Caseware UK (AP4) 2023.0.135 2023.0.135 2023-10-312023-10-31The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.4false2022-11-01No description of principal activity4falsetruefalse 04038372 2022-11-01 2023-10-31 04038372 2021-11-01 2022-10-31 04038372 2023-10-31 04038372 2022-10-31 04038372 c:Director2 2022-11-01 2023-10-31 04038372 d:Buildings 2022-11-01 2023-10-31 04038372 d:Buildings 2023-10-31 04038372 d:Buildings 2022-10-31 04038372 d:Buildings d:OwnedOrFreeholdAssets 2022-11-01 2023-10-31 04038372 d:Buildings d:LeasedAssetsHeldAsLessee 2022-11-01 2023-10-31 04038372 d:PlantMachinery 2022-11-01 2023-10-31 04038372 d:PlantMachinery 2023-10-31 04038372 d:PlantMachinery 2022-10-31 04038372 d:PlantMachinery d:OwnedOrFreeholdAssets 2022-11-01 2023-10-31 04038372 d:PlantMachinery d:LeasedAssetsHeldAsLessee 2022-11-01 2023-10-31 04038372 d:MotorVehicles 2022-11-01 2023-10-31 04038372 d:MotorVehicles 2023-10-31 04038372 d:MotorVehicles 2022-10-31 04038372 d:MotorVehicles d:OwnedOrFreeholdAssets 2022-11-01 2023-10-31 04038372 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2022-11-01 2023-10-31 04038372 d:FurnitureFittings 2022-11-01 2023-10-31 04038372 d:FurnitureFittings 2023-10-31 04038372 d:FurnitureFittings 2022-10-31 04038372 d:FurnitureFittings d:OwnedOrFreeholdAssets 2022-11-01 2023-10-31 04038372 d:FurnitureFittings d:LeasedAssetsHeldAsLessee 2022-11-01 2023-10-31 04038372 d:OtherPropertyPlantEquipment 2022-11-01 2023-10-31 04038372 d:OtherPropertyPlantEquipment 2023-10-31 04038372 d:OtherPropertyPlantEquipment 2022-10-31 04038372 d:OtherPropertyPlantEquipment d:OwnedOrFreeholdAssets 2022-11-01 2023-10-31 04038372 d:OtherPropertyPlantEquipment d:LeasedAssetsHeldAsLessee 2022-11-01 2023-10-31 04038372 d:OwnedOrFreeholdAssets 2022-11-01 2023-10-31 04038372 d:LeasedAssetsHeldAsLessee 2022-11-01 2023-10-31 04038372 d:CopyrightsPatentsTrademarksServiceOperatingRights 2023-10-31 04038372 d:CopyrightsPatentsTrademarksServiceOperatingRights 2022-10-31 04038372 d:CurrentFinancialInstruments 2023-10-31 04038372 d:CurrentFinancialInstruments 2022-10-31 04038372 d:Non-currentFinancialInstruments 2023-10-31 04038372 d:Non-currentFinancialInstruments 2022-10-31 04038372 d:CurrentFinancialInstruments d:WithinOneYear 2023-10-31 04038372 d:CurrentFinancialInstruments d:WithinOneYear 2022-10-31 04038372 d:Non-currentFinancialInstruments d:AfterOneYear 2023-10-31 04038372 d:Non-currentFinancialInstruments d:AfterOneYear 2022-10-31 04038372 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-10-31 04038372 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2022-10-31 04038372 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2023-10-31 04038372 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2022-10-31 04038372 d:ShareCapital 2023-10-31 04038372 d:ShareCapital 2022-10-31 04038372 d:RetainedEarningsAccumulatedLosses 2023-10-31 04038372 d:RetainedEarningsAccumulatedLosses 2022-10-31 04038372 c:FRS102 2022-11-01 2023-10-31 04038372 c:AuditExempt-NoAccountantsReport 2022-11-01 2023-10-31 04038372 c:FullAccounts 2022-11-01 2023-10-31 04038372 c:PrivateLimitedCompanyLtd 2022-11-01 2023-10-31 04038372 d:WithinOneYear 2023-10-31 04038372 d:WithinOneYear 2022-10-31 04038372 d:HirePurchaseContracts d:WithinOneYear 2023-10-31 04038372 d:HirePurchaseContracts d:WithinOneYear 2022-10-31 04038372 d:HirePurchaseContracts d:BetweenOneFiveYears 2023-10-31 04038372 d:HirePurchaseContracts d:BetweenOneFiveYears 2022-10-31 04038372 2 2022-11-01 2023-10-31 04038372 6 2022-11-01 2023-10-31 04038372 d:PlantMachinery d:LeasedAssetsHeldAsLessee 2023-10-31 04038372 d:PlantMachinery d:LeasedAssetsHeldAsLessee 2022-10-31 04038372 d:LeasedAssetsHeldAsLessee 2023-10-31 04038372 d:LeasedAssetsHeldAsLessee 2022-10-31 04038372 d:CopyrightsPatentsTrademarksServiceOperatingRights d:OwnedIntangibleAssets 2022-11-01 2023-10-31 04038372 e:PoundSterling 2022-11-01 2023-10-31 iso4217:GBP xbrli:pure

