12 false false false false false false false false false false true false false false false false false No description of principal activity 2023-01-01 Sage Accounts Production Advanced 2023 - FRS102_2023 30,000 30,000 36,144 3,463 39,607 34,658 990 35,648 3,959 1,486 3,450 3,450 3,450 xbrli:pure xbrli:shares iso4217:GBP 05943831 2023-01-01 2023-12-31 05943831 2023-12-31 05943831 2022-12-31 05943831 2022-01-01 2022-12-31 05943831 2022-12-31 05943831 2021-12-31 05943831 core:FurnitureFittings 2023-01-01 2023-12-31 05943831 bus:Director2 2023-01-01 2023-12-31 05943831 bus:Director3 2023-01-01 2023-12-31 05943831 core:NetGoodwill 2023-12-31 05943831 core:FurnitureFittings 2022-12-31 05943831 core:FurnitureFittings 2023-12-31 05943831 core:WithinOneYear 2023-12-31 05943831 core:WithinOneYear 2022-12-31 05943831 core:ShareCapital 2023-12-31 05943831 core:ShareCapital 2022-12-31 05943831 core:RetainedEarningsAccumulatedLosses 2023-12-31 05943831 core:RetainedEarningsAccumulatedLosses 2022-12-31 05943831 core:AdditionsToInvestments core:Non-currentFinancialInstruments 2023-12-31 05943831 core:CostValuation core:Non-currentFinancialInstruments 2023-12-31 05943831 core:Non-currentFinancialInstruments 2023-12-31 05943831 core:FurnitureFittings 2022-12-31 05943831 bus:SmallEntities 2023-01-01 2023-12-31 05943831 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 05943831 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 05943831 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 05943831 bus:FullAccounts 2023-01-01 2023-12-31 05943831 core:NetGoodwill 2023-01-01 2023-12-31
COMPANY REGISTRATION NUMBER: 05943831
DAVID'S BOOKS & COMICS LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
31 December 2023
DAVID'S BOOKS & COMICS LIMITED
STATEMENT OF FINANCIAL POSITION
31 December 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
6
3,959
1,486
Investments
7
3,450
-------
-------
7,409
1,486
Current assets
Stocks
37,000
39,500
Debtors
8
11,337
13,097
Cash at bank and in hand
342,053
346,950
----------
----------
390,390
399,547
Creditors: amounts falling due within one year
9
103,556
128,019
----------
----------
Net current assets
286,834
271,528
----------
----------
Total assets less current liabilities
294,243
273,014
Provisions
Taxation including deferred tax
990
282
----------
----------
Net assets
293,253
272,732
----------
----------
DAVID'S BOOKS & COMICS LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
31 December 2023
2023
2022
Note
£
£
£
Capital and reserves
Called up share capital
2
3
Profit and loss account
293,251
272,729
----------
----------
Members funds
293,253
272,732
----------
----------
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.
For the 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 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 were approved by the board of directors and authorised for issue on 23 July 2024 , and are signed on behalf of the board by:
Mrs J D Munday
Mr J R F Munday
Director
Director
Company registration number: 05943831
DAVID'S BOOKS & COMICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 DECEMBER 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 168 Church Road, Hove, East Sussex, BN3 2DL.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the 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.
Going concern
No material uncertainties that may cast significant doubt about the ability of the company to continue as a going concern have been identified by the directors.
Revenue recognition
Turnover represents sales of goods net of VAT and trade discounts. Turnover is recognised when the goods are sold to the customer.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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.
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
-
over 10 years
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 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.
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:
Fixtures & Fittings
-
20% reducing balance
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Investments in associates
Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.
Investments in joint ventures
Investments in jointly controlled entities accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in jointly controlled entities accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the joint venture arising before or after the date of acquisition.
Impairment of fixed assets
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. For the purposes of impairment testing, 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 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.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
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 as a finance cost in profit or loss in the period it arises.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
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. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 12 (2022: 12 ).
5. Intangible assets
Goodwill
£
Cost
At 1 January 2023 and 31 December 2023
30,000
---------
Amortisation
At 1 January 2023 and 31 December 2023
30,000
---------
Carrying amount
At 31 December 2023
---------
At 31 December 2022
---------
6. Tangible assets
Fixtures and fittings
Total
£
£
Cost
At 1 January 2023
36,144
36,144
Additions
3,463
3,463
---------
---------
At 31 December 2023
39,607
39,607
---------
---------
Depreciation
At 1 January 2023
34,658
34,658
Charge for the year
990
990
---------
---------
At 31 December 2023
35,648
35,648
---------
---------
Carrying amount
At 31 December 2023
3,959
3,959
---------
---------
At 31 December 2022
1,486
1,486
---------
---------
7. Investments
Other investments other than loans
£
Cost
At 1 January 2023
Additions
3,450
-------
At 31 December 2023
3,450
-------
Impairment
At 1 January 2023 and 31 December 2023
-------
Carrying amount
At 31 December 2023
3,450
-------
At 31 December 2022
-------
8. Debtors
2023
2022
£
£
Other debtors
11,337
13,097
---------
---------
9. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
50,868
61,099
Corporation tax
34,070
40,509
Social security and other taxes
11,825
10,740
Other creditors
6,793
15,671
----------
----------
103,556
128,019
----------
----------
10. Directors' advances, credits and guarantees
As at 31 December 2023 the company owed the directors £147 (2022 : £165).
11. Related party transactions
The company was under the control of Mr & Mrs Munday throughout the current and previous year.