

129

Cash at bank and in hand

 

5,119

3,638

 

5,189

3,767

Creditors: Amounts falling due within one year

7

(293,938)

(297,271)

Net current liabilities

 

(288,749)

(293,504)

Total assets less current liabilities

 

86,721

80,778

Creditors: Amounts falling due after more than one year

7

(19,832)

(22,346)

Provisions for liabilities

(10,020)

(8,964)

Net assets

 

56,869

49,468

Capital and reserves

 

Called up share capital

100

100

Revaluation reserve

41,189

41,189

Retained earnings

15,580

8,179

Shareholders' funds

 

56,869

49,468

For the financial year ending 31 October 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

 

D.C. and C.P. Myers Limited

(Registration number: 03657952)
Balance Sheet as at 31 October 2023

Approved and authorised by the Board on 13 March 2024 and signed on its behalf by:
 

.........................................
D C Myers
Director

.........................................
Mrs C P Myers
Director

 
     
 

D.C. and C.P. Myers Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales, registration number 03657952. These financial statements cover the individual entity, D.C and C.P Myers Limited.

The address of its registered office is:
Orchard House
4a St Marys Lane
Louth
Lincolnshire
LN11 0DT

These financial statements were authorised for issue by the Board on 13 March 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 including Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest pound.

Going concern

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

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

D.C. and C.P. Myers Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by the directors. Changes in fair value are recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised at the transaction price less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors 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 the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price.

 

D.C. and C.P. Myers Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 6 (2022 - 6).

 

D.C. and C.P. Myers Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

4

Tangible assets

Fixtures and fittings
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 November 2022

4,999

1,084

779

6,862

Additions

235

752

576

1,563

Disposals

(730)

(365)

(384)

(1,479)

At 31 October 2023

4,504

1,471

971

6,946

Depreciation

At 1 November 2022

4,566

976

624

6,166

Charge for the year

86

160

57

303

Eliminated on disposal

(725)

(365)

(317)

(1,407)

At 31 October 2023

3,927

771

364

5,062

Carrying amount

At 31 October 2023

577

700

607

1,884

At 31 October 2022

433

108

155

696

5

Investment properties

2023
£

At 1 November

373,586

At 31 October

373,586

There has been no valuation of investment property by an independent valuer.

The carrying value of the investment properties, if these hadn't previously been revalued, would be £322,735 (2022: £322,735)

6

Debtors

Current

2023
£

2022
£

Prepayments

70

129

 

70

129

 

D.C. and C.P. Myers Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

8

2,400

2,400

Trade creditors

 

162

1,833

Taxation and social security

 

680

-

Accruals and deferred income

 

7,278

13,967

Other creditors

 

283,418

279,071

 

293,938

297,271

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

8

19,832

22,346

2023
£

2022
£

Due after more than five years

After more than five years by instalments

10,232

12,746

-

-

8

Loans and borrowings

Non-current loans and borrowings

2023
£

2022
£

Bank borrowings

19,832

22,346

Current loans and borrowings

2023
£

2022
£

Bank borrowings

2,400

2,400

9

Financial commitments, guarantees and contingencies

Amounts disclosed in the balance sheet

Included in the balance sheet are financial commitments of £22,232 (2022 - £24,746). The mortgage is securred on the assets to which it relates.