|
Registered number: 00812036
MANSEL DAVIES & SON LIMITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 31 JANUARY 2025
|
|
MANSEL DAVIES & SON LIMITED
REGISTERED NUMBER: 00812036
BALANCE SHEET
AS AT 31 JANUARY 2025
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debtors: amounts falling due within one year
|
|
|
|
|
|
|
|
|
|
|
|
|
Creditors: amounts falling due within one year
|
|
|
|
|
|
Net current assets/(liabilities)
|
|
|
|
|
|
Total assets less current liabilities
|
|
|
|
|
|
Creditors: amounts falling due after more than one year
|
|
|
|
|
|
Provisions for liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MANSEL DAVIES & SON LIMITED
REGISTERED NUMBER: 00812036
BALANCE SHEET (CONTINUED)
AS AT 31 JANUARY 2025
The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 14 July 2025.
The notes on pages 3 to 13 form part of these financial statements.
|
|
MANSEL DAVIES & SON LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025
Mansel Davies & Son Limited is a private company, limited by shares, registered in England and Wales. The company's registered number is 00812036 and the registered office is Station Yard, Llanfyrnach, Pembrokeshire, SA35 0BZ.
The financial statements are presented in Sterling (£), the company's functional currency, and rounded to the nearest pound.
2.Accounting policies
|
|
|
Basis of preparation of financial statements
|
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.
The following principal accounting policies have been applied:
The going concern basis of the preparation of the financial statements has been considered from a group perspective. The group meets its day to day working capital requirements through a group overdraft facility and the use of invoice discounting. In addition, a group shareholder has pledged continued financial support to ensure working capital requirements are met, although this support is not legally binding. After making enquiries, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the financial statements
|
|
|
Preparation of consolidated financial statements
|
The financial statements contain information about Mansel Davies & Son Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 400 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it and its subsidiary undertaking are included by full consolidation in the consolidated financial statements of its parent, MDS Distribution Limited.
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.
Turnover represents the invoiced value of goods and services supplied, excluding value added tax and trade discounts. In respect of goods, revenue is recognised when the goods are delivered and in respect of services the sale is recognised once that service has been completed.
|
|
MANSEL DAVIES & SON LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025
2.Accounting policies (continued)
|
|
|
Current and deferred taxation
|
The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.
Depreciation is provided on the following basis:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2-10 years straight line/reducing balance
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
|
|
MANSEL DAVIES & SON LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025
2.Accounting policies (continued)
|
|
|
Investment in subsidiaries
|
Investments in subsidiary undertakings are recognised at cost.
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.
At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.
|
|
|
Pension costs and other post-retirement benefits
|
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.
When employees have rendered service to the company, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service.
|
|
|
Hire purchase and leasing commitments
|
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held . under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is shorter.
The interest element of those obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.
|
|
|
Operating lease agreements
|
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profits on a straight line basis over the period of the lease.
|
|
|
Financing of trade debtors
|
The company has in place an invoice discounting arrangement. Invoices which are subject to this arrangement form part of the trade debtors balance, with amounts due to the finance.company in respect of advances included in creditors due within one year.
|
|
MANSEL DAVIES & SON LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025
2.Accounting policies (continued)
|
|
|
Non-derivative financial instruments
|
Non-derivative financial instruments comprise trade and other debtors, cash and cash equivalents, trade and other creditors and interest free loans.
Unless otherwise stated, the carrying value of the company's financial assets and liabilities are a reasonable approximation of their fair values.
Debtors
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
Creditors
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
Cash and cash equivalents
Cash and cash equivalents in the balance sheet comprise cash at bank and in hand. For the purpose of the cash flow statement, cash and cash equivalents are net of bank overdrafts which are repayable on demand.
Bank overdraft
The bank overdraft is recorded at amortised cost.
Interest-bearing borrowings
Interest-bearing borrowings are stated at amortised cost using the effective interest method.
