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Company No: OC347118 (England and Wales)

DAVIS, BELL & MCCRAITH LLP

Unaudited Financial Statements
For the financial year ended 31 March 2024
Pages for filing with the registrar

DAVIS, BELL & MCCRAITH LLP

Unaudited Financial Statements

For the financial year ended 31 March 2024

Contents

DAVIS, BELL & MCCRAITH LLP

BALANCE SHEET

As at 31 March 2024
DAVIS, BELL & MCCRAITH LLP

BALANCE SHEET (continued)

As at 31 March 2024
Note 2024 2023
£ £
Fixed assets
Intangible assets 3 21,000 24,000
Tangible assets 4 365,906 343,671
386,906 367,671
Current assets
Stocks 334,620 327,089
Debtors 5 229,835 279,303
Investments 2,001 2,001
Cash at bank and in hand 50,154 38,037
616,610 646,430
Creditors: amounts falling due within one year 6 ( 604,070) ( 585,164)
Net current assets 12,540 61,266
Total assets less current liabilities 399,446 428,937
Creditors: amounts falling due after more than one year 7 ( 31,263) ( 33,461)
Net assets attributable to members 368,183 395,476
Represented by
Loans and other debts due to members within one year
Members' capital classified as a liability 86,160 26,160
Other amounts 68,155 144,288
154,315 170,448
Loans and other debts due to members after more than one year
Members' capital classified as a liability 221,520 247,680
Other amounts (22,752) (22,752)
198,768 224,928
Members' other interests
Members' capital classified as equity 15,100 100
15,100 100
368,183 395,476
Total members' interests
Loans and other debts due to members 353,083 395,376
Members' other interests 15,100 100
368,183 395,476

For the financial year ending 31 March 2024 the LLP was entitled to exemption from audit under section 477 of the Companies Act 2006, as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008.

Members' responsibilities:

The financial statements of Davis, Bell & McCraith LLP (registered number: OC347118) were approved and authorised for issue by the Board of Directors on 23 October 2024. They were signed on its behalf by:

R A Davis
Designated member
DAVIS, BELL & MCCRAITH LLP

RECONCILIATION OF MEMBERS' INTERESTS

For the financial year ended 31 March 2024
DAVIS, BELL & MCCRAITH LLP

RECONCILIATION OF MEMBERS' INTERESTS (continued)

For the financial year ended 31 March 2024
EQUITY
Members' other interests
DEBT
Loans and other debts due to members less any amounts due from members in debtors
Total members' interests
Members' capital (classified as equity) Other reserves Total Members' capital (classified as debt) Other amounts Total Total
£ £ £ £ £ £ £
Amounts due to members 300,000 109,939 409,939
Balance at 01 April 2022 100 0 100 300,000 109,939 409,939 410,039
Members' remuneration charged as an expense, including employment and retirement benefit costs 0 0 0 0 165,869 165,869 165,869
Members' interest after result for the financial year 100 0 100 300,000 275,808 575,808 575,908
Repayment of capital 0 0 0 (26,160) 0 (26,160) (26,160)
Drawings 0 0 0 0 (154,272) (154,272) (154,272)
Amounts due to members 273,840 121,536 395,376
Balance at 31 March 2023 100 0 100 273,840 121,536 395,376 395,476
Members' remuneration charged as an expense, including employment and retirement benefit costs 0 0 0 0 110,532 110,532 110,532
Members' interest after result for the financial year 100 0 100 273,840 232,068 505,908 506,008
Introduced by members 15,000 0 15,000 60,000 0 60,000 75,000
Repayment of capital 0 0 0 (26,160) 0 (26,160) (26,160)
Drawings 0 0 0 0 (186,665) (186,665) (186,665)
Amounts due to members 307,680 45,403 353,083
Balance at 31 March 2024 15,100 0 15,100 307,680 45,403 353,083 368,183

There are no existing restrictions or limitations which impact the ability of the members of the LLP to reduce the amount of Members' other interests

DAVIS, BELL & MCCRAITH LLP

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
DAVIS, BELL & MCCRAITH LLP

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Davis, Bell & McCraith LLP is a limited liability partnership, incorporated in the United Kingdom under the Limited Liability Partnerships Act 2000 and is registered in England and Wales. The address of the LLP's registered office is 7 Princess Victoria Street, Bristol, BS8 4BX, England, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Limited Liability Partnerships Act 2000 as applicable to companies subject to the small companies regime and the requirements of the Statement of Recommended Practice Accounting by Limited Liability Partnerships issued in December 2021 (SORP 2022).

