Company Registration No. 07740683 (England and Wales)
CJ & LM DAVIES LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
PAGES FOR FILING WITH REGISTRAR
CJ & LM DAVIES LTD
COMPANY INFORMATION
Directors
CJ Davies
LM Davies
SC Davies
AM Davies
Company number
07740683
Registered office
Lawn Farm
Pulverbatch
Shrewsbury
Shropshire
SY5 8EQ
Accountants
James Holyoak & Parker Limited
1 Knights Court
Archers Way
Battlefield Enterprise Park
Shrewsbury
SY1 3GA
CJ & LM DAVIES LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
CJ & LM DAVIES LTD
BALANCE SHEET
AS AT
30 APRIL 2024
30 April 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
3
105,693
117,193
Tangible assets
4
5,345,007
5,275,968
Investment property
5
3,697,896
4,874,896
Investments
6
5,406
5,406
9,154,002
10,273,463
Current assets
Stocks
2,615,504
2,153,358
Debtors
7
253,734
364,618
Cash at bank and in hand
567,044
85,665
3,436,282
2,603,641
Creditors: amounts falling due within one year
8
(1,447,142)
(604,561)
Net current assets
1,989,140
1,999,080
Total assets less current liabilities
11,143,142
12,272,543
Creditors: amounts falling due after more than one year
9
(7,607,975)
(8,925,240)
Provisions for liabilities
(362,755)
(309,945)
Net assets
3,172,412
3,037,358
Capital and reserves
Called up share capital
10
100
100
Profit and loss reserves
3,172,312
3,037,258
Total equity
3,172,412
3,037,358
CJ & LM DAVIES LTD
BALANCE SHEET (CONTINUED)
AS AT
30 APRIL 2024
30 April 2024
- 2 -

For the financial year ended 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 29 January 2025 and are signed on its behalf by:
CJ Davies
LM Davies
Director
Director
SC Davies
AM Davies
Director
Director
Company registration number 07740683 (England and Wales)
CJ & LM DAVIES LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
- 3 -
1
Accounting policies
Company information

CJ & LM Davies Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Lawn Farm, Pulverbatch, Shrewsbury, Shropshire, SY5 8EQ.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

1.2
Going concern

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.4
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.

 

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

1.5
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

CJ & LM DAVIES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 4 -

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Entitlements
Nil
1.6
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Land and buildings Leasehold
5% reducing balance
Plant and machinery
25% reducing balance
Fixtures, fittings & equipment
15% reducing balance
Motor vehicles
25% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.7
Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

1.8
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

1.9
Cash at bank and in hand

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.10
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

CJ & LM DAVIES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 5 -
1.11
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

1.12
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
9
8
3
Intangible fixed assets
Goodwill
Entitlements
Total
£
£
£
Cost
At 1 May 2023 and 30 April 2024
115,000
13,693
128,693
Amortisation and impairment
At 1 May 2023
11,500
-
0
11,500
Amortisation charged for the year
11,500
-
0
11,500
At 30 April 2024
23,000
-
0
23,000
Carrying amount
At 30 April 2024
92,000
13,693
105,693
At 30 April 2023
103,500
13,693
117,193
CJ & LM DAVIES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 6 -
4
Tangible fixed assets
Land and buildings Leasehold
Plant and machinery
Fixtures, fittings & equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 May 2023
3,751,680
1,386,624
718,409
609,201
6,465,914
Additions
277,074
183,139
-
0
-
0
460,213
Disposals
-
0
(104,139)
-
0
-
0
(104,139)
At 30 April 2024
4,028,754
1,465,624
718,409
609,201
6,821,988
Depreciation and impairment
At 1 May 2023
107,004
599,480
107,983
375,479
1,189,946
Depreciation charged in the year
27,765
176,436
91,564
46,744
342,509
Eliminated in respect of disposals
-
0
(55,474)
-
0
-
0
(55,474)
At 30 April 2024
134,769
720,442
199,547
422,223
1,476,981
Carrying amount
At 30 April 2024
3,893,985
745,182
518,862
186,978
5,345,007
At 30 April 2023
3,644,676
787,144
610,426
233,722
5,275,968
5
Investment property
2024
£
Fair value
At 1 May 2023
4,874,896
Disposals
(1,177,000)
At 30 April 2024
3,697,896

Investment property comprises land and property at Wigley Farm acquired in November 2022. The fair value of the investment property has been arrived at on the basis of a valuation carried out at 30th April 2024 by Andrew Davies , a director of the company. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.

6
Fixed asset investments
2024
2023
£
£
Other investments other than loans
5,406
5,406
Fixed asset investments not carried at market value

Fixed asset investments relate solely to investments in unlisted securities, and are stated at historic cost.

CJ & LM DAVIES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 7 -
7
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
157,548
161,034
Corporation tax recoverable
-
0
73,081
Other debtors
40,986
32,867
Prepayments and accrued income
55,200
97,636
253,734
364,618
8
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
119,265
17,254
Obligations under finance leases
109,776
87,167
Trade creditors
1,040,100
446,580
Corporation tax
81,226
-
0
Other taxation and social security
1,500
1,878
Government grants
3,030
-
0
Other creditors
15,745
9,182
Accruals and deferred income
76,500
42,500
1,447,142
604,561
9
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
7,351,960
8,680,000
Obligations under finance leases
201,465
245,240
Government grants
54,550
-
0
7,607,975
8,925,240
10
Called up share capital
2024
2023
£
£
Ordinary share capital
Issued and fully paid
100 Ordinary shares of £1 each
100
100
100
100
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