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REGISTERED NUMBER: SC025183 (Scotland)














UNAUDITED FINANCIAL STATEMENTS

FOR THE PERIOD 1 APRIL 2022 TO 31 JULY 2023

FOR

DAVID FAULDS & SON LIMITED

DAVID FAULDS & SON LIMITED (REGISTERED NUMBER: SC025183)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE PERIOD 1 APRIL 2022 TO 31 JULY 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


DAVID FAULDS & SON LIMITED

COMPANY INFORMATION
FOR THE PERIOD 1 APRIL 2022 TO 31 JULY 2023







DIRECTOR: I Faulds





SECRETARY: S M Faulds





REGISTERED OFFICE: 70 John Finnie Street
Kilmarnock
Ayrshire
KA1 1BS





REGISTERED NUMBER: SC025183 (Scotland)





ACCOUNTANTS: Henry Brown & Co
Chartered Accountants
26 Portland Road
Kilmarnock
Ayrshire
KA1 2EB

DAVID FAULDS & SON LIMITED (REGISTERED NUMBER: SC025183)

BALANCE SHEET
31 JULY 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 4,388 6,064
4,388 6,064

CURRENT ASSETS
Stocks 4,416 4,750
Debtors 6 12,649 11,058
Cash at bank and in hand 109,236 164,255
126,301 180,063
CREDITORS
Amounts falling due within one year 7 53,075 79,519
NET CURRENT ASSETS 73,226 100,544
TOTAL ASSETS LESS CURRENT
LIABILITIES

77,614

106,608

PROVISIONS FOR LIABILITIES 1,327 1,746
NET ASSETS 76,287 104,862

CAPITAL AND RESERVES
Called up share capital 7,500 7,500
Capital Reserve 8 27,356 27,356
Retained earnings 41,431 70,006
SHAREHOLDERS' FUNDS 76,287 104,862

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 31 July 2023.

The members have not required the company to obtain an audit of its financial statements for the period ended 31 July 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

DAVID FAULDS & SON LIMITED (REGISTERED NUMBER: SC025183)

BALANCE SHEET - continued
31 JULY 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 26 August 2024 and were signed by:





I Faulds - Director


DAVID FAULDS & SON LIMITED (REGISTERED NUMBER: SC025183)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD 1 APRIL 2022 TO 31 JULY 2023

1. STATUTORY INFORMATION

David Faulds & Son Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


The financial statements relate to a single company.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover represents the invoiced sale of butchery and other related products stated net of value added tax.

Goodwill
Goodwill, being the amount paid in connection with the aquisition of a business, is being written off evenly over its estimated useful life of 10 years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 2% on cost
Plant and machinery - 25% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the period comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


DAVID FAULDS & SON LIMITED (REGISTERED NUMBER: SC025183)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 APRIL 2022 TO 31 JULY 2023

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the period end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the period was 4 (2022 - 4 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 April 2022
and 31 July 2023 6,900
AMORTISATION
At 1 April 2022
and 31 July 2023 6,900
NET BOOK VALUE
At 31 July 2023 -
At 31 March 2022 -

5. TANGIBLE FIXED ASSETS
Freehold Plant and Computer
property machinery equipment Totals
£    £    £    £   
COST
At 1 April 2022
and 31 July 2023 16,500 24,516 755 41,771
DEPRECIATION
At 1 April 2022 14,190 20,869 648 35,707
Charge for period 440 1,215 21 1,676
At 31 July 2023 14,630 22,084 669 37,383
NET BOOK VALUE
At 31 July 2023 1,870 2,432 86 4,388
At 31 March 2022 2,310 3,647 107 6,064

DAVID FAULDS & SON LIMITED (REGISTERED NUMBER: SC025183)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 APRIL 2022 TO 31 JULY 2023

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 4,850 5,628
Other debtors 7,799 5,430
12,649 11,058

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 38,082 50,000
Trade creditors 10,791 6,761
Taxation and social security 1,196 8,101
Other creditors 3,006 14,657
53,075 79,519

8. RESERVES
Capital
Reserve
£   
At 1 April 2022
and 31 July 2023 27,356