GL Davies Limited 08318870 false 2023-04-01 2024-03-31 2024-03-31 The principal activity of the company is farming Digita Accounts Production Advanced 6.30.9574.0 true true 08318870 2023-04-01 2024-03-31 08318870 2024-03-31 08318870 bus:OrdinaryShareClass1 2024-03-31 08318870 core:RetainedEarningsAccumulatedLosses 2024-03-31 08318870 core:ShareCapital 2024-03-31 08318870 core:CurrentFinancialInstruments 2024-03-31 08318870 core:CurrentFinancialInstruments core:WithinOneYear 2024-03-31 08318870 core:FurnitureFittingsToolsEquipment 2024-03-31 08318870 core:OtherPropertyPlantEquipment 2024-03-31 08318870 bus:SmallEntities 2023-04-01 2024-03-31 08318870 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 08318870 bus:FullAccounts 2023-04-01 2024-03-31 08318870 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 08318870 bus:RegisteredOffice 2023-04-01 2024-03-31 08318870 bus:Director1 2023-04-01 2024-03-31 08318870 bus:Director2 2023-04-01 2024-03-31 08318870 bus:OrdinaryShareClass1 2023-04-01 2024-03-31 08318870 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 08318870 bus:Agent1 2023-04-01 2024-03-31 08318870 core:RetainedEarningsAccumulatedLosses 2023-04-01 2024-03-31 08318870 core:ShareCapital 2023-04-01 2024-03-31 08318870 core:FurnitureFittings 2023-04-01 2024-03-31 08318870 core:FurnitureFittingsToolsEquipment 2023-04-01 2024-03-31 08318870 core:OtherPropertyPlantEquipment 2023-04-01 2024-03-31 08318870 core:PlantMachinery 2023-04-01 2024-03-31 08318870 countries:England 2023-04-01 2024-03-31 08318870 2023-03-31 08318870 core:RetainedEarningsAccumulatedLosses 2023-03-31 08318870 core:ShareCapital 2023-03-31 08318870 core:FurnitureFittingsToolsEquipment 2023-03-31 08318870 core:OtherPropertyPlantEquipment 2023-03-31 08318870 2022-01-01 2023-03-31 08318870 2023-03-31 08318870 bus:OrdinaryShareClass1 2023-03-31 08318870 core:RetainedEarningsAccumulatedLosses 2023-03-31 08318870 core:ShareCapital 2023-03-31 08318870 core:CurrentFinancialInstruments 2023-03-31 08318870 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 08318870 core:FurnitureFittingsToolsEquipment 2023-03-31 08318870 core:OtherPropertyPlantEquipment 2023-03-31 08318870 core:RetainedEarningsAccumulatedLosses 2022-01-01 2023-03-31 08318870 core:ShareCapital 2022-01-01 2023-03-31 08318870 2021-12-31 08318870 core:RetainedEarningsAccumulatedLosses 2021-12-31 08318870 core:ShareCapital 2021-12-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 08318870

GL Davies Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2024

 

GL Davies Limited

Contents

Company Information

1

Directors' Report

2

Accountants' Report

3

Profit and Loss Account

4

Statement of Comprehensive Income

5

Balance Sheet

6

Statement of Changes in Equity

7

Notes to the Unaudited Financial Statements

8 to 11

 

GL Davies Limited

Company Information

Directors

Mr Gareth Llewelyn Davies

Mrs Claire Davies

Registered office

C/o
14 St. Owen Street
Hereford
HR1 2PL

Accountants

Oakleys Professional Limited
14 St Owen Street
Hereford
HR1 2PL

 

GL Davies Limited

Directors' Report for the Year Ended 31 March 2024

The directors present their report and the financial statements for the year ended 31 March 2024.

Directors of the company

The directors who held office during the year were as follows:

Mr Gareth Llewelyn Davies

Mrs Claire Davies

Principal activity

The principal activity of the company is farming

Small companies provision statement

This report has 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.

Approved by the Board on 24 October 2024 and signed on its behalf by:

.........................................
Mr Gareth Llewelyn Davies
Director

.........................................
Mrs Claire Davies
Director

 
     
 

Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
GL Davies Limited
for 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 GL Davies Limited for the year ended 31 March 2024 as set out on pages 4 to 11 from the company's accounting records and from information and explanations you have given us.

