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Registration number: 00943127

Lloyd Davenport Limited

Annual Report and Unaudited Financial Statements Year Ended 30 November 2023

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Chartered Accountants

 

Lloyd Davenport Limited

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3

Notes to the Unaudited Financial Statements

4 to 9

 

Lloyd Davenport Limited

Company Information

Directors

Mr T Delaney

Mr D Thompson

Mr B L Davenport

Mr P Loosen

Mr W J Fleming

Company secretary

Mr B L Davenport

Registered office

20 Kingfisher Court
Hambridge Road
NEWBURY
Berkshire
RG14 5SJ

Accountants

Edwards and Keeping Limited
Chartered Accountants
Unity Chambers
34 High East Street
Dorchester
Dorset
DT1 1HA

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Lloyd Davenport Limitedfor the Year Ended 30 November 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Lloyd Davenport Limited for the year ended 30 November 2023 as set out on pages 3 to 9 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of Lloyd Davenport Limited, as a body, in accordance with the terms of our engagement letter dated 18 July 2019. Our work has been undertaken solely to prepare for your approval the accounts of Lloyd Davenport Limited and state those matters that we have agreed to state to the Board of Directors of Lloyd Davenport Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Lloyd Davenport Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Lloyd Davenport Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Lloyd Davenport Limited. You consider that Lloyd Davenport Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Lloyd Davenport Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.






Edwards and Keeping Limited
Chartered Accountants
Unity Chambers
34 High East Street
Dorchester
Dorset
DT1 1HA

30 August 2024

 

Lloyd Davenport Limited

(Registration number: 00943127)
Balance Sheet as at 30 November 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

789,388

862,977

Current assets

 

Debtors

5

2,635,594

2,717,921

Cash at bank and in hand

 

1,056,918

884,058

 

3,692,512

3,601,979

Creditors: Amounts falling due within one year

6

(1,188,739)

(1,119,680)

Net current assets

 

2,503,773

2,482,299

Total assets less current liabilities

 

3,293,161

3,345,276

Creditors: Amounts falling due after more than one year

6

(10,894)

(35,760)

Provisions for liabilities

(100,380)

(118,333)

Net assets

 

3,181,887

3,191,183

Capital and reserves

 

Called up share capital

8

1,500

1,500

Other reserves

1,500

1,500

Retained earnings

3,178,887

3,188,183

Shareholders' funds

 

3,181,887

3,191,183

For the financial year ending 30 November 2023 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 29 August 2024 and signed on its behalf by:
 



Mr B L Davenport
Company secretary and director

 

Lloyd Davenport Limited

Notes to the Unaudited Financial Statements
for the Year Ended 30 November 2023

1

General information

The company is a private company limited by share capital, incorporated in United Kingdom.

The address of its registered office is:
20 Kingfisher Court
Hambridge Road
NEWBURY
Berkshire
RG14 5SJ

These financial statements were authorised for issue by the Board on 29 August 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

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

Revenue recognition

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 sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Contract revenue recognition

Amounts recoverable under contracts represent work done at the year end where a continuing right to receive income exists and is valued at the estimated amount recoverable in excess of fees already rendered on account.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Lloyd Davenport Limited

Notes to the Unaudited Financial Statements
for the Year Ended 30 November 2023

Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible assets

Tangible assets are stated in the Balance Sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Leasehold land and buildings

over 50 years straight line basis

Other land and buildings

over 10 years straight line basis

Plant and machinery

10% p.a. reducing balance basis

Fixtures, fittings and equipment

20% p.a reducing balance basis

Motor Vehicles

25% p.a reducing balance basis

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

Lloyd Davenport Limited

Notes to the Unaudited Financial Statements
for the Year Ended 30 November 2023

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 31 (2022 - 32).

 

Lloyd Davenport Limited

Notes to the Unaudited Financial Statements
for the Year Ended 30 November 2023

4

Tangible assets

Land and buildings
£

Fixtures and fittings
£

Plant and machinery
£

Motor vehicles
 £

Total
£

Cost

At 1 December 2022

424,280

133,279

42,620

875,280

1,475,459

Additions

-

1,050

-

68,994

70,044

Disposals

-

-

-

(16,081)

(16,081)

At 30 November 2023

424,280

134,329

42,620

928,193

1,529,422

Depreciation

At 1 December 2022

64,258

87,259

12,767

448,197

612,481

Charge for the year

12,806

9,319

2,987

111,199

136,311

Eliminated on disposal

-

-

-

(8,758)

(8,758)

At 30 November 2023

77,064

96,578

15,754

550,638

740,034

Carrying amount

At 30 November 2023

347,216

37,751

26,866

377,555

789,388

At 30 November 2022

360,022

46,019

29,853

427,083

862,977

Included within the net book value of land and buildings above is £310,418 (2022 - £317,823) in respect of long leasehold land and buildings.
 

5

Debtors

Current

2023
£

2022
£

Trade debtors

2,099,713

1,972,134

Prepayments

29,773

47,778

Other debtors

506,108

698,009

 

2,635,594

2,717,921

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

7

21,234

24,337

Trade creditors

 

703,939

735,494

Taxation and social security

 

221,780

162,958

Accruals and deferred income

 

223,881

161,478

Other creditors

 

17,905

35,413

 

1,188,739

1,119,680

Creditors include net obligations under hire purchase contracts which are secured on the assets to which they relate.

 

Lloyd Davenport Limited

Notes to the Unaudited Financial Statements
for the Year Ended 30 November 2023

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

7

-

21,234

Deferred income

 

10,894

14,526

 

10,894

35,760

7

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Hire purchase contracts

-

21,234

2023
£

2022
£

Current loans and borrowings

Hire purchase contracts

21,234

24,337

Other borrowings

Hire purchase is denominated in £ with a nominal interest rate of 0.42%. The carrying amount at year end is £21,234 (2022 - £45,570).

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary share of £0.01 each

150,000

1,500

150,000

1,500

         

9

Dividends

Interim dividends paid

   

2023
£

 

2022
£

Interim dividend of £2.33 (2022 - £3.33) per each Ordinary share

 

350,000

 

500,000

         
 

Lloyd Davenport Limited

Notes to the Unaudited Financial Statements
for the Year Ended 30 November 2023

10

Related party transactions

Directors' remuneration

The directors' remuneration for the year was as follows:

2023
£

2022
£

Remuneration

481,577

445,077

Loans from related parties

There are two overdrawn directors loan accounts amounting to £4,065 (2022:£2,186) included within other debtors.
 

11

Parent and ultimate parent undertaking

The ultimate controlling party is Mr B Davenport, a director and majority shareholder.