Company registration number 01991659 (England and Wales)
D. B. DEVALL FUNERAL DIRECTORS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023
PAGES FOR FILING WITH REGISTRAR
D. B. DEVALL FUNERAL DIRECTORS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
D. B. DEVALL FUNERAL DIRECTORS LIMITED
BALANCE SHEET
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
1,121,444
1,212,336
Current assets
Stocks
90,684
70,399
Debtors
4
159,697
182,126
Cash at bank and in hand
284,000
303,440
534,381
555,965
Creditors: amounts falling due within one year
5
(691,115)
(680,366)
Net current liabilities
(156,734)
(124,401)
Total assets less current liabilities
964,710
1,087,935
Creditors: amounts falling due after more than one year
6
(349,080)
(470,449)
Provisions for liabilities
(122,117)
(105,387)
Net assets
493,513
512,099
Capital and reserves
Called up share capital
7
200
200
Profit and loss reserves
493,313
511,899
Total equity
493,513
512,099
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
For the financial year ended 31 May 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
D. B. DEVALL FUNERAL DIRECTORS LIMITED
BALANCE SHEET (CONTINUED)
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 20 February 2024 and are signed on its behalf by:
D D Devall
Director
Company Registration No. 01991659
D. B. DEVALL FUNERAL DIRECTORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023
- 3 -
1
Accounting policies
Company information
D. B. Devall Funeral Directors Limited is a private company limited by shares incorporated in England and Wales. The registered office is 2 Wembrook House, The Green, Attleborough, Nuneaton, CV11 4FJ.
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 £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
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.
Turnover includes funds transferred from funeral plans that guarantee the cost.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:
Freehold buildings
2% straight line
Leasehold land and buildings
over the lease term
Plant and equipment
20% reducing balance
Motor vehicles
18 and 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.
1.5
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
1.6
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.
D. B. DEVALL FUNERAL DIRECTORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
1
Accounting policies
(Continued)
- 4 -
1.7
Cash and cash equivalents
Cash at bank and in hand are basic financial assets and include cash in hand, deposits held at call with banks and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.8
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.
1.9
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.10
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
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. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
D. B. DEVALL FUNERAL DIRECTORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
1
Accounting policies
(Continued)
- 5 -
1.11
Provisions
Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
1.12
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense.
1.13
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.14
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals payable under operating leases, including any lease incentives received, are charged to income on a straight line basis over the term of the relevant lease.
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
31
29
D. B. DEVALL FUNERAL DIRECTORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
- 6 -
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 June 2022
1,087,171
1,255,183
2,342,354
Additions
17,182
17,182
At 31 May 2023
1,087,171
1,272,365
2,359,536
Depreciation and impairment
At 1 June 2022
208,548
921,470
1,130,018
Depreciation charged in the year
28,643
79,431
108,074
At 31 May 2023
237,191
1,000,901
1,238,092
Carrying amount
At 31 May 2023
849,980
271,464
1,121,444
At 31 May 2022
878,623
333,713
1,212,336
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
141,446
157,053
Other debtors
600
1,000
Prepayments and accrued income
17,651
24,073
159,697
182,126
5
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
42,467
42,466
Obligations under finance leases
67,992
79,421
Other borrowings
9,848
9,648
Payments received on account
73,088
90,352
Trade creditors
143,872
160,565
Corporation tax
146,094
106,701
Other taxation and social security
15,467
20,826
Other creditors
154,831
138,724
Accruals and deferred income
37,456
31,663
691,115
680,366
D. B. DEVALL FUNERAL DIRECTORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
5
Creditors: amounts falling due within one year
(Continued)
- 7 -
Net obligations under finance leases and loans are secured against assets of the company.
Other borrowings consist of a bounce back loan secured by the UK government.
6
Creditors: amounts falling due after more than one year
2023
2022
Notes
£
£
Bank loans and overdrafts
248,313
291,785
Obligations under finance leases
80,018
148,010
Other borrowings
20,749
30,654
349,080
470,449
Net obligations under finance leases and loans are secured against assets of the company.
Other borrowings consist of a bounce back loan secured by the UK government.
