Davisnet Systems Ltd 08875441 false 2023-01-01 2023-12-31 2023-12-31 The principal activity of the company is that of electrical engineering. Digita Accounts Production Advanced 6.30.9574.0 true 08875441 2023-01-01 2023-12-31 08875441 2023-12-31 08875441 core:RetainedEarningsAccumulatedLosses 2023-12-31 08875441 core:ShareCapital 2023-12-31 08875441 core:CurrentFinancialInstruments 2023-12-31 08875441 core:CurrentFinancialInstruments core:WithinOneYear 2023-12-31 08875441 core:MotorVehicles 2023-12-31 08875441 core:OfficeEquipment 2023-12-31 08875441 core:PlantMachinery 2023-12-31 08875441 bus:SmallEntities 2023-01-01 2023-12-31 08875441 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 08875441 bus:FullAccounts 2023-01-01 2023-12-31 08875441 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 08875441 bus:Director2 2023-01-01 2023-12-31 08875441 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 08875441 core:MotorVehicles 2023-01-01 2023-12-31 08875441 core:OfficeEquipment 2023-01-01 2023-12-31 08875441 core:PlantMachinery 2023-01-01 2023-12-31 08875441 core:Vehicles 2023-01-01 2023-12-31 08875441 countries:AllCountries 2023-01-01 2023-12-31 08875441 2022-12-31 08875441 core:MotorVehicles 2022-12-31 08875441 core:OfficeEquipment 2022-12-31 08875441 core:PlantMachinery 2022-12-31 08875441 2022-01-01 2022-12-31 08875441 2022-12-31 08875441 core:RetainedEarningsAccumulatedLosses 2022-12-31 08875441 core:ShareCapital 2022-12-31 08875441 core:CurrentFinancialInstruments 2022-12-31 08875441 core:CurrentFinancialInstruments core:WithinOneYear 2022-12-31 08875441 core:MotorVehicles 2022-12-31 08875441 core:OfficeEquipment 2022-12-31 08875441 core:PlantMachinery 2022-12-31 iso4217:GBP xbrli:pure

Registration number: 08875441

Davisnet Systems Ltd

Unaudited Financial Statements

for the Year Ended 31 December 2023

 

Davisnet Systems Ltd

(Registration number: 08875441)

Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

3

96,112

48,763

Current assets

 

Debtors

4

162,682

167,603

Cash at bank and in hand

 

91,183

117,228

 

253,865

284,831

Creditors: Amounts falling due within one year

5

(91,133)

(130,512)

Net current assets

 

162,732

154,319

Total assets less current liabilities

 

258,844

203,082

Provisions for liabilities

(24,181)

(12,191)

Net assets

 

234,663

190,891

Capital and reserves

 

Called up share capital

20

20

Profit and loss account

234,643

190,871

Shareholders' funds

 

234,663

190,891

For the financial year ending 31 December 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 delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Directors' Report and the Profit and Loss Account has been taken.

These financial statements, which 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 and in accordance with the provisions of FRS 102 Section 1A Small Entities, were approved and authorised for issue by the Board on 23 September 2024 and signed on its behalf by:
 

.........................................

R S Davis
Director

 

Davisnet Systems Ltd

Notes to the Financial Statements for the Year Ended 31 December 2023

1

Accounting policies

Statutory information

Davisnet Systems Ltd is a private company, limited by shares, domiciled in England and Wales, company number 08875441. The registered office is at Unit 6a Dannemora Drive, Sheffield, S9 5DF.

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 were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. There has been no material depature from this standard.

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 presentation currency is United Kingdom pounds sterling, which is the functional currency of the company. The financial statements are those of an individual entity.

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. Income is recognised when services have been delivered to the customer such that risks and rewards of ownership have been transferred to them.

Tax

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

The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date, except as otherwise required by FRS 102. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Depreciation

Depreciation is charged so as to write off the cost of assets as follows:

 

Davisnet Systems Ltd

Notes to the Financial Statements for the Year Ended 31 December 2023 (continued)

1

Accounting policies (continued)

Asset class

Depreciation method and rate

Plant and machinery

25% straight line

Office equipment

25% straight line

Motor vehicles

25% straight line

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the statement of comprehensive income.

2

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 8 (2022 - 7).

3

Tangible assets

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 January 2023

15,105

14,182

105,070

134,357

Additions

-

1,726

70,013

71,739

Disposals

-

-

(29,988)

(29,988)

At 31 December 2023

15,105

15,908

145,095

176,108

Depreciation

At 1 January 2023

7,996

9,341

68,257

85,594

Charge for the year

2,031

1,982

20,377

24,390

Eliminated on disposal

-

-

(29,988)

(29,988)

At 31 December 2023

10,027

11,323

58,646

79,996

Carrying amount

At 31 December 2023

5,078

4,585

86,449

96,112

At 31 December 2022

7,109

4,841

36,813

48,763

 

Davisnet Systems Ltd

Notes to the Financial Statements for the Year Ended 31 December 2023 (continued)

4

Debtors

2023
£

2022
£

Trade debtors

154,400

146,697

Other debtors

-

14,234

Prepayments

8,282

6,672

162,682

167,603

5

Creditors

2023
£

2022
£

Due within one year

Trade creditors

11,095

44,543

Taxation and social security

75,560

81,243

Other creditors

1,003

1,526

Accruals and deferred income

3,475

3,200

91,133

130,512

6

Related party transactions

During the year the directors had an interest free loan account with the company. At the balance sheet date the amount due to S W and R S Davis was £174 (2022: due from S W and R S Davis £14,234).