Davicon Holdings Limited - Limited company accounts 20.1

REGISTERED NUMBER: 10891479 (England and Wales)

Strategic Report, Report of the Directors and

Financial Statements for the Year Ended 31 March 2020

for

DAVICON HOLDINGS LIMITED

Page

Company Information

1

Strategic Report

2

Report of the Directors

3

Report of the Independent Auditors

4

Income Statement

6

Other Comprehensive Income

7

Balance Sheet

8

Statement of Changes in Equity

9

Cash Flow Statement

10

Notes to the Cash Flow Statement

11

Notes to the Financial Statements

12

DIRECTORS:

S L Grove

J D Grove

REGISTERED OFFICE:

The Old Bank

14 Bank Street

Lutterworth

Leciestershire

LE17 4AJ

REGISTERED NUMBER:

10891479 (England and Wales)

AUDITORS:

Haslehursts Limited

Statutory Auditor

88 Hill Village Road

Sutton Coldfield

West Midlands

B75 5BE

The directors present their strategic report for the year ended 31 March 2020.

REVIEW OF BUSINESS

The strategic report is not included in the stand alone company. Please refer to Davicon Holdings Limited

(Group) for the strategic report.

ON BEHALF OF THE BOARD:

J D Grove - Director

17 August 2020

The directors present their report with the financial statements of the company for the year ended 31 March 2020.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of a holding company.

DIVIDENDS

No dividends will be distributed for the year ended 31 March 2020.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 April 2019 to the date of this

report.

S L Grove

J D Grove

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial

statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law

the directors have elected to prepare the financial statements in accordance with United Kingdom Generally

Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company

law the directors must not approve the financial statements unless they are satisfied that they give a true and

fair view of the state of affairs of the company and of the profit or loss of the company for that period. In

preparing these financial statements, the directors are required to:

-	select suitable accounting policies and then apply them consistently;

-	make judgements and accounting estimates that are reasonable and prudent;

-	prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain

the company's transactions and disclose with reasonable accuracy at any time the financial position of the

company and enable them to ensure that the financial statements comply with the Companies Act 2006. They

are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for

the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the

Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps

that he ought to have taken as a director in order to make himself aware of any relevant audit information and

to establish that the company's auditors are aware of that information.

AUDITORS

The auditors, Haslehursts Limited, will be proposed for re-appointment at the forthcoming Annual General

Meeting.

ON BEHALF OF THE BOARD:

J D Grove - Director

17 August 2020

Opinion

We have audited the financial statements of Davicon Holdings Limited (the 'company') for the year ended

31 March 2020 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet,

Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the

Financial Statements, including a summary of significant accounting policies. The financial reporting

framework that has been applied in their preparation is applicable law and United Kingdom Accounting

Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the

UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

-	give a true and fair view of the state of the company's affairs as at 31 March 2020;

-	have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

-	have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and

applicable law. Our responsibilities under those standards are further described in the Auditors'

responsibilities for the audit of the financial statements section of our report. We are independent of the

company in accordance with the ethical requirements that are relevant to our audit of the financial statements

in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in

accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and

appropriate to provide a basis for our opinion.

Conclusions relating to going concern

We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to

report to you where:

-	the directors' use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or

-

the directors have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the company's ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue.

Other information

The directors are responsible for the other information. The other information comprises the information in the

Strategic Report and the Report of the Directors, but does not include the financial statements and our Report

of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent

otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and,

in doing so, consider whether the other information is materially inconsistent with the financial statements or

our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such

material inconsistencies or apparent material misstatements, we are required to determine whether there is a

material misstatement in the financial statements or a material misstatement of the other information. If,

based on the work we have performed, we conclude that there is a material misstatement of this other

information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

-	the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of

the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to

report to you if, in our opinion:

-	adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

-	the financial statements are not in agreement with the accounting records and returns; or

-	certain disclosures of directors' remuneration specified by law are not made; or

-	we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are

responsible for the preparation of the financial statements and for being satisfied that they give a true and fair

view, and for such internal control as the directors determine necessary to enable the preparation of financial

statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to

continue as a going concern, disclosing, as applicable, matters related to going concern and using the going

concern basis of accounting unless the directors either intend to liquidate the company or to cease

operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free

from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes

our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit

conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists.

Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate,

they could reasonably be expected to influence the economic decisions of users taken on the basis of these

financial statements.

A further description of our responsibilities for the audit of the financial statements is located on the Financial

Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our

Report of the Auditors.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of

the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's

members those matters we are required to state to them in a Report of the Auditors and for no other purpose.

To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the

company and the company's members as a body, for our audit work, for this report, or for the opinions we

have formed.

