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Registration number: 00723749

J.A. Davis Contractors Limited

Unaudited Filleted Financial Statements

for the Year Ended 29 February 2024

 

J.A. Davis Contractors Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

J.A. Davis Contractors Limited

Company Information

Directors

M I Davis

J S Davis

Registered office

The Old Police Station
Church Street
Swadlincote
Derbyshire
DE11 8LN

Accountants

Buckler Spencer Limited
Old Police Station
Church Street
Swadlincote
Derbyshire
DE11 8LN

 

J.A. Davis Contractors Limited

(Registration number: 00723749)
Balance Sheet as at 29 February 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

20,351

33,589

Investment property

5

1,954,850

1,610,000

 

1,975,201

1,643,589

Current assets

 

Stocks

6

1,656,260

1,909,371

Debtors

7

24,814

30,565

Cash at bank and in hand

 

74,255

10,754

 

1,755,329

1,950,690

Creditors: Amounts falling due within one year

8

(955,569)

(925,264)

Net current assets

 

799,760

1,025,426

Total assets less current liabilities

 

2,774,961

2,669,015

Creditors: Amounts falling due after more than one year

8

(462,502)

(482,602)

Provisions for liabilities

(173,000)

(162,000)

Net assets

 

2,139,459

2,024,413

Capital and reserves

 

Called up share capital

9

12,600

12,600

Fair value reserve

886,692

805,192

Retained earnings

1,240,167

1,206,621

Shareholders' funds

 

2,139,459

2,024,413

For the financial year ending 29 February 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 14 November 2024 and signed on its behalf by:
 

 

J.A. Davis Contractors Limited

(Registration number: 00723749)
Balance Sheet as at 29 February 2024

.........................................
M I Davis
Director

 

J.A. Davis Contractors Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 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:
The Old Police Station
Church Street
Swadlincote
Derbyshire
DE11 8LN

These financial statements were authorised for issue by the Board on 14 November 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.

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.

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.

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.

 

J.A. Davis Contractors Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 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

Other tangible assets

20% on cost

Motor vehicles

25% on cost

Investment property

Investment properties are revalued annually and included in the financial statements at open market value. Net surpluses are credited to the fair value reserve. Net deficits are written off against the fair value reserve, unless the deficit is expected to be permanent or exceeds the balance on the fair value reserve, in which case it is written off to the profit and loss account.

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 items sold or services performed in the ordinary course of business.

Stocks

Work in progress is 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 work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the work in progress 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 and subsequently measured at amortised cost using the effective interest method.

 

J.A. Davis Contractors Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs.

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.

Share capital

Ordinary shares are classified as equity.

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.

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 4 (2023 - 4).

 

J.A. Davis Contractors Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 March 2023

6,980

33,740

70,259

110,979

Additions

-

-

146

146

Disposals

(4,197)

-

(9,700)

(13,897)

At 29 February 2024

2,783

33,740

60,705

97,228

Depreciation

At 1 March 2023

5,980

27,735

43,677

77,392

Charge for the year

333

1,501

11,548

13,382

Eliminated on disposal

(4,197)

-

(9,700)

(13,897)

At 29 February 2024

2,116

29,236

45,525

76,877

Carrying amount

At 29 February 2024

667

4,504

15,180

20,351

At 28 February 2023

1,000

6,005

26,584

33,589

5

Investment properties

2024
£

At 1 March

1,610,000

Additions

252,350

Fair value adjustments

92,500

At 29 February

1,954,850

The investment properties were valued on an open market basis on 29 February 2024 by the directors of the company.

If the investment properties had not been revalued they would have been included at the following historical cost:

2024 - £1,010,452

2023 - £758,102

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

 

J.A. Davis Contractors Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

6

Stocks

2024
£

2023
£

Work in progress

1,656,260

1,909,371

7

Debtors

Current

2024
£

2023
£

Trade debtors

7,546

4,774

Prepayments

3,335

3,434

Other debtors

13,933

22,357

 

24,814

30,565

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

10

25,361

25,361

Trade creditors

 

33,995

26,802

Taxation and social security

 

35,874

14,317

Accruals and deferred income

 

2,821

2,677

Other creditors

 

857,518

856,107

 

955,569

925,264

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £20,361 (2023 - £20,361).

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

10

462,502

482,602

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £442,502 (2023 - £447,324).

 

J.A. Davis Contractors Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

9

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary of £1 each

12,000

12,000

12,000

12,000

Ordinary A of £1 each

153

153

153

153

Ordinary B of £1 each

153

153

153

153

Ordinary C of £1 each

98

98

98

98

Ordinary D of £1 each

98

98

98

98

Ordinary E of £1 each

98

98

98

98

12,600

12,600

12,600

12,600

 

J.A. Davis Contractors Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

10

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

462,502

482,602

Current loans and borrowings

2024
£

2023
£

Bank borrowings

25,361

25,361

11

Dividends

Any dividends declared in the period are disclosed in the Statement of Income and Retained Earnings.

12

Related party transactions

At 29 February 2024 the company owed £808,184 (2023 - £763,184) to Jaydee Homes Limited in the form of an interest free loan.

There were no other transactions with Jaydee Homes Limited within the year to 29 February 2024 (2023 - nil).

Jaydee Homes Limited is controlled by the directors of J A Davis Contractors Limited.

The company is under the control of its current directors.