Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-31true2023-01-01falseForestry contractors33trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 08506078 2023-01-01 2023-12-31 08506078 2022-01-01 2022-12-31 08506078 2023-12-31 08506078 2022-12-31 08506078 c:Director2 2023-01-01 2023-12-31 08506078 d:PlantMachinery 2023-01-01 2023-12-31 08506078 d:PlantMachinery 2023-12-31 08506078 d:PlantMachinery 2022-12-31 08506078 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 08506078 d:PlantMachinery d:LeasedAssetsHeldAsLessee 2023-01-01 2023-12-31 08506078 d:MotorVehicles 2023-01-01 2023-12-31 08506078 d:MotorVehicles 2023-12-31 08506078 d:MotorVehicles 2022-12-31 08506078 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 08506078 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2023-01-01 2023-12-31 08506078 d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 08506078 d:LeasedAssetsHeldAsLessee 2023-01-01 2023-12-31 08506078 d:Goodwill 2023-12-31 08506078 d:Goodwill 2022-12-31 08506078 d:CurrentFinancialInstruments 2023-12-31 08506078 d:CurrentFinancialInstruments 2022-12-31 08506078 d:Non-currentFinancialInstruments 2023-12-31 08506078 d:Non-currentFinancialInstruments 2022-12-31 08506078 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 08506078 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 08506078 d:Non-currentFinancialInstruments d:AfterOneYear 2023-12-31 08506078 d:Non-currentFinancialInstruments d:AfterOneYear 2022-12-31 08506078 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-12-31 08506078 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2022-12-31 08506078 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-12-31 08506078 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2022-12-31 08506078 d:ShareCapital 2023-12-31 08506078 d:ShareCapital 2022-12-31 08506078 d:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 08506078 d:RetainedEarningsAccumulatedLosses 2023-12-31 08506078 d:RetainedEarningsAccumulatedLosses 2022-12-31 08506078 d:AcceleratedTaxDepreciationDeferredTax 2023-12-31 08506078 d:AcceleratedTaxDepreciationDeferredTax 2022-12-31 08506078 c:OrdinaryShareClass1 2023-01-01 2023-12-31 08506078 c:OrdinaryShareClass1 2022-12-31 08506078 c:OrdinaryShareClass2 2023-01-01 2023-12-31 08506078 c:OrdinaryShareClass2 2023-12-31 08506078 c:OrdinaryShareClass3 2023-01-01 2023-12-31 08506078 c:OrdinaryShareClass3 2023-12-31 08506078 c:OrdinaryShareClass4 2023-01-01 2023-12-31 08506078 c:OrdinaryShareClass4 2023-12-31 08506078 c:OrdinaryShareClass5 2023-01-01 2023-12-31 08506078 c:OrdinaryShareClass5 2023-12-31 08506078 c:FRS102 2023-01-01 2023-12-31 08506078 c:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 08506078 c:FullAccounts 2023-01-01 2023-12-31 08506078 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 08506078 d:HirePurchaseContracts d:WithinOneYear 2023-12-31 08506078 d:HirePurchaseContracts d:WithinOneYear 2022-12-31 08506078 d:HirePurchaseContracts d:BetweenOneFiveYears 2023-12-31 08506078 d:HirePurchaseContracts d:BetweenOneFiveYears 2022-12-31 08506078 d:PlantMachinery d:LeasedAssetsHeldAsLessee 2023-12-31 08506078 d:PlantMachinery d:LeasedAssetsHeldAsLessee 2022-12-31 08506078 d:LeasedAssetsHeldAsLessee 2023-12-31 08506078 d:LeasedAssetsHeldAsLessee 2022-12-31 08506078 e:PoundSterling 2023-01-01 2023-12-31 iso4217:GBP xbrli:shares xbrli:pure

Registered number: 08506078










MV & JM DAVIES & SON LTD








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2023

 
MV & JM DAVIES & SON LTD
REGISTERED NUMBER: 08506078

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 6 
1,687,747
1,771,817

  
1,687,747
1,771,817

Current assets
  

Stocks
 7 
65,658
129,940

Debtors: amounts falling due within one year
 8 
93,661
89,790

Cash at bank and in hand
 9 
544,698
675,691

  
704,017
895,421

Creditors: amounts falling due within one year
 10 
(449,239)
(539,216)

Net current assets
  
 
 
254,778
 
 
356,205

Total assets less current liabilities
  
1,942,525
2,128,022

Creditors: amounts falling due after more than one year
 11 
(250,848)
(378,502)

Provisions for liabilities
  

Deferred tax
 14 
(421,938)
(442,954)

  
 
 
(421,938)
 
 
(442,954)

Net assets
  
1,269,739
1,306,566


Capital and reserves
  

Called up share capital 
 15 
300
300

Profit and loss account
 16 
1,269,439
1,306,266

  
1,269,739
1,306,566


Page 1

 
MV & JM DAVIES & SON LTD
REGISTERED NUMBER: 08506078
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 22 August 2024.




