Silverfin false false 31/12/2023 01/01/2023 31/12/2023 Caroline De La Bedoyere 11/07/2019 Martin De La Bedoyere 10/07/2019 Bridget Jolliffe 10/07/2019 Samantha Vallance 10/07/2019 Amy Verso 10/07/2019 James Woollam 10/07/2019 Annabel Youldon 10/07/2019 29 April 2024 The principal activity of the Company during the financial year was publishing and the provision of online learning courses. 12094811 2023-12-31 12094811 bus:Director1 2023-12-31 12094811 bus:Director2 2023-12-31 12094811 bus:Director3 2023-12-31 12094811 bus:Director4 2023-12-31 12094811 bus:Director5 2023-12-31 12094811 bus:Director6 2023-12-31 12094811 bus:Director7 2023-12-31 12094811 2022-12-31 12094811 core:CurrentFinancialInstruments 2023-12-31 12094811 core:CurrentFinancialInstruments 2022-12-31 12094811 core:ShareCapital 2023-12-31 12094811 core:ShareCapital 2022-12-31 12094811 core:RetainedEarningsAccumulatedLosses 2023-12-31 12094811 core:RetainedEarningsAccumulatedLosses 2022-12-31 12094811 core:ComputerSoftware 2022-12-31 12094811 core:ComputerSoftware 2023-12-31 12094811 core:LeaseholdImprovements 2022-12-31 12094811 core:OfficeEquipment 2022-12-31 12094811 core:ComputerEquipment 2022-12-31 12094811 core:LeaseholdImprovements 2023-12-31 12094811 core:OfficeEquipment 2023-12-31 12094811 core:ComputerEquipment 2023-12-31 12094811 core:DeferredTaxation 2023-12-31 12094811 core:DeferredTaxation 2022-12-31 12094811 core:OtherProvisionsContingentLiabilities 2023-12-31 12094811 core:OtherProvisionsContingentLiabilities 2022-12-31 12094811 bus:OrdinaryShareClass1 2023-12-31 12094811 2023-01-01 2023-12-31 12094811 bus:FilletedAccounts 2023-01-01 2023-12-31 12094811 bus:SmallEntities 2023-01-01 2023-12-31 12094811 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 12094811 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 12094811 bus:Director1 2023-01-01 2023-12-31 12094811 bus:Director2 2023-01-01 2023-12-31 12094811 bus:Director3 2023-01-01 2023-12-31 12094811 bus:Director4 2023-01-01 2023-12-31 12094811 bus:Director5 2023-01-01 2023-12-31 12094811 bus:Director6 2023-01-01 2023-12-31 12094811 bus:Director7 2023-01-01 2023-12-31 12094811 core:ComputerSoftware core:TopRangeValue 2023-01-01 2023-12-31 12094811 core:OfficeEquipment core:TopRangeValue 2023-01-01 2023-12-31 12094811 core:ComputerEquipment core:TopRangeValue 2023-01-01 2023-12-31 12094811 2022-01-01 2022-12-31 12094811 core:ComputerSoftware 2023-01-01 2023-12-31 12094811 core:LeaseholdImprovements 2023-01-01 2023-12-31 12094811 core:OfficeEquipment 2023-01-01 2023-12-31 12094811 core:ComputerEquipment 2023-01-01 2023-12-31 12094811 bus:OrdinaryShareClass1 2023-01-01 2023-12-31 12094811 bus:OrdinaryShareClass1 2022-01-01 2022-12-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: 12094811 (England and Wales)

DAVID AND CHARLES LTD

Unaudited Financial Statements
For the financial year ended 31 December 2023
Pages for filing with the registrar

DAVID AND CHARLES LTD

Unaudited Financial Statements

For the financial year ended 31 December 2023

Contents

DAVID AND CHARLES LTD

STATEMENT OF FINANCIAL POSITION

As at 31 December 2023
DAVID AND CHARLES LTD

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 December 2023
Note 2023 2022
£ £
Fixed assets
Intangible assets 3 18,303 31,223
Tangible assets 4 25,580 25,568
43,883 56,791
Current assets
Stocks 5 1,063,470 970,243
Debtors 6 2,338,050 2,033,558
Cash at bank and in hand 683,513 391,061
4,085,033 3,394,862
Creditors: amounts falling due within one year 7 ( 1,803,677) ( 1,726,700)
Net current assets 2,281,356 1,668,162
Total assets less current liabilities 2,325,239 1,724,953
Provision for liabilities 8 ( 174,710) ( 146,114)
Net assets 2,150,529 1,578,839
Capital and reserves
Called-up share capital 9 100 100
Profit and loss account 2,150,429 1,578,739
Total shareholders' funds 2,150,529 1,578,839

