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Registration number: 03657952

D.C. and C.P. Myers Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 October 2024

 

D.C. and C.P. Myers Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

D.C. and C.P. Myers Limited

Company Information

Directors

D C Myers

Mrs C P Myers

Mrs P L Bannister

Mrs R M Moors

I T Moors

M F Bannister

Company secretary

D C Myers

Registered office

Orchard House
4a St Marys Lane
Louth
Lincolnshire
LN11 0DT

 

D.C. and C.P. Myers Limited

(Registration number: 03657952)
Balance Sheet as at 31 October 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

1,526

1,884

Investment property

5

394,500

373,586

 

396,026

375,470

Current assets

 

Debtors

6

2,556

70

Cash at bank and in hand

 

3,225

5,119

 

5,781

5,189

Creditors: Amounts falling due within one year

7

(282,479)

(293,938)

Net current liabilities

 

(276,698)

(288,749)

Total assets less current liabilities

 

119,328

86,721

Creditors: Amounts falling due after more than one year

7

(19,752)

(19,832)

Provisions for liabilities

(13,925)

(10,020)

Net assets

 

85,651

56,869

Capital and reserves

 

Called up share capital

100

100

Revaluation reserve

58,129

41,189

Retained earnings

27,422

15,580

Shareholders' funds

 

85,651

56,869

For the financial year ending 31 October 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

 

D.C. and C.P. Myers Limited

(Registration number: 03657952)
Balance Sheet as at 31 October 2024

Approved and authorised by the Board on 14 February 2025 and signed on its behalf by:
 

.........................................
D C Myers
Director

.........................................
Mrs C P Myers
Director

 
     
 

D.C. and C.P. Myers Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales, registration number 03657952. These financial statements cover the individual entity, D.C and C.P Myers Limited.

The address of its registered office is:
Orchard House
4a St Marys Lane
Louth
Lincolnshire
LN11 0DT

These financial statements were authorised for issue by the Board on 14 February 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 including Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest pound.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

D.C. and C.P. Myers Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures and Fittings

15% reducing balance or 33% straight line

Motor Vehicles

25% reducing balance

Office equipment

33% straight line

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by the directors. Changes in fair value are recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised at the transaction price less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

D.C. and C.P. Myers Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 6 (2023 - 6).

 

D.C. and C.P. Myers Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024

4

Tangible assets

Fixtures and fittings
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 November 2023

4,504

1,471

971

6,946

Additions

102

128

-

230

Disposals

-

(140)

-

(140)

At 31 October 2024

4,606

1,459

971

7,036

Depreciation

At 1 November 2023

3,927

771

364

5,062

Charge for the year

99

281

-

380

Eliminated on disposal

-

(84)

152

68

At 31 October 2024

4,026

968

516

5,510

Carrying amount

At 31 October 2024

580

491

455

1,526

At 31 October 2023

577

700

607

1,884

5

Investment properties

2024
£

At 1 November

373,586

Fair value adjustments

20,914

At 31 October

394,500

There has been no valuation of investment property by an independent valuer.

The carrying value of the investment properties, if these hadn't previously been revalued, would be £322,735 (2023: £322,735)

6

Debtors

Current

2024
£

2023
£

Prepayments

2,556

70

 

2,556

70

 

D.C. and C.P. Myers Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

2,400

2,400

Trade creditors

 

1,276

162

Taxation and social security

 

2,846

680

Accruals and deferred income

 

1,621

7,278

Other creditors

 

274,336

283,418

 

282,479

293,938

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

19,752

19,832

2024
£

2023
£

Due after more than five years

After more than five years by instalments

10,152

10,232

-

-

8

Reserves

The changes to each component of equity resulting from items of other comprehensive income for the current year were as follows:

Revaluation reserve
£

Total
£

Surplus/deficit on property, plant and equipment revaluation

16,940

16,940

 

D.C. and C.P. Myers Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024

9

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

19,752

19,832

Current loans and borrowings

2024
£

2023
£

Bank borrowings

2,400

2,400

10

Financial commitments, guarantees and contingencies

Amounts disclosed in the balance sheet

Included in the balance sheet are financial commitments of £22,152 (2023 - £22,232). The mortgage is securred on the assets to which it relates.