Registered number: 04038372










P J DAVEY & CO LTD








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 OCTOBER 2023

 
P J DAVEY & CO LTD
REGISTERED NUMBER:04038372

STATEMENT OF FINANCIAL POSITION
AS AT 31 OCTOBER 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
  
-
5,010

Tangible assets
 5 
2,995,277
3,092,028

Investments
 6 
3,117
7,017

  
2,998,394
3,104,055

Current assets
  

Stocks
  
20,000
20,000

Debtors
 7 
390,584
325,773

Cash at bank and in hand
  
94,061
136,870

  
504,645
482,643

Creditors: amounts falling due within one year
 8 
(920,882)
(806,853)

Net current liabilities
  
 
 
(416,237)
 
 
(324,210)

Total assets less current liabilities
  
2,582,157
2,779,845

Creditors: amounts falling due after more than one year
 9 
(2,001,513)
(2,202,869)

Provisions for liabilities
  

Deferred tax
  
(400,677)
(395,866)

  
 
 
(400,677)
 
 
(395,866)

Net assets
  
179,967
181,110


Capital and reserves
  

Called up share capital 
  
5
5

Profit and loss account
  
179,962
181,105

  
179,967
181,110


Page 1

 
P J DAVEY & CO LTD
REGISTERED NUMBER:04038372
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 OCTOBER 2023

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the income statement in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




M J Davey
Director

Date: 31 July 2024

The notes on pages 3 to 14 form part of these financial statements.

Page 2

 
P J DAVEY & CO LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

1.


General information

P J Davey & Co Limited is a private company limited by shares and incorporated in England and Wales, registration number 04038372. The registered office is Wild Rose Farm, Long Stratton, Norwich, Norfolk, NR15 2AX.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are presented in sterling which is the functional currency of the company rounded to the nearest £.
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years unless otherwise stated.

Page 3

 
P J DAVEY & CO LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

2.Accounting policies (continued)

 
2.2

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

Sale of goods

Turnover from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of turnover can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of turnover can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.4

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 4

 
P J DAVEY & CO LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

2.Accounting policies (continued)

 
2.5

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

 
2.6

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
2.7

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is provided on the following basis:

Freehold property
-
50 and 15 years straight line
Plant and machinery
-
25% reducing balance and 20 years straight line
Motor vehicles
-
25% reducing balance
Fixtures and fittings
-
25% reducing balance
Other fixed assets
-
25% reducing balance

Page 5

 
P J DAVEY & CO LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

2.Accounting policies (continued)

 
2.8

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in the Income Statement for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

Investments in listed company shares are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in profit or loss for the period.

 
2.9

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is 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.

 
2.10

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.11

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.12

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.13

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

Page 6

 
P J DAVEY & CO LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

2.Accounting policies (continued)

 
2.14

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 4 (2022 - 4).


4.


Intangible assets




Planetwatch Licences

£



Cost


At 1 November 2022
21,842



At 31 October 2023

21,842



Amortisation


At 1 November 2022
16,832


Charge for the year on owned assets
5,010



At 31 October 2023

21,842



Net book value



At 31 October 2023
-



At 31 October 2022
5,010



Page 7

 
P J DAVEY & CO LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

5.


