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Company registration number: 05558546
Devonald Griffiths John Limited
Unaudited filleted financial statements
31 October 2023
Devonald Griffiths John Limited
Contents
Directors and other information
Accountants report
Statement of financial position
Notes to the financial statements
Devonald Griffiths John Limited
Directors and other information
Directors Mr D R Griffiths
Mr S I John
Mr J N Tarrant (Resigned 15 December 2023)
Mr T N Devonald (Resigned 3 October 2023)
Company number 05558546
Registered office Suite Sf2a Ethos
Kings Road
Swansea
SA1 8AS
Accountants Morgan Hemp
103-104 Walter Road
Swansea
SA1 5QF
Bankers Barclays Bank plc
262 Oxford Street
Swansea
SA1 3BR
Devonald Griffiths John Limited
Report to the board of directors on the preparation of the
unaudited statutory financial statements of Devonald Griffiths John Limited
Year ended 31 October 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Devonald Griffiths John Limited for the year ended 31 October 2023 which comprise the statement of financial position and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Association of Chartered Certified Accountants , we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/en/member/ professional-standards/ rules-standards/acca-rulebook.html.
This report is made solely to the board of directors of Devonald Griffiths John Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Devonald Griffiths John Limited and state those matters that we have agreed to state to the board of directors of Devonald Griffiths John Limited as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global /Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Devonald Griffiths John Limited and its board of directors as a body for our work or for this report.
It is your duty to ensure that Devonald Griffiths John Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Devonald Griffiths John Limited. You consider that Devonald Griffiths John Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Devonald Griffiths John Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Morgan Hemp
103-104 Walter Road
Swansea
SA1 5QF
29 July 2024
Devonald Griffiths John Limited
Statement of financial position
31 October 2023
2023 2022
Note £ £ £ £
Fixed assets
Intangible assets 5 327,000 351,000
Tangible assets 6 172,791 175,555
_______ _______
499,791 526,555
Current assets
Debtors 7 559,522 595,527
Cash at bank and in hand 124,224 168,282
_______ _______
683,746 763,809
Creditors: amounts falling due
within one year 8 ( 424,669) ( 393,456)
_______ _______
Net current assets 259,077 370,353
_______ _______
Total assets less current liabilities 758,868 896,908
Creditors: amounts falling due
after more than one year 9 ( 144,689) ( 190,148)
Provisions for liabilities ( 1,887) ( 1,694)
_______ _______
Net assets 612,292 705,066
_______ _______
Capital and reserves
Called up share capital 337 450
Capital redemption reserve 113 -
Profit and loss account 611,842 704,616
_______ _______
Shareholders funds 612,292 705,066
_______ _______
For the year ending 31 October 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 financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
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 comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 29 July 2024 , and are signed on behalf of the board by:
Mr D R Griffiths Mr S I John
Director Director
Company registration number: 05558546
Devonald Griffiths John Limited
Notes to the financial statements
Year ended 31 October 2023
1. General information
The company is a private company limited by shares, registered in United Kingdom. The address of the registered office is Suite Sf2a Ethos, Kings Road, Swansea, SA1 8AS.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and 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.
Turnover
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.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill - 5 % straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
tangible assets are initially recorded at cost, and are 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 capital and reserves, 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 capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves 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:
Freehold property - 2 % straight line
Fittings fixtures and equipment - 25 % straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
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. 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 are 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 in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.
For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 21 (2022: 21 ).
5. Intangible assets
Goodwill Total
£ £
Cost
At 1 November 2022 and 31 October 2023 558,656 558,656
_______ _______
Amortisation
At 1 November 2022 207,656 207,656
Charge for the year 24,000 24,000
_______ _______
At 31 October 2023 231,656 231,656
_______ _______
Carrying amount
At 31 October 2023 327,000 327,000
_______ _______
At 31 October 2022 351,000 351,000
_______ _______
6. Tangible assets
Freehold property Fixtures, fittings and equipment Total
£ £ £
Cost
At 1 November 2022 176,732 59,208 235,940
Additions - 4,663 4,663
_______ _______ _______
At 31 October 2023 176,732 63,871 240,603
_______ _______ _______
Depreciation
At 1 November 2022 7,953 52,433 60,386
Charge for the year 3,535 3,891 7,426
_______ _______ _______
At 31 October 2023 11,488 56,324 67,812
_______ _______ _______
Carrying amount
At 31 October 2023 165,244 7,547 172,791
_______ _______ _______
At 31 October 2022 168,779 6,775 175,554
_______ _______ _______
7. Debtors
2023 2022
£ £
Trade debtors 352,211 297,767
Other debtors 207,311 297,760
_______ _______
559,522 595,527
_______ _______
8. Creditors: amounts falling due within one year
2023 2022
£ £
Bank loans and overdrafts 45,252 95,266
Trade creditors 69,702 70,106
Social security and other taxes 297,848 215,894
Other creditors 11,867 12,190
_______ _______
424,669 393,456
_______ _______
9. Creditors: amounts falling due after more than one year
2023 2022
£ £
Bank loans and overdrafts 144,689 190,148
_______ _______
10. Operating leases
The company as lessee
The total future minimum lease payments under non-cancellable operating leases are as follows:
£ £
Not later than 1 year 18,750 8,500
Later than 1 year and not later than 5 years 40,583 28,709
_______ _______
59,333 37,209
_______ _______
11. Related party transactions
Included in creditors are amounts owing to the directors by the company of £89 (2022: £81).