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Filleted
Registration number: 07933929

Simon Davies Construction Limited

Unaudited Filleted Financial Statements

for the Year Ended 29 February 2024

 

Simon Davies Construction Limited

Contents

Company Information

1

Director's Report

2

Accountants' Report

3

Balance Sheet

4 to 5

Notes to the Unaudited Financial Statements

6 to 11

 

Simon Davies Construction Limited

Company Information

Director

Mr S Davies

Registered office

Cartrefle
Middle Mill Road
Solva
SA62 6XB

Accountants

LHP Haverfordwest
Chartered Certified Accountants
1st Floor
Agriculture House
Winch Lane
Haverfordwest
Pembrokeshire
SA61 1RW

 

Simon Davies Construction Limited

Director's Report for the Year Ended 29 February 2024

The director presents his report and the financial statements for the year ended 29 February 2024.

Director of the company

The director who held office during the year was as follows:

Mr S Davies

Principal activity

The principal activity of the company is Building Contractors

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 director on 5 August 2024 and signed on its behalf by:

.........................................
Mr S Davies
Director

   
     
 

Chartered Certified Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Simon Davies Construction Limited
for the Year Ended 29 February 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Simon Davies Construction Limited for the year ended 29 February 2024 as set out on pages 4 to 11 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants (ACCA), we are subject to its ethical and other professional requirements which are disclosed and available at the following website https://www.accaglobal.com/gb/en/about-us/regulation/rulebook.html.

This report is made solely to the Board of Directors of Simon Davies Construction Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Simon Davies Construction Limited and state those matters that we have agreed to state to the Board of Directors of Simon Davies Construction Limited, as a body, in this report in accordance with the requirements of the ACCA as detailed at the following website http://www.accaglobal.com/gb/en/technical-activities/technical-resources-search/2009/
october/factsheet-163-audit-exempt-companies.html. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Simon Davies Construction Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Simon Davies Construction 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 loss of Simon Davies Construction Limited. You consider that Simon Davies Construction 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 Simon Davies Construction 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.

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

LHP Haverfordwest
Chartered Certified Accountants
1st Floor
Agriculture House
Winch Lane
Haverfordwest
Pembrokeshire
SA61 1RW

5 August 2024

 

Simon Davies Construction Limited

(Registration number: 07933929)
Balance Sheet as at 29 February 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

754,319

671,032

Current assets

 

Stocks

417,195

191,562

Debtors

5

12,376

15,966

Cash at bank and in hand

 

9,811

165,532

 

439,382

373,060

Creditors: Amounts falling due within one year

6

(401,518)

(257,126)

Net current assets

 

37,864

115,934

Total assets less current liabilities

 

792,183

786,966

Creditors: Amounts falling due after more than one year

6

(178,500)

(162,667)

Provisions for liabilities

(33,617)

-

Net assets

 

580,066

624,299

Capital and reserves

 

Called up share capital

7

302

302

Retained earnings

579,764

623,997

Shareholders' funds

 

580,066

624,299

 

Simon Davies Construction Limited

(Registration number: 07933929)
Balance Sheet as at 29 February 2024

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.

Director's 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 director acknowledges his 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 director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 5 August 2024
 

.........................................
Mr S Davies
Director

   
     
 

Simon Davies Construction 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 Wales.

The address of its registered office is:
Cartrefle
Middle Mill Road
Solva
SA62 6XB

These financial statements were authorised for issue by the director on 5 August 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.

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 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.

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.

 

Simon Davies Construction 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

Motor vehicles

Reducing balance 10%

Plant and machinery

Reducing balance 10%

Furniture and fittings

Reducing balance 10%

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

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 and subsequently measured at amortised cost using the effective interest method.

 

Simon Davies Construction Limited

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

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 the director) during the year, was 1 (2023 - 1).

4

Tangible assets

Land and buildings
£

Fixtures and fittings
£

Plant and machinery
£

Motor vehicles
 £

Cost or valuation

At 1 March 2023

515,010

211

162,295

22,317

Additions

-

-

38,850

66,358

At 29 February 2024

515,010

211

201,145

88,675

Depreciation

At 1 March 2023

-

132

24,596

4,073

Charge for the year

-

8

15,664

6,249

At 29 February 2024

-

140

40,260

10,322

Carrying amount

At 29 February 2024

515,010

71

160,885

78,353

At 28 February 2023

515,010

79

137,699

18,244

 

Simon Davies Construction Limited

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

Total
£

Cost or valuation

At 1 March 2023

699,833

Additions

105,208

At 29 February 2024

805,041

Depreciation

At 1 March 2023

28,801

Charge for the year

21,921

At 29 February 2024

50,722

Carrying amount

At 29 February 2024

754,319

At 28 February 2023

671,032

Included within the net book value of land and buildings above is £515,010 (2023 - £515,010) in respect of freehold land and buildings.
 

 

Simon Davies Construction Limited

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

5

Debtors

Current

2024
£

2023
£

Other debtors

12,376

15,966

 

12,376

15,966

6

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

4,583

4,917

Trade creditors

 

158,359

38,301

Taxation and social security

 

1,140

1,824

Accruals and deferred income

 

-

17

Other creditors

 

237,436

212,067

 

401,518

257,126

Current loans and borrowings

2024
£

2023
£

HP and finance lease liabilities

4,583

4,917

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

178,500

162,667

7

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary of £1 each

300

300

300

300

A Ordinary of £1 each

2

2

2

2

302

302

302

302

 

Simon Davies Construction Limited

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

8

Related party transactions

Transactions with the director

2024

At 1 March 2023
£

Repayments by director
£

At 29 February 2024
£

Mr S Davies

Interest free loan with no fixed repayment terms

(212,067)

(25,369)

(237,436)

2023

At 1 March 2022
£

Repayments by director
£

At 28 February 2023
£

Mr S Davies

Interest free loan with no fixed repayment terms

(209,001)

(3,066)

(212,067)

Summary of transactions with joint ventures

Solva & St Davids Holidays Lets Ltd
(Mr Simon Davies is also a Director of Solva & St Davids Holiday Lets Ltd)

 

Summary of transactions with other related parties

There is a loan balance due to J E Bland of £178,500.00. This balance is interest free and re payable on agreement. (2023;£153,500.00)

There is a loan balance due to Solva & St Davids Holiday Lets Ltd of £123,000.00. This balance is interest free and re payable on agreement. (2023;£23,000.00)