Company registration number 07962996 (England and Wales)
J & S DAVIS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
PAGES FOR FILING WITH REGISTRAR
J & S DAVIS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
J & S DAVIS LIMITED
BALANCE SHEET
AS AT
30 APRIL 2024
30 April 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
3
307,205
409,608
Tangible assets
4
39,985
56,800
Investments
5
100
100
347,290
466,508
Current assets
Stocks
656,019
613,353
Debtors
6
848,813
637,048
Cash at bank and in hand
40,246
38,460
1,545,078
1,288,861
Creditors: amounts falling due within one year
7
(1,201,813)
(1,017,677)
Net current assets
343,265
271,184
Total assets less current liabilities
690,555
737,692
Creditors: amounts falling due after more than one year
8
(225,000)
(205,000)
Provisions for liabilities
(2,405)
(2,405)
Net assets
463,150
530,287
Capital and reserves
Called up share capital
765,501
765,501
Profit and loss reserves
(302,351)
(235,214)
Total equity
463,150
530,287
J & S DAVIS LIMITED
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 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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved and signed by the director and authorised for issue on 24 January 2025
D Davis
Director
Company registration number 07962996 (England and Wales)
J & S DAVIS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
- 3 -
1
Accounting policies
Company information
J & S Davis Limited is a private company limited by shares incorporated in England and Wales. The registered office is 5 Whitworth Road, Stevenage, Hertfordshire, SG1 4QS.
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. The principal accounting policies adopted are set out below.
The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.
1.2
Going concern
Atruet the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues 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 provided in the normal course of business, and is shown net of VAT where applicable. 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).
1.4
Intangible fixed assets - goodwill
Goodwill, being the amount paid in connection with the acquisition of a business, is being amortised evenly over its estimated remaining useful life of 10 years from the beginning of 1 May 2017.
1.5
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:
Building works & improvements
15% Straight line
Office Equipment
20% Straight line
Fixtures and fittings
20% Straight line
Computer equipment
25% Straight line
Website Developm't
20% Straight line
J & S DAVIS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 4 -
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.
1.6
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
1.7
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.
1.8
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.
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.
J & S DAVIS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 5 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
16
13
3
Intangible fixed assets
Goodwill
£
Cost
At 1 May 2023 and 30 April 2024
1,755,851
Amortisation and impairment
At 1 May 2023
1,346,243
Amortisation charged for the year
102,403
At 30 April 2024
1,448,646
Carrying amount
At 30 April 2024
307,205
At 30 April 2023
409,608
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Website Developm't
Total
£
£
£
£
Cost
At 1 May 2023
65,480
263,316
37,353
366,149
Additions
4,372
6,700
11,072
At 30 April 2024
65,480
267,688
44,053
377,221
Depreciation and impairment
At 1 May 2023
60,207
218,925
30,217
309,349
Depreciation charged in the year
2,746
20,667
4,474
27,887
At 30 April 2024
62,953
239,592
34,691
337,236
Carrying amount
At 30 April 2024
2,527
28,096
9,362
39,985
At 30 April 2023
5,273
44,391
7,136
56,800
J & S DAVIS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 6 -
5
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
100
100
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
576,069
408,783
Amounts owed by group undertakings
191,650
138,922
Other debtors
81,094
89,343
848,813
637,048
7
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
40,000
40,000
Trade creditors
659,409
400,335
Taxation and social security
243,621
196,820
Other creditors
258,783
380,522
1,201,813
1,017,677
8
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
40,000
80,000
Other creditors
185,000
125,000
225,000
205,000
9
Financial commitments, guarantees and contingent liabilities
A debenture charge dated 7 July 2023 is held by RBS Invoice Finance Limited and is secured on all monies due or to become due and is held over trade debtors and fixed assets.
On 15 April 2020, the company secured a CBILS loan repayable over 6 years with a 1 year capital repayment and interest holiday. The loan bears a fixed interest of 6.5% per annum for the first 5 years.
J & S DAVIS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 7 -
10
Operating lease commitments
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2024
2023
£
£
Within one year
184,548
113,463
Between two and five years
468,743
360,033
653,291
473,496
11
Related party transactions
Included in Creditors is a loan of £185,000 (2023: £185,000) owed to Mr D Davis, a director of the company. Interest is charged on the loan at 4% per annum. Interest paid in the year was £8,723 (2023: £8,723).
Included in Debtors is a loan of £191,650 (2023: £138,922) owed by the parent company, DD Healthcare Services Limited. This loan is interest free and repayable on demand.
During the year, the company paid a management charge of £80,000 (2023: £72,000) to DD Healthcare Services Limited.
12
Parent company
The parent company is DD Healthcare Services Limited, a company registered in England & Wales.
The ultimate controlling party is D Davis as the sole shareholder of the parent company, DD Healthcare Services Limited.