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Registration number: 00152407

Davenport & Sons Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2024

image-name

Chartered Accountants

 

Davenport & Sons Limited

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3

Notes to the Unaudited Financial Statements

4 to 9

 

Davenport & Sons Limited

Company Information

Directors

Mrs E J Fenwick

M J Fenwick

J M Fenwick

H A Fenwick

Company secretary

Mrs E J Fenwick

Registered office

Woodrow House
Woodrow Farm
Stourton Caundle
Sturminster Newton
Dorset
DT10 2JJ

Accountants

Edwards and Keeping Limited
Chartered Accountants
Unity Chambers
34 High East Street
Dorchester
Dorset
DT1 1HA

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Davenport & Sons Limitedfor the Year Ended 31 March 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Davenport & Sons Limited for the year ended 31 March 2024 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 in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of Davenport & Sons Limited, as a body, in accordance with the terms of our engagement letter dated 16 August 2019. Our work has been undertaken solely to prepare for your approval the accounts of Davenport & Sons Limited and state those matters that we have agreed to state to the Board of Directors of Davenport & Sons Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Davenport & Sons Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Davenport & Sons 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 Davenport & Sons Limited. You consider that Davenport & Sons 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 Davenport & Sons 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.






Edwards and Keeping Limited
Chartered Accountants
Unity Chambers
34 High East Street
Dorchester
Dorset
DT1 1HA

9 October 2024

 

Davenport & Sons Limited

(Registration number: 00152407)
Balance Sheet as at 31 March 2024

Note

2024
 

2023
 

   

£

£

£

£

Fixed assets

   

 

Tangible assets

4

 

4,769

 

10,581

Investment property

5

 

3,515,000

 

3,390,000

Other financial assets

6

 

731

 

673

   

3,520,500

 

3,401,254

Current assets

   

 

Debtors

7

309,710

 

275,241

 

Cash at bank and in hand

 

109,996

 

199,233

 

 

419,706

 

474,474

 

Creditors: Amounts falling due within one year

8

(178,620)

 

(193,224)

 

Net current assets

   

241,086

 

281,250

Total assets less current liabilities

   

3,761,586

 

3,682,504

Creditors: Amounts falling due after more than one year

8

 

(970,000)

 

(991,000)

Provisions for liabilities

 

(166,807)

 

(129,743)

Net assets

   

2,624,779

 

2,561,761

Capital and reserves

   

 

Called up share capital

75,000

 

75,000

 

Capital reserve

7,557

 

7,557

 

Fair value reserve

768,858

 

685,845

 

General reserves

20,000

 

20,000

 

Profit and loss account

1,753,364

 

1,773,359

 

   

2,624,779

 

2,561,761

For the financial year ending 31 March 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.

Approved and authorised by the Board on 3 October 2024 and signed on its behalf by:
 



M J Fenwick
Director

 

Davenport & Sons Limited

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

1

General information

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

The address of its registered office is:
Woodrow House
Woodrow Farm
Stourton Caundle
Sturminster Newton
Dorset
DT10 2JJ

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. 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.

Government grants

Governments grants are accounted for on the accrual model. Grants relating to revenue are recognised in income on a systematic basis over the periods in which the entity recognised the related costs for which the grant is intended to compensate.

Tax

The tax expense for the period comprises 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.

 

Davenport & Sons Limited

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

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

Plant machinery etc

20% on cost

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable property determined annually by the company's directors. Changes in fair value are recognised in profit or loss.

Investments

Investments comprise investments in quoted equity instruments which are measured at fair value. 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 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.

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.

 

Davenport & Sons Limited

Notes to the Unaudited Financial Statements
for the Year Ended 31 March 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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 4 (2023 - 4).

 

Davenport & Sons Limited

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

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 April 2023

34,133

34,133

At 31 March 2024

34,133

34,133

Depreciation

At 1 April 2023

23,552

23,552

Charge for the year

5,812

5,812

At 31 March 2024

29,364

29,364

Carrying amount

At 31 March 2024

4,769

4,769

At 31 March 2023

10,581

10,581

5

Investment properties

2024
£

At 1 April

3,390,000

Fair value adjustments

125,000

At 31 March

3,515,000

Investment property is carried at fair value, derived from the current market prices for comparable property determined annually by the company's directors. Changes in fair value are recognised in profit or loss. The historical cost of the investment properties was £2,574,414 at 31st March 2024.

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

6

Other financial assets (current and non-current)

Financial assets at fair value through profit and loss
£

Total
£

Non-current financial assets

Valuation

At 1 April 2023

673

673

Fair value adjustments

58

58

At 31 March 2024

731

731

Carrying amount

At 31 March 2024

731

731

At 31 March 2023

673

673

 

Davenport & Sons Limited

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

7

Debtors

2024
£

2023
£

Trade debtors

10,541

16,804

Other debtors

299,169

258,437

 

309,710

275,241

Less non-current portion

(62,770)

(62,770)

246,940

212,471

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

106,000

113,000

Trade creditors

 

2,582

5,512

Taxation and social security

 

8,587

12,850

Other creditors

 

61,451

61,862

 

178,620

193,224

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

970,000

991,000

9

Loans and borrowings

2024
£

2023
£

Non-current loans and borrowings

Bank borrowings

970,000

991,000

2024
£

2023
£

Current loans and borrowings

Bank borrowings

21,000

28,000

Other borrowings

85,000

85,000

106,000

113,000

Bank loans, borrowings and overdrafts are secured on the company's investment properties.

 

Davenport & Sons Limited

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

10

Related party transactions

Summary of transactions with key management

Loans to related parties

2024

Directors
£

Total
£

At start of period

194,057

194,057

Advanced

42,000

42,000

Repaid

(922)

(922)

At end of period

235,135

235,135

2023

Directors
£

Total
£

At start of period

193,138

193,138

Advanced

919

919

At end of period

194,057

194,057

Terms of loans to related parties

The loan is owed jointly by the Directors. Where there are loans to Directors, the company determines the rate of interest that it charges by reference to the nature and purpose of the loans. During the year ended 31st March 2024, the company has not charged interest. The additional amount loaned in the year of £42,000 will be fully repaid by 31st December 2024.