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Profit and Loss Account in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the LLP and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

Employee benefits

Defined contribution schemes
The LLP operates a defined contribution scheme. The amount charged to the Profit and Loss Account in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

Taxation

The taxation payable on the partnership's profits is the personal liability of the members, although payment of such liabilities is administered by the partnership on behalf of its members. Consequently, neither partnership taxation nor related deferred taxation is accounted for in these financial statements. Sums set aside in respect of members' tax obligations are included in the balance sheet within loans and other debts due to members, or are set against amounts due from members as appropriate.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Other intangible assets 10 years straight line
Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings 50 years straight line
Plant and machinery 20 % reducing balance
Vehicles 25 % reducing balance
Fixtures and fittings 25 % reducing balance
Office equipment 3 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Leases

The LLP as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Profit and Loss Account over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Fixed asset investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost. 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.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Loans and borrowings
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. 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.

Members' participation rights

Members' participation rights are the rights of a member against the LLP that arise under the members' agreement (for example, in respect of amounts subscribed or otherwise contributed, remuneration and profits).

Members’ participation rights in the earnings or assets of the LLP are analysed between those that are, from the LLP's perspective, either a financial liability or equity, in accordance with section 22 of FRS 102. A member’s participation rights including amounts subscribed or otherwise contributed by members, for example members’ capital, are classed as liabilities unless the LLP has an unconditional right to refuse payment to members, in which case they are classified as equity.

The profits are not automatically divided as they arise, the LLP therefore has an unconditional right to refuse payment of the profits for a particular year unless and until those profits are divided by a decision taken by the members; and accordingly, following such a division, those profits are classed as an appropriation or equity rather than an expense. They are therefore shown as a residual amount available for appropriation in the Profit and Loss Account.

All amounts due to members that are classified as liabilities are presented in the Statement of Financial Position within 'Loans and other debts due to members' and are charged to the Profit and Loss Account within 'Members' remuneration charged as an expense'. Amounts due to members that are classified as equity are shown in the Statement of Financial Position within 'Members' other interests'.

Ordinary share capital

The ordinary share capital of the LLP is presented as equity.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the LLP during the year 14 14

3. Intangible assets

Other intangible assets Total
£ £
Cost
At 01 April 2023 30,000 30,000
At 31 March 2024 30,000 30,000
Accumulated amortisation
At 01 April 2023 6,000 6,000
Charge for the financial year 3,000 3,000
At 31 March 2024 9,000 9,000
Net book value
At 31 March 2024 21,000 21,000
At 31 March 2023 24,000 24,000

4. Tangible assets

Land and buildings Plant and machinery Vehicles Fixtures and fittings Office equipment Total
£ £ £ £ £ £
Cost
At 01 April 2023 294,937 40,339 51,674 35,101 19,055 441,106
Additions 11,394 0 29,750 2,880 990 45,014
At 31 March 2024 306,331 40,339 81,424 37,981 20,045 486,120
Accumulated depreciation
At 01 April 2023 11,799 14,140 33,459 22,559 15,478 97,435
Charge for the financial year 5,986 5,240 5,793 3,676 2,084 22,779
At 31 March 2024 17,785 19,380 39,252 26,235 17,562 120,214
Net book value
At 31 March 2024 288,546 20,959 42,172 11,746 2,483 365,906
At 31 March 2023 283,138 26,199 18,215 12,542 3,577 343,671

Land and buildings include leasehold building costs with a carrying amount of £288,546 (2022: £283,138).

5. Debtors

2024 2023
£ £
Trade debtors 163,428 219,460
Prepayments 21,248 29,604
Other debtors 45,159 30,239
229,835 279,303

6. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans and overdrafts 8,160 10,277
Trade creditors 322,191 397,039
Other loans 90,000 0
Accruals 66,466 71,730
Other taxation and social security 15,043 8,563
Obligations under finance leases and hire purchase contracts (secured) 12,844 6,365
Other creditors 89,366 91,190
604,070 585,164



7. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans 10,561 18,721
Obligations under finance leases and hire purchase contracts (secured) 20,702 14,740
31,263 33,461

Within obligations under finance leases and hire purchase contracts are hire purchase contracts which are secured against the underlying assets. The carrying value of these assets is £40,880 (2023 £14,840).

8. Financial commitments

Commitments

The total amount of financial commitments not included in the balance sheet is £237,100 (2022 - £101,500). The commitment relates to operating leases and is due over the following periods: £84,624 in one year and £152,476 in two to five years.