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Company No: 08276628 (England and Wales)

DAVIS WOOD HOLDINGS LIMITED

Unaudited Financial Statements
For the financial year ended 31 May 2024
Pages for filing with the registrar

DAVIS WOOD HOLDINGS LIMITED

Unaudited Financial Statements

For the financial year ended 31 May 2024

Contents

DAVIS WOOD HOLDINGS LIMITED

BALANCE SHEET

As at 31 May 2024
DAVIS WOOD HOLDINGS LIMITED

BALANCE SHEET (continued)

As at 31 May 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 29,397 912,733
Investments 4 0 274,240
29,397 1,186,973
Current assets
Stocks 5 500 0
Debtors 6 3,665 3,474
Cash at bank and in hand 7 738,047 103,616
742,212 107,090
Creditors: amounts falling due within one year 8 ( 53,083) ( 56,942)
Net current assets 689,129 50,148
Total assets less current liabilities 718,526 1,237,121
Provision for liabilities 0 13,573
Net assets 718,526 1,250,694
Capital and reserves
Called-up share capital 9 1 1
Profit and loss account 718,525 1,250,693
Total shareholder's funds 718,526 1,250,694

For the financial year ending 31 May 2024 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 Davis Wood Holdings Limited (registered number: 08276628) were approved and authorised for issue by the Director on 30 September 2024. They were signed on its behalf by:

C Davis
Director
DAVIS WOOD HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 May 2024
DAVIS WOOD HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 May 2024
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

Davis Wood Holdings 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 Cuitcarow Farm, Pencarrow, Camelford, PL32 9RZ, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and 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 £.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Revenue from services is recognised as they are delivered.

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 reducing balance basis over its expected useful life, as follows:

Land and buildings not depreciated
Leasehold improvements not depreciated
Plant and machinery 25 % reducing balance
Vehicles 20 % reducing balance
Computer equipment 33 % 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.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

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.

Fixed asset investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

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

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including the director 2 2

3. Tangible assets

Land and buildings Leasehold improve-
ments
Plant and machinery Vehicles Computer equipment Total
£ £ £ £ £ £
Cost
At 01 June 2023 882,911 9,939 61,320 685 7,321 962,176
Additions 5,050 0 25,000 0 0 30,050
Disposals ( 887,961) ( 9,939) ( 23,042) 0 0 ( 920,942)
At 31 May 2024 0 0 63,278 685 7,321 71,284
Accumulated depreciation
At 01 June 2023 0 0 42,685 685 6,073 49,443
Charge for the financial year 0 0 6,974 0 412 7,386
Disposals 0 0 ( 14,942) 0 0 ( 14,942)
At 31 May 2024 0 0 34,717 685 6,485 41,887
Net book value
At 31 May 2024 0 0 28,561 0 836 29,397
At 31 May 2023 882,911 9,939 18,635 0 1,248 912,733

4. Fixed asset investments

2024 2023
£ £
Participating interests 0 50,073
Other investments and loans 0 224,167
0 274,240

5. Stocks

2024 2023
£ £
Stocks 500 0

6. Debtors

2024 2023
£ £
Trade debtors 2,411 1,202
Amounts owed by director 80 80
Prepayments 0 648
VAT recoverable 444 0
Other debtors 730 1,544
3,665 3,474

7. Cash and cash equivalents

2024 2023
£ £
Cash at bank and in hand 18,047 103,616
Short-term deposits 720,000 0
738,047 103,616

8. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 0 1,243
Corporation tax 0 ( 326)
Other taxation and social security 147 4,180
Other creditors 52,936 51,845
53,083 56,942

9. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
1 Ordinary share of £ 1.00 1 1

10. Financial commitments

Other financial commitments

2024 2023
£ £
Operating lease 0 2,891

11. Related party transactions

Transactions with the entity's director

2024 2023
£ £
Interest free loan to Clive Davis 80 80

Other related party transactions

2024 2023
£ £
During the year, sales were made to Logan Electronics Limited (an associate of the company) of 17,843 127,690

12. Events after the Balance Sheet date

After the year end, the company is going into liquidation.