REGISTERED NUMBER: |
DAVID DAVIES RESOURCES LTD |
STRATEGIC REPORT, |
REPORT OF THE DIRECTORS AND |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MAY 2024 |
REGISTERED NUMBER: |
DAVID DAVIES RESOURCES LTD |
STRATEGIC REPORT, |
REPORT OF THE DIRECTORS AND |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MAY 2024 |
DAVID DAVIES RESOURCES LTD (REGISTERED NUMBER: 07266151) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MAY 2024 |
Page |
Company Information | 1 |
Strategic Report | 2 |
Report of the Directors | 3 |
Report of the Independent Auditors | 5 |
Statement of Income and Retained Earnings | 9 |
Statement of Financial Position | 10 |
Statement of Cash Flows | 12 |
Notes to the Statement of Cash Flows | 13 |
Notes to the Financial Statements | 15 |
DAVID DAVIES RESOURCES LTD |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 MAY 2024 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
St Andrews House |
Yale Business Village |
Ellice Way |
Wrexham |
LL13 7YL |
DAVID DAVIES RESOURCES LTD (REGISTERED NUMBER: 07266151) |
STRATEGIC REPORT |
FOR THE YEAR ENDED 31 MAY 2024 |
The directors present their strategic report for the year ended 31 May 2024. |
REVIEW OF THE BUSINESS |
The Directors are satisfied with the results for the year given the competitive pressures that prevailed in the market place. During the year the company invested in buildings, plant and equipment to commence free range egg production. |
The company's key financial indicators during the year were as follows: |
2024 | 2023 |
£ | £ |
Turnover | 15,873,547 | 13,528,669 |
Operating profit | 974,296 | 2,249,002 |
Profit before tax | 510,309 | 2,078,054 |
PRINCIPAL RISKS AND UNCERTAINTIES |
The general risks and uncertainties facing the company are the general competitive pressures in the market place. |
FUTURE DEVELOPMENTS |
The Company will continue to focus on improving margins and to grow profits. Further expansion of the free range egg production is ongoing. |
ON BEHALF OF THE BOARD: |
11 April 2025 |
DAVID DAVIES RESOURCES LTD (REGISTERED NUMBER: 07266151) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 31 MAY 2024 |
The directors present their report with the financial statements of the company for the year ended 31 May 2024. |
PRINCIPAL ACTIVITIES |
The principal activities of the company in the year under review were those of Provision of staff, production, packing and selling of eggs and production and selling of milk. |
DIVIDENDS |
Final dividends were paid during the year of £NIL: (2023: £NIL). |
RESEARCH AND DEVELOPMENT |
A Research and Development claim has been made for the year ended 31 May 2024 , which results in an enhanced expenditure claim of £1,143,760. This will create a Taxable Trading loss,. Group relief is being claimed and the balance of losses will be carried forward. |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 June 2023 to the date of this report. |
Other changes in directors holding office are as follows: |
STRATEGIC REPORT |
The company has chosen in accordance with Companies Act 2006,s. 414C(11) to set out in the company's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008,Sch.7, to be contained in the directors' report. It has done so in respect of risks and future developments. |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations. |
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
DAVID DAVIES RESOURCES LTD (REGISTERED NUMBER: 07266151) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 31 MAY 2024 |
STATEMENT OF DIRECTORS' RESPONSIBILITIES - continued |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
AUDITORS |
The auditors, Xeinadin Audit Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
ON BEHALF OF THE BOARD: |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
DAVID DAVIES RESOURCES LTD |
Opinion |
We have audited the financial statements of David Davies Resources Ltd (the 'company') for the year ended 31 May 2024 which comprise the Statement of Income and Retained Earnings, Statement of Financial Position, Statement of Cash Flows and Notes to the Statement of Cash Flows, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
_ |
In our opinion the financial statements: |
- | give a true and fair view of the state of the company's affairs as at 31 May 2024 and of its profit for the year then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
Conclusions relating to going concern |
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. |
Other information |
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
DAVID DAVIES RESOURCES LTD |
Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors. |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of directors' remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on pages three and four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
DAVID DAVIES RESOURCES LTD |
Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
