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COMPANY REGISTRATION NUMBER: 01149209
R H DAVIES (SOUTHERN) LIMITED
UNAUDITED FINANCIAL STATEMENTS
30 November 2023
R H DAVIES (SOUTHERN) LIMITED
FINANCIAL STATEMENTS
YEAR ENDED 30 NOVEMBER 2023
Contents
Pages
Officers and professional advisers
1
Directors' report
2 to 3
Chartered accountants report to the board of directors on the preparation of the unaudited statutory financial statements
4
Statement of comprehensive income
5
Statement of financial position
6 to 7
Statement of changes in equity
8
Notes to the financial statements
9 to 15
R H DAVIES (SOUTHERN) LIMITED
OFFICERS AND PROFESSIONAL ADVISERS
The board of directors
S A Harries
R W W Harries
K L Allen
C D M Dilks
C L W Harding
Registered office
168 Church Road
Hove
East Sussex
BN3 2DL
Accountants
UHY Hacker Young
Chartered Accountants
168 Church Road
Hove
BN3 2DL
R H DAVIES (SOUTHERN) LIMITED
DIRECTORS' REPORT
YEAR ENDED 30 NOVEMBER 2023
The directors present their report and the unaudited financial statements of the company for the year ended 30 November 2023 .
Directors
The directors who served the company during the year were as follows:
S A Harries
R W W Harries
K L Allen
C D M Dilks
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on 31 July 2024 and signed on behalf of the board by:
C D M Dilks
Director
Registered office:
168 Church Road
Hove
East Sussex
BN3 2DL
R H DAVIES (SOUTHERN) LIMITED
CHARTERED ACCOUNTANTS REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF R H DAVIES (SOUTHERN) LIMITED
YEAR ENDED 30 NOVEMBER 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 R H Davies (Southern) Limited for the year ended 30 November 2023, which comprise the statement of comprehensive income, statement of financial position, statement of changes in equity and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the Board of Directors of R H Davies (Southern) Limited, as a body. Our work has been undertaken solely to prepare for your approval the financial statements of R H Davies (Southern) Limited and state those matters that we have agreed to state to you, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than R H Davies (Southern) Limited and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that R H Davies (Southern) 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 loss of R H Davies (Southern) Limited. You consider that R H Davies (Southern) 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 R H Davies (Southern) 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.
UHY Hacker Young Chartered Accountants
168 Church Road Hove BN3 2DL
31 July 2024
R H DAVIES (SOUTHERN) LIMITED
STATEMENT OF COMPREHENSIVE INCOME
YEAR ENDED 30 NOVEMBER 2023
2023
2022
Note
£
£
Turnover
315,960
298,555
----------
----------
Gross profit
315,960
298,555
Administrative expenses
489,501
123,139
Other operating income
44,000
104,200
----------
----------
Operating (loss)/profit
( 129,541)
279,616
Gain on financial assets at fair value through profit or loss
236,270
Gain on financial liabilities at fair value through profit or loss
1,093,703
Income from participating interests
( 45,000)
Other interest receivable and similar income
26,361
15,290
Amounts written back to investments
( 51,525)
Interest payable and similar expenses
10,234
8,837
----------
-------------
(Loss)/profit before taxation
4
( 113,414)
1,622,567
Tax on (loss)/profit
39,001
338,545
----------
-------------
(Loss)/profit for the financial year and total comprehensive income
( 152,415)
1,284,022
----------
-------------
All the activities of the company are from continuing operations.
R H DAVIES (SOUTHERN) LIMITED
STATEMENT OF FINANCIAL POSITION
30 November 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
5
3,970,158
4,372,853
Investments
6
12,185
12,185
-------------
-------------
3,982,343
4,385,038
Current assets
Debtors
7
1,094,066
1,130,870
Cash at bank and in hand
191,071
447,282
-------------
-------------
1,285,137
1,578,152
Creditors: amounts falling due within one year
8
756,450
1,099,762
-------------
-------------
Net current assets
528,687
478,390
-------------
-------------
Total assets less current liabilities
4,511,030
4,863,428
Creditors: amounts falling due after more than one year
9
199,618
Provisions
Taxation including deferred tax
402,272
402,637
-------------
-------------
Net assets
4,108,758
4,261,173
-------------
-------------
R H DAVIES (SOUTHERN) LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
30 November 2023
2023
2022
Note
£
£
£
Capital and reserves
Called up share capital
62,500
62,500
Other reserves
10
1,801,428
1,801,428
Profit and loss account
10
2,244,830
2,397,245
-------------
-------------
Shareholders funds
4,108,758
4,261,173
-------------
-------------
These financial statements have been prepared 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'.
For the year ending 30 November 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 31 July 2024 , and are signed on behalf of the board by:
C D M Dilks
Director
Company registration number: 01149209
R H DAVIES (SOUTHERN) LIMITED
STATEMENT OF CHANGES IN EQUITY
YEAR ENDED 30 NOVEMBER 2023
Called up share capital
Other reserves
Profit and loss account
Total
£
£
£
£
At 1 December 2021
62,500
956,861
1,957,790
2,977,151
Profit for the year
1,284,022
1,284,022
Other comprehensive income for the year:
Transfer of investment property gains
844,567
(844,567)
---------
----------
-------------
-------------
Total comprehensive income for the year
844,567
439,455
1,284,022
At 30 November 2022
62,500
1,801,428
2,397,245
4,261,173
Loss for the year
( 152,415)
( 152,415)
---------
-------------
-------------
-------------
Total comprehensive income for the year
( 152,415)
( 152,415)
---------
-------------
-------------
-------------
At 30 November 2023
62,500
1,801,428
2,244,830
4,108,758
---------
-------------
-------------
-------------
R H DAVIES (SOUTHERN) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 30 NOVEMBER 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.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Significant judgements The judgements (apart from those involving estimations) that management has made in the process of applying the entity's accounting policies and that have the most significant effect on the amounts recognised in the financial statements are as follows: ~ Investment property valuations.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts and of Value Added Tax.