Tangible fixed assets





Land and buildings
Plant and machinery
Motor vehicles
Fixtures and fittings
Other fixed assets

£
£
£
£
£



Cost or valuation


At 1 November 2022
1,494,675
4,371,726
-
117,796
149,043


Additions
56,736
77,412
236,689
-
-


Disposals
-
-
(113,041)
-
-



At 31 October 2023

1,551,411
4,449,138
123,648
117,796
149,043



Depreciation


At 1 November 2022
799,636
2,107,494
-
96,178
37,904


Charge for the year on owned assets
44,800
240,019
-
5,407
26,915


Charge for the year on financed assets
-
6,494
30,912
-
-



At 31 October 2023

844,436
2,354,007
30,912
101,585
64,819



Net book value



At 31 October 2023
706,975
2,095,131
92,736
16,211
84,224



At 31 October 2022
695,039
2,264,232
-
21,618
111,139
Page 8

 
P J DAVEY & CO LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

           5.Tangible fixed assets (continued)


Total

£



Cost or valuation


At 1 November 2022
6,133,240


Additions
370,837


Disposals
(113,041)



At 31 October 2023

6,391,036



Depreciation


At 1 November 2022
3,041,212


Charge for the year on owned assets
317,141


Charge for the year on financed assets
37,406



At 31 October 2023

3,395,759



Net book value



At 31 October 2023
2,995,277



At 31 October 2022
3,092,028

Page 9

 
P J DAVEY & CO LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

           5.Tangible fixed assets (continued)

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2023
2022
£
£



Plant and machinery
19,480
24,194

19,480
24,194


6.


Fixed asset investments





Other fixed asset investments

£



Cost or valuation


At 1 November 2022
7,017


Additions
21,762


Revaluations
(25,662)



At 31 October 2023
3,117





7.


Debtors

2023
2022
£
£

Due after more than one year

Other debtors
63,476
38,945

63,476
38,945

Due within one year

Trade debtors
124,313
140,878

Other debtors
191,329
118,646

Prepayments and accrued income
11,466
27,304

390,584
325,773


Page 10

 
P J DAVEY & CO LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

8.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
323,297
318,082

Trade creditors
191,542
135,474

Corporation tax
164,170
163,957

Other taxation and social security
64,349
50,467

Obligations under finance lease and hire purchase contracts
49,355
8,664

Other creditors
13,600
13,600

Accruals and deferred income
114,569
116,609

920,882
806,853


2023
2022
£
£

Other taxation and social security

VAT control
64,349
50,467

64,349
50,467


The following liabilities were secured:

2023
2022
£
£



Bank loans
323,297
318,082

Finance leases and hire purchase contracts
49,355
8,664

372,652
326,746

Details of security provided:

Bank loans and overdrafts are secured by legal charge over the land at Tivetshall St Margaret Norfolk, Wild Road Farm Norwich and the Energy Building site at Wild Rose Farm Norwich.
Finance leases and hire purchase agreements are secured on the assets to which they relate.

Page 11

 
P J DAVEY & CO LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

9.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
1,856,048
2,179,906

Net obligations under finance leases and hire purchase contracts
145,465
22,963

2,001,513
2,202,869


The following liabilities were secured:

2023
2022
£
£



Bank loans
1,856,048
2,179,906

Finance leases and hire purchase contracts
145,465
22,963

2,001,513
2,202,869

Details of security provided:

Bank loans and overdrafts are secured by legal charge over the land at Tivetshall St Margaret Norfolk, Wild Road Farm Norwich and the Energy Building site at Wild Rose Farm Norwich.
Finance leases and hire purchase agreements are secured on the assets to which they relate.

The aggregate amount of liabilities repayable wholly or in part more than five years after the reporting date is:

2023
2022
£
£


Repayable by instalments
863,030
1,098,195

863,030
1,098,195



Page 12

 
P J DAVEY & CO LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

10.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Bank loans
323,297
318,082


323,297
318,082


Amounts falling due 2-5 years

Bank loans
993,018
1,081,711


993,018
1,081,711

Amounts falling due after more than 5 years

Bank loans
863,030
1,098,195

863,030
1,098,195

2,179,345
2,497,988



11.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2023
2022
£
£


Within one year
49,355
8,864

Between 1-5 years
145,465
22,962

194,820
31,826

Page 13

 
P J DAVEY & CO LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

12.


Commitments under operating leases

At 31 October 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£
£


Not later than 1 year
39,996
39,996

39,996
39,996

 
Page 14