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Registration number: SC493597

Davtec Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2023

 

Davtec Limited

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3

Statement of Changes in Equity

4

Notes to the Unaudited Financial Statements

5 to 9

 

Davtec Limited

Company Information

Directors

Mrs C Simpson

Mrs C Walker

Registered office

11 Christiegait
Freuchie
Cupar
KY15 7EG

Accountants

Ross McConnell
Chartered Accountant
3 High Street
Kinross
KY13 8AW

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Davtec Limited
for the Year Ended 31 December 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Davtec Limited for the year ended 31 December 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 of Scotland, we are subject to its ethical and other professional requirements which are detailed at www.icas.com/technical-resources/framework-for-the-preparation-of-accounts-revised-april-2010.

This report is made solely to the Board of Directors of Davtec Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Davtec Limited and state those matters that we have agreed to state to the Board of Directors of Davtec Limited, as a body, in this report in accordance with the requirements of the Institute of Chartered Accountants of Scotland as detailed at www.icas.com/technical-resources/framework-for-the-preparation-of-accounts-revised-april-2010. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Davtec Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Davtec 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 Davtec Limited. You consider that Davtec 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 Davtec 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.

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

Ross McConnell
Chartered Accountant
3 High Street
Kinross
KY13 8AW

15 October 2024

 

Davtec Limited

(Registration number: SC493597)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed Assets

 

Investment property

5

500,990

500,990

Current assets

 

Cash at bank and in hand

 

12,464

21,737

Creditors: Amounts falling due within one year

6

(505,695)

(506,813)

Net current liabilities

 

(493,231)

(485,076)

Net assets

 

7,759

15,914

Capital and reserves

 

Called up share capital

7

100

100

Retained earnings

7,659

15,814

Shareholders' funds

 

7,759

15,914

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 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 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 15 October 2024 and signed on its behalf by:
 

.........................................
Mrs C Walker
Director

 

Davtec Limited

Statement of Changes in Equity for the Year Ended 31 December 2023

Share capital
£

Profit and loss account
£

Total
£

At 1 January 2023

100

15,814

15,914

Profit for the year

-

3,845

3,845

Total comprehensive income

-

3,845

3,845

Dividends

-

(12,000)

(12,000)

At 31 December 2023

100

7,659

7,759

Share capital
£

Profit and loss account
£

Total
£

At 1 January 2022

100

13,205

13,305

Profit for the year

-

8,609

8,609

Total comprehensive income

-

8,609

8,609

Dividends

-

(6,000)

(6,000)

At 31 December 2022

100

15,814

15,914

 

Davtec Limited

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

1

General information

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

The address of its registered office is:
11 Christiegait
Freuchie
Cupar
KY15 7EG

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.

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.

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.

Tax

The tax expense for the period comprises current 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 income 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.

 

Davtec Limited

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

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

Furniture, fitings & equipment

25% straight line

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

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 services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price.

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.

Borrowings

 

Davtec Limited

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

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.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2022 - 2).

 

Davtec Limited

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

4

Tangible Assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 January 2023

500

500

At 31 December 2023

500

500

Depreciation

At 1 January 2023

500

500

At 31 December 2023

500

500

Carrying amount

At 31 December 2023

-

-

5

Investment properties

2023
£

At 1 January

500,990

At 31 December

500,990

There has been no valuation of investment property by an independent valuer.

 

Davtec Limited

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

6

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Director's loan account

504,807

504,807

Corporation tax

888

2,006

505,695

506,813

7

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary of £1 each

100

100

100

100