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COMPANY REGISTRATION NUMBER: 12067945
David Clark & Co (Ely) Limited
Unaudited financial statements
31 March 2024
David Clark & Co (Ely) Limited
Statement of financial position
31 March 2024
2024
2023
Note
£
£
£
£
Fixed assets
Investments
5
200
200
Current assets
Debtors
6
2,571
49,180
Cash at bank and in hand
30,449
119,653
-------
---------
33,020
168,833
Creditors: Amounts falling due within one year
7
( 37,731)
( 29,064)
-------
---------
Net current (liabilities)/assets
( 4,711)
139,769
------
---------
Total assets less current liabilities
( 4,511)
139,969
------
---------
Net (liabilities)/assets
( 4,511)
139,969
------
---------
Capital and reserves
Called up share capital
200
200
Profit and loss account
( 4,711)
139,769
------
---------
Shareholders (deficit)/funds
( 4,511)
139,969
------
---------
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 income statement has not been delivered.
For the year ending 31 March 2024 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 22 August 2024 , and are signed on behalf of the board by:
J Wheeler
D Wheeler
Director
Director
Company registration number: 12067945
David Clark & Co (Ely) Limited
Notes to the financial statements
Year ended 31 March 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is First Floor Suite, 2 Hillside Business Park, Bury St Edmunds, IP32 7EA. The trading address of the company is Prospect House, 3a St Thomas Place, Ely, Cambridgeshire, CB7 4EX.
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.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and 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.
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.
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:
Leasehold property improvements
-
10% 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.
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 employees during the year was 2 (2023: 3 ).
5. Investments
Shares in group undertakings
£
Cost
At 1 April 2023 and 31 March 2024
200
----
Impairment
At 1 April 2023 and 31 March 2024
----
Carrying amount
At 31 March 2024
200
----
At 31 March 2023
200
----
6. Debtors
2024
2023
£
£
Trade debtors
4,055
Other debtors
2,571
45,125
------
-------
2,571
49,180
------
-------
7. Creditors: Amounts falling due within one year
2024
2023
£
£
Trade creditors
1,287
5,215
Amounts owed to group undertakings and undertakings in which the company has a participating interest
2,512
Social security and other taxes
33,771
23,737
Other creditors
161
112
-------
-------
37,731
29,064
-------
-------
8. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2024
2023
£
£
Not later than 1 year
9,000
9,000
Later than 1 year and not later than 5 years
9,000
18,000
-------
-------
18,000
27,000
-------
-------
9. Directors' advances, credits and guarantees
Included within debtors at the year end is a directors loan account of £nil (2023: £42,362). The maximum overdrawn balance during the year was £102,116. Interest of £959 was charged at the official rate (2023: £674).