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COMPANY REGISTRATION NUMBER: 14737529
J Davies & Co Commercials Ltd
Filleted Unaudited Financial Statements
31 March 2024
J Davies & Co Commercials Ltd
Financial Statements
Period from 17 March 2023 to 31 March 2024
Contents
Pages
Statement of financial position
1
Notes to the financial statements
2 to 4
J Davies & Co Commercials Ltd
Statement of Financial Position
31 March 2024
31 Mar 24
Note
£
Fixed assets
Tangible assets
4
39,739
Current assets
Debtors
5
31,935
Cash at bank and in hand
246
--------
32,181
Creditors: amounts falling due within one year
6
( 68,570)
--------
Net current liabilities
( 36,389)
--------
Total assets less current liabilities
3,350
-------
Capital and reserves
Called up share capital
7
1
Profit and loss account
3,349
-------
Shareholders funds
3,350
-------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the period ending 31 March 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 financial statements for the period in question in accordance with section 476 ;
- The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 29 November 2024 , and are signed on behalf of the board by:
Ms C R Davies
Director
Company registration number: 14737529
J Davies & Co Commercials Ltd
Notes to the Financial Statements
Period from 17 March 2023 to 31 March 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Hamilton House, Hamilton Terrace, Milford Haven, Pembrokeshire, SA73 3JP, United Kingdom.
2. Statement of compliance
These financial statements have been prepared in accordance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the Companies Act 2006.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The directors have a reasonable expectation that the company has adequate resources to continue operational existence for the foreseeable future. For this reason, the directors continue to adopt the going concern basis of accounting in preparing the annual financial statements.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Property improvements
-
2% straight line
Plant and machinery
-
25% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.
4. Tangible assets
Property Improvements
Plant and machinery
Total
£
£
£
Cost
At 17 March 2023
Additions
34,436
7,989
42,425
--------
-------
--------
At 31 March 2024
34,436
7,989
42,425
--------
-------
--------
Depreciation
At 17 March 2023
Charge for the period
689
1,997
2,686
--------
-------
--------
At 31 March 2024
689
1,997
2,686
--------
-------
--------
Carrying amount
At 31 March 2024
33,747
5,992
39,739
--------
-------
--------
5. Debtors
31 Mar 24
£
Trade debtors
26,692
Other debtors
5,243
--------
31,935
--------
Other debtors include an amount of £Nil falling due after more than one year.
6. Creditors: amounts falling due within one year
31 Mar 24
£
Trade creditors
51,172
Other creditors
17,398
--------
68,570
--------
7. Called up share capital
Issued, called up and fully paid
31 Mar 24
No.
£
Ordinary shares of £ 1 each
1
1
----
----
Share movements
No.
£
Ordinary
At 17 March 2023
Issue of shares
1
1
----
----
At 31 March 2024
1
1
----
----
8. Related party transactions
The company was under the control of Ms C R Davies throughout the current period by virtue of her 100% shareholding.