It is your duty to ensure that GL Davies 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 GL Davies Limited. You consider that GL Davies 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 GL Davies 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.

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

Oakleys Professional Limited
14 St Owen Street
Hereford
HR1 2PL

24 October 2024

 

GL Davies Limited

Profit and Loss Account for the Year Ended 31 March 2024

Note

2024
£

2023
£

Turnover

 

157,584

189,217

Cost of sales

 

(71,112)

(108,597)

Gross profit

 

86,472

80,620

Administrative expenses

 

(67,556)

(77,351)

Operating profit

 

18,916

3,269

Profit before tax

18,916

3,269

Tax on profit

 

(3,595)

(622)

Profit for the financial year

 

15,321

2,647

The above results were derived from continuing operations.

The company has no recognised gains or losses for the year other than the results above.

 

GL Davies Limited

Statement of Comprehensive Income for the Year Ended 31 March 2024

2024
£

2023
£

Profit for the year

15,321

2,647

Total comprehensive income for the year

15,321

2,647

 

GL Davies Limited

(Registration number: 08318870)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

26,070

23,835

Current assets

 

Stocks

85,793

75,558

Debtors

5,389

18,781

Cash at bank and in hand

 

352,685

340,847

 

443,867

435,186

Creditors: Amounts falling due within one year

(80,599)

(83,429)

Net current assets

 

363,268

351,757

Total assets less current liabilities

 

389,338

375,592

Provisions for liabilities

(4,954)

(4,529)

Net assets

 

384,384

371,063

Capital and reserves

 

Called up share capital

5

1,000

1,000

Retained earnings

383,384

370,063

Shareholders' funds

 

384,384

371,063

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.

Approved and authorised by the Board on 24 October 2024 and signed on its behalf by:
 

.........................................
Mr Gareth Llewelyn Davies
Director

.........................................
Mrs Claire Davies
Director

 
     
 

GL Davies Limited

Statement of Changes in Equity for the Year Ended 31 March 2024

Share capital
£

Profit and loss account
£

Total
£

At 1 April 2023

1,000

370,063

371,063

Profit for the year

-

15,321

15,321

Total comprehensive income

-

15,321

15,321

Dividends

-

(2,000)

(2,000)

At 31 March 2024

1,000

383,384

384,384

Share capital
£

Profit and loss account
£

Total
£

At 1 January 2022

1,000

369,416

370,416

Profit for the year

-

2,647

2,647

Total comprehensive income

-

2,647

2,647

Dividends

-

(2,000)

(2,000)

At 31 March 2023

1,000

370,063

371,063

 

GL Davies 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.

The address of its registered office is:
C/o
14 St. Owen Street
Hereford
HR1 2PL
United Kingdom

The principal place of business is:
Llanpicca Farm
Newchurch
Kington
Herefordshire
HR5 3QF

These financial statements were authorised for issue by the Board on 24 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.

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.

 

GL Davies Limited

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

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

Plant and machinery

25% reducing balance

Solar panel

15% reducing balance

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.

Stocks

The directors have chosen the fair value model basis for the valuation of biological assets under FRS 102.

 

GL Davies Limited

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

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.

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 (2023 - 2).

 

GL Davies Limited

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

4

tangible assets

Furniture, fittings and equipment
 £

Plant & machinery
£

Total
£

Cost or valuation

At 1 April 2023

5,750

58,081

63,831

Additions

242

10,471

10,713

At 31 March 2024

5,992

68,552

74,544

Depreciation

At 1 April 2023

4,417

35,579

39,996

Charge for the year

-

8,243

8,243

Eliminated on disposal

235

-

235

At 31 March 2024

4,652

43,822

48,474

Carrying amount

At 31 March 2024

1,340

24,730

26,070

At 31 March 2023

1,333

22,502

23,835

5

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary Shares of £1 each

1,000

1,000

1,000

1,000

         

6

Dividends

   

2024

 

2023

   

£

 

£

Final dividend of £2.00 (2023 - £2.00) per ordinary share

 

2,000

 

2,000