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Registration number: 05006042

Elgan Davies Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2023

 

Elgan Davies Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 11

 

Elgan Davies Ltd

Company Information

Directors

E Davies

F Davies

Registered office

36 Wattleton Road
Beaconsfield
Bucks
HP9 1SE

Accountants

AIMS Accountants for Business
36 Wattleton Road
Beaconsfield
Bucks
HP9 1SE

 

Elgan Davies Ltd

(Registration number: 05006042)
Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

6,029

6,029

Tangible assets

5

122,781

103,205

 

128,810

109,234

Current assets

 

Stocks

6

51,000

51,000

Debtors

7

202,890

157,312

Cash at bank and in hand

 

91,479

93,827

 

345,369

302,139

Creditors: Amounts falling due within one year

8

(111,856)

(72,243)

Net current assets

 

233,513

229,896

Total assets less current liabilities

 

362,323

339,130

Creditors: Amounts falling due after more than one year

8

(33,663)

(43,383)

Net assets

 

328,660

295,747

Capital and reserves

 

Called up share capital

9

2

2

Retained earnings

328,658

295,745

Shareholders' funds

 

328,660

295,747

For the financial year ending 31 March 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 and the option not to file the Profit and Loss Account has been taken.

 

Elgan Davies Ltd

(Registration number: 05006042)
Balance Sheet as at 31 March 2023

Approved and authorised by the Board on 22 December 2023 and signed on its behalf by:
 

.........................................
E Davies
Director

 

Elgan Davies Ltd

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

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
36 Wattleton Road
Beaconsfield
Bucks
HP9 1SE
United Kingdom

These financial statements were authorised for issue by the Board on 22 December 2023.

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 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.

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 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.

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.

 

Elgan Davies Ltd

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

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:

Asset class

Depreciation method and rate

Office Equipment

25% reducing balance

Motor Vehicles

25% reducing balance

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 initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, 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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

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 and subsequently measured at amortised cost using the effective interest method.

 

Elgan Davies Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 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.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 7 (2022 - 5).

 

Elgan Davies Ltd

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

4

Intangible assets

Other intangible assets
 £

Total
£

Cost or valuation

At 1 April 2022

6,029

6,029

At 31 March 2023

6,029

6,029

Amortisation

Carrying amount

At 31 March 2023

6,029

6,029

At 31 March 2022

6,029

6,029

5

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 April 2022

13,562

111,231

54,257

179,050

Additions

2,166

37,293

9,040

48,499

At 31 March 2023

15,728

148,524

63,297

227,549

Depreciation

At 1 April 2022

6,424

68,065

1,356

75,845

Charge for the year

1,398

25,977

1,548

28,923

At 31 March 2023

7,822

94,042

2,904

104,768

Carrying amount

At 31 March 2023

7,906

54,482

60,393

122,781

At 31 March 2022

7,138

43,166

52,901

103,205

 

Elgan Davies Ltd

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

6

Stocks

2023
£

2022
£

Other inventories

51,000

51,000

7

Debtors

Current

2023
£

2022
£

Trade debtors

61,224

24,612

Prepayments

9,871

5,565

Other debtors

131,795

127,135

 

202,890

157,312

 

Elgan Davies Ltd

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

8

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

50,268

40,240

Taxation and social security

17,430

8,760

Other creditors

44,158

23,243

111,856

72,243

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

10

33,663

43,383

9

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

2

2

2

2

         

10

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Other borrowings

33,663

43,383

 

Elgan Davies Ltd

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

11

Dividends

   

2023

 

2022

   

£

 

£

Interim dividend of £23,370.00 (2022 - £23,370.00) per ordinary share

 

56,740

 

46,740

         

12

Related party transactions

 

Elgan Davies Ltd

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

Directors' remuneration

The directors' remuneration for the year was as follows:

2023
£

2022
£

Remuneration

28,192

17,664