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Company No: 04067551 (England and Wales)

DAVID HERITAGE LIMITED

Unaudited Financial Statements
For the financial year ended 31 August 2023
Pages for filing with the registrar

DAVID HERITAGE LIMITED

Unaudited Financial Statements

For the financial year ended 31 August 2023

Contents

DAVID HERITAGE LIMITED

BALANCE SHEET

As at 31 August 2023
DAVID HERITAGE LIMITED

BALANCE SHEET (continued)

As at 31 August 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 54,505 25,881
54,505 25,881
Current assets
Stocks 4 95,918 86,180
Debtors 5 94,866 111,510
Cash at bank and in hand 137,794 13,412
328,578 211,102
Creditors: amounts falling due within one year 6 ( 219,445) ( 173,314)
Net current assets 109,133 37,788
Total assets less current liabilities 163,638 63,669
Creditors: amounts falling due after more than one year 7 ( 20,484) 0
Net assets 143,154 63,669
Capital and reserves
Called-up share capital 2 2
Profit and loss account 143,152 63,667
Total shareholders' funds 143,154 63,669

For the financial year ending 31 August 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The financial statements of David Heritage Limited (registered number: 04067551) were approved and authorised for issue by the Director on 28 August 2024. They were signed on its behalf by:

D M Heritage
Director
DAVID HERITAGE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 August 2023
DAVID HERITAGE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 August 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

David Heritage Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Unit 5/6 Saunders Drive, Somerton Business Park, Cowes, PO31 8HU, England, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts and after eliminating sales within the company.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a [straight-line, reducing balance] basis over its expected useful life, as follows:

Plant and machinery 6.67 years straight line
Vehicles 25 % reducing balance
Fixtures and fittings 6.67 years straight line
Tools and equipment 10 years straight line
Computer equipment 25 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including the director 9 10

3. Tangible assets

Plant and machinery Vehicles Fixtures and fittings Tools and equipment Computer equipment Total
£ £ £ £ £ £
Cost
At 01 September 2022 45,648 25,249 25,188 40,900 2,296 139,281
Additions 3,000 39,380 0 0 0 42,380
Disposals 0 ( 25,249) 0 0 0 ( 25,249)
At 31 August 2023 48,648 39,380 25,188 40,900 2,296 156,412
Accumulated depreciation
At 01 September 2022 39,871 20,755 10,885 40,270 1,619 113,400
Charge for the financial year 1,648 5,484 2,433 90 169 9,824
Disposals 0 ( 21,317) 0 0 0 ( 21,317)
At 31 August 2023 41,519 4,922 13,318 40,360 1,788 101,907
Net book value
At 31 August 2023 7,129 34,458 11,870 540 508 54,505
At 31 August 2022 5,777 4,494 14,303 630 677 25,881

4. Stocks

2023 2022
£ £
Stocks 30,000 30,000
Work in progress 20,918 11,180
Finished goods 45,000 45,000
95,918 86,180

There are no material differences between the replacement cost of stock and the Balance Sheet amounts.

5. Debtors

2023 2022
£ £
Trade debtors 37,066 78,133
Other debtors 57,800 33,377
94,866 111,510

6. Creditors: amounts falling due within one year

2023 2022
£ £
Trade creditors 74,427 89,262
Taxation and social security 63,636 16,678
Obligations under finance leases and hire purchase contracts (secured) 7,929 0
Other creditors 73,453 67,374
219,445 173,314

7. Creditors: amounts falling due after more than one year

2023 2022
£ £
Obligations under finance leases and hire purchase contracts (secured) 20,484 0