Davis and Gibbs Limited 31/12/2019 iXBRL

Davis and Gibbs Limited 31/12/2019 iXBRL

DAVIS AND GIBBS LIMITED - Company Information

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Company registration number: 05575163
Davis and Gibbs Limited
Unaudited filleted financial statements
31 December 2019
Davis and Gibbs Limited
Contents
Directors and other information
Accountant's report
Statement of financial position
Statement of changes in equity
Notes to the financial statements
Davis and Gibbs Limited
Directors and other information
Directors B J Gibbs
S R Davis
Secretary C P Gibbs
Company number 05575163
Registered office 2c Chestnut Grove
Balham
London
SW12 8JD
Accountants Pink Affinity Limited
Davis and Gibbs Limited
Accountant's report to the board of directors on the preparation of the
unaudited statutory financial statements of Davis and Gibbs Limited
Year ended 31 December 2019
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Davis and Gibbs Limited for the year ended 31 December 2019 which comprise the statement of financial position, statement of changes in equity and related notes from the company's accounting records and from information and explanations you have given us.
This report is made solely to the board of directors of Davis and Gibbs Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Davis and Gibbs Limited and state those matters that we have agreed to state to the board of directors of Davis and Gibbs Limited as a body, in this report. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Davis and Gibbs Limited and its board of directors as a body for our work or for this report.
It is your duty to ensure that Davis and Gibbs Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Davis and Gibbs Limited. You consider that Davis and Gibbs Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Davis and Gibbs Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Pink Affinity Limited
8 September 2020
Davis and Gibbs Limited
Statement of financial position
31 December 2019
2019 2018
Note £ £ £ £
Fixed assets
Tangible assets 5 2,330 2,711
_______ _______
2,330 2,711
Current assets
Debtors 6 319,426 255,683
Cash at bank and in hand 390 8,887
_______ _______
319,816 264,570
Creditors: amounts falling due
within one year 7 ( 233,391) ( 158,044)
_______ _______
Net current assets 86,425 106,526
_______ _______
Total assets less current liabilities 88,755 109,237
Creditors: amounts falling due
after more than one year 8 ( 85,027) ( 104,650)
_______ _______
Net assets 3,728 4,587
_______ _______
Capital and reserves
Called up share capital 1,000 1,000
Profit and loss account 2,728 3,587
_______ _______
Shareholders funds 3,728 4,587
_______ _______
For the year ending 31 December 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 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.
These financial statements were approved by the board of directors and authorised for issue on 08 September 2020 , and are signed on behalf of the board by:
B J Gibbs S R Davis
Director Director
Company registration number: 05575163
Davis and Gibbs Limited
Statement of changes in equity
Year ended 31 December 2019
Called up share capital Profit and loss account Total
£ £ £
At 1 January 2018 1,000 18,917 19,917
Profit for the year 84,670 84,670
_______ _______ _______
Total comprehensive income for the year - 84,670 84,670
Dividends paid and payable ( 100,000) ( 100,000)
_______ _______ _______
Total investments by and distributions to owners - ( 100,000) ( 100,000)
_______ _______ _______
At 31 December 2018 and 1 January 2019 1,000 3,587 4,587
Profit for the year 59,141 59,141
_______ _______ _______
Total comprehensive income for the year - 59,141 59,141
Dividends paid and payable ( 60,000) ( 60,000)
_______ _______ _______
Total investments by and distributions to owners - ( 60,000) ( 60,000)
_______ _______ _______
At 31 December 2019 1,000 2,728 3,728
_______ _______ _______
Davis and Gibbs Limited
Notes to the financial statements
Year ended 31 December 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 2c Chestnut Grove, Balham, London, SW12 8JD.
2. 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.
Turnover
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 Tax.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
tangible assets are initially recorded at cost, and are 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 capital and reserves, 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 capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves 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:
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Financial instruments
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.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
3. Employee numbers
The average number of persons employed by the company during the year amounted to 12 (2018: 13 ).
4. Tax on profit
Major components of tax expense
2019 2018
£ £
Current tax:
UK current tax expense 17,112 23,015
_______ _______
Tax on profit 17,112 23,015
_______ _______
Reconciliation of tax expense
The tax assessed on the profit for the year is higher than (2018: higher than) the standard rate of corporation tax in the UK of 19.00 % (2018: 19.00%).
2019 2018
£ £
Profit before taxation 76,253 107,685
_______ _______
Profit multiplied by rate of tax 14,488 20,460
Effect of expenses not deductible for tax purposes 2,596 2,822
Effect of capital allowances and depreciation 28 ( 267)
_______ _______
Tax on profit 17,112 23,015
_______ _______
5. Tangible assets
Short leasehold property Fixtures, fittings and equipment Total
£ £ £
Cost
At 1 January 2019 27,095 12,086 39,181
Additions - 667 667
_______ _______ _______
At 31 December 2019 27,095 12,753 39,848
_______ _______ _______
Depreciation
At 1 January 2019 27,095 9,375 36,470
Charge for the year - 1,048 1,048
_______ _______ _______
At 31 December 2019 27,095 10,423 37,518
_______ _______ _______
Carrying amount
At 31 December 2019 - 2,330 2,330
_______ _______ _______
At 31 December 2018 - 2,711 2,711
_______ _______ _______
6. Debtors
2019 2018
£ £
Trade debtors 86,619 57,865
Other debtors 232,807 197,818
_______ _______
319,426 255,683
_______ _______
7. Creditors: amounts falling due within one year
2019 2018
£ £
Bank loans and overdrafts 69,936 51,217
Trade creditors 44,020 21,275
Corporation tax 30,527 34,416
Social security and other taxes 32,719 31,084
Other creditors 56,189 20,052
_______ _______
233,391 158,044
_______ _______
8. Creditors: amounts falling due after more than one year
2019 2018
£ £
Other creditors 85,027 104,650
_______ _______
9. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2019
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
B J Gibbs 70,806 29,063 99,869
S R Davis 51,264 11,855 63,119
_______ _______ _______
122,070 40,918 162,988
_______ _______ _______
2018
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
B J Gibbs 36,932 33,874 70,806
S R Davis 50,521 743 51,264
_______ _______ _______
87,453 34,617 122,070
_______ _______ _______