Mrs J M Davies
Director

The notes on pages 3 to 13 form part of these financial statements.

Page 2

 
MV & JM DAVIES & SON LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

MV & JM Davies & Son Ltd, 08506078, is a private limited company limited by shares, incorporated in Wales, with its registered office and principal place of business at Wern Wyn, Llandewir Cwm, Builth Wells, Powys, LD2 3RX
The principal activity of the company continues to be forestry contractors.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Page 3

 
MV & JM DAVIES & SON LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.3

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.4

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.5

Current and deferred taxation

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

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

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.6

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
2.7

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 4

 
MV & JM DAVIES & SON LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.7
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Plant and machinery
-
10%
Reducing balance
Motor vehicles
-
15%
Reducing balance

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 disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.8

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.9

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.10

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.11

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 5

 
MV & JM DAVIES & SON LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.12

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.13

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations or future events that are believed to be reasonable under the circumstances. 
The Company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the actual results. In the opinion of the Directors, there are no estimates or assumptions that have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities within the next financial year.


4.


Employees

The average monthly number of employees, including directors, during the year was 3 (2022 - 3).

Page 6

 
MV & JM DAVIES & SON LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Intangible assets




Goodwill

£



Cost


At 1 January 2023
570,000



At 31 December 2023

570,000



Amortisation


At 1 January 2023
570,000



At 31 December 2023

570,000



Net book value



At 31 December 2023
-



At 31 December 2022
-



Page 7

 
MV & JM DAVIES & SON LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

6.


Tangible fixed assets





Plant and machinery
Motor vehicles
Total

£
£
£



Cost or valuation


At 1 January 2023
2,219,739
88,136
2,307,875


Additions
265,000
-
265,000


Disposals
(216,447)
(1)
(216,448)



At 31 December 2023

2,268,292
88,135
2,356,427



Depreciation


At 1 January 2023
515,480
20,578
536,058


Charge for the year on owned assets
48,788
10,133
58,921


Charge for the year on financed assets
132,359
-
132,359


Disposals
(58,658)
-
(58,658)



At 31 December 2023

637,969
30,711
668,680



Net book value



At 31 December 2023
1,630,323
57,424
1,687,747



At 31 December 2022
1,704,259
67,558
1,771,817

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2023
2022
£
£



Plant and machinery
1,191,228
1,216,375

1,191,228
1,216,375

Page 8

 
MV & JM DAVIES & SON LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

7.


Stocks

2023
2022
£
£

Raw materials and consumables
8,458
11,290

Work in progress (goods to be sold)
57,200
118,650

65,658
129,940



8.


Debtors

2023
2022
£
£


Trade debtors
48,416
43,166

Other debtors
44,040
46,293

Prepayments and accrued income
1,205
331

93,661
89,790



9.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
544,698
675,691

544,698
675,691


Page 9

 
MV & JM DAVIES & SON LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

10.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
40,445
39,307

Trade creditors
15,763
28,373

Other taxation and social security
32,029
63,507

Obligations under finance lease and hire purchase contracts
161,760
171,718

Other creditors
194,912
232,151

Accruals and deferred income
4,330
4,160

449,239
539,216


The following liabilities were secured:

2023
2022
£
£



Deutsche leasing loan
40,445
39,307

40,445
39,307

Details of security provided:

This loan is secured against the John Deere 1270G Harvester.

Page 10

 
MV & JM DAVIES & SON LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

11.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
66,448
106,893

Net obligations under finance leases and hire purchase contracts
184,400
271,609

250,848
378,502


The following liabilities were secured:

2023
2022
£
£



Deutsche leasing loan
66,448
106,893

66,448
106,893

Details of security provided:

This loan is secured against the John Deere 1270G Harvester.

Page 11

 
MV & JM DAVIES & SON LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

12.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Bank loans
40,445
39,307


40,445
39,307

Amounts falling due 1-2 years

Bank loans
41,616
40,445


41,616
40,445

Amounts falling due 2-5 years

Bank loans
24,833
66,448


24,833
66,448


106,894
146,200



13.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2023
2022
£
£


Within one year
161,758
171,718

Between 1-5 years
184,400
271,609

346,158
443,327
Page 12

 
MV & JM DAVIES & SON LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

14.


Deferred taxation




2023


£






At beginning of year
(442,954)


Charged to profit or loss
21,017



At end of year
(421,937)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(421,937)
(442,954)

(421,937)
(442,954)


15.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



Nil (2022 - 300) Ordinary shares of £1.00 each
-
300
165 (2022 - ) A Shares shares of £1.00 each
165
-
45 (2022 - ) B Shares shares of £1.00 each
45
-
45 (2022 - ) C Shares shares of £1.00 each
45
-
15 (2022 - ) D Shares shares of £1.00 each
15
-
30 (2022 - ) E Shares shares of £1.00 each
30
-

300

300



16.


Reserves

Profit and loss account

The profit and loss account represents the accumulated profits of the Company since incorporation less distributions made to shareholders.
 
Page 13