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COMPANY REGISTRATION NUMBER: 00943697
S E Davis & Son Limited
Filleted Financial Statements
30 November 2023
S E Davis & Son Limited
Financial Statements
Year ended 30 November 2023
Contents
Page
Statement of financial position
1
Notes to the financial statements
2
S E Davis & Son Limited
Statement of Financial Position
30 November 2023
2023
2022
Note
£
£
£
£
Fixed assets
Tangible assets
5
11,366,020
10,302,275
Current assets
Stocks
63,931
65,315
Debtors
6
3,288,032
3,244,742
Cash at bank and in hand
8,263,105
7,394,372
-------------
-------------
11,615,068
10,704,429
Creditors: amounts falling due within one year
7
1,410,275
1,851,592
-------------
-------------
Net current assets
10,204,793
8,852,837
-------------
-------------
Total assets less current liabilities
21,570,813
19,155,112
Provisions
Taxation including deferred tax
1,641,863
1,263,267
-------------
-------------
Net assets
19,928,950
17,891,845
-------------
-------------
Capital and reserves
Called up share capital
8
220
220
Fair value reserve - Non distributable
286,652
267,902
Profit and loss account
19,642,078
17,623,723
-------------
-------------
Shareholders funds
19,928,950
17,891,845
-------------
-------------
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 income and retained earnings has not been delivered.
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.
These financial statements were approved by the board of directors and authorised for issue on 15 August 2024 , and are signed on behalf of the board by:
S T Davis S E Davis
Director Director
Company registration number: 00943697
S E Davis & Son 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 Sandhills Farm, Edgioake Lane, Astwood Bank, Redditch, Worcs, B96 6BG.
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 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.
Revenue recognition
Turnover represents sales of goods, hire of equipment and washing and recycling of aggregates, net of VAT and trade discounts. Turnover is recognised when goods or service is delivered to the customer.
Tax
Current tax represents the amount of tax payable or receivable in respect of the 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.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis. Lease income is recognised in profit or loss on a straight line basis over the lease term.
Tangible assets
Tangible assets other than investment properties are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost of an asset, less its residual value, over the useful economic life of that asset as follows:
Buildings
-
2%/3.33% straight line from date of purchase
Plant and Machinery
-
10% reducing balance from date of purchase
Motor Vehicles
-
25% reducing balance from date of purchase
Investment properties
Investment properties are revalued to their fair value at each reporting date and any changes in fair value are recognised in profit or loss. The directors who are not professionally qualified valuers, have considered the value of properties in the vicinity to ascertain the fair value of the investment properties.
Research and development
Research and development expenditure is written off in the period in which it is incurred.
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.
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.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into, either as financial assets, financial liabilities or equity interests. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.
Employee benefits
When employees have rendered service to the company, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service. The company operates a defined contribution plan for the benefit of its employees. Contributions are recognised as an expense in the period in which the related service is provided.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 38 (2022: 38 ).
5. Tangible assets
Buildings
Plant and machinery
Motor vehicles
Investment properties
Total
£
£
£
£
£
Cost or valuation
At 1 December 2022
2,214,573
15,377,404
1,041,049
2,175,000
20,808,026
Additions
1,964,248
67,782
2,032,030
Disposals
( 362,385)
( 14,395)
( 376,780)
Revaluations
25,000
25,000
------------
-------------
------------
------------
-------------
At 30 November 2023
2,214,573
16,979,267
1,094,436
2,200,000
22,488,276
------------
-------------
------------
------------
-------------
Depreciation
At 1 December 2022
197,840
9,825,145
482,766
10,505,751
Charge for the year
44,843
662,048
149,071
855,962
Disposals
( 226,754)
( 12,703)
( 239,457)
------------
-------------
------------
------------
-------------
At 30 November 2023
242,683
10,260,439
619,134
11,122,256
------------
-------------
------------
------------
-------------
Carrying amount
At 30 November 2023
1,971,890
6,718,828
475,302
2,200,000
11,366,020
------------
-------------
------------
------------
-------------
At 30 November 2022
2,016,733
5,552,259
558,283
2,175,000
10,302,275
------------
-------------
------------
------------
-------------
Investment properties have been valued at the balance sheet dates by the directors.
6. Debtors
2023
2022
£
£
Trade debtors
2,113,261
2,060,125
Other debtors
1,174,771
1,184,617
------------
------------
3,288,032
3,244,742
------------
------------
The debtors above include the following amounts falling due after more than one year:
2023
2022
£
£
Trade debtors
25,747
95,971
Other debtors
202,058
177,060
---------
---------
227,805
273,031
---------
---------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
381,269
486,623
Social security and other taxes
383,112
690,298
Other creditors
645,894
674,671
------------
------------
1,410,275
1,851,592
------------
------------
Other creditors include a loan of £90,000 (2022 - £90,000) which is secured by a floating charge over the company's assets.
8. Called up share capital
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary shares of £ 1 each
100
100
100
100
Ordinary - Non Voting Redeemable shares of £ 1 each
120
120
120
120
----
----
----
----
220
220
220
220
----
----
----
----
9. Other financial commitments
The company had total commitments at the balance sheet date of £ 295,117 (2022 - £ 514,667 ).
10. Summary audit opinion
The auditor's report dated 15 August 2024 was unqualified .
The senior statutory auditor was Michael Holder , for and on behalf of Rigbey Harrison .
11. Directors' advances, credits and guarantees
Advances to directors at the start of the year were £ 566,406 . During the year there were repayments of £ 13,802 . The balance at the year end was £ 552,604 and is included in other debtors. The loans are repayable on demand and interest is payable at HMRC's official rate.