Thomas Haslehurst (Senior Statutory Auditor)

for and on behalf of Haslehursts Limited

Statutory Auditor

88 Hill Village Road

Sutton Coldfield

West Midlands

B75 5BE

17 August 2020

TURNOVER

-

-

OPERATING PROFIT

-

-

Income from shares in group undertakings

-

900,000

PROFIT BEFORE TAXATION

-

900,000

Tax on profit

5

-

-

PROFIT FOR THE FINANCIAL YEAR

-

900,000

PROFIT FOR THE YEAR

-

900,000

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

-

900,000

FIXED ASSETS

Investments

7

7,046,199

7,046,199

TOTAL ASSETS LESS CURRENT LIABILITIES

7,046,199

7,046,199

CAPITAL AND RESERVES

Called up share capital

8

8

8

Share premium

9

7,046,191

7,046,191

SHAREHOLDERS' FUNDS

7,046,199

7,046,199

The financial statements were approved by the Board of Directors and authorised for issue on 17 August 2020 and were signed on its behalf by:

J D Grove - Director

S L Grove - Director

Called up

share

Retained

Share

Total

capital

earnings

premium

equity

£

£

£

£

Balance at 1 April 2018

8

-

7,046,191

7,046,199

Changes in equity

Dividends

-

(900,000

)

-

(900,000

)

Total comprehensive income

-

900,000

-

900,000

Balance at 31 March 2019

8

-

7,046,191

7,046,199

Changes in equity

Balance at 31 March 2020

8

-

7,046,191

7,046,199

Cash flows from operating activities

Cash generated from operations

1

-

-

Cash flows from investing activities

Dividends received

-

900,000

Net cash from investing activities

-

900,000

Cash flows from financing activities

Equity dividends paid

-

(900,000

)

Net cash from financing activities

-

(900,000

)

Increase in cash and cash equivalents

-

-

Cash and cash equivalents at beginning of year

-

-

Cash and cash equivalents at end of year

-

-

1.	RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

2020

2019

£

£

Profit before taxation

-

900,000

Finance income

-

(900,000

)

Cash generated from operations

-

-

1.	STATUTORY INFORMATION

Davicon Holdings 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.	STATEMENT OF COMPLIANCE

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" and the Companies Act 2006.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention.

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

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.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at

the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of

exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at

the operating result.

Goodwill and negative goodwill

Acquired goodwill is written off in equal annual instalments over its estimated useful economic life.

Negative goodwill is included in the financial statements as a capital reserve and is not amortised.

This is otherwise than in accordance with FRS102 which requires negative goodwill to be disclosed on

the face of the balance sheet, immediately below the goodwill heading. This treatment has been

adopted as, in the view of the directors, this results in the financial statements showing a true and fair

view.

4.	EMPLOYEES AND DIRECTORS

There were no staff costs for the year ended 31 March 2020 nor for the year ended 31 March 2019.

2020

2019

£

£

Directors' remuneration

-

-

5.

TAXATION

Analysis of the tax charge

No liability to UK corporation tax arose for the year ended 31 March 2020 nor for the year ended

31 March 2019.

6.

DIVIDENDS

2020

2019

£

£

JG shares shares of £0.01 each

Interim

-

450,000

SG Shares shares of £0.01 each

Interim

-

450,000

-

900,000

7.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1 April 2019

and 31 March 2020

7,046,199

NET BOOK VALUE

At 31 March 2020

7,046,199

At 31 March 2019

7,046,199

The company's investments at the Balance Sheet date in the share capital of companies include the

following:

Davicon Mezzanine Floors Limited

Registered office: The Wallows Industrial Estate, Fens Pool Avenue, Brierley Hill, West Midlands, DY5 1QA

Nature of business: Manufacture of mezzanine floors

%

Class of shares:

holding

Ordinary

60.00

2020

2019

£

£

Aggregate capital and reserves

3,726,627

3,385,891

Profit for the year

500,736

1,213,524

DMF Projects Limited

Registered office: The Wallows Industrial Estate, Fens Pool Avenue, Brierley Hill, West Midlands, DY5 1QA

Nature of business: Construction project management

%

Class of shares:

holding

Ordinary

60.00

2020

2019

£

£

Aggregate capital and reserves

41,924

43,709

Loss for the year

(1,785

)

(27,918

)

DM Glazing Systems Limited

Registered office: The Wallows Industrial Estate, Fens Pool Avenue, Brierley Hill, West Midlands, DY5 1QA

Nature of business: Dormant

%

Class of shares:

holding

Ordinary

60.00

2020

2019

£

£

Aggregate capital and reserves

100

100

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2020

2019

value:

£

£

400

Ordinary shares

£0.01

4

4

200

JG shares

£0.01

2

2

200

SG Shares

£0.01

2

2

8

8

9.

RESERVES

Retained

Share

earnings

premium

Totals

£

£

£

At 1 April 2019

-

7,046,191

7,046,191

Profit for the year

-

-

At 31 March 2020

-

7,046,191

7,046,191