Company registration number 13051651 (England and Wales)
RDAVIS Limited
Unaudited Financial Statements
For the year ended 30 November 2023
PAGES FOR FILING WITH REGISTRAR
RDAVIS Limited
Contents
Page
Company information
Balance sheet
1
Notes to the financial statements
2 - 5
RDAVIS Limited
Balance sheet
For the year ended 30 November 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
272
489
Current assets
Debtors
4
590
2
Cash at bank and in hand
3,066
15,345
3,656
15,347
Creditors: amounts falling due within one year
Taxation and social security
494
Other creditors
5
15,520
15,052
15,520
15,546
Net current liabilities
(11,864)
(199)
Net (liabilities)/assets
(11,592)
290
Capital and reserves
Called up share capital
6
1
1
Profit and loss reserves
(11,593)
289
Total equity
(11,592)
290
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 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges her 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 11 April 2024
R Davis
Director
Company registration number 13051651 (England and Wales)
RDAVIS Limited
Notes to the Financial Statements
For the year ended 30 November 2023
- 2 -
1
Accounting policies
Company information
RDAVIS Limited is a private company limited by shares incorporated in England and Wales. The registered office is 18 Orient Close, St Albans, Herts, AL1 1AJ.
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
As at the balance sheet date, the company had net liabilities of £11,592. The Director has agreed to support the company for at least 12 months from the date of approval of the financial statements. As a result, the Director believes that the use of the going concern basis of accounting is appropriate.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.4
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:
Computers
25%
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).
RDAVIS Limited
Notes to the Financial Statements (Continued)
For the year ended 30 November 2023
1
Accounting policies
(Continued)
- 3 -
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.6
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks.
1.7
Financial instruments
The company has elected to apply the provisions of Section 11 and Section 12 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.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present fair value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, which include trade and other payables and bank loans, are initially measured at transaction price and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present fair value of the future receipts discounted at a market rate of interest.
1.8
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.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
1
1
RDAVIS Limited
Notes to the Financial Statements (Continued)
For the year ended 30 November 2023
- 4 -
3
Tangible fixed assets
Computers
£
Cost
At 1 December 2022 and 30 November 2023
869
Depreciation and impairment
At 1 December 2022
380
Depreciation charged in the year
217
At 30 November 2023
597
Carrying amount
At 30 November 2023
272
At 30 November 2022
489
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Corporation tax recoverable
501
Other debtors
89
2
590
2
5
Other creditors falling due within one year
2023
2022
£
£
Other creditors
13,804
13,492
Accruals and deferred income
1,716
1,560
15,520
15,052
6
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
1
1
1
1
RDAVIS Limited
Notes to the Financial Statements (Continued)
For the year ended 30 November 2023
- 5 -
7
Related party transactions
Transactions with related parties
During the year the company entered into the following transactions with related parties:
2023
2022
Amounts due to related parties
£
£
R Davis
13,804
13,492