Davlyn Properties (Wigan) Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 00898324 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2020

FOR

DAVLYN PROPERTIES (WIGAN) LTD

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTOR:

D J C Hilton

SECRETARY:

Mrs E J Hilton

REGISTERED OFFICE:

The Cottage

52/54 Finch Lane

Appley Bridge

Wigan

Lancashire

WN6 9DT

REGISTERED NUMBER:

00898324 (England and Wales)

ACCOUNTANTS:

Fairhurst

Chartered Accountants

Douglas Bank House

Wigan Lane

Wigan

Lancashire

WN1 2TB

FIXED ASSETS

Tangible assets

4

54,417

72,367

CURRENT ASSETS

Stocks

382,520

211,349

Debtors

5

296,013

818,172

Cash at bank

1,052,030

1,168,835

1,730,563

2,198,356

CREDITORS

Amounts falling due within one year

6

180,114

648,925

NET CURRENT ASSETS

1,550,449

1,549,431

TOTAL ASSETS LESS CURRENT LIABILITIES

1,604,866

1,621,798

PROVISIONS FOR LIABILITIES

13,750

13,750

NET ASSETS

1,591,116

1,608,048

CAPITAL AND RESERVES

Called up share capital

7

100

100

Retained earnings

1,591,016

1,607,948

SHAREHOLDERS' FUNDS

1,591,116

1,608,048

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2020 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the director and authorised for issue on 22 April 2021 and were signed by:

D J C Hilton - Director

1.	STATUTORY INFORMATION

Davlyn Properties (Wigan) Ltd 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.

The presentation currency of the financial statements is the Pound Sterling (£).

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.

Going concern

The results of the company have been affected by the following:

a) One of its major customers was placed into administration just after the year-end. The company was owed significant sums, none of which have been received. Full provision for these amounts has been made in these accounts.

b) On 26th March 2020, the UK entered its first lockdown period and all retail shops and fitness centres closed. The company was directly affected, as these two industries form the major part of its trade. The company was able to continue to trade as some businesses took the opportunity to refurbish their premises but this was on a much reduced scale. The company was also able to diversify into other markets.

The Director has continued to monitor the trading and cash position in the period to date and has looked at the cash projections for the next 12 months. The order book has also improved now that a roadmap out of lockdown has been put in place.

The Director considers that the business remains a going concern and the accounts have therefore been prepared on that basis.

Turnover

The turnover shown in the profit and loss account represents the value of all services provided during the year, exclusive of Value Added Tax. Sales are recognised at the point at which the company has fulfilled its contractual obligations.

Tangible fixed assets

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

Plant and machinery

-

20% on reducing balance

Fixtures and fittings

-

15% on reducing balance

Motor vehicles

-

25% on reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments

The following assets and liabilities are classified as financial instruments; trade debtors, Directors' loan

accounts, trade creditors and accruals.

Financial instruments that are payable or receivable within one year, typically Directors' loan accounts, trade

creditors, accruals and trade debtors, are measured initially and subsequently at the undiscounted amount of the cash or other consideration that is expected to be paid or received.

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 statement of financial position date.

Deferred tax

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

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2019 - 3 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Motor

Computer

machinery

fittings

vehicles

equipment

Totals

£

£

£

£

£

COST

At 1 August 2019

and 31 July 2020

9,800

11,917

172,163

6,709

200,589

DEPRECIATION

At 1 August 2019

8,156

11,324

102,033

6,709

128,222

Charge for year

329

89

17,532

-

17,950

At 31 July 2020

8,485

11,413

119,565

6,709

146,172

NET BOOK VALUE

At 31 July 2020

1,315

504

52,598

-

54,417

At 31 July 2019

1,644

593

70,130

-

72,367

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade debtors

234,714

796,622

Other debtors

61,299

21,550

296,013

818,172

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade creditors

115,452

398,299

Taxation and social security

4,195

150,998

Other creditors

60,467

99,628

180,114

648,925

7.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2020

2019

value:

£

£

98

Ordinary

£1

98

98

1

Ordinary B

£1

1

1

1

Ordinary C

£1

1

1

100

100

8.	ULTIMATE CONTROLLING PARTY

The controlling party is D J C Hilton.