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COMPANY REGISTRATION NUMBER: 08052308
Davies Bespoke Designs Limited
Filleted Unaudited Financial Statements
31 May 2024
Davies Bespoke Designs Limited
Financial Statements
Year ended 31 May 2024
Contents
Pages
Balance sheet
1 to 2
Notes to the financial statements
3 to 7
Davies Bespoke Designs Limited
Balance Sheet
31 May 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
5
16,975
22,698
Current assets
Stocks
11,600
11,500
Debtors
6
40,309
35,407
Cash at bank and in hand
2,401
5,577
--------
--------
54,310
52,484
Creditors: amounts falling due within one year
7
38,140
35,952
--------
--------
Net current assets
16,170
16,532
--------
--------
Total assets less current liabilities
33,145
39,230
Creditors: amounts falling due after more than one year
8
29,618
34,781
Provisions
3,400
4,300
--------
--------
Net assets
127
149
--------
--------
Capital and reserves
Called up share capital
100
100
Profit and loss account
27
49
----
----
Shareholders funds
127
149
----
----
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 profit and loss account has not been delivered.
For the year ending 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- 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 Act with respect to accounting records and the preparation of financial statements .
Davies Bespoke Designs Limited
Balance Sheet (continued)
31 May 2024
These financial statements were approved by the board of directors and authorised for issue on 31 January 2025 , and are signed on behalf of the board by:
Mr S A Davies
Mr J Davies
Director
Director
Company registration number: 08052308
Davies Bespoke Designs Limited
Notes to the Financial Statements
Year ended 31 May 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 Unit 20 Brock Way, Newcastle-under-Lyme, Staffordshire, ST5 6AZ. The company registration number is 08052308 .
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity. Monetary amounts in these financial statements are rounded to the nearest £.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered. Revenue from the sales of services is recognised upon the completion of the service.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all material timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
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:
Plant and machinery
-
25% reducing balance
Fixtures and fittings
-
25% reducing balance
Motor vehicles
-
25% reducing balance
Computer equipment
-
33% straight line
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.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the balance sheet and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. The basic financial instruments of the company are as follows: Debtors Debtors do not carry any interest and are stated at their nominal value. Appropriate allowances for estimated irrecoverable amounts are recognised in the Profit and Loss account when there is objectives evidence that the asset is impaired. Cash at bank and in hand This comprises cash at bank and in hand. Trade creditors Trade creditors are not interest bearing and are stated at their nominal value.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2023: 2 ).
5. Tangible assets
Plant and machinery
Fixtures and fittings
Motor vehicles
Computer equipment
Total
£
£
£
£
£
Cost
At 1 June 2023 and 31 May 2024
3,855
28,100
31,358
1,553
64,866
-------
--------
--------
-------
--------
Depreciation
At 1 June 2023
3,693
20,305
16,681
1,489
42,168
Charge for the year
41
1,949
3,669
64
5,723
-------
--------
--------
-------
--------
At 31 May 2024
3,734
22,254
20,350
1,553
47,891
-------
--------
--------
-------
--------
Carrying amount
At 31 May 2024
121
5,846
11,008
16,975
-------
--------
--------
-------
--------
At 31 May 2023
162
7,795
14,677
64
22,698
-------
--------
--------
-------
--------
6. Debtors
2024
2023
£
£
Trade debtors
5,232
Other debtors
40,309
30,175
--------
--------
40,309
35,407
--------
--------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
5,162
5,047
Trade creditors
17,020
13,720
Corporation tax
11,069
10,994
Social security and other taxes
4,229
5,531
Other creditors
660
660
--------
--------
38,140
35,952
--------
--------
8. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
29,618
34,781
--------
--------
Included within creditors: amounts falling due after more than one year is an amount of £7,755 (2023: £13,409) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.
The bank loan in favour of Natwest Bank Plc is unsecured.
9. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2024
2023
£
£
Not later than 1 year
15,875
3,600
Later than 1 year and not later than 5 years
49,642
--------
-------
65,517
3,600
--------
-------
10. Directors' advances, credits and guarantees
During the year, the directors maintained current accounts with the company. The balances at the start of the year totalled £28,588 (2023: £621) and were included within other debtors (2023: other creditors). Total advances during the year were £50,014 (2023: £87,709). Total repayments during the year were £39,550 (2023: £58,500). The balances at the end of the year totalled £39,052 (2023: £28,588) and are included within other debtors (2023: other debtors). All advances were made on an interest free basis.