A C Davies Limited Filleted accounts for Companies House (small and micro)

A C DAVIES LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 5593405

A C Davies Limited

Filleted Unaudited Financial Statements

31 March 2019

A C Davies Limited

Financial Statements

Year ended 31 March 2019

Contents	Pages

Statement of financial position	1

Notes to the financial statements	2 to 5

A C Davies Limited

Statement of Financial Position

31 March 2019

	2019	2018
Note	£	£

Fixed assets

Intangible assets	5	21,167	22,880
Tangible assets	6	181,359	182,232
		---------	---------
		202,526	205,112

Current assets

Debtors	7	13,000	29,405
Cash at bank and in hand		–	2
		--------	--------
		13,000	29,407

Creditors: amounts falling due within one year	8	( 213,600)	( 168,261)
		---------	---------
Net current liabilities		( 200,600)	( 138,854)
		---------	---------
Total assets less current liabilities		1,926	66,258

Creditors: amounts falling due after more than one year	9	( 51,245)	( 105,031)
		--------	---------
Net liabilities		( 49,319)	( 38,773)
		--------	---------

Capital and reserves

Called up share capital	10	4	4
Profit and loss account		( 49,323)	( 38,777)
		--------	--------
Shareholders deficit		( 49,319)	( 38,773)
		--------	--------

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 income and retained earnings has not been delivered.

For the year ending 31 March 2019 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 .

These financial statements were approved by the board of directors and authorised for issue on 23 December 2019 , and are signed on behalf of the board by:

Mr AJ Davies	Mr JL Davies
Director	Director

Company registration number: 5593405

A C Davies Limited

Notes to the Financial Statements

Year ended 31 March 2019

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is The Ropewalk, Hakin, Milford Haven, Pembrokeshire, SA73 3LW.

2. Statement of compliance

These financial statements have been prepared in accordance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the Companies Act 2006.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss. The financial statements are prepared in sterling, which is the functional currency of the entity.

Going concern

The directors have a reasonable expectation that the company has adequate resources to continue operational existence for the foreseeable future. For this reason, the directors continue to adopt the going concern basis of accounting in preparing the annual financial statements.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Taxation

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

	Goodwill	-	4% straight line

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

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.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Plant & Equipment	-	25% reducing balance
Motor Vehicles	-	25% reducing balance
Office Equipment & Fixtures	-	25% reducing balance

No depreciation is provided on Property or Coal Yard Improvements.

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.

4. Tax on loss

Major components of tax expense/(income)

	2019	2018
	£	£

Current tax:

Adjustments in respect of prior periods	668	( 668)
	----	----
Tax on loss	668	( 668)
	----	----

5. Intangible assets

	Goodwill
	£
Cost
At 1 April 2018 and 31 March 2019	42,807
	--------
Amortisation
At 1 April 2018	19,927
Charge for the year	1,713
	--------
At 31 March 2019	21,640
	--------
Carrying amount
At 31 March 2019	21,167
	--------
At 31 March 2018	22,880
	--------

6. Tangible assets

	Property	Coal Yard Improvements	Plant & Equipment	Motor Vehicles	Office Equipment & Fixtures	Total
	£	£	£	£	£	£
Cost
At 1 Apr 2018 and 31 Mar 2019	122,591	56,149	17,454	18,710	91,812	306,716
	---------	--------	--------	--------	--------	---------
Depreciation
At 1 Apr 2018	–	–	16,698	17,735	90,051	124,484
Charge for the year	–	–	188	539	146	873
	---------	--------	--------	--------	--------	---------
At 31 Mar 2019	–	–	16,886	18,274	90,197	125,357
	---------	--------	--------	--------	--------	---------
Carrying amount
At 31 Mar 2019	122,591	56,149	568	436	1,615	181,359
	---------	--------	--------	--------	--------	---------
At 31 Mar 2018	122,591	56,149	756	975	1,761	182,232
	---------	--------	--------	--------	--------	---------

7. Debtors

	2019	2018
	£	£
Other debtors	13,000	29,405
	--------	--------

Other debtors include an amount of £Nil (2018 - £Nil) falling due after more than one year.

8. Creditors: amounts falling due within one year

	2019	2018
	£	£
Bank loans and overdrafts (secured)	20,001	31,186
Trade creditors	6,685	7,246
Corporation tax	–	5
Other creditors	186,914	129,824
	---------	---------
	213,600	168,261
	---------	---------

The bank facilities are secured by a fixed and floating charge over the assets of the company.

9. Creditors: amounts falling due after more than one year

	2019	2018
	£	£
Bank loans and overdrafts (secured)	51,245	105,031
	--------	---------

Included within creditors: amounts falling due after more than one year is an amount of £11,380 (2018: £19,692) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.

10. Called up share capital

Issued, called up and fully paid

	2019		2018
	No.	£	No.	£
Ordinary shares of £ 1 each	4	4	4	4
	----	----	----	----

11. Related party transactions

The company was under the control of Mr AJ Davies and Mr JL Davies , the managing directors and members of their close families throughout the current and previous year by virtue of their majority shareholdings. No transactions with related parties were undertaken such as are required to be disclosed under FRS 102.