- Enquiry of management and those charged with governance around actual and potential litigation and claims; |
- Reviewing minutes of meetings of those charged with governance; |
- Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias; |
- Enquiry of management and those charged with governance to identify any instances of non-compliance with laws and regulations. |
The potential effect of these laws and regulations on the financial statements varies considerably. |
Firstly, the group and company is subject to laws and regulations that directly affect the financial statements including financial reporting legislation (including related companies legislation), distributable profits legislation and taxation legislation and we assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items. |
Secondly, the group and company is subject to many other laws and regulations where the consequence of non-compliance could have a material effect on amounts or disclosures in the financial statements, for instance the imposition of fines or litigation or the loss of the company's license to operate. Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the directors and other management and inspection of regulatory and legal correspondence, if any. Therefore, if a breach of operational regulations is not disclosed to us or evident from relevant correspondence, an audit will not detect that breach. |
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. |
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit." |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
DAVID DAVIES RESOURCES LTD |
Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
for and on behalf of |
St Andrews House |
Yale Business Village |
Ellice Way |
Wrexham |
LL13 7YL |
DAVID DAVIES RESOURCES LTD (REGISTERED NUMBER: 07266151) |
STATEMENT OF INCOME AND |
RETAINED EARNINGS |
FOR THE YEAR ENDED 31 MAY 2024 |
2024 | 2023 |
Notes | £ | £ |
TURNOVER |
Cost of sales |
GROSS PROFIT |
Administrative expenses |
OPERATING PROFIT | 4 |
Interest receivable and similar income |
976,514 | 2,250,114 |
Interest payable and similar expenses | 5 |
PROFIT BEFORE TAXATION |
Tax on profit | 6 | ( |
) |
PROFIT FOR THE FINANCIAL YEAR |
Retained earnings at beginning of year |
RETAINED EARNINGS AT END OF YEAR |
DAVID DAVIES RESOURCES LTD (REGISTERED NUMBER: 07266151) |
STATEMENT OF FINANCIAL POSITION |
31 MAY 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 7 |
Tangible assets | 8 |
CURRENT ASSETS |
Stocks | 9 |
Debtors | 10 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 11 |
NET CURRENT (LIABILITIES)/ASSETS | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
12 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 16 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 17 |
Retained earnings | 18 |
SHAREHOLDERS' FUNDS |
DAVID DAVIES RESOURCES LTD (REGISTERED NUMBER: 07266151) |
STATEMENT OF FINANCIAL POSITION - continued |
31 MAY 2024 |
The financial statements were approved by the Board of Directors and authorised for issue on |
DAVID DAVIES RESOURCES LTD (REGISTERED NUMBER: 07266151) |
STATEMENT OF CASH FLOWS |
FOR THE YEAR ENDED 31 MAY 2024 |
2024 | 2023 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 |
Interest paid | ( |
) | ( |
) |
Tax paid |
Net cash from operating activities |
Cash flows from investing activities |
Purchase of intangible fixed assets | ( |
) |
Purchase of tangible fixed assets | ( |
) | ( |
) |
Interest received |
Net cash from investing activities | ( |
) | ( |
) |
Cash flows from financing activities |
New loans in year |
Capital repayments in year | ( |
) | ( |
) |
Net cash from financing activities |
Decrease in cash and cash equivalents | ( |
) | ( |
) |
Cash and cash equivalents at beginning of year |
2 |
462,070 |
Cash and cash equivalents at end of year |
2 |
( |
) |
281,775 |
DAVID DAVIES RESOURCES LTD (REGISTERED NUMBER: 07266151) |
NOTES TO THE STATEMENT OF CASH FLOWS |
FOR THE YEAR ENDED 31 MAY 2024 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
2024 | 2023 |
£ | £ |
Profit before taxation |
Depreciation charges |
Finance costs | 466,205 | 172,060 |
Finance income | (2,218 | ) | (1,112 | ) |
2,621,115 | 3,060,253 |
Increase in stocks | ( |
) | ( |
) |
Decrease/(increase) in trade and other debtors | ( |
) |
Increase in trade and other creditors |
Cash generated from operations |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts: |
Year ended 31 May 2024 |
31.5.24 | 1.6.23 |
£ | £ |
Cash and cash equivalents | 20,674 | 281,775 |
Bank overdrafts | ( |
) |
(295,126 | ) | 281,775 |
Year ended 31 May 2023 |
31.5.23 | 1.6.22 |
£ | £ |
Cash and cash equivalents | 281,775 | 462,070 |
DAVID DAVIES RESOURCES LTD (REGISTERED NUMBER: 07266151) |
NOTES TO THE STATEMENT OF CASH FLOWS |
FOR THE YEAR ENDED 31 MAY 2024 |
3. | ANALYSIS OF CHANGES IN NET DEBT |
At 1.6.23 | Cash flow | At 31.5.24 |
£ | £ | £ |
