REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE PERIOD 1 NOVEMBER 2021 TO 30 APRIL 2023 |
FOR |
DAVIS CASH & COMPANY LIMITED |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE PERIOD 1 NOVEMBER 2021 TO 30 APRIL 2023 |
FOR |
DAVIS CASH & COMPANY LIMITED |
DAVIS CASH & COMPANY LIMITED (REGISTERED NUMBER: 00207032) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE PERIOD 1 NOVEMBER 2021 TO 30 APRIL 2023 |
Page |
Statement of Financial Position | 1 |
Notes to the Financial Statements | 3 |
DAVIS CASH & COMPANY LIMITED (REGISTERED NUMBER: 00207032) |
STATEMENT OF FINANCIAL POSITION |
30 APRIL 2023 |
2023 | 2021 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Property, plant and equipment | 4 |
CURRENT ASSETS |
Inventories |
Debtors | 5 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT (LIABILITIES)/ASSETS | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
CREDITORS |
Amounts falling due after more than one year | 7 | ( |
) | ( |
) |
PROVISIONS FOR LIABILITIES | 8 | ( |
) |
NET (LIABILITIES)/ASSETS | ( |
) |
CAPITAL AND RESERVES |
Called up share capital |
Other reserves |
Retained earnings | ( |
) |
( |
) |
The director acknowledges his responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
DAVIS CASH & COMPANY LIMITED (REGISTERED NUMBER: 00207032) |
STATEMENT OF FINANCIAL POSITION - continued |
30 APRIL 2023 |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the director and authorised for issue on |
DAVIS CASH & COMPANY LIMITED (REGISTERED NUMBER: 00207032) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE PERIOD 1 NOVEMBER 2021 TO 30 APRIL 2023 |
1. | STATUTORY INFORMATION |
Davis Cash & Company Limited is a |
Registered number: |
Registered office: |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The financial statements have been prepared on a going concern basis as the directors are satisfied that the company will have adequate resources to meet its liabilities to third parties as they fall due. |
Revenue |
Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Revenue is recognised when goods are delivered to the customer, such that the risks and rewards of ownership have passed to them. |
Revenue is adjusted for work in progress at the year end, based on the % completion of the job plus a standard profit margin. |
Property, plant and equipment |
Property, plant and equipment are stated at cost less accumulated depreciation and accumulated impairment losses. Such cost includes costs directly attributable to making the assets capable of operating as intended. |
The carrying value of tangible assets are reviewed for impairment when events or changes in circumstances indicate the carrying value may not be recoverable. |
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful lives |
Short leasehold - Over the life of the lease |
Plant and machinery - 12.5% on reducing balance |
Fixtures and fittings - 20% on reducing balance |
Motor vehicles - 10% on reducing balance |
Computer equipment - 10% on reducing balance |
The company has adopted the policy of not depreciating the assets in the first year, however full depreciation is provided in the year of disposal. |
Stocks |
Inventories are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
DAVIS CASH & COMPANY LIMITED (REGISTERED NUMBER: 00207032) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 NOVEMBER 2021 TO 30 APRIL 2023 |
2. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the period comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the period end and that are expected to apply to the reversal of the timing difference. |
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. |
Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
Cash and cash equivalent |
Cash and cash equivalents in the statement of financial position comprise cash at banks and in hand, short term deposits with an original maturity date of one month. Cash equivalents are defined as short-term, highly liquid investments that are readily convertible to known amounts of cash and that are subject to an insignificant risk of changes in value. |
Financial instruments |
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss. |
Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit and loss. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the period was |
DAVIS CASH & COMPANY LIMITED (REGISTERED NUMBER: 00207032) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 NOVEMBER 2021 TO 30 APRIL 2023 |
4. | PROPERTY, PLANT AND EQUIPMENT |
Fixtures |
Short | Plant and | and |
leasehold | machinery | fittings |
£ | £ | £ |
COST |
At 1 November 2021 |
Disposals | ( |
) | ( |
) |
At 30 April 2023 |
DEPRECIATION |
At 1 November 2021 |
Charge for period |
Eliminated on disposal | ( |
) | ( |
) |
At 30 April 2023 |
NET BOOK VALUE |
At 30 April 2023 |
At 31 October 2021 |
Motor | Computer |
vehicles | equipment | Totals |
£ | £ | £ |
COST |
At 1 November 2021 |
Disposals | ( |
) | ( |
) | ( |
) |
At 30 April 2023 |
DEPRECIATION |
At 1 November 2021 |
Charge for period |
Eliminated on disposal | ( |
) | ( |
) | ( |
) |
At 30 April 2023 |
NET BOOK VALUE |
At 30 April 2023 |
At 31 October 2021 |
DAVIS CASH & COMPANY LIMITED (REGISTERED NUMBER: 00207032) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 NOVEMBER 2021 TO 30 APRIL 2023 |
4. | PROPERTY, PLANT AND EQUIPMENT - continued |
Fixed assets, included in the above, which are held under hire purchase contracts or finance leases are as follows: |
Plant and |
machinery |
etc |
£ |
COST |
At 1 November 2021 |
Disposals | ( |
) |
At 30 April 2023 |
DEPRECIATION |
At 1 November 2021 |
Charge for period |
Eliminated on disposal | ( |
) |
At 30 April 2023 |
NET BOOK VALUE |
At 30 April 2023 |
At 31 October 2021 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2021 |
£ | £ |
Trade debtors |
Other debtors |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2021 |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Taxation and social security |
Other creditors |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2023 | 2021 |
£ | £ |
Bank loans |
8. | PROVISIONS FOR LIABILITIES |
2023 | 2021 |
£ | £ |
Deferred tax |
Accelerated capital allowances |
Other timing differences | (26,300 | ) | - |
- | 26,300 |
DAVIS CASH & COMPANY LIMITED (REGISTERED NUMBER: 00207032) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 NOVEMBER 2021 TO 30 APRIL 2023 |
8. | PROVISIONS FOR LIABILITIES - continued |
Deferred |
tax |
£ |
Balance at 1 November 2021 |
Credit to Income Statement during period | ( |
) |
Balance at 30 April 2023 |
9. | RELATED PARTY DISCLOSURES |
Included in other debtors is an amount of £Nil (2021: £47,100) due from a connected company with common shareholding.The loan was recoverable on demand. |
Included in other creditors is an amount of £132,573 (2021: £Nil) due to a connected company with common shareholding. The interest of £23,430 has been charged for the loan during the period. The loan is repayable on demand. |
Also, included in other creditors is an amount of £628 (2021: £628) payable to the director of the company. The loan remains interest free and repayable on demand. |