Company registration number 07706059 (England and Wales)
D DAVIES ELECTRICAL SERVICES LTD
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023
PAGES FOR FILING WITH REGISTRAR
D DAVIES ELECTRICAL SERVICES LTD
COMPANY INFORMATION
Director
Mr D M Davies
Company number
07706059
Registered office
Ty Coch
Maesquarre Road
Ammanford
Carmarthenshire
Wales
SA18 2HQ
Accountants
Lilywhite Accountancy
33 Cysgod y Gors
Gorslas
Llanelli
Carmarthenshire
Wales
SA14 7NW
D DAVIES ELECTRICAL SERVICES LTD
CONTENTS
Page
Director's report
1
Balance sheet
2
Notes to the financial statements
3 - 5
D DAVIES ELECTRICAL SERVICES LTD
DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 JULY 2023
- 1 -
The director is responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.
Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the director is required to:
select suitable accounting policies and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Director
The director who held office during the year and up to the date of signature of the financial statements was as follows:
Mr D M Davies
Small companies exemption
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
On behalf of the board
Mr D M Davies
Director
6 April 2024
D DAVIES ELECTRICAL SERVICES LTD
BALANCE SHEET
- 2 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
26,503
26,758
Current assets
Stocks
66,200
10,000
Debtors
4
276,320
460,018
Cash at bank and in hand
98,291
6,093
440,811
476,111
Creditors: amounts falling due within one year
5
(147,578)
(194,862)
Net current assets
293,233
281,249
Total assets less current liabilities
319,736
308,007
Creditors: amounts falling due after more than one year
6
(29,095)
Net assets
319,736
278,912
Capital and reserves
Called up share capital
1
1
Profit and loss reserves
319,735
278,911
Total equity
319,736
278,912
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 July 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved and signed by the director and authorised for issue on 6 April 2024
Mr D M Davies
Director
Company registration number 07706059 (England and Wales)
D DAVIES ELECTRICAL SERVICES LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023
- 3 -
1
Accounting policies
Company information
D Davies Electrical Services Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Ty Coch, Maesquarre Road, Ammanford, Carmarthenshire, Wales, SA18 2HQ.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and equipment
25% Reducing balance
Motor vehicles
25% Reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.4
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
1.5
Taxation
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible.
Current tax
The tax expense represents the sum of the tax currently payable and deferred tax.
D DAVIES ELECTRICAL SERVICES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
1
Accounting policies
(Continued)
- 4 -
1.6
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.7
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
1.8
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
2
2
3
Tangible fixed assets
Plant and equipment
Motor vehicles
Total
£
£
£
Cost
At 1 August 2022
104,910
51,839
156,749
Additions
6,945
6,945
At 31 July 2023
111,855
51,839
163,694
Depreciation and impairment
At 1 August 2022
83,956
46,035
129,991
Depreciation charged in the year
5,750
1,450
7,200
At 31 July 2023
89,706
47,485
137,191
Carrying amount
At 31 July 2023
22,149
4,354
26,503
At 31 July 2022
20,954
5,804
26,758
D DAVIES ELECTRICAL SERVICES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
- 5 -
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
12,512
3,777
Other debtors
263,808
456,241
276,320
460,018
5
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
1,985
9,648
Trade creditors
52,933
22,179
Corporation tax
20,013
23,041
Other creditors
71,567
138,994
Accruals and deferred income
1,080
1,000
147,578
194,862
6
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
29,095