Net cash |
Cash at bank | 281,775 | (261,101 | ) | 20,674 |
Bank overdrafts | - | (315,800 | ) | (315,800 | ) |
281,775 | ( |
) | (295,126 | ) |
Debt |
Finance leases | (1,843,840 | ) | (335,481 | ) | (2,179,321 | ) |
Debts falling due within 1 year | - | (252,000 | ) | (252,000 | ) |
Debts falling due after 1 year | (2,701,354 | ) | (3,035,403 | ) | (5,736,757 | ) |
(4,545,194 | ) | (3,622,884 | ) | (8,168,078 | ) |
Total | (4,263,419 | ) | (4,199,785 | ) | (8,463,204 | ) |
DAVID DAVIES RESOURCES LTD (REGISTERED NUMBER: 07266151) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MAY 2024 |
1. | STATUTORY INFORMATION |
David Davies Resources Ltd is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus, the directors continue to adopt the going concern basis of accounting in preparing the financial statements. |
The financial statements of the company are consolidated in the financial statements of Andrew C Davies Holdings Limited. These consolidated financial statement are available from its registered office, Astley Grange, Astley, Shrewsbury, Shropshire, England, SY4 4BS |
Turnover |
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the company , and the revenue can be reliably measured once the goods or services are provided to the customer. |
Turnover is measured at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. |
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
Basic Payment entitlement are being amortised evenly over its estimated useful life of 5 years. |
Tangible fixed assets |
Improvements to property | - |
Plant and machinery | - |
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses. |
DAVID DAVIES RESOURCES LTD (REGISTERED NUMBER: 07266151) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MAY 2024 |
2. | ACCOUNTING POLICIES - continued |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
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. |
Research and development |
Expenditure on research and development is written off in the year in which it is incurred. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
Retirement benefits |
The company operates a defined contribution pension scheme. |
Contributions payable to the company's pension scheme are charged to the profit and loss in the period to which they relate. |
3. | EMPLOYEES AND DIRECTORS |
DAVID DAVIES RESOURCES LTD (REGISTERED NUMBER: 07266151) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MAY 2024 |
2024 | 2023 |
£ | £ |
Wages and salaries | 2,161,933 | 2,035,784 |
Redundancy | - | - |
Social security costs less statutory pay reclaimed | 199,800 | 173,197 |
Pension cost | 63,833 | 68,894 |
Sickness insurance claims | - | (4,817 | ) |
2,425,566 | 2,273,058 |
The key management personnel comprise of the directors |
The average number of employees during the year was as follows: |
2024 | 2023 |
Average number of employees | 79 | 73 |
2024 | 2023 |
£ | £ |
. |
Directors' remuneration | 188,485 | 173,683 |
No Directors are accruing pension benefits. |
4. | OPERATING PROFIT |
The operating profit is stated after charging: |
2024 | 2023 |
£ | £ |
Contract labour |
Depreciation - owned assets |
Depreciation - assets on hire purchase contracts |
Basic payment scheme entitlements amortisation |
Auditors' remuneration |
Auditors' remuneration |
- underprovided previous years |
Increase in stock |
DAVID DAVIES RESOURCES LTD (REGISTERED NUMBER: 07266151) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MAY 2024 |
5. | INTEREST PAYABLE AND SIMILAR EXPENSES |
2024 | 2023 |
£ | £ |
Bank charges and loan interest |
HP interest |
6. | TAXATION |
Analysis of the tax (credit)/charge |
The tax (credit)/charge on the profit for the year was as follows: |
2024 | 2023 |
£ | £ |
Deferred tax | ( |
) |
Tax on profit | ( |
) |
Reconciliation of total tax (credit)/charge included in profit and loss |
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below: |
2024 | 2023 |
£ | £ |
Profit before tax |
Profit multiplied by the standard rate of corporation tax in the UK of |
Effects of: |
Expenses not deductible for tax purposes |
Depreciation in excess of capital allowances |
R&D Claim | ( |
) | ( |
) |
Group Surrender - losses |
Tax losses brought forward | ( |
) | ( |
) |
Total tax (credit)/charge | (40,028 | ) | 44,280 |
DAVID DAVIES RESOURCES LTD (REGISTERED NUMBER: 07266151) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MAY 2024 |
7. | INTANGIBLE FIXED ASSETS |
Basic |
payment |
scheme |
entitlements |
£ |
COST |
At 1 June 2023 |
Additions |
At 31 May 2024 |
AMORTISATION |
At 1 June 2023 |
Amortisation for year |
At 31 May 2024 |
NET BOOK VALUE |
At 31 May 2024 |
At 31 May 2023 |
8. | TANGIBLE FIXED ASSETS |
Improvements |
Freehold | to | Plant and |
property | property | machinery | Totals |
£ | £ | £ | £ |
COST |
At 1 June 2023 |
Additions |
At 31 May 2024 |
DEPRECIATION |
At 1 June 2023 |
Charge for year |
At 31 May 2024 |
