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COMPANY REGISTRATION NUMBER: 05382660
David Clark & Co Limited
Unaudited financial statements
31 March 2024
David Clark & Co Limited
Statement of financial position
31 March 2024
2024
2023
Note
£
£
£
£
Fixed assets
Tangible assets
6
5,324
16,382
Current assets
Debtors
7
6,939
19,044
Cash at bank and in hand
47,165
138,593
-------
---------
54,104
157,637
Creditors: Amounts falling due within one year
8
( 24,506)
( 23,324)
-------
---------
Net current assets
29,598
134,313
-------
---------
Total assets less current liabilities
34,922
150,695
Provisions
Taxation including deferred tax
( 1,301)
( 3,732)
-------
---------
Net assets
33,621
146,963
-------
---------
Capital and reserves
Called up share capital
200
200
Profit and loss account
33,421
146,763
-------
---------
Shareholders funds
33,621
146,963
-------
---------
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: 05382660
David Clark & Co 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 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.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
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
-
10% straight line
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. 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 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:
Motor vehicles
-
25% reducing balance
Computer equipment
-
25% reducing balance
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 3 (2023: 3 ).
5. Intangible assets
Goodwill
£
Cost
At 1 April 2023 and 31 March 2024
180,000
---------
Amortisation
At 1 April 2023 and 31 March 2024
180,000
---------
Carrying amount
At 31 March 2024
---------
At 31 March 2023
---------
6. Tangible assets
Motor vehicles
Computer equipment
Total
£
£
£
Cost
At 1 April 2023
5,250
33,338
38,588
Additions
240
240
Disposals
( 16,501)
( 16,501)
------
-------
-------
At 31 March 2024
5,250
17,077
22,327
------
-------
-------
Depreciation
At 1 April 2023
4,725
17,481
22,206
Charge for the year
131
3,429
3,560
Disposals
( 8,763)
( 8,763)
------
-------
-------
At 31 March 2024
4,856
12,147
17,003
------
-------
-------
Carrying amount
At 31 March 2024
394
4,930
5,324
------
-------
-------
At 31 March 2023
525
15,857
16,382
------
-------
-------
7. Debtors
2024
2023
£
£
Trade debtors
14,380
Amounts owed by group undertakings and undertakings in which the company has a participating interest
2,512
Other debtors
4,427
4,664
------
-------
6,939
19,044
------
-------
8. Creditors: Amounts falling due within one year
2024
2023
£
£
Trade creditors
1,291
4,267
Social security and other taxes
22,940
18,765
Other creditors
275
292
-------
-------
24,506
23,324
-------
-------