G H DAVIES MACHINERY LIMITED
Company registration number 10503380 (England and Wales)
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
G H DAVIES MACHINERY LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
G H DAVIES MACHINERY LIMITED
BALANCE SHEET
AS AT 30 DECEMBER 2023
30 December 2023
- 1 -
2023
2022
as restated
Notes
£
£
£
£
Current assets
Debtors
3
280,822
344,918
Cash at bank and in hand
27,208
135,128
308,030
480,046
Creditors: amounts falling due within one year
4
(174,282)
(346,778)
Net current assets
133,748
133,268
Creditors: amounts falling due after more than one year
5
(23,333)
(33,333)
Net assets
110,415
99,935
Capital and reserves
Called up share capital
6
100
100
Profit and loss reserves
110,315
99,835
Total equity
110,415
99,935
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved by the board of directors and authorised for issue on ......................... and are signed on its behalf by:
2024-09-20
..............................................
Mr E J Davies
Director
Company registration number 10503380 (England and Wales)
G H DAVIES MACHINERY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 DECEMBER 2023
- 2 -
1
Accounting policies
Company information
G H Davies Machinery Limited is a private company limited by shares incorporated in England and Wales. The registered office is Boreton Farm, Cross Houses, Shrewsbury, Shropshire, SY5 6HJ.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.3
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.4
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
1.5
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.6
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
G H DAVIES MACHINERY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 DECEMBER 2023
- 3 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
2
2
3
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
276,848
344,918
Other debtors
3,974
280,822
344,918
4
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
10,000
10,000
Trade creditors
8,634
7,680
Amounts owed to group undertakings
148,193
308,193
Taxation and social security
14,085
Other creditors
7,455
6,820
174,282
346,778
5
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
23,333
33,333
The bank loan is subject to a UK Government guarantee. The facility is provided through the Bounce Back
Loan Scheme (BBLS), managed by the British Business Bank on behalf of and with the financial backing of
the Secretary of State for Business, Energy and Industrial Strategy, The BBLS guarantee is provided to the
lender.
6
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
G H DAVIES MACHINERY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 DECEMBER 2023
6
Called up share capital
(Continued)
- 4 -
The Ordinary Shares carry full rights in the Company with respect to voting, dividends and capital distributions.
7
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
Senior Statutory Auditor:
Mark Griffiths BA FCA
Statutory Auditor:
Dyke Yaxley Limited
Date of audit report:
Date: .............................................
2024-09-24
8
Parent company
The ultimate parent company is G H Davies Holdings Limited and its registered office is Green Farm, Condover, Shrewsbury, Shropshire, SY5 7DA.
The ultimate controlling parties are its two directors, Mr E J Davies and Mr J G R Davies who each own 50% of the issued share capital of the parent company.
The parent undertaking of the group for which group accounts are prepared is G H Davies Holdings Limited. Copies of the group financial statements can be obtained from Companies House, Crown Way, Cardiff, CH14 3UZ.
9
Related party transactions
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.
10
Secured Creditors
There is a legal charge in place dated 22 March 2021 concerning bank loans received by the parent company, G H Davies Holdings Limited.
The bank loans are secured by way of a first legal charge over all present freehold and leasehold property; first fixed charge over book and other debts, chattels, goodwill and uncalled capital, both present and future; first floating charge over all assets and undertaking both present and future; and unlimited multilateral guarantee given by the company and its parent.
11
Prior period adjustment
G H DAVIES MACHINERY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 DECEMBER 2023
11
Prior period adjustment
(Continued)
- 5 -
Reconciliation of changes in equity
31 December
30 December
2021
2022
£
£
Adjustments to prior year
Understatement of 2022 revenue
-
10,628
Equity as previously reported
77,235
89,307
Equity as adjusted
77,235
99,935
Analysis of the effect upon equity
Profit and loss reserves
-
10,628
Reconciliation of changes in profit for the previous financial period
2022
£
Adjustments to prior year
Understatement of 2022 revenue
10,628
Profit as previously reported
12,072
Profit as adjusted
22,700