Company registration number 07334164 (England and Wales)
RHODRI DAVIES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
PAGES FOR FILING WITH REGISTRAR
RHODRI DAVIES LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
RHODRI DAVIES LIMITED
BALANCE SHEET
AS AT
31 AUGUST 2024
31 August 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
4
430,568
430,568
Tangible assets
5
1,115
1,486
431,683
432,054
Current assets
Debtors
6
63,659
190,222
Cash at bank and in hand
28,200
84
91,859
190,306
Creditors: amounts falling due within one year
Loans and overdrafts
242,468
302,594
Obligations under finance leases
-
0
8,829
Taxation and social security
53,825
40,142
Other creditors
7
3,545
-
0
299,838
351,565
Net current liabilities
(207,979)
(161,259)
Total assets less current liabilities
223,704
270,795
Provisions for liabilities
(279)
(282)
Net assets
223,425
270,513
Capital and reserves
Called up share capital
8
1,000
1,000
Profit and loss reserves
222,425
269,513
Total equity
223,425
270,513

The notes on pages 3 to 7 form part of these financial statements.

RHODRI DAVIES LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 AUGUST 2024
31 August 2024
- 2 -

For the financial year ended 31 August 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 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 March 2025
..............................................
Mr Rhodri Davies
Director
Company registration number 07334164 (England and Wales)
RHODRI DAVIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
- 3 -
1
Accounting policies
Company information

Rhodri Davies Limited is a private company limited by shares incorporated in England and Wales. The registered office is Celtic House, Caxton Place, Cardiff, South Glamorgan, CF23 8HA.

1.1
Accounting convention

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, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised 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. 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), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

1.3
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life.

 

 

1.4
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:

Plant and equipment
25% Reducing Balance
Fixtures and fittings
25% Reducing Balance
Computers
33% Straight Line

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.

RHODRI DAVIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
1
Accounting policies
(Continued)
- 4 -
1.5
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date 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 is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.6
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.7
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
12
11
RHODRI DAVIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 5 -
3
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
53,825
40,142
Deferred tax
Origination and reversal of timing differences
(4)
(94)
Total tax charge
53,821
40,048

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
Profit before taxation
216,733
187,648
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 25.00%)
54,183
46,912
Tax effect of expenses that are not deductible in determining taxable profit
40
54
Depreciation on assets not qualifying for tax allowances
93
124
Tax at marginal rate
(491)
(383)
Deferred Tax
(4)
(94)
Difference in Tax Rates
-
0
(6,565)
Taxation charge for the year
53,821
40,048
4
Intangible fixed assets
Goodwill
£
Cost
At 1 September 2023 and 31 August 2024
797,235
Amortisation and impairment
At 1 September 2023 and 31 August 2024
366,667
Carrying amount
At 31 August 2024
430,568
At 31 August 2023
430,568
RHODRI DAVIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 6 -
5
Tangible fixed assets
Plant and equipment
Fixtures and fittings
Computers
Total
£
£
£
£
Cost
At 1 September 2023 and 31 August 2024
42,852
4,443
11,876
59,171
Depreciation and impairment
At 1 September 2023
41,623
4,186
11,876
57,685
Depreciation charged in the year
307
64
-
0
371
At 31 August 2024
41,930
4,250
11,876
58,056
Carrying amount
At 31 August 2024
922
193
-
0
1,115
At 31 August 2023
1,229
257
-
0
1,486
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
812
259
Other debtors
61,404
189,211
Prepayments and accrued income
1,443
752
63,659
190,222
7
Other creditors falling due within one year
2024
2023
£
£
Other creditors
3,545
-
0
8
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
of £1 each
1,000
1,000
1,000
1,000
9
Related party transactions

At the reporting date, the company owed the director £3,545 (2023: the director owed the company £127,807).

 

Dividends were paid totalling £210,000 (2023: 361,759).

 

 

 

RHODRI DAVIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 7 -
10
Parent company

The company's ultimate controlling party is Mr R Davies, by virtue of his 100% ownership of the issued share capital in the company.

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