DJ Davies Fuels Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 02472797 (England and Wales)

Unaudited Financial Statements for the Year Ended 30 April 2019

for

DJ Davies Fuels Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

A T J Davies

I D Davies

J H Davies

SECRETARY:

Mrs S L Roach

REGISTERED OFFICE:

Blaenau Fuel Depot,

Pantyblodau Road,

Saron,

Ammanford

Carmarthenshire

SA18 3BX

REGISTERED NUMBER:

02472797 (England and Wales)

ACCOUNTANTS:

Cambrian & Co Ltd

13A Victoria Gardens

Neath

West Glamorgan

SA11 3AY

FIXED ASSETS

Tangible assets

4

1,683,114

1,118,182

Investments

5

213,928

213,928

Investment property

6

978,454

978,454

2,875,496

2,310,564

CURRENT ASSETS

Stocks

842,850

769,627

Debtors

7

1,231,052

1,888,520

Cash at bank and in hand

12,351

2,390

2,086,253

2,660,537

CREDITORS

Amounts falling due within one year

8

1,552,630

1,779,591

NET CURRENT ASSETS

533,623

880,946

TOTAL ASSETS LESS CURRENT LIABILITIES

3,409,119

3,191,510

CREDITORS

Amounts falling due after more than one year

9

(632,677

)

(517,020

)

PROVISIONS FOR LIABILITIES

(148,137

)

(117,289

)

NET ASSETS

2,628,305

2,557,201

CAPITAL AND RESERVES

Called up share capital

13

50,000

50,000

Retained earnings

2,578,305

2,507,201

SHAREHOLDERS' FUNDS

2,628,305

2,557,201

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2019 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 13 September 2019 and were signed on its behalf by:

A T J Davies - Director

1.	STATUTORY INFORMATION

DJ Davies Fuels Limited is a private company, limited by shares , registered in England and Wales. The

company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Significant judgements and estimates

Preparation of the financial statements requires management to make significant

judgements and estimates. The items in the financial statements where these judgments

and estimates have been made include:

- Valuation of Investment Property.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Land and buildings

-

in accordance with the property

Plant and machinery etc

-

25% on reducing balance and 20% on reducing balance

Investments in associates

Investments in associate undertakings are recognised at cost.

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in

fair value is recognised in profit or loss.

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 balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the

balance sheet 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.

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.

Investments in associates

Investments in associates are recognised initially at the transaction price and subsequently adjusted to reflect

the share of total comprehensive income and equity of the associate, less any

impairment. Losses in excess of the carrying amount of an investment in an associate are recorded as a

provision only when the company has incurred legal or constructive obligations or has made payments on

behalf of the associate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 39 (2018 - 38 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 1 May 2018

259,195

2,491,352

2,750,547

Additions

92,084

639,638

731,722

Disposals

-

(15,000

)

(15,000

)

At 30 April 2019

351,279

3,115,990

3,467,269

DEPRECIATION

At 1 May 2018

110,956

1,521,409

1,632,365

Charge for year

17,580

146,460

164,040

Eliminated on disposal

-

(12,250

)

(12,250

)

At 30 April 2019

128,536

1,655,619

1,784,155

NET BOOK VALUE

At 30 April 2019

222,743

1,460,371

1,683,114

At 30 April 2018

148,239

969,943

1,118,182

5.	FIXED ASSET INVESTMENTS

Interest

in

associate

£

COST

At 1 May 2018

and 30 April 2019

213,928

NET BOOK VALUE

At 30 April 2019

213,928

At 30 April 2018

213,928

6.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 May 2018

and 30 April 2019

978,454

NET BOOK VALUE

At 30 April 2019

978,454

At 30 April 2018

978,454

Fair value at 30 April 2019 is represented by:

£

Valuation in 2014

1,373,000

Valuation in 2016

(201,109

)

Valuation in 2017

6,563

Valuation in 2018

(200,000

)

978,454

The valuation was performed by Mr A Davies a Director of DJ Davies (Fuels) Limited.

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.4.19

30.4.18

£

£

Trade debtors

855,407

1,610,258

Other debtors

39,506

47,198

Amounts due from associate

130,000

140,000

VAT

105,664

51,113

Prepayments and accrued income

100,475

39,951

1,231,052

1,888,520

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.4.19

30.4.18

£

£

Bank loans and overdrafts (see note 10)

321,998

11,049

Hire purchase contracts (see note 11)

202,067

114,410

Trade creditors

939,419

1,463,428

Tax

14,436

76,452

Social security and other taxes

25,658

26,625

Related party loans

20,010

40,000

Accruals and deferred income

27,481

13,608

Accrued expenses

1,561

34,019

1,552,630

1,779,591

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

30.4.19

30.4.18

£

£

Bank loans (see note 10)

158,505

164,969

Hire purchase contracts (see note 11)

324,342

128,164

Directors loans

149,830

223,887

632,677

517,020

10.

LOANS

An analysis of the maturity of loans is given below:

30.4.19

30.4.18

£

£

Amounts falling due within one year or on demand:

Bank overdrafts

321,998

11,049

Amounts falling due between one and two years:

Bank loans - 1-2 years

158,505

164,969

11.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts

30.4.19

30.4.18

£

£

Net obligations repayable:

Within one year

202,067

114,410

Between one and five years

324,342

128,164

526,409

242,574

Non-cancellable

operating leases

30.4.19

30.4.18

£

£

Within one year

75,000

75,000

12.	SECURED DEBTS

The following secured debts are included within creditors:

30.4.19

30.4.18

£

£

Bank overdrafts

321,998

11,049

Bank loans

158,505

164,969

Hire purchase contracts

526,409

242,574

1,006,912

418,592

13.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

30.4.19

30.4.18

value:

£

£

50,000

Ordinary

£1

50,000

50,000

14.	RELATED PARTY DISCLOSURES

During the year, total dividends of £80,000 (2018 - £160,000) were paid to the directors .

The directors operate current accounts with the company. The balances due to the directors at the balance sheet

date are shown in the creditors note. Amounts due to each director are as follows: ATJ Davies £99,830 (2018

£151,674); ID Davies £30,000 (2018 £32,213); JH Davies £20,000 (2018 £40,000).

Included in related party loans is the amount due to minority shareholder Mrs SL Roach of £10,010 (2018

£20,000) and minority shareholder Mr C Davies of £10,000 (2018 £20,000). Mrs SL Roach is the daughter of

director ID Davies, and she is also the company secretary. Mr C Davies is the son of director I D Davies.

The premises occupied by the company are owned by the directors. The rent, rates & water paid in respect of

this property was £106,284 (2018 £105,778).

DJ Davies and Mrs EG Davies, parents of directors ATJ Davies and I D Davies continue to provide consultancy

services to the company under a formal consultancy agreement for £2,034 (2018 £10,454).

15.	POST BALANCE SHEET EVENTS

There were no significant post balance sheet events.

16.	ULTIMATE CONTROLLING PARTY

The directors consider the ultimate controlling party to be A T J Davies and I D Davies through their majority

holding of shares.