Registration number:
for the Year Ended
Chartered Accountants
Davenport & Sons Limited
Contents
Company Information |
|
Accountants' Report |
|
Balance Sheet |
|
Notes to the Unaudited Financial Statements |
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 |
|
Accountants |
|
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.
Chartered Accountants
34 High East Street
Dorchester
Dorset
DT1 1HA
Davenport & Sons Limited
(Registration number: 00152407)
Balance Sheet as at 31 March 2024
Note |
2024 |
2023 |
|||
£ |
£ |
£ |
£ |
||
Fixed assets |
|||||
Tangible assets |
|
|
|||
Investment property |
|
|
|||
Other financial assets |
731 |
673 |
|||
|
|
||||
Current assets |
|||||
Debtors |
|
|
|||
Cash at bank and in hand |
|
|
|||
|
|
||||
Creditors: Amounts falling due within one year |
( |
( |
|||
Net current assets |
|
|
|||
Total assets less current liabilities |
|
|
|||
Creditors: Amounts falling due after more than one year |
( |
( |
|||
Provisions for liabilities |
( |
( |
|||
Net assets |
|
|
|||
Capital and reserves |
|||||
Called up share capital |
|
|
|||
Capital reserve |
|
|
|||
Fair value reserve |
|
|
|||
General reserves |
|
|
|||
Profit and loss account |
|
|
|||
|
|
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 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
Director
Davenport & Sons Limited
Notes to the Unaudited Financial Statements
for the Year Ended 31 March 2024
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
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
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.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Davenport & Sons Limited
Notes to the Unaudited Financial Statements
for the Year Ended 31 March 2024
Tangible assets |
Furniture, fittings and equipment |
Total |
|
Cost or valuation |
||
At 1 April 2023 |
|
|
At 31 March 2024 |
|
|
Depreciation |
||
At 1 April 2023 |
|
|
Charge for the year |
|
|
At 31 March 2024 |
|
|
Carrying amount |
||
At 31 March 2024 |
|
|
At 31 March 2023 |
|
|
Investment properties |
2024 |
|
At 1 April |
|
Fair value adjustments |
|
At 31 March |
|
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.
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 |
At 31 March 2023 |
|
673 |
Davenport & Sons Limited
Notes to the Unaudited Financial Statements
for the Year Ended 31 March 2024
Debtors |
2024 |
2023 |
|
Trade debtors |
|
|
Other debtors |
|
|
|
|
|
Less non-current portion |
( |
( |
|
|
Creditors |
Creditors: amounts falling due within one year
Note |
2024 |
2023 |
|
Due within one year |
|||
Loans and borrowings |
|
|
|
Trade creditors |
|
|
|
Taxation and social security |
|
|
|
Other creditors |
|
|
|
|
|
Creditors: amounts falling due after more than one year
Note |
2024 |
2023 |
|
Due after one year |
|||
Loans and borrowings |
|
|
Loans and borrowings |
2024 |
2023 |
|
Non-current loans and borrowings |
||
Bank borrowings |
|
|
2024 |
2023 |
|
Current loans and borrowings |
||
Bank borrowings |
|
|
Other borrowings |
|
|
|
|
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
Related party transactions |
Summary of transactions with key management
Loans to related parties
2024 |
Directors |
Total |
At start of period |
|
|
Advanced |
|
|
Repaid |
( |
( |
At end of period |
|
|
|
2023 |
Directors |
Total |
At start of period |
|
|
Advanced |
|
|
At end of period |
|
|
|
Terms of loans to related parties