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.
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. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, 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 equity in respect of that asset. Where a a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity 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:
Plant and machinery
-
33% straight line
Fixtures, fittings and equipment
-
15% reducing balance
The company does not depreciate its investment properties and although this policy is in accordance with FRS 102, it is a departure from the Companies Act 2006 requirements for all tangible assets to be depreciated. In the opinion of the directors, compliance with the standard is necessary for the financial statements to give a true and fair view.
Investment property
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
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.
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.
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.
4. Profit before taxation
Profit before taxation is stated after charging/crediting:
2023
2022
£
£
Depreciation of tangible assets
4,758
5,028
Reversal of impairment of investments in associates
(45,000)
Reversal of impairment of other fixed asset investments
(6,525)
-------
---------
5. Tangible assets
Land and buildings
Plant and machinery
Fixtures and fittings
Total
£
£
£
£
Cost
At 1 December 2022
4,344,360
8,379
108,497
4,461,236
Additions
3,223
3,223
Disposals
( 401,160)
( 401,160)
-------------
-------
----------
-------------
At 30 November 2023
3,943,200
8,379
111,720
4,063,299
-------------
-------
----------
-------------
Depreciation
At 1 December 2022
8,379
80,004
88,383
Charge for the year
4,758
4,758
-------------
-------
----------
-------------
At 30 November 2023
8,379
84,762
93,141
-------------
-------
----------
-------------
Carrying amount
At 30 November 2023
3,943,200
26,958
3,970,158
-------------
-------
----------
-------------
At 30 November 2022
4,344,360
28,493
4,372,853
-------------
-------
----------
-------------
Included within the above is investment property as follows:
£
At 1 December 2022
4,344,360
Disposals
( 401,160)
-------------
At 30 November 2023
3,943,200
-------------
The investment properties have been valued at July 2022 by independent valuers, Michael Jones & Company, a firm of local estate agents and property valuers who have extensive knowledge and experience in the buying, selling and valuing of property in the location of the properties held by the company. The freehold reversionary interests were valued at July 2022 by independent valuers, Julian Wilkins & Co, a firm of Chartered Surveyors who are members of the Royal Institute of Chartered Surveyors (RICS) and have knowledge of the local property market in the location of freehold reversionary interests. Accordingly, in the directors opinion, the carrying value of the investment properties and freehold reversionary interests as at 30 November 2023 is not significantly different from the open market fair values of the investment properties and reversionary interests as at the date of the valuations.
Tangible assets held at valuation
In respect of tangible assets held at valuation, the aggregate cost, depreciation and comparable carrying amount that would have been recognised if the assets had been carried under the historical cost model are as follows:
Freehold property
£
At 30 November 2023
Aggregate cost
1,745,944
Aggregate depreciation
-------------
Carrying value
1,745,944
-------------
At 30 November 2022
Aggregate cost
2,147,104
Aggregate depreciation
-------------
Carrying value
2,147,104
-------------
6. Investments
Shares in group undertakings
Shares in participating interests
Total
£
£
£
Cost
At 1 December 2022 and 30 November 2023
40,273
2,000
42,273
---------
-------
---------
Impairment
At 1 December 2022 and 30 November 2023
30,088
30,088
---------
-------
---------
Carrying amount
At 30 November 2023
10,185
2,000
12,185
---------
-------
---------
At 30 November 2022
10,185
2,000
12,185
---------
-------
---------
7. Debtors
2023
2022
£
£
Trade debtors
659
23,948
Amounts owed by group undertakings and undertakings in which the company has a participating interest
778,500
400,000
Other debtors
314,907
706,922
-------------
-------------
1,094,066
1,130,870
-------------
-------------
8. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
33,092
Trade creditors
1,271
9,347
Amounts owed to group undertakings and undertakings in which the company has a participating interest
10,100
10,100
Corporation tax
39,279
90,411
Social security and other taxes
5,521
Other creditors
705,800
951,291
----------
-------------
756,450
1,099,762
----------
-------------
9. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
199,618
----
----------
Included within creditors: amounts falling due after more than one year is an amount of £Nil (2022: £45,175) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.
10. Reserves
Other reserves (non-distributable) - This reserve is used to record changes in the fair value of investment properties, net of deferred tax. Profit and loss account - This reserve records retained earnings and accumulated losses.
11. Directors' advances, credits and guarantees
At the year end, the company owes the directors £157,774 (2022: the directors owed the company £4,749). The advances were made interest free and were payable on demand.
12. Related party transactions
As at 30 November 2023, Farncombe Limited, a company holding a participating interest in the Company, owed the Company £256,641 (2022: £402,320). During the year, management charges of £60,000 (2022: £60,000) were charged to the Company by Farncombe Limited. Included within other creditors is £60,000 (2022: £120,000) for unpaid management charges. The company is exempt from disclosing related party transactions with other companies that are wholly owned.