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Company No: 00568598 (England and Wales)

C AND R DAVIES LTD

Unaudited Financial Statements
For the financial year ended 31 March 2024
Pages for filing with the registrar

C AND R DAVIES LTD

Unaudited Financial Statements

For the financial year ended 31 March 2024

Contents

C AND R DAVIES LTD

BALANCE SHEET

As at 31 March 2024
C AND R DAVIES LTD

BALANCE SHEET (continued)

As at 31 March 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 43,481 56,776
Investment property 4 770,000 770,000
Investments 5 193,978 215,108
1,007,459 1,041,884
Current assets
Debtors 6 2,627 2,594
Cash at bank and in hand 76,811 85,594
79,438 88,188
Creditors: amounts falling due within one year 7 ( 10,155) ( 10,441)
Net current assets 69,283 77,747
Total assets less current liabilities 1,076,742 1,119,631
Net assets 1,076,742 1,119,631
Capital and reserves
Called-up share capital 120,400 120,400
Fair value reserve 221,742 169,927
Profit and loss account 734,600 829,304
Total shareholders' funds 1,076,742 1,119,631

For the financial year ending 31 March 2024 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 C and R Davies Ltd (registered number: 00568598) were approved and authorised for issue by the Board of Directors on 24 July 2024. They were signed on its behalf by:

Mr C R Davies
Director
Mrs R M Davies
Director
C AND R DAVIES LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
C AND R DAVIES LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
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

C and R Davies 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 Leanne House, 6 Avon Close, Weymouth, DT4 9UX, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and 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 £.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for rent receivable in the normal course of business.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Vehicles 25 % reducing balance
Fixtures and fittings 10 years straight line
Office equipment 5 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.

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.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

The fair value is determined annually by the directors, on an open market value for existing use basis.

Fixed asset investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

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. 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.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 2 2

3. Tangible assets

Vehicles Fixtures and fittings Office equipment Total
£ £ £ £
Cost
At 01 April 2023 71,980 0 809 72,789
Additions 0 1,079 0 1,079
At 31 March 2024 71,980 1,079 809 73,868
Accumulated depreciation
At 01 April 2023 15,527 0 486 16,013
Charge for the financial year 14,113 99 162 14,374
At 31 March 2024 29,640 99 648 30,387
Net book value
At 31 March 2024 42,340 980 161 43,481
At 31 March 2023 56,453 0 323 56,776

4. Investment property

Investment property
£
Valuation
As at 01 April 2023 770,000
As at 31 March 2024 770,000

Valuation

The fair value of the group’s residential investment property at 31 March 2024 have been arrived at on the basis of valuations carried out on that date by the directors. The basis of this valuation was open market value.

Historic cost

If the investment properties had been accounted for under the cost accounting rules, the properties would have been measured as follows:

2024 2023
£ £
Historic cost 558,201 558,201

5. Fixed asset investments

Listed investments Total
£ £
Cost or valuation before impairment
At 01 April 2023 215,108 215,108
Additions 36,137 36,137
Disposals ( 109,083) ( 109,083)
Movement in fair value 51,816 51,816
At 31 March 2024 193,978 193,978
Carrying value at 31 March 2024 193,978 193,978
Carrying value at 31 March 2023 215,108 215,108

6. Debtors

2024 2023
£ £
Corporation tax 26 26
Other debtors 2,601 2,568
2,627 2,594

7. Creditors: amounts falling due within one year

2024 2023
£ £
Other creditors 10,155 10,441

8. Related party transactions

Transactions with the entity's directors

The Directors loan account is repayable on demand and interest is charged on overdrawn balances exceeding £10,000 at the official HMRC rates.

At 1 April 2023, the balance owed by the directors was £6. During the year, £nil was advanced to the directors, and £118 was repaid by the directors. At 31 March 2024, the balance owed to the directors was £112.

At 1 April 2022, the balance owed to the directors was £90. During the year, £2,300 was advanced to the directors, and £2,204 was repaid by the directors. At 31 March 2023, the balance owed by the directors was £6.