J.R. Davies Fuels Limited 01652257 false 2023-02-01 2024-01-31 2024-01-31 The principal activity of the company is Coal distribution, fencing, haulage and the rental of industrial units Digita Accounts Production Advanced 6.30.9574.0 true true 01652257 2023-02-01 2024-01-31 01652257 2024-01-31 01652257 bus:OrdinaryShareClass1 2024-01-31 01652257 core:HirePurchaseContracts core:CurrentFinancialInstruments 2024-01-31 01652257 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2024-01-31 01652257 core:CurrentFinancialInstruments 2024-01-31 01652257 core:CurrentFinancialInstruments core:WithinOneYear 2024-01-31 01652257 core:Non-currentFinancialInstruments 2024-01-31 01652257 core:Non-currentFinancialInstruments core:AfterOneYear 2024-01-31 01652257 core:ConstructionInProgressAssetsUnderConstruction 2024-01-31 01652257 core:LandBuildings core:OwnedOrFreeholdAssets 2024-01-31 01652257 core:OfficeEquipment 2024-01-31 01652257 core:PlantMachinery 2024-01-31 01652257 bus:SmallEntities 2023-02-01 2024-01-31 01652257 bus:AuditExemptWithAccountantsReport 2023-02-01 2024-01-31 01652257 bus:FilletedAccounts 2023-02-01 2024-01-31 01652257 bus:SmallCompaniesRegimeForAccounts 2023-02-01 2024-01-31 01652257 bus:RegisteredOffice 2023-02-01 2024-01-31 01652257 bus:Director3 2023-02-01 2024-01-31 01652257 bus:Director6 2023-02-01 2024-01-31 01652257 bus:Director7 2023-02-01 2024-01-31 01652257 bus:OrdinaryShareClass1 2023-02-01 2024-01-31 01652257 bus:PrivateLimitedCompanyLtd 2023-02-01 2024-01-31 01652257 core:ConstructionInProgressAssetsUnderConstruction 2023-02-01 2024-01-31 01652257 core:LandBuildings 2023-02-01 2024-01-31 01652257 core:LandBuildings core:OwnedOrFreeholdAssets 2023-02-01 2024-01-31 01652257 core:MotorVehicles 2023-02-01 2024-01-31 01652257 core:OfficeEquipment 2023-02-01 2024-01-31 01652257 core:PlantMachinery 2023-02-01 2024-01-31 01652257 countries:Wales 2023-02-01 2024-01-31 01652257 2023-01-31 01652257 core:ConstructionInProgressAssetsUnderConstruction 2023-01-31 01652257 core:LandBuildings core:OwnedOrFreeholdAssets 2023-01-31 01652257 core:OfficeEquipment 2023-01-31 01652257 core:PlantMachinery 2023-01-31 01652257 2022-02-01 2023-01-31 01652257 2023-01-31 01652257 bus:OrdinaryShareClass1 2023-01-31 01652257 core:HirePurchaseContracts core:CurrentFinancialInstruments 2023-01-31 01652257 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2023-01-31 01652257 core:CurrentFinancialInstruments 2023-01-31 01652257 core:CurrentFinancialInstruments core:WithinOneYear 2023-01-31 01652257 core:Non-currentFinancialInstruments 2023-01-31 01652257 core:Non-currentFinancialInstruments core:AfterOneYear 2023-01-31 01652257 core:ConstructionInProgressAssetsUnderConstruction 2023-01-31 01652257 core:LandBuildings core:OwnedOrFreeholdAssets 2023-01-31 01652257 core:OfficeEquipment 2023-01-31 01652257 core:PlantMachinery 2023-01-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 01652257

J.R. Davies Fuels Limited

trading as J R Davies Fuels Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 January 2024

 

J.R. Davies Fuels Limited

trading as J R Davies Fuels Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

J.R. Davies Fuels Limited

trading as J R Davies Fuels Limited

Company Information

Directors

Mrs A R Davies

Mr D M Davies

Mrs V A Davies

Registered office

Merthyr House
Players Industrial Estate
Clydach
Swansea
SA6 5BQ

Accountants

DRP + Co Accountants Limited
1st Floor 6 St Johns Court
Upper Fforest Way
Swansea
C & C of Swansea
SA6 8QQ

 

J.R. Davies Fuels Limited

trading as J R Davies Fuels Limited

(Registration number: 01652257)
Balance Sheet as at 31 January 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

190,838

98,789

Current assets

 

