REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST JULY 2024 |
FOR |
PETER DAVIES & SONS LIMITED |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST JULY 2024 |
FOR |
PETER DAVIES & SONS LIMITED |
PETER DAVIES & SONS LIMITED (REGISTERED NUMBER: 09395962) |
CONTENTS OF THE FINANCIAL STATEMENTS |
for the Year Ended 31st July 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
PETER DAVIES & SONS LIMITED |
COMPANY INFORMATION |
for the Year Ended 31st July 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
100 Barbirolli Square |
Manchester |
M2 3BD |
PETER DAVIES & SONS LIMITED (REGISTERED NUMBER: 09395962) |
BALANCE SHEET |
31st July 2024 |
2024 | 2023 |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investments | 5 |
Investment property | 6 |
CURRENT ASSETS |
Stocks |
Debtors | 7 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 8 | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 9 |
Retained earnings |
SHAREHOLDERS' FUNDS |
The directors acknowledge their 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. |
PETER DAVIES & SONS LIMITED (REGISTERED NUMBER: 09395962) |
BALANCE SHEET - continued |
31st July 2024 |
The financial statements were approved by the Board of Directors and authorised for issue on |
PETER DAVIES & SONS LIMITED (REGISTERED NUMBER: 09395962) |
NOTES TO THE FINANCIAL STATEMENTS |
for the Year Ended 31st July 2024 |
1. | STATUTORY INFORMATION |
Peter Davies & Sons Limited is a private company, limited by shares, registered in England and Wales, registration number 09395962. The address of the registered office is 100 Barbirolli Square, Manchester, M2 3BD. The principal place of business is Houldsworth Mill Shopping Centre, Houldsworth St, Stockport, SK5 6DA. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover is measured as the fair value of the consideration received or receivable, excluding value added tax. |
Turnover principally consists of income from the sale of goods at auction excluding duty and value added tax which is recognised at the point of which the goods or services are provided. |
Tangible fixed assets |
Plant and equipment are stated at cost less accumulated depreciation and accumulated impairment losses. |
Depreciation on plant and equipment is charged to the profit and loss so as to write off their value, over their estimated useful lives, using the following methods: |
Motor Vehicles | - | 25% on reducing balance |
Fixtures and Fittings | - | 25% on cost |
Computer Equipment | - | 25% on cost |
At each balance sheet date, the Company reviews the carrying amounts of its property, plant and equipment to determine whether there is any indication that any items of property, plant and equipment have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss, if any. Where it is not possible to estimate the recoverable amount of the asset, the Company estimates the recoverable amount of the cash-generating unit to which the asset belongs. |
If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. Impairment loss is recognised as an expense immediately. |
Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
Investment property |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
Stocks |
Stock is stated at the lower of cost and estimated selling price less costs to complete and sell. Costs are based on the method most appropriate to the type of inventory class, usually on a first-in-first-out basis. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the profit and loss account, 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 balance sheet date. |
PETER DAVIES & SONS LIMITED (REGISTERED NUMBER: 09395962) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31st July 2024 |
2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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 year 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 |
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 equivalents |
Cash and cash equivalents are represented by cash at bank and in hand. |
Trade and other debtors |
Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method, less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases, the receivables are stated at cost less impairment losses for bad and doubtful debts. |
Trade and other creditors |
Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method unless the effect of discounting would be immaterial, in which case they are stated at cost. |
Client account |
During the year Peter Davies & Sons held money on behalf of their clients, as at 31st July 2024 this amounted to £220,144 (2023: £338,060). This has not been included on the balance sheet. |
Investments |
Investments in classic cars are initially recognised at cost then revalued at fair value at each balance sheet date with the profit or loss recognised in the profit or loss account in the period to which it relates. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
PETER DAVIES & SONS LIMITED (REGISTERED NUMBER: 09395962) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31st July 2024 |
4. | TANGIBLE FIXED ASSETS |
Fixtures |
and | Motor | Office |
fittings | vehicles | equipment | Totals |
£ | £ | £ | £ |
COST |
At 1st August 2023 |
Additions |
At 31st July 2024 |
DEPRECIATION |
At 1st August 2023 |
Charge for year |
At 31st July 2024 |
NET BOOK VALUE |
At 31st July 2024 |
At 31st July 2023 |
5. | FIXED ASSET INVESTMENTS |
2024 | 2023 |
£ | £ |
Shares in group undertakings |
Other investments not loans |
Additional information is as follows: |
Shares in |
group |
undertakin |
£ |
COST |
Additions |
At 31st July 2024 |
NET BOOK VALUE |
At 31st July 2024 |
Investments (neither listed nor unlisted) were as follows: |
2024 | 2023 |
£ | £ |
Investment Additions | 104,500 | - |
PETER DAVIES & SONS LIMITED (REGISTERED NUMBER: 09395962) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31st July 2024 |
5. | FIXED ASSET INVESTMENTS - continued |
The following were subsidiary undertakings of the company: |
Name |
Country of incorporation |
Class of shares |
Holding |
Principal activity |
Abbeymews Properties Limited |
England and Wales |
Ordinary |
100% |
Trading Company |
The registered office of the above company is 100 Barbirolli Square, Manchester, M2 3BD. |
The financial year end is 29th May 2024. |
6. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
Additions |
At 31st July 2024 |
NET BOOK VALUE |
At 31st July 2024 |
7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade debtors |
Other debtors |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade creditors |
Taxation and social security |
Other creditors |
9. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Ordinary | £1.00 | 100 | 100 |
PETER DAVIES & SONS LIMITED (REGISTERED NUMBER: 09395962) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31st July 2024 |
10. | RELATED PARTY DISCLOSURES |
There were amounts owed from companies at the year end, of whom P J Davies is also a director totalling £59,800 (2023: £567,506) and amounts owed to of £14,767. |
The classic cars included in Investments were purchased from P J Davies in the year of amount totalling £104,500. |
In the year 100% share capital of Abbeymews Properties Limited was acquired from P J Davies. The Investment Property was purchased from Abbeymews Properties Limited for £726,000. |