Davies Richards Developments Ltd Filleted accounts for Companies House (small and micro)

DAVIES RICHARDS DEVELOPMENTS LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 03876737

Davies Richards Developments Ltd

Filleted Unaudited Financial Statements

30 June 2018

Davies Richards Developments Ltd

Financial Statements

Year ended 30 June 2018

CONTENTS	PAGE

Officers and Professional Advisers	1

Statement of Financial Position	2

Notes to the Financial Statements	4

Davies Richards Developments Ltd

Officers and Professional Advisers

The board of directors	Mr C M Davies
	Mr H A Richards
	Mrs S E Davies
	Mrs C Richards

Company secretary	Mr H A Richards

Registered office	42 Rhosmaen Street
	Llandeilo
	Carmarthenshire
	SA19 6HD

Accountants	James & Uzzell Ltd
	Chartered Certified Accountants
	Axis 15, Axis Court
	Mallard Way
	Riverside Business Park
	Swansea
	SA7 0AJ

Davies Richards Developments Ltd

Statement of Financial Position

30 June 2018

	2018	2017
Note	£	£

FIXED ASSETS

Tangible assets	4	112,000	112,000

CURRENT ASSETS

Debtors	5	33,692	33,696
Cash at bank and in hand		26,300	40,943
		--------	--------
		59,992	74,639

CREDITORS: amounts falling due within one year	6	4,516	12,209
		--------	--------
NET CURRENT ASSETS		55,476	62,430
		---------	---------
TOTAL ASSETS LESS CURRENT LIABILITIES		167,476	174,430
		---------	---------
NET ASSETS		167,476	174,430
		---------	---------

CAPITAL AND RESERVES

Called up share capital	7	4	4
Profit and loss account		167,472	174,426
		---------	---------
SHAREHOLDERS FUNDS		167,476	174,430
		---------	---------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.

For the year ending 30 June 2018 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 financial statements for the year in question in accordance with section 476 ;

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

Davies Richards Developments Ltd

Statement of Financial Position (continued)

30 June 2018

These financial statements were approved by the board of directors and authorised for issue on 24 March 2019 , and are signed on behalf of the board by:

Mr H A Richards

Director

Company registration number: 03876737

Davies Richards Developments Ltd

Notes to the Financial Statements

Year ended 30 June 2018

1. GENERAL INFORMATION

Davies Richards Developments Ltd is a private company limited by shares incorporated in England & Wales, United Kingdom. The address of the registered office is given in the company information on page 1 of these financial statements. The nature of the company's operations and principal activities are property rental.

2. STATEMENT OF COMPLIANCE

The financial statements have been prepared in accordance with applicable accounting standards including Financial Reporting Standard 102 'The Financial Reporting Standard Applicable in the UK and Republic of Ireland (FRS 102)', Section 1A for Small Entities and the Companies Act 2006.

3. ACCOUNTING POLICIES

Basis of preparation

The financial statements have been prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £1. The reporting period of these financial statements and its comparative period is 12 months. These financial statements only include the results of the individual entity made up to 30 June 2018. The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated. Compliance with accounting standards The financial statements have been prepared in accordance with applicable accounting standards. The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same financial statements.

Going concern

The directors have considered the future trading position of the company and are confident that the going concern principle can be applied to the financial statements.

Debtors and creditors receivable/payable within one year

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

Judgements and key sources of estimation uncertainty

The company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of asset and liabilities within the next financial year are addressed below. Impairment of debtors The company makes an estimate of the recoverable value of trade and other debtors. When assessing impairment of trade and other debtors, management considers factors including the current credit rating of the debtor, the ageing profile of debtors and historical experience.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Rental income Income from rentals is recognised in accordance with the terms of the relevant lease.

Income tax

Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date that are expected to apply to the reversal of timing differences. Deferred tax on revalued non-depreciable tangible fixed assets and investment properties is measured using the rates and allowances that apply to the sale of the asset.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Investment properties

Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure.

Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.

If a reliable measure of fair value is no longer available without undue cost or effort for an item of investment property, it shall be transferred to tangible assets and treated as such until it is expected that fair value will be reliably measurable on an on-going basis.

Impairment

Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

4. TANGIBLE ASSETS

	Land and buildings
	£
Cost
At 1 July 2017 and 30 June 2018	112,000
	---------
Depreciation
At 1 July 2017 and 30 June 2018	–
	---------
Carrying amount
At 30 June 2018	112,000
	---------
At 30 June 2017	112,000
	---------

Investment properties for which fair value can be measured reliably without undue cost or effort are measured at fair value at each reporting date with changes in fair value recognised in profit or loss. The methods and significant assumptions used to ascertain the fair value and the fair value movement included in the profit and loss for the year are as follows: The directors have established that the values in the accounts for Investment Properties are deemed reasonable based on their knowledge of current market conditions of similar properties in the area.

5. DEBTORS

	2018	2017
	£	£
Trade debtors	–	1
Other debtors	33,692	33,695
	--------	--------
	33,692	33,696
	--------	--------

6. CREDITORS: amounts falling due within one year

	2018	2017
	£	£
Trade creditors	–	2,161
Other creditors	4,516	10,048
	------	--------
	4,516	12,209
	------	--------

7. CALLED UP SHARE CAPITAL

Issued, called up and fully paid

	2018		2017
	No.	£	No.	£
A Ordinary Shares shares of £ 1 each	2	2	2	2
B Ordinary Shares shares of £ 1 each	2	2	2	2
	----	----	----	----
	4	4	4	4
	----	----	----	----

8. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

Included in other debtors at the year end is a balance of £25,691 due by the directors (2017:£25,691). No interest has been charged in relation to this balance.

9. RELATED PARTY TRANSACTIONS

During the year the company entered into transactions with related parties as follows: Entities with control, joint control or significant influence over the entity

	2018	2017
	£	£
Balances owing (to) entities with joint control	(1,164)	(2,480)

Other related parties

	2018	2017
	£	£
Balances owing (to) other related parties	–	(4,860)
Balances owing from other related parties	1,581	1,581