1 false false false false false false false false false false true false false false false false false No description of principal activity 2023-03-01 Sage Accounts Production Advanced 2023 - FRS102_2023 5,301 1,564 6,865 4,591 809 5,400 1,465 710 xbrli:pure xbrli:shares iso4217:GBP 06826945 2023-03-01 2024-02-29 06826945 2024-02-29 06826945 2023-02-28 06826945 2022-03-01 2023-02-28 06826945 2023-02-28 06826945 2022-02-28 06826945 core:FurnitureFittings 2023-03-01 2024-02-29 06826945 bus:Director1 2023-03-01 2024-02-29 06826945 core:FurnitureFittings 2023-02-28 06826945 core:FurnitureFittings 2024-02-29 06826945 core:WithinOneYear 2024-02-29 06826945 core:WithinOneYear 2023-02-28 06826945 core:ShareCapital 2024-02-29 06826945 core:ShareCapital 2023-02-28 06826945 core:RetainedEarningsAccumulatedLosses 2024-02-29 06826945 core:RetainedEarningsAccumulatedLosses 2023-02-28 06826945 core:FurnitureFittings 2023-02-28 06826945 bus:Director1 2023-02-28 06826945 bus:Director1 2024-02-29 06826945 bus:Director1 2022-02-28 06826945 bus:Director1 2023-02-28 06826945 bus:Director1 2022-03-01 2023-02-28 06826945 bus:SmallEntities 2023-03-01 2024-02-29 06826945 bus:AuditExemptWithAccountantsReport 2023-03-01 2024-02-29 06826945 bus:SmallCompaniesRegimeForAccounts 2023-03-01 2024-02-29 06826945 bus:PrivateLimitedCompanyLtd 2023-03-01 2024-02-29 06826945 bus:FullAccounts 2023-03-01 2024-02-29
COMPANY REGISTRATION NUMBER: 06826945
David and Goliath Limited
Filleted Unaudited Financial Statements
29 February 2024
David and Goliath Limited
Statement of Financial Position
29 February 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
5
1,465
710
Current assets
Debtors
6
42,689
30,986
Cash at bank and in hand
2
31
--------
--------
42,691
31,017
Creditors: amounts falling due within one year
7
43,600
30,429
--------
--------
Net current (liabilities)/assets
( 909)
588
-------
-------
Total assets less current liabilities
556
1,298
Provisions
Taxation including deferred tax
366
178
----
-------
Net assets
190
1,120
----
-------
Capital and reserves
Called up share capital
100
100
Profit and loss account
90
1,020
----
-------
Shareholders funds
190
1,120
----
-------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 29 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
David and Goliath Limited
Statement of Financial Position (continued)
29 February 2024
These financial statements were approved by the board of directors and authorised for issue on 10 April 2024 , and are signed on behalf of the board by:
Mr D G Bloom
Director
Company registration number: 06826945
David and Goliath Limited
Notes to the Financial Statements
Year ended 29 February 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 1 The Parade, Marlborough, Wiltshire, SN8 1NE.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the 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 financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date where material.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts 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 equity, except to the extent 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 equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures, fittings & equipment
-
25% straight line
Impairment of fixed assets
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. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2023: 1 ).
5. Tangible assets
Fixtures and fittings
Total
£
£
Cost
At 1 March 2023
5,301
5,301
Additions
1,564
1,564
-------
-------
At 29 February 2024
6,865
6,865
-------
-------
Depreciation
At 1 March 2023
4,591
4,591
Charge for the year
809
809
-------
-------
At 29 February 2024
5,400
5,400
-------
-------
Carrying amount
At 29 February 2024
1,465
1,465
-------
-------
At 28 February 2023
710
710
-------
-------
6. Debtors
2024
2023
£
£
Trade debtors
25,307
12,348
Other debtors
17,382
18,638
--------
--------
42,689
30,986
--------
--------
Included in other debtors is an amount owed from Paynter Bryant of £6,500.
7. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
9,522
11,775
Trade creditors
998
Corporation tax
22,304
9,492
Social security and other taxes
7,884
5,829
Other creditors
3,890
2,335
--------
--------
43,600
30,429
--------
--------
8. Director's advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
2024
Balance brought forward
Advances/ (credits) to the director
Amounts repaid
Balance outstanding
£
£
£
£
Mr D G Bloom
9,935
64,324
( 64,250)
10,009
-------
--------
--------
--------
2023
Balance brought forward
Advances/ (credits) to the director
Amounts repaid
Balance outstanding
£
£
£
£
Mr D G Bloom
2,700
35,835
( 28,600)
9,935
-------
--------
--------
-------