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Registered number: 05844324
Davis Groundworks Limited
Unaudited Financial Statements
For The Year Ended 31 March 2024
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 05844324
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 497,962 511,160
497,962 511,160
CURRENT ASSETS
Stocks 5 1,575 1,125
Debtors 6 146,219 145,739
Cash at bank and in hand 183,351 263,826
331,145 410,690
Creditors: Amounts Falling Due Within One Year 7 (342,623 ) (467,610 )
NET CURRENT ASSETS (LIABILITIES) (11,478 ) (56,920 )
TOTAL ASSETS LESS CURRENT LIABILITIES 486,484 454,240
PROVISIONS FOR LIABILITIES
Deferred Taxation (71,340 ) (73,948 )
NET ASSETS 415,144 380,292
CAPITAL AND RESERVES
Called up share capital 8 1 1
Profit and Loss Account 415,143 380,291
SHAREHOLDERS' FUNDS 415,144 380,292
Page 1
Page 2
For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mrs H J Dougan
Director
6 December 2024
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Davis Groundworks Limited is a private company, limited by shares, incorporated in England & Wales, registered number 05844324 . The registered office is Poulsons Farm, Marshfield, Chippenham, SN14 8AS.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 15% on Reducing Balance
Office Premises 0%
2.4. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.5. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
...CONTINUED
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2.5. Taxation - continued
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
2.6. Government Grant
Government grants are recognised in the profit and loss account in an appropriate manner that matches them with the expenditure towards which they are intended to contribute.
Grants for immediate financial support or to cover costs already incurred are recognised immediately in the profit and loss account. Grants towards general activities of the entity over a specific period are recognised in the profit and loss account over that period.
Grants towards fixed assets are recognised over the expected useful lives of the related assets and are treated as deferred income and released to the profit and loss account over the useful life of the asset concerned.
All grants in the profit and loss account are recognised when all conditions for receipt have been complied with.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 1 (2023: 2)
1 2
4. Tangible Assets
Plant & Machinery Office Premises Total
£ £ £
Cost
As at 1 April 2023 832,566 200,000 1,032,566
Additions 39,384 - 39,384
As at 31 March 2024 871,950 200,000 1,071,950
Depreciation
As at 1 April 2023 521,406 - 521,406
Provided during the period 52,582 - 52,582
As at 31 March 2024 573,988 - 573,988
Net Book Value
As at 31 March 2024 297,962 200,000 497,962
As at 1 April 2023 311,160 200,000 511,160
5. Stocks
2024 2023
£ £
Stock 1,575 1,125
Page 4
Page 5
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 129,150 145,735
Intercompany loan debtor 12,796 -
VAT 4,273 -
Director's loan account - 4
146,219 145,739
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 81,776 35,527
Corporation tax 29,770 46,015
Other taxes and social security 479 5,937
VAT - 25,011
Other creditors 230,120 336,120
Intercompany loan creditor - 19,000
Director's loan account 478 -
342,623 467,610
8. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 1 1
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