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Registration number: 05379391

Davis Worldwide Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2023

 

Davis Worldwide Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 11

 

Davis Worldwide Limited

Company Information

Directors

SA Koemans

A G R Jones

Company secretary

L Woodhams

Registered office

1 Goodison Road
Lincs Gateway Business Park
Spalding
Lincolnshire
PE12 6FY

 

Davis Worldwide Limited

(Registration number: 05379391)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

20,072

26,033

Current assets

 

Stocks

5

59,544

138,384

Debtors

6

1,133,919

1,246,298

Cash at bank and in hand

 

87,958

162,913

 

1,281,421

1,547,595

Creditors: Amounts falling due within one year

7

(1,001,942)

(1,467,808)

Net current assets

 

279,479

79,787

Total assets less current liabilities

 

299,551

105,820

Creditors: Amounts falling due after more than one year

7

(22,494)

(42,488)

Provisions for liabilities

(3,723)

(3,723)

Net assets

 

273,334

59,609

Capital and reserves

 

Called up share capital

8

196

196

Retained earnings

273,138

59,413

Shareholders' funds

 

273,334

59,609

 

Davis Worldwide Limited

(Registration number: 05379391)
Balance Sheet as at 31 December 2023

For the financial year ending 31 December 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. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 19 April 2024 and signed on its behalf by:
 

.........................................
SA Koemans
Director

   
     
 

Davis Worldwide Limited

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

1

General information

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

The address of its registered office is:
1 Goodison Road
Lincs Gateway Business Park
Spalding
Lincolnshire
PE12 6FY

These financial statements were authorised for issue by the Board on 19 April 2024.

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.

Going concern

The financial statements have been prepared on a going concern basis.

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.

 

Davis Worldwide Limited

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

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises deferred 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.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

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

20% 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.

 

Davis Worldwide Limited

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

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.

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.

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.

 

Davis Worldwide Limited

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

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.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 9 (2022 - 9).

 

Davis Worldwide Limited

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

4

Tangible assets

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 January 2023

6,884

30,109

36,993

Additions

392

-

392

At 31 December 2023

7,276

30,109

37,385

Depreciation

At 1 January 2023

2,133

8,827

10,960

Charge for the year

1,032

5,321

6,353

At 31 December 2023

3,165

14,148

17,313

Carrying amount

At 31 December 2023

4,111

15,961

20,072

At 31 December 2022

4,751

21,282

26,033

5

Stocks

2023
£

2022
£

Other inventories

59,544

138,384

6

Debtors

Current

Note

2023
£

2022
£

Trade debtors

 

634,035

1,073,629

Amounts owed by related parties

11

464,688

136,272

Prepayments

 

1,330

-

Other debtors

 

33,866

36,397

   

1,133,919

1,246,298

 

Davis Worldwide Limited

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

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9

10,000

-

Trade creditors

 

925,655

1,166,004

Amounts owed to group undertakings and undertakings in which the company has a participating interest

11

30,405

281,387

Taxation and social security

 

10,107

12,147

Accruals and deferred income

 

3,238

3,238

Other creditors

 

22,537

5,032

 

1,001,942

1,467,808

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

22,494

42,488

 

Davis Worldwide Limited

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

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary A of £1 each

100

100

100

100

Ordinary B of £1 each

96

96

96

96

 

196

196

196

196

9

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

22,494

42,488

2023
£

2022
£

Current loans and borrowings

Bank borrowings

10,000

-

10

Dividends

Interim dividends paid

   

2023
£

 

2022
£

Interim dividend of £586.67 (2022 - £Nil) per each Ordinary A

 

17,600

 

-

         
 

Davis Worldwide Limited

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

11

Related party transactions

Summary of transactions with other related parties

Davis Produce Limited
At the year end £104,836 (2022: £97,066) was included in debtors due from Davis Produce Limited. SA Koemans, director, is also a director of Davis Produce Limited.

Nature South UK Ltd
During the year a management charge of £Nil (2022: £68,500) was due from Nature South UK Ltd which was included in debtors at the year end. At the year end £41,990 (2022: £153,820) remained due to Nature South UK Ltd which was included in creditors. SA Koemans, director, is also director of Nature South UK Ltd

Davis Connect UK Limited
At the year end £138 (2022: £138) remained due from Davis Connect UK Limited which was included in debtors. SA Koemans, director, is also director of Davis Connect UK Limited

All Fresh Holding B.V.
The company paid All Fresh Holding B.V. £60,000 (2022: £51,967) during the year which related to management fees. SA Koemans, director, is also the controlling member of All Fresh Holding B.V.