NET BOOK VALUE |
At 31 May 2024 |
At 31 May 2023 |
DAVID DAVIES RESOURCES LTD (REGISTERED NUMBER: 07266151) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MAY 2024 |
8. | TANGIBLE FIXED ASSETS - continued |
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Improvements |
to | Plant and |
property | machinery | Totals |
£ | £ | £ |
COST |
At 1 June 2023 |
Additions |
Reclassification/transfer |
At 31 May 2024 |
DEPRECIATION |
At 1 June 2023 |
Charge for year |
At 31 May 2024 |
NET BOOK VALUE |
At 31 May 2024 |
At 31 May 2023 |
9. | STOCKS |
2024 | 2023 |
£ | £ |
Stocks |
10. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade debtors |
Other debtors |
VAT |
Prepayments and accrued income |
DAVID DAVIES RESOURCES LTD (REGISTERED NUMBER: 07266151) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MAY 2024 |
11. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans and overdrafts (see note 13) |
Hire purchase contracts (see note 14) |
Trade creditors |
Social security and other taxes |
Other creditors |
12. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans (see note 13) |
Hire purchase contracts (see note 14) |
13. | LOANS |
An analysis of the maturity of loans is given below: |
2024 | 2023 |
£ | £ |
Amounts falling due within one year or on demand: |
Bank overdrafts |
Bank loans - less than 1 yr |
Amounts falling due between one and two years: |
Bank loans - more than 1 yr |
Amounts falling due between two and five years: |
Bank loans - 2-5 years |
Amounts falling due in more than five years: |
Repayable by instalments |
Bank loans more 5 yr by instal | 1,907,181 | 2,701,354 |
DAVID DAVIES RESOURCES LTD (REGISTERED NUMBER: 07266151) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MAY 2024 |
14. | LEASING AGREEMENTS |
Minimum lease payments under hire purchase fall due as follows: |
2024 | 2023 |
£ | £ |
Net obligations repayable: |
Within one year |
Between one and five years |
15. | SECURED DEBTS |
The following secured debts are included within creditors: |
2024 | 2023 |
£ | £ |
Bank loans |
On 2 June 2021 Barclays Security Trustee Limited registered a charge at Companies House against the freehold property in relation to the bank loan. |
On the 1 March 2021 Barclays Security Trustee Limited registered fixed and floating charges at Companies House against all current and future assets and undertakings of the Company, a wholly owned subsidiary of Andrew C Davies Holdings Ltd. |
16. | PROVISIONS FOR LIABILITIES |
2024 | 2023 |
£ | £ |
Deferred tax | 157,657 | 197,685 |
Deferred |
tax |
£ |
Balance at 1 June 2023 |
Accelerated capital allowances | 2,308,480 |
R & D Claim - losses | (1,198,443 | ) |
Group surrender | 67,960 |
Losses brought forward | (1,218,025 | ) |
Balance at 31 May 2024 |
The deferred tax liability set out above is not expected to reverse completely within the next 12 months, and relates to accelerated capital allowance, losses created by R&D claim and adjusted for Group Surrender losses. |
DAVID DAVIES RESOURCES LTD (REGISTERED NUMBER: 07266151) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MAY 2024 |
17. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Ordinary | £1 | 1,000 | 1,000 |
18. | RESERVES |
Retained |
earnings |
£ |
At 1 June 2023 |
Profit for the year |
At 31 May 2024 |
19. | ULTIMATE PARENT COMPANY |
The Company is a wholly owned subsidiary of Andrew C. Davies Holdings Ltd, a company incorporated in England and Wales. |
Copies of the accounts can be obtained from the registered office. |
20. | RELATED PARTY DISCLOSURES |
The Company made a total of £950,332 (£1,082,291: 2023) sales to related parties. Included in this figure is a total of £17,684 (£21,143: 2023) interest received on loans due to the Company from related parties. Also included is the Company's interest on capital of £229,442 (£109,555: 2023) in it's membership in a Limited Liability Partnership. |
The Company made purchases from related parties of £8,387,032 (£6,473,739: 2023) during the year. |
Amounts due from related parties at the year end total £2,825,648 (£2,771,379: 2023) shown in Trade Debtors and Other Debtors. This figure includes the loan due from related parties and the Company's member's balance due from the Limited Liability Partnership. |
Amounts due to related parties at the year end amounts to £1,270,788 (£849,357: 2023) shown in Trade Creditors. |
Included in Other Creditors is £2,370,840 (£2,370,840: 2023) interest free loan from a related party. This is repayable on demand. |
All transactions between related parties has been under normal marketing conditions. |
DAVID DAVIES RESOURCES LTD (REGISTERED NUMBER: 07266151) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MAY 2024 |
21. | ULTIMATE CONTROLLING PARTY |
The company is under the control of Mr A C Davies and family, who own 100% of the issued share capital of Andrew C. Davies Holdings Ltd, the Ultimate Parent Company. |