Preference shares
Preference shares are stated at amortised cost using the effective interest method.
|
|
MANSEL DAVIES & SON LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025
2.Accounting policies (continued)
|
|
|
Provisions for liabilities
|
Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
Increases in provisions are generally charged as an expense to profit or loss.
|
|
The average monthly number of employees, including the directors, during the year was as follows:
|
|
|
MANSEL DAVIES & SON LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Charge for the year on owned assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The company elected to adopt the transitional exemption of FRS 102 and has used the freehold properties' previous valuation as deemed cost. The freehold property at Station Yard includes buildings from which the company's subsidiary operate, the company has chosen not to reclassify these as investment properties and include at fair value each year as it would be unpracticable to do so without undue cost or effort. If freehold property had not been revalued they would have been included at the following historical cost:
|
|
|
The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MANSEL DAVIES & SON LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025
|
|
|
|
|
If freehold property had not been revalued they would have been included at the following historical cost:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Freehold property and other property have been pledged as security in respect of the bank borrowings.
|
|
|
Shares in group under-takings
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amounts owed by group undertakings
|
|
|
|
|
|
|
|
|
|
Prepayments and accrued income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MANSEL DAVIES & SON LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025
|
|
Creditors: Amounts falling due within one year
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amounts owed to group undertakings
|
|
|
|
|
Other taxation and social security
|
|
|
|
|
Obligations under finance lease and hire purchase contracts
|
|
|
|
|
|
|
|
|
|
Accruals and deferred income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MANSEL DAVIES & SON LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025
|
|
Creditors: Amounts falling due after more than one year
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net obligations under finance leases and hire purchase contracts
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The following liabilities were secured:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Details of security provided:
The bank borrowings are secured by the following:
- a fixed charge over the group's freehold land and buildings;
- a floating charge over the company's assets;
- a fixed charge over properties owned by the late Mr D M K Davies (previously a shareholder of the parent company);
Amounts owed in respect of hire purchase and finance lease obligations are secured on the assets to which they relate.
There are two bank loans:
- One bank loan interest is charged at 3.50% Margin plus Base Rate and is repayable by instalments due to be repaid over 6 years from drawdown of December 2020.
- One bank loan is charged at 2.85% over LIBOR and is repayment by instalments and are due to be repaid within the next five years.
|
There is a cross guarantee between Mansel Davies & Son Limited and its other group companies, namely, Truck & Bus Cymru Limited, Pembrokeshire Freight Limited as well as its ultimate parent company, MDS Distribution Limited. The guarantee is unlimited as the bank facility is reviewed on a group basis. The aggregate level of overdraft and loans for the group at the 31 January 2025 amounted to £3,119,491 (2024: £4,180,136).
|
|
MANSEL DAVIES & SON LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025
|
|
|
|
|
|
|
|
|
|
|
|
|
Charged to profit or loss
|
|
|
|
|
|
|
The provision for deferred taxation is made up as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accelerated capital allowances
|
|
|
|
|
|
|
|
|
|
Directors' advances, credits and guarantees
|
|
|
The following advances and credits to a director subsisted during the years ended 31 January 2025 and 31 January 2024:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance outstanding at the start of the year
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance outstanding at the end of year
|
|
|
The company is a 100% owned subsidiary of MDS Distribution Limited, a company incorporated in the United Kingdom, whose registered office is at Station Yard, Llanfyrnach, Pembrokeshire, SA35 0BZ. The consolidated financial statements are available at the parent company's registered office.
|
|
MANSEL DAVIES & SON LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025
The auditor's report on the financial statements for the year ended 31 January 2025 was unqualified.
The audit report was signed on 15 August 2025 by James Edward Dobson BSc (Hons) FCA (Senior Statutory Auditor) on behalf of MHA Audit Services LLP.
MHA is the trading name of MHA Audit Services LLP, a limited liability partnership in England and Wales (registered number OC455542).
|