2023-04-012024-03-312024-03-31falseSC314904R. DAVIDSON & SONS 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R. DAVIDSON & SONS LIMITED

Registered Number
SC314904
(Scotland)

Unaudited Financial Statements for the Year ended
31 March 2024

R. DAVIDSON & SONS LIMITED
Company Information
for the year from 1 April 2023 to 31 March 2024

Directors

DAVIDSON, Robert George
DAVIDSON, Robert

Company Secretary

DAVIDSON, Robert

Registered Address

51 Rae Street
Dumfries
DG1 1JD

Registered Number

SC314904 (Scotland)
R. DAVIDSON & SONS LIMITED
Statement of Financial Position
31 March 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Tangible assets3660,121614,721
660,121614,721
Current assets
Stocks47,1041,875
Debtors5172,140196,154
Cash at bank and on hand62,379100,930
241,623298,959
Creditors amounts falling due within one year6(247,260)(232,260)
Net current assets (liabilities)(5,637)66,699
Total assets less current liabilities654,484681,420
Creditors amounts falling due after one year7(244,560)(233,120)
Provisions for liabilities9(137,400)(125,300)
Net assets272,524323,000
Capital and reserves
Called up share capital1010
Profit and loss account272,514322,990
Shareholders' funds272,524323,000
The financial statements were approved and authorised for issue by the Board of Directors on 21 August 2024, and are signed on its behalf by:
DAVIDSON, Robert George
Director
Registered Company No. SC314904
R. DAVIDSON & SONS LIMITED
Notes to the Financial Statements
for the year ended 31 March 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.
Basis of preparation
The financial statements have been prepared under the historical cost convention on a going concern basis unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
Functional and presentation currency
The financial statements are presented in sterling and this is the functional currency of the company.
Turnover policy
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the rendering of services. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Employee benefits
The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further obligation. Contributions to defined contribution plans are expensed in the period to which they relate. Amounts not paid are shown in accruals in the Statement of Financial Position. The assets of the plan are held separately from the company in independently administered funds.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to the Income Statement
Current taxation
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
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost or valuation less depreciation. The assets residual values, useful lives and depreciation methods are reviewed and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposal are determined by comparing the proceeds with the carrying amount and are recognised in the Income Statement Depreciation is provided on all tangible fixed assets as follows:

Reducing balance (%)Straight line (years)
Land and buildings1025
Plant and machinery25-
Vehicles25-
Office Equipment25-
Finance leases and hire purchase contracts
Assets held under finance leases which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, and hire purchase contracts are capitalised in the Statement of Financial Position. They are depreciated over the shorter of their useful lives or the term of the lease. All other lease arrangements are classified as an operating lease Payments made under operating leases are charged to the Income Statement on a straight line basis over the lease term.
Stocks and work in progress
Stocks are valued at the lower of cost and estimated selling price (less any associated costs to enable such sales to complete). At each date of Statement of Financial Position, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete the sale. The impairment loss is recognised immediately in the Income Statement
Trade and other debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Trade and other creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
2.Average number of employees

20242023
Average number of employees during the year108
3.Tangible fixed assets

Land & buildings

Plant & machinery

Vehicles

Office Equipment

Total

£££££
Cost or valuation
At 01 April 2345,510547,320521,7417951,115,366
Additions-37,860218,000-255,860
Disposals-(95,195)--(95,195)
At 31 March 2445,510489,985739,7417951,276,031
Depreciation and impairment
At 01 April 2314,207202,684283,305449500,645
Charge for year3,00680,56686,19287169,851
On disposals-(54,586)--(54,586)
At 31 March 2417,213228,664369,497536615,910
Net book value
At 31 March 2428,297261,321370,244259660,121
At 31 March 2331,303344,636238,436346614,721
The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows: Motor Vehicles - £276,796 (2023 - £113,839) Plant & Machinery - £196,898 (2023 - £262,531)
4.Stocks

2024

2023

££
Finished goods7,1041,875
Total7,1041,875
5.Debtors: amounts due within one year

2024

2023

££
Trade debtors / trade receivables168,083192,324
Prepayments and accrued income4,0573,830
Total172,140196,154
6.Creditors: amounts due within one year

2024

2023

££
Trade creditors / trade payables16,89017,775
Bank borrowings and overdrafts10,00010,000
Taxation and social security6,85413,919
Finance lease and HP contracts111,15077,213
Other creditors84,766105,627
Accrued liabilities and deferred income17,6007,726
Total247,260232,260
Finance lease and HP are secured on the assets to which they relate.
7.Creditors: amounts due after one year

2024

2023

££
Bank borrowings and overdrafts15,83325,833
Other creditors228,727207,287
Total244,560233,120
Finance lease and HP contracts equal to £228,726 (2023 - £207,286) are included within other creditors and are secured against the assets to which they relate.
8.Obligations under finance leases

2024

2023

££
Finance lease and HP contracts228,726207,286
9.Provisions for liabilities

2024

2023

££
Net deferred tax liability (asset)137,400125,300
Total137,400125,300