1 August 2022 v2024.12.1 limited_company_frs_102_section_1a_v1_1_1 companies_houseSoftwarefalsetruetruetrueNo description of principal activityfalsetruexbrli:purexbrli:sharesiso4217:GBPSC2874832022-08-012023-07-31SC2874832023-07-31SC2874832022-07-31SC287483core:WithinOneYear2023-07-31SC287483core:WithinOneYear2022-07-31SC287483core:AfterOneYear2023-07-31SC287483core:AfterOneYear2022-07-31SC287483core:ShareCapital2023-07-31SC287483core:ShareCapital2022-07-31SC287483core:RetainedEarningsAccumulatedLosses2023-07-31SC287483core:RetainedEarningsAccumulatedLosses2022-07-31SC287483bus:Director12022-08-012023-07-31SC287483bus:RegisteredOffice2022-08-012023-07-31SC287483core:FurnitureFittings2022-08-012023-07-31SC287483core:MotorVehicles2022-08-012023-07-31SC2874832021-08-012022-07-31SC287483core:PlantMachinery2022-08-01SC287483core:PlantMachinery2022-08-012023-07-31SC287483core:PlantMachinery2023-07-31SC287483core:PlantMachinery2022-07-31SC28748312022-08-012023-07-31SC287483countries:Scotland2022-08-012023-07-31SC287483bus:AuditExempt-NoAccountantsReport2022-08-012023-07-31SC287483bus:PrivateLimitedCompanyLtd2022-08-012023-07-31SC287483bus:SmallEntities2022-08-012023-07-31SC287483bus:FullAccounts2022-08-012023-07-31
Company registration number:
SC287483
Davic Pubco Limited
Unaudited Filleted Financial Statements for the year ended
31 July 2023
Thomson Financial Limited
Millars House, 41a Gray Street, Dundee, Dundee, DD5 2BJ, United Kingdom
Davic Pubco Limited
Statement of Financial Position
31 July 2023
20232022
Note££
Fixed assets    
Tangible assets 5
12,172
 
11,454
 
Current assets    
Stocks
9,434
 
7,622
 
Debtors 6
16,465
 
31,167
 
Cash at bank and in hand
60,025
 
46,445
 
85,924
 
85,234
 
Creditors: amounts falling due within one year 7
(55,314
)
(54,537
)
Net current assets
30,610
 
30,697
 
Total assets less current liabilities 42,782   42,151  
Creditors: amounts falling due after more than one year 8
(29,037
)
(40,592
)
Net assets
13,745
 
1,559
 
Capital and reserves    
Called up share capital
100
 
100
 
Profit and loss account
13,645
 
1,459
 
Shareholders funds
13,745
 
1,559
 
For the year ending
31 July 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 financial statements for the year in question in accordance with section 476;
  • The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These
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.
These
financial statements
were approved by the board of directors and authorised for issue on
24 April 2024
, and are signed on behalf of the board by:
Mr D Glass
Director
Company registration number:
SC287483
Davic Pubco Limited
Notes to the Financial Statements
Year ended
31 July 2023

1 General information

The company is a private company limited by shares and is registered in Scotland. The address of the registered office is
66 Union Street
,
Broughty Ferry
,
Dundee
,
Angus
,
DD5 2AU
, .

2 Statement of compliance

These
financial statements
have been prepared in compliance with FRS 102 Section 1A, 'The Financial Reporting Standard applicable to the UK and Republic of Ireland'.

3 Accounting policies

Basis of preparation

The
financial statements
have been prepared on the historical cost basis, as modified by the revaluation of certain assets.
The
financial statements
are prepared in sterling, which is the functional currency of the company.

Turnover

The turnover shown in the profit and loss account represents amounts received during the year, net of Value Added Tax.

Current tax

Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Tangible assets

Tangible assets are initially measured at cost, and are subsequently measured at cost less any accumulated depreciation and accumulated impairment losses or at a revalued amount.
Any tangible assets carried at a revalued amount are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
An increase in the carrying amount of an asset as a result of a revaluation is recognised in other comprehensive income and accumulated in capital and reserves. However, the increase is recognised in profit or loss to the extent that it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves. If a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess is recognised in profit or loss.
Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:
Fixtures and fittings
15% reducing balance
Motor vehicles
25% straight line

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.

Government grants

Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the entity will comply with the conditions attaching to them and the grants will be received.
Government grants are recognised using the accrual model and the performance model.
Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the entity recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.
Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset.
Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price and are subsequently measured as follows: Debt instruments are subsequently measured at amortised cost and commitments to receive a loan and to make a loan to another entity are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment.

Defined contribution pension plan

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.

4 Average number of employees

The average number of persons employed by the company during the year was
10
(2022:
10.00
).

5 Tangible assets

Plant and machinery etc.
£
Cost  
At
1 August 2022
45,075
 
Additions
2,600
 
At
31 July 2023
47,675
 
Depreciation  
At
1 August 2022
33,621
 
Charge
1,882
 
At
31 July 2023
35,503
 
Carrying amount  
At
31 July 2023
12,172
 
At 31 July 2022
11,454
 

6 Debtors

20232022
££
Trade debtors -  
4,072
 
Other debtors
16,465
 
27,095
 
16,465
 
31,167
 

7 Creditors: amounts falling due within one year

20232022
££
Trade creditors
35,012
 
35,071
 
Taxation and social security
14,369
 
15,430
 
Other creditors
5,933
 
4,036
 
55,314
 
54,537
 

8 Creditors: amounts falling due after more than one year

20232022
££
Bank loans and overdrafts
29,037
 
40,592