Registered number
11296680
David Vaughan Ltd
Unaudited Filleted Accounts
30 April 2024
David Vaughan Ltd
Registered number: 11296680
Balance Sheet
as at 30 April 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 4 5 5
Current assets
Debtors 5 53,773 53,513
Cash at bank and in hand 1,286 1,107
55,059 54,620
Creditors: amounts falling due within one year 6 (37,112) (26,642)
Net current assets 17,947 27,978
Total assets less current liabilities 17,952 27,983
Creditors: amounts falling due after more than one year 7 (18,210) (17,366)
Net (liabilities)/assets (258) 10,617
Capital and reserves
Called up share capital 100 100
Profit and loss account (358) 10,517
Shareholders' funds (258) 10,617
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
K Vaughan
Director
Approved by the board on 31 January 2025
David Vaughan Ltd
Notes to the Accounts
for the year ended 30 April 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
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. 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.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Office equipment over 3 years
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
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.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. 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.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 2 2
3 Intangible fixed assets £
Goodwill:
Cost
At 1 May 2023 68,920
At 30 April 2024 68,920
Amortisation
At 1 May 2023 68,920
At 30 April 2024 68,920
Net book value
At 30 April 2024 -
Goodwill is being written off in equal annual instalments over its estimated economic life of 5 years.
4 Tangible fixed assets
Office equipment
£
Cost
At 1 May 2023 1,955
At 30 April 2024 1,955
Depreciation
At 1 May 2023 1,950
At 30 April 2024 1,950
Net book value
At 30 April 2024 5
At 30 April 2023 5
5 Debtors 2024 2023
£ £
Amounts owed by group undertakings and undertakings in which the company has a participating interest 53,125 53,125
Other debtors 648 388
53,773 53,513
6 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 3,400 6,270
Taxation and social security costs - 18,111
Other creditors 33,712 2,261
37,112 26,642
7 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 18,210 17,366
8 Related party transactions
The company had an interest free loan to its parent company, Leocat Ltd, throughout the year. At the year end the balance was £53,125 (2023: £53,125). The loan is repayable on demand.
9 Controlling party
The company is wholly owned by Leocat Ltd, a company registered in England and Wales at 15 Rosewood Close, Mistley, Manningtree.
10 Other information
David Vaughan Ltd is a private company limited by shares and incorporated in England and Wales. Its registered office is:
15 Rosewood Close
Mistley
Manningtree
Essex
CO11 1UA
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