Registered number
07352345
David H Myers (Southport) Limited
Unaudited Filleted Accounts
30 September 2023
David H Myers (Southport) Limited
Registered number: 07352345
Balance Sheet
as at 30 September 2023
Notes 2023 2022
£ £
Fixed assets
Intangible assets 3 480,000 520,000
Tangible assets 4 64,867 69,253
544,867 589,253
Current assets
Stocks 87,789 99,074
Debtors 5 372,975 332,592
Cash at bank and in hand 76,135 39,212
536,899 470,878
Creditors: amounts falling due within one year 6 (164,630) (146,657)
Net current assets 372,269 324,221
Total assets less current liabilities 917,136 913,474
Provisions for liabilities (12,325) (12,089)
Net assets 904,811 901,385
Capital and reserves
Called up share capital 100 100
Profit and loss account 904,711 901,285
Shareholders' funds 904,811 901,385
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 D H Myers Mr B Myers
Director Director
Approved by the board on 25 March 2024
David H Myers (Southport) Limited
Notes to the Accounts
for the year ended 30 September 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
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:
Leasehold property additions 15% reducing balance
Fixtures and fittings 15% reducing balance
Equipment 25% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
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.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 13 13
3 Intangible fixed assets £
Goodwill:
Cost
At 1 October 2022 1,000,000
At 30 September 2023 1,000,000
Amortisation
At 1 October 2022 480,000
Provided during the year 40,000
At 30 September 2023 520,000
Net book value
At 30 September 2023 480,000
At 30 September 2022 520,000
Goodwill is being written off in equal annual instalments over its estimated economic life of 5 years.
4 Tangible fixed assets
Leasehold property alterations Plant and machinery etc Total
£ £ £
Cost
At 1 October 2022 37,207 124,176 161,383
Additions - 7,080 7,080
At 30 September 2023 37,207 131,256 168,463
Depreciation
At 1 October 2022 17,156 74,974 92,130
Charge for the year 3,008 8,458 11,466
At 30 September 2023 20,164 83,432 103,596
Net book value
At 30 September 2023 17,043 47,824 64,867
At 30 September 2022 20,051 49,202 69,253
5 Debtors 2023 2022
£ £
Trade debtors 68,498 70,622
Amounts owed by group undertakings and undertakings in which the company has a participating interest 293,149 245,943
Other debtors 11,328 16,027
372,975 332,592
6 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 77,490 50,534
Amounts owed to group undertakings and undertakings in which the company has a participating interest 11,848 3,443
Taxation and social security costs 29,310 36,244
Other creditors 45,982 56,436
164,630 146,657
7 Other information
David H Myers (Southport) Limited is a private company limited by shares and incorporated in England. Its registered office is:
300 St Mary's Road
Garston
Liverpool
Merseyside
L19 0NQ
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