2024-01-012024-12-312024-12-31false09444794Davy-Martin & Co. 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Davy-Martin & Co. Limited

Registered Number
09444794
(England and Wales)

Unaudited Financial Statements for the Year ended
31 December 2024

Davy-Martin & Co. Limited
Company Information
for the year from 1 January 2024 to 31 December 2024

Directors

Davy-Martin, Lee Philip
Davy-Martin, Lynn

Registered Address

First Floor
5 Fleet Place
London
EC4M 7RD

Registered Number

09444794 (England and Wales)
Davy-Martin & Co. Limited
Balance Sheet as at
31 December 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Tangible assets356,66378,908
Investments51,9091,876
Investment property4-417,589
58,572498,373
Current assets
Debtors4,194,184948,289
Cash at bank and on hand1,062,71127,790
5,256,895976,079
Creditors amounts falling due within one year6(4,919,107)(1,194,896)
Net current assets (liabilities)337,788(218,817)
Total assets less current liabilities396,360279,556
Net assets396,360279,556
Capital and reserves
Called up share capital211210
Share premium9,999-
Profit and loss account386,150279,346
Shareholders' funds396,360279,556
The financial statements were approved and authorised for issue by the Board of Directors on 21 February 2025, and are signed on its behalf by:
Davy-Martin, Lee Philip
Director
Registered Company No. 09444794
Davy-Martin & Co. Limited
Notes to the Financial Statements
for the year ended 31 December 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.
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).
Functional and presentation currency
The financial statements are presented in sterling and this is the functional currency of the company.
Going concern
After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis of accounting in preparing its financial statements.
Turnover policy
Turnover reflects income from investment property, equipment leasing and interest charged on loans made by the company.
Interest income
Interest income is recognised using the effective interest rate method.
Dividend income
Dividend income is recognised when the right to receive payment is established.
Employee benefits
Short-term employee benefits are measured at the undiscounted amount expected to be paid in exchange for the employee's services to the company. Where employees have accrued short-term benefits which the entity has not paid by the balance sheet date, an accrual is recognised within creditors: amounts falling due within one year together with an associated expense in profit or loss. The liabilities are classified as current obligations in the statement of financial position because they are expected to be settled wholly within twelve months after the end of the period.
Borrowing costs
Borrowing costs directly attributable to the acquisition, construction or production of qualifying assets, which are assets that necessarily take a substantial period of time to get ready for their intended use or sale, are added to the cost of those assets, until such time as the assets are substantially ready for their intended use or sale. Investment income earned on the temporary investment of specific borrowings pending their expenditure on qualifying assets is deducted from the borrowing costs eligible for capitalisation. All other borrowing costs are recognised in profit or loss in the period in which they are incurred.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Deferred tax
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.
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided on all tangible fixed assets as follows:

Straight line (years)
Plant and machinery4
Office Equipment4
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value where the difference between cost and fair value is material. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Investment property
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. The surplus or deficit on revaluation is recognised in profit or loss.
Trade and other 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.
Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less. Bank overdrafts are disclosed separately. For the purpose of the cash flow statement, bank overdrafts form an integral part of the company's cash management and are included as a component of cash and cash equivalents.
Trade and other 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.
Share capital
Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new ordinary shares or options are shown in equity as a deduction, net of tax, from the proceeds.
Related parties
For the purposes of these financial statements, a related party could be a person or an entity. Careful consideration is given to the definition of a related party to ensure that all related party relationships, transactions and balances are identified.
2.Average number of employees

20242023
Average number of employees during the year22
3.Tangible fixed assets

Plant & machinery

Office Equipment

Total

£££
Cost or valuation
At 01 January 2497,241-97,241
Additions-2,3972,397
At 31 December 2497,2412,39799,638
Depreciation and impairment
At 01 January 2418,333-18,333
Charge for year24,31033224,642
At 31 December 2442,64333242,975
Net book value
At 31 December 2454,5982,06556,663
At 31 December 2378,908-78,908
4.Investment property

£
Fair value at 01 January 24417,589
Disposals(417,589)
At 31 December 24-
5.Fixed asset investments

Other investments1

Total

££
Cost or valuation
At 01 January 241,8761,876
Additions3333
At 31 December 241,9091,909
Net book value
At 31 December 241,9091,909
At 31 December 231,8761,876

Notes

1Other investments other than loans
6.Creditors: amounts due within one year

2024

2023

££
Trade creditors / trade payables90370
Taxation and social security40,96238,480
Other creditors4,844,0891,122,081
Accrued liabilities and deferred income33,96633,965
Total4,919,1071,194,896
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.
7.Related party transactions
Within creditors is a balance of £4,512,719 (31 Dec 2023: £1,117,581) due to Lynn Davy-Martin, a Director and Shareholder of the Company. The balance is interest-free and repayable on demand. Within creditors is a balance of £275,000 (31 Dec 2023: £Nil) due to C Davy-Martin, a family member of the Directors. The balance is interest-bearing and repayable on demand. Within debtors is a balance of £187,500 (31 Dec 2023: £Nil) due from Montare LLP, a LLP in which the company is a member. The balance is interest-bearing and repayable on demand. Within debtors is a balance of £102,524 (31 Dec 2023: £Nil) due from K4 Lending Limited, a Limited Company in which Lee Davy-Martin is a Director. The balance is interest-free and repayable on demand.