Davton Limited 05387106 false 2023-04-01 2024-03-31 2024-03-31 The principal activity of the company is Business and domestic software development Digita Accounts Production Advanced 6.30.9574.0 true 05387106 2023-04-01 2024-03-31 05387106 2024-03-31 05387106 2 2024-03-31 05387106 core:CurrentFinancialInstruments 2024-03-31 05387106 core:CurrentFinancialInstruments core:WithinOneYear 2024-03-31 05387106 core:FurnitureFittingsToolsEquipment 2024-03-31 05387106 bus:SmallEntities 2023-04-01 2024-03-31 05387106 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 05387106 bus:FullAccounts 2023-04-01 2024-03-31 05387106 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 05387106 bus:RegisteredOffice 2023-04-01 2024-03-31 05387106 bus:Director1 2023-04-01 2024-03-31 05387106 bus:Director2 2023-04-01 2024-03-31 05387106 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 05387106 core:FurnitureFittingsToolsEquipment 2023-04-01 2024-03-31 05387106 core:OfficeEquipment 2023-04-01 2024-03-31 05387106 countries:AllCountries 2023-04-01 2024-03-31 05387106 2023-03-31 05387106 core:FurnitureFittingsToolsEquipment 2023-03-31 05387106 2022-04-01 2023-03-31 05387106 2023-03-31 05387106 2 2023-03-31 05387106 core:CurrentFinancialInstruments 2023-03-31 05387106 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 05387106 core:FurnitureFittingsToolsEquipment 2023-03-31 iso4217:GBP xbrli:pure

Registration number: 05387106

Davton Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2024

 

Davton Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 6

 

Davton Limited

Company Information

Directors

D Tongeman

S A Tongeman

Registered office

2 Butterfly Meadows
Beverley
HU17 9GA

 

Davton Limited

(Registration number: 05387106)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

985

2,145

Current assets

 

Debtors

5

19,223

28,680

Cash at bank and in hand

 

36,379

32,882

 

55,602

61,562

Creditors: Amounts falling due within one year

6

(14,867)

(17,877)

Net current assets

 

40,735

43,685

Net assets

 

41,720

45,830

Capital and reserves

 

Called up share capital

1,000

1,000

Retained earnings

40,720

44,830

Shareholders' funds

 

41,720

45,830

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.

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 19 November 2024 and signed on its behalf by:
 

.........................................
D Tongeman
Director

 

Davton 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 & Wales and the company registration number is 05387106.

The address of its registered office is:
2 Butterfly Meadows
Beverley
HU17 9GA

These financial statements were authorised for issue by the Board on 19 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.

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

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of software development 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.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

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 in the countries where the company operates and generates taxable income.

 

Davton Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 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 measured 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.

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

Fixtures and fittings

20% on cost

Office equipment

30% on cost

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 software development and maintenance services provided in the ordinary course of business.

Trade debtors are recognised initially at the transaction price less any bad debts. A provision for the bad debts 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.

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.

Borrowings

 

Davton Limited

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

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.

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 2 (2023 - 2).

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 April 2023

7,982

7,982

At 31 March 2024

7,982

7,982

Depreciation

At 1 April 2023

5,837

5,837

Charge for the year

1,160

1,160

At 31 March 2024

6,997

6,997

Carrying amount

At 31 March 2024

985

985

At 31 March 2023

2,145

2,145

5

Debtors

 

Davton Limited

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

2024
£

2023
£

Trade debtors

15,000

21,000

Other debtors

212

-

Deferred tax assets

4,011

3,047

Income tax asset

-

4,633

19,223

28,680

6

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

7

981

-

Trade creditors

 

11,976

15,892

Taxation and social security

 

-

246

Accruals and deferred income

 

1,843

1,739

Other creditors

 

67

-

 

14,867

17,877

7

Loans and borrowings

2024
£

2023
£

Current loans and borrowings

Other borrowings

981

-

8

Related party transactions

Other transactions with Directors

At the year end, the balance owed to the Directors by the company was £981 (2023: £Nil). These amounts are unsecured, interest free and repayable on demand.