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 financial statements of David and Charles Ltd (registered number: 12094811) were approved and authorised for issue by the Board of Directors on 29 April 2024. They were signed on its behalf by:

James Woollam
Director
DAVID AND CHARLES LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
DAVID AND CHARLES LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

David and Charles Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is First Floor Tourism House, Pynes Hill, Exeter, EX2 5WS, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Statement of Financial Position date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Statement of Income and Retained Earnings in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

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. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Statement of Income and Retained Earnings in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Statement of Financial Position.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Computer software 3 years straight line
Tangible fixed assets

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. Depreciation is provided on all tangible fixed assets, other than investment properties and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line basis over its expected useful life, as follows:

Leasehold improvements not depreciated
Office equipment 3 years straight line
Computer equipment 3 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Work in progress is valued on the basis of direct costs plus attributable overheads based on normal level of activity. Provision is made for any foreseeable losses where appropriate. No element of profit is included in the valuation of work in progress.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Government grants

Government grants are recognised based on the performance model and are measured at the fair value of the asset received or receivable when there is reasonable assurance that the company will comply with conditions attaching to them and the grants will be received.

A grant that specifies performance conditions is recognised in income only when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the grant proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) 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 Statement of Financial Position date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 27 25

3. Intangible assets

Computer software Total
£ £
Cost
At 01 January 2023 38,760 38,760
At 31 December 2023 38,760 38,760
Accumulated amortisation
At 01 January 2023 7,537 7,537
Charge for the financial year 12,920 12,920
At 31 December 2023 20,457 20,457
Net book value
At 31 December 2023 18,303 18,303
At 31 December 2022 31,223 31,223

4. Tangible assets

Leasehold improve-
ments
Office equipment Computer equipment Total
£ £ £ £
Cost
At 01 January 2023 3,412 21,400 30,140 54,952
Additions 0 0 16,182 16,182
Disposals 0 ( 683) 0 ( 683)
At 31 December 2023 3,412 20,717 46,322 70,451
Accumulated depreciation
At 01 January 2023 0 10,787 18,597 29,384
Charge for the financial year 1,137 5,249 9,101 15,487
At 31 December 2023 1,137 16,036 27,698 44,871
Net book value
At 31 December 2023 2,275 4,681 18,624 25,580
At 31 December 2022 3,412 10,613 11,543 25,568

5. Stocks

2023 2022
£ £
Stocks 742,200 751,676
Work in progress 321,270 218,567
1,063,470 970,243

6. Debtors

2023 2022
£ £
Trade debtors 2,116,944 1,864,506
Prepayments 190,964 146,144
VAT recoverable 25,239 21,357
Other debtors 4,903 1,551
2,338,050 2,033,558

7. Creditors: amounts falling due within one year

2023 2022
£ £
Trade creditors 854,982 623,154
Amounts owed to directors 0 439,920
Accruals and deferred income 711,911 527,254
Corporation tax 190,572 100,425
Other taxation and social security 46,212 29,686
Other creditors 0 6,261
1,803,677 1,726,700

8. Provision for liabilities

2023 2022
£ £
Deferred tax ( 3,932) 12,868
Other provisions 178,642 133,246
174,710 146,114

Other provisions represent UK sales and US sales return provisions.

9. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each 100 100

10. Financial commitments

Commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

2023 2022
£ £
within one year 0 14,326

Pensions

The Company operates a defined contribution pension scheme for the directors and employees. The assets of the scheme are held separately from those of the Company in an independently administered fund.

2023 2022
£ £
Unpaid contributions due to the fund (inc. in other creditors) 56,318 6,261

11. Related party transactions

Transactions with the entity's directors

2023 2022
£ £
Amounts owed to directors 0 439,920

Interest is charged on the above amount and there are no fixed repayment terms.