2023-04-012024-03-312024-03-31false07911529DAVIES OF LAMPETER 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DAVIES OF LAMPETER LTD

Registered Number
07911529
(England and Wales)

Unaudited Financial Statements for the Year ended
31 March 2024

DAVIES OF LAMPETER LTD
Company Information
for the year from 1 April 2023 to 31 March 2024

Director

DAVIES, Huw

Registered Address

Brynmeddyg
Victoria Terrace
Lampeter
SA48 7DF

Registered Number

07911529 (England and Wales)
DAVIES OF LAMPETER LTD
Balance Sheet as at
31 March 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Intangible assets331,93422,502
Tangible assets4136,239189,909
168,173212,411
Current assets
Debtors31,49942,652
Cash at bank and on hand61,87033,878
93,36976,530
Creditors amounts falling due within one year5(152,968)(146,013)
Net current assets (liabilities)(59,599)(69,483)
Total assets less current liabilities108,574142,928
Creditors amounts falling due after one year6(13,463)(23,374)
Provisions for liabilities7(20,191)(31,509)
Net assets74,92088,045
Capital and reserves
Called up share capital100100
Profit and loss account74,82087,945
Shareholders' funds74,92088,045
The financial statements were approved and authorised for issue by the Director on 18 November 2024, and are signed on its behalf by:
DAVIES, Huw
Director
Registered Company No. 07911529
DAVIES OF LAMPETER LTD
Notes to the Financial Statements
for the year ended 31 March 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.
Going concern
These financial statements have been prepared on a going concern basis.
Turnover policy
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services.
Revenue from sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Employee benefits
Contributions to defined contribution plans are expensed in the period to which they relate.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Deferred tax
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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 reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Intangible assets
Intangible assets are stated at cost less accumulated amortisation and accumulated impairment losses. The assets are reviewed for impairment if the above factors indicate that the carrying amount may be impaired. Amortisation is included in 'administrative expenses' in the profit and loss account.
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided on all tangible fixed assets as follows:

Reducing balance (%)
Vehicles15
Office Equipment33
Finance leases and hire purchase contracts
Assets held under finance leases which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, and hire purchase contracts are capitalised in the balance sheet. They are depreciated over the shorter of their useful lives or the term of the lease.
2.Average number of employees

20242023
Average number of employees during the year1111
3.Intangible assets

Other

Total

££
Cost or valuation
At 01 April 2322,50222,502
Additions9,4329,432
At 31 March 2431,93431,934
Net book value
At 31 March 2431,93431,934
At 31 March 2322,50222,502
4.Tangible fixed assets

Plant & machinery

Vehicles

Office Equipment

Total

££££
Cost or valuation
At 01 April 2351,651431,5271,119484,297
Additions102--102
Revaluations-8,845-8,845
Disposals-(123,000)-(123,000)
At 31 March 2451,753317,3721,119370,244
Depreciation and impairment
At 01 April 2328,215265,458715294,388
Charge for year8,60821,38125530,244
On disposals-(90,627)-(90,627)
At 31 March 2436,823196,212970234,005
Net book value
At 31 March 2414,930121,160149136,239
At 31 March 2323,436166,069404189,909
5.Creditors: amounts due within one year

2024

2023

££
Trade creditors / trade payables6,73013,660
Bank borrowings and overdrafts10,64810,648
Taxation and social security8,2692,490
Other creditors125,548117,518
Accrued liabilities and deferred income1,7731,697
Total152,968146,013
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
6.Creditors: amounts due after one year

2024

2023

££
Bank borrowings and overdrafts13,46323,374
Total13,46323,374
7.Provisions for liabilities

2024

2023

££
Net deferred tax liability (asset)20,19131,509
Total20,19131,509
8.Related party transactions
As at the balance sheet date the company owed its director £101,498 (2021: £103,025). No interest is charged and the amount is repayable in full on demand.