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Registration number: 03875738

Davison & Robinson Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 January 2024

 

Davison & Robinson Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 9

 

Davison & Robinson Limited

Company Information

Directors

A D Robinson

P C Robinson

Company secretary

A D Robinson

Registered office

Units 4-11
Aire Street
Castleford
West Yorkshire
WF10 1JJ

 

Davison & Robinson Limited

(Registration number: 03875738)
Balance Sheet as at 31 January 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

127,243

155,909

Current assets

 

Stocks

6

311,560

400,000

Debtors

7

243,846

279,653

Cash at bank and in hand

 

76,532

1,700

 

631,938

681,353

Creditors: Amounts falling due within one year

8

(662,762)

(713,398)

Net current liabilities

 

(30,824)

(32,045)

Total assets less current liabilities

 

96,419

123,864

Creditors: Amounts falling due after more than one year

8

(25,009)

(43,627)

Provisions for liabilities

(11,661)

(15,602)

Net assets

 

59,749

64,635

Capital and reserves

 

Called up share capital

2

2

Retained earnings

59,747

64,633

Shareholders' funds

 

59,749

64,635

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.

Approved and authorised by the Board on 31 October 2024 and signed on its behalf by:
 

.........................................
A D Robinson
Company secretary and director

   
     
 

Davison & Robinson 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 England & Wales and the company registration number is 03875738.

The address of its registered office is:
Units 4-11
Aire Street
Castleford
West Yorkshire
WF10 1JJ

These financial statements were authorised for issue by the Board on 31 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.

The financial statements have been prepared in sterling and are rounded to the nearest pound.

Revenue recognition

Turnover arises from the sale of goods. Turnover is measured at the fair value of the consideration received or receivable for the sale of hardware and sundry items and represents amounts for the sale of goods in the normal course of business, net of discounts and other sales-related taxes.

Turnover from the sale of goods is recognised when the company has transferred to the buyer the significant risks and rewards of ownership of the goods, which is when the goods are delivered to the customer.

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 of each of the companies activities.

Government grants

Government grants which become receivable as compensation for expenses or losses already incurred, or for the purpose of giving immediate financial support to the entity with no future related costs, are recognised as income in the period in which they become receivable.

Tax

Taxation for the period comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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.

 

Davison & Robinson Limited

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

Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that 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 balance sheet date that are expected to apply to the reversal of timing differences. Deferred tax on revalued non-depreciable tangible fixed assets and investment properties is measure using the rates and allowances that apply to the sale of the asset.

Tangible assets

Tangible assets are stated in the statement of financial position 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.

At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If the estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in the profit and loss account.

If an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss has been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in the profit and loss account.

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

Improvements to property

2% cost

Plant and machinery

25% reducing balance

Motor vehicles

25% reducing balance

Office equipment

25% reducing balance

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the Company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

10% cost

 

Davison & Robinson Limited

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

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 the sale of goods and the provision of services in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. 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

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.

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.

 

Davison & Robinson Limited

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

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.

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.

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 24 (2023 - 26).

 

Davison & Robinson Limited

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

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 February 2023

10,000

10,000

At 31 January 2024

10,000

10,000

Amortisation

At 1 February 2023

10,000

10,000

At 31 January 2024

10,000

10,000

Carrying amount

At 31 January 2024

-

-

5

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 February 2023

83,062

337,732

258,642

679,436

Disposals

-

-

(18,964)

(18,964)

At 31 January 2024

83,062

337,732

239,678

660,472

Depreciation

At 1 February 2023

15,758

329,140

178,629

523,527

Charge for the year

1,661

2,417

14,587

18,665

Eliminated on disposal

-

-

(8,963)

(8,963)

At 31 January 2024

17,419

331,557

184,253

533,229

Carrying amount

At 31 January 2024

65,643

6,175

55,425

127,243

At 31 January 2023

67,304

8,592

80,013

155,909

Included within the net book value of land and buildings above is £65,643 (2023 - £67,304) in respect of freehold land and buildings.
 

6

Stocks

2024
£

2023
£

Other inventories

311,560

400,000

 

Davison & Robinson Limited

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

7

Debtors

2024
£

2023
£

Trade debtors

67,749

120,975

Prepayments

3,560

3,050

Other debtors

172,537

155,628

243,846

279,653

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

532,082

555,905

Trade creditors

 

104,871

139,344

Taxation and social security

 

9,339

2,791

Accruals and deferred income

 

16,470

13,461

Other creditors

 

-

1,897

 

662,762

713,398

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

25,009

43,627

 

Davison & Robinson Limited

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

9

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

16,570

27,764

Obligations under hire purchase and finance lease arrangements

8,439

15,863

25,009

43,627

Current loans and borrowings

2024
£

2023
£

Bank borrowings

10,097

9,820

Bank overdrafts

-

458,959

Other borrowings

514,561

59,096

Obligations under hire purchase and finance lease arrangements

7,424

28,030

532,082

555,905

Bank overdrafts are secured against the total assets of the Company. Bank loans are not secured.

Hire purchase liabilities are secured against the assets to which they relate. Other borrowings include unsecured amounts due to Directors and other third parties.

10

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £57,662 (2023 - £57,662).

11

Related party transactions

Other transactions with Directors

At the year end, the amount due to the Directors by the Company was £514,560 (2023: £59,096). The amount is unsecured, interest-free and repayable on demand.

Summary of transactions with other related parties

AMP Foods Limited (a Company under common control of the director and shareholders)

At the year end, the amount due to Davison and Robinson Limited by AMP Foods Limited was £16,032 (2023: £15,288). The amount is unsecured, interest-free and repayable on demand.


The Powder Keg Firework Company Limited (a Company under common control of the director and shareholders)

At the year end, the amount due to Davison and Robinson Limited by The Powder Keg Firework Company Limited was £142,491 (2023: £116,393). The amount is unsecured, interest-free and repayable on demand.