Amounts included above which fall due after five years are as follows:
Payable by instalments
73,246
116,718
7
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
A Ordinary shares of £1 each
76
76
76
76
B Ordinary shares of £1 each
76
76
76
76
C Ordinary shares of £1 each
38
38
38
38
D Ordinary share of £1 each
10
10
10
10
200
200
200
200
8
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2023
2022
£
£
131,650
172,714
D. B. DEVALL FUNERAL DIRECTORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
- 8 -
9
Related party transactions
The following amounts were outstanding at the reporting end date:
2023
2022
Amounts due to related parties
£
£
Key management personnel
137,408
116,323
The amounts due to key management personnel were repayable on demand and interest free.
2023-05-312022-06-01false20 February 2024CCH SoftwareCCH Accounts Production 2023.300No description of principal activityD B DevallS J ParkerJ P BamburyD D DevallS J Parkerfalsetrue019916592022-06-012023-05-31019916592023-05-31019916592022-05-3101991659core:LandBuildings2023-05-3101991659core:OtherPropertyPlantEquipment2023-05-3101991659core:LandBuildings2022-05-3101991659core:OtherPropertyPlantEquipment2022-05-3101991659core:CurrentFinancialInstrumentscore:WithinOneYear2023-05-3101991659core:CurrentFinancialInstrumentscore:WithinOneYear2022-05-3101991659core:Non-currentFinancialInstrumentscore:AfterOneYear2023-05-3101991659core:Non-currentFinancialInstrumentscore:AfterOneYear2022-05-3101991659core:CurrentFinancialInstruments2023-05-3101991659core:CurrentFinancialInstruments2022-05-3101991659core:Non-currentFinancialInstruments2023-05-3101991659core:Non-currentFinancialInstruments2022-05-3101991659core:ShareCapital2023-05-3101991659core:ShareCapital2022-05-3101991659core:RetainedEarningsAccumulatedLosses2023-05-3101991659core:RetainedEarningsAccumulatedLosses2022-05-3101991659bus:Director32022-06-012023-05-3101991659core:LandBuildingscore:OwnedOrFreeholdAssets2022-06-012023-05-3101991659core:LandBuildingscore:LongLeaseholdAssets2022-06-012023-05-3101991659core:PlantMachinery2022-06-012023-05-3101991659core:MotorVehicles2022-06-012023-05-310199165912022-06-012023-05-31019916592021-06-012022-05-3101991659core:LandBuildings2022-05-3101991659core:OtherPropertyPlantEquipment2022-05-31019916592022-05-3101991659core:LandBuildings2022-06-012023-05-3101991659core:OtherPropertyPlantEquipment2022-06-012023-05-3101991659bus:OrdinaryShareClass12022-06-012023-05-3101991659bus:OrdinaryShareClass22022-06-012023-05-3101991659bus:OrdinaryShareClass32022-06-012023-05-3101991659bus:OrdinaryShareClass42022-06-012023-05-3101991659bus:OrdinaryShareClass12023-05-3101991659bus:OrdinaryShareClass12022-05-3101991659bus:OrdinaryShareClass22023-05-3101991659bus:OrdinaryShareClass22022-05-3101991659bus:OrdinaryShareClass32023-05-3101991659bus:OrdinaryShareClass32022-05-3101991659bus:OrdinaryShareClass42023-05-3101991659bus:OrdinaryShareClass42022-05-3101991659bus:OrdinaryShareClass12021-06-012022-05-3101991659bus:OrdinaryShareClass22021-06-012022-05-3101991659bus:OrdinaryShareClass32021-06-012022-05-3101991659bus:OrdinaryShareClass42021-06-012022-05-3101991659bus:PrivateLimitedCompanyLtd2022-06-012023-05-3101991659bus:SmallCompaniesRegimeForAccounts2022-06-012023-05-3101991659bus:FRS1022022-06-012023-05-3101991659bus:AuditExemptWithAccountantsReport2022-06-012023-05-3101991659bus:Director12022-06-012023-05-3101991659bus:Director22022-06-012023-05-3101991659bus:Director42022-06-012023-05-3101991659bus:CompanySecretary12022-06-012023-05-3101991659bus:FullAccounts2022-06-012023-05-31xbrli:purexbrli:sharesiso4217:GBP