Stocks

5

54,716

52,111

Debtors

6

143,258

117,240

Cash at bank and in hand

 

717,855

733,917

 

915,829

903,268

Creditors: Amounts falling due within one year

7

(466,495)

(467,033)

Net current assets

 

449,334

436,235

Total assets less current liabilities

 

640,172

535,024

Creditors: Amounts falling due after more than one year

7

(40,872)

(35,185)

Provisions for liabilities

(26,509)

(1,656)

Net assets

 

572,791

498,183

Capital and reserves

 

Called up share capital

8

200

200

Share premium reserve

100

100

Revaluation reserve

21,969

21,969

Retained earnings

550,522

475,914

Shareholders' funds

 

572,791

498,183

For the financial year ending 31 January 2024 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. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

 

J.R. Davies Fuels Limited

trading as J R Davies Fuels Limited

(Registration number: 01652257)
Balance Sheet as at 31 January 2024

Approved and authorised by the Board on 4 October 2024 and signed on its behalf by:
 

.........................................
Mr D M Davies
Director

 

J.R. Davies Fuels Limited

trading as J R Davies Fuels Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

1

General information

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

The address of its registered office is:
Merthyr House
Players Industrial Estate
Clydach
Swansea
SA6 5BQ

The principal place of business is:
Merthyr House
Players Industrial Estate
Clydach
Swansea
SA6 5BQ

These financial statements were authorised for issue by the Board on 4 October 2024.

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.

Going concern

The financial statements have been prepared on a going concern basis.

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.

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.

 

J.R. Davies Fuels Limited

trading as J R Davies Fuels Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

Tax

The tax expense for the period comprises current and deferred 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.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

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

Freehold property

4% on cost

Plant and machinery

20% on cost

Motor vehicles

25% reducing balance and 20% on cost

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 merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

J.R. Davies Fuels Limited

trading as J R Davies Fuels Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

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

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.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

 

J.R. Davies Fuels Limited

trading as J R Davies Fuels Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

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.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 7 (2023 - 7).

 

J.R. Davies Fuels Limited

trading as J R Davies Fuels Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

4

Tangible assets

Land and buildings
£

Freehold Property
 £

Plant and machinery
£

Office equipment
£

Cost or valuation

At 1 February 2023

184,022

22,346

233,497

3,910

Additions

-

-

105,778

-

Disposals

-

-

(18,070)

-

At 31 January 2024

184,022

22,346

321,205

3,910

Depreciation

At 1 February 2023

114,204

-

227,704

3,078

Charge for the year

7,361

-

2,322

432

Eliminated on disposal

-

-

(14,456)

-

At 31 January 2024

121,565

-

215,570

3,510

Carrying amount

At 31 January 2024

62,457

22,346

105,635

400

At 31 January 2023

69,818

22,346

5,793

832

Total
£

Cost or valuation

At 1 February 2023

443,775

Additions

105,778

Disposals

(18,070)

At 31 January 2024

531,483

Depreciation

At 1 February 2023

344,986

Charge for the year

10,115

Eliminated on disposal

(14,456)

At 31 January 2024

340,645

Carrying amount

At 31 January 2024

190,838

At 31 January 2023

98,789

Included within the net book value of land and buildings above is £62,457 (2023 - £69,818) in respect of freehold land and buildings.
 

 

J.R. Davies Fuels Limited

trading as J R Davies Fuels Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

5

Stocks

2024
£

2023
£

Finished goods and goods for resale

54,716

52,111

6

Debtors

Current

2024
£

2023
£

Trade debtors

53,759

60,517

Prepayments

6,027

10,186

Other debtors

83,472

46,537

 

143,258

117,240

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

24,121

5,555

Trade creditors

 

280,941

295,636

Taxation and social security

 

21,177

41,791

Accruals and deferred income

 

3,800

5,478

Other creditors

 

136,456

118,573

 

466,495

467,033


Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

40,872

35,185


8

Share capital

Allotted, called up and fully paid shares

 

J.R. Davies Fuels Limited

trading as J R Davies Fuels Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

200

200

200

200

       

9

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

29,630

35,185

Hire purchase contracts

11,242

-

40,872

35,185

Current loans and borrowings

2024
£

2023
£

Bank borrowings

5,555

5,555

Hire purchase contracts

18,566

-

24,121

5,555

Bank borrowings

A debenture dated 15th June 2016 with fixed and floating charges and negatve pledge, secures all Lloyds Bank Plc borrowings of the company.