Company registration number 05032974 (England and Wales)
David Clements Limited
Unaudited Financial Statements
For The Year Ended 28 February 2024
Pages For Filing With Registrar
Pinnick Lewis LLP
Chartered Certified Accountants
Handel House
95 High Street
Edgware
HA8 7DB
David Clements Limited
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
David Clements Limited
BALANCE SHEET
As At 28 February 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
24,592
25,457
Current assets
Stocks
9,230
10,630
Debtors
4
74,307
109,267
Cash at bank and in hand
46,871
21,183
130,408
141,080
Creditors: amounts falling due within one year
5
(62,834)
(92,755)
Net current assets
67,574
48,325
Total assets less current liabilities
92,166
73,782
Creditors: amounts falling due after more than one year
6
(14,806)
(21,485)
Net assets
77,360
52,297
Capital and reserves
Called up share capital
2
2
Profit and loss reserves
77,358
52,295
Total equity
77,360
52,297

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

For the financial year ended 28 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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.

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

The financial statements were approved and signed by the director and authorised for issue on 8 January 2025
Mr D Clements
Director
Company registration number 05032974 (England and Wales)
David Clements Limited
NOTES TO THE FINANCIAL STATEMENTS
For The Year Ended 28 February 2024
- 2 -
1
Accounting policies
Company information

David Clements Limited is a private company limited by shares incorporated in England and Wales. The registered office is 44 Beechwood Avenue, London, N3 3AX.

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
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.

1.3
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:

Plant and equipment
10% Straight line
Fixtures and fittings
10% Straight line
Motor vehicles
20% Straight line

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.

1.4
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.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

David Clements Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For The Year Ended 28 February 2024
1
Accounting policies
(Continued)
- 3 -
1.5
Cash and cash equivalents

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.

1.6
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.7
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.8
Taxation

The tax expense represents the tax currently payable.

David Clements Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For The Year Ended 28 February 2024
1
Accounting policies
(Continued)
- 4 -
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.

2
Employees

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

2024
2023
Number
Number
Total
2
2
3
Tangible fixed assets
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
Cost
At 1 March 2023
22,702
15,929
49,695
88,326
Additions
2,551
-
0
26,240
28,791
Disposals
-
0
-
0
(49,695)
(49,695)
At 28 February 2024
25,253
15,929
26,240
67,422
Depreciation and impairment
At 1 March 2023
19,645
15,929
27,295
62,869
Depreciation charged in the year
2,008
-
0
5,248
7,256
Eliminated in respect of disposals
-
0
-
0
(27,295)
(27,295)
At 28 February 2024
21,653
15,929
5,248
42,830
Carrying amount
At 28 February 2024
3,600
-
0
20,992
24,592
At 28 February 2023
3,057
-
0
22,400
25,457
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
29,369
55,164
Other debtors
899
-
0
Prepayments and accrued income
44,039
54,103
74,307
109,267
David Clements Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For The Year Ended 28 February 2024
- 5 -
5
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
10,140
12,000
Trade creditors
21,944
32,246
Corporation tax
24,567
26,092
Other taxation and social security
-
0
16,732
Other creditors
677
481
Accruals and deferred income
5,506
5,204
62,834
92,755
6
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Bank loans and overdrafts
14,806
21,485
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