George Davies Turf Limited Filleted accounts for Companies House (small and micro)

GEORGE DAVIES TURF LIMITED - Company Information

17 false false false false false false false false false true false false false false false false No description of principal activity 2020-04-01 Sage Accounts Production Advanced 2020 - FRS102_2019 xbrli:pure xbrli:shares iso4217:GBP 05287112 2020-04-01 2021-03-31 05287112 2021-03-31 05287112 2020-03-31 05287112 2019-04-01 2020-03-31 05287112 2020-03-31 05287112 core:PlantMachinery 2020-04-01 2021-03-31 05287112 core:FurnitureFittings 2020-04-01 2021-03-31 05287112 core:MotorVehicles 2020-04-01 2021-03-31 05287112 bus:Director1 2020-04-01 2021-03-31 05287112 core:WithinOneYear 2021-03-31 05287112 core:WithinOneYear 2020-03-31 05287112 core:PlantMachinery 2020-03-31 05287112 core:FurnitureFittings 2020-03-31 05287112 core:MotorVehicles 2020-03-31 05287112 core:PlantMachinery 2021-03-31 05287112 core:FurnitureFittings 2021-03-31 05287112 core:MotorVehicles 2021-03-31 05287112 core:AfterOneYear 2021-03-31 05287112 core:AfterOneYear 2020-03-31 05287112 core:ShareCapital 2021-03-31 05287112 core:ShareCapital 2020-03-31 05287112 core:CapitalRedemptionReserve 2021-03-31 05287112 core:CapitalRedemptionReserve 2020-03-31 05287112 core:RetainedEarningsAccumulatedLosses 2021-03-31 05287112 core:RetainedEarningsAccumulatedLosses 2020-03-31 05287112 core:BetweenOneFiveYears 2021-03-31 05287112 core:BetweenOneFiveYears 2020-03-31 05287112 core:AcceleratedTaxDepreciationDeferredTax 2021-03-31 05287112 core:AcceleratedTaxDepreciationDeferredTax 2020-03-31 05287112 core:PlantMachinery 2020-03-31 05287112 core:FurnitureFittings 2020-03-31 05287112 core:MotorVehicles 2020-03-31 05287112 core:LeasedAssetsHeldAsLessee core:MotorVehicles 2021-03-31 05287112 core:LeasedAssetsHeldAsLessee core:MotorVehicles 2020-03-31 05287112 bus:Director1 2020-03-31 05287112 bus:Director1 2019-03-31 05287112 bus:Director1 2020-03-31 05287112 bus:Director1 2019-04-01 2020-03-31 05287112 bus:SmallEntities 2020-04-01 2021-03-31 05287112 bus:AuditExemptWithAccountantsReport 2020-04-01 2021-03-31 05287112 bus:FullAccounts 2020-04-01 2021-03-31 05287112 bus:SmallCompaniesRegimeForAccounts 2020-04-01 2021-03-31 05287112 bus:PrivateLimitedCompanyLtd 2020-04-01 2021-03-31 05287112 core:LeaseholdImprovements 2020-04-01 2021-03-31 05287112 core:LeaseholdImprovements 2020-03-31 05287112 core:LeaseholdImprovements 2021-03-31 05287112 core:CapitalRedemptionReserve 2020-04-01 2021-03-31 05287112 core:RetainedEarningsAccumulatedLosses 2020-04-01 2021-03-31

COMPANY REGISTRATION NUMBER: 05287112

GEORGE DAVIES TURF LIMITED

FILLETED UNAUDITED FINANCIAL STATEMENTS

31 March 2021

GEORGE DAVIES TURF LIMITED

STATEMENT OF FINANCIAL POSITION

31 March 2021

	2021		2020
Note	£	£	£

Fixed assets

Tangible assets	5		420,429	371,732

Current assets

Stocks		61,521	58,410
Debtors	6	511,645	376,588
Cash at bank and in hand		672,559	249,039
		------------	---------
		1,245,725	684,037

Creditors: amounts falling due within one year	7	836,190		494,290
		------------		---------
Net current assets			409,535	189,747
			---------	---------
Total assets less current liabilities			829,964	561,479

Creditors: amounts falling due after more than one year	8		108,137	203,049

Provisions

Taxation including deferred tax	70,789	62,420
	---------	---------
Net assets	651,038	296,010
	---------	---------

GEORGE DAVIES TURF LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

31 March 2021

	2021		2020
Note	£	£	£

Capital and reserves

Called up share capital		50	50
Capital redemption reserve	12	50	50
Profit and loss account	12	650,938	295,910
		---------	---------
Shareholders funds		651,038	296,010
		---------	---------

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 Section 1A of 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 2021 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 24 May 2021 , and are signed on behalf of the board by:

Mr G M Davies

Director

Company registration number: 05287112

GEORGE DAVIES TURF LIMITED

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 MARCH 2021

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Newton Lodge, Clifton Reynes, Olney, Bucks, MK46 5DS.

2. Statement of compliance

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

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.

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.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Income tax

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.

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 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 and machinery	-	15% straight line
Fixtures, fittings & equipment	-	15% straight line
Motor vehicles	-	25% straight line
Property improvements	-	20% straight line

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.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Government grants

Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

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. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 17 (2020: 22 ).

5. Tangible assets

	Plant and machinery	Fixtures, fittings and equipment	Motor vehicles	Property Improvements	Total
	£	£	£	£	£
Cost
At 1 April 2020	51,557	90,556	752,974	92,481	987,568
Additions	2,950	2,403	154,576	19,842	179,771
Transfers	( 33,267)	( 39,920)	73,187	–	–
	--------	--------	---------	---------	------------
At 31 March 2021	21,240	53,039	980,737	112,323	1,167,339
	--------	--------	---------	---------	------------
Depreciation
At 1 April 2020	47,106	55,957	461,437	51,336	615,836
Charge for the year	940	6,215	109,096	14,823	131,074
Transfers	( 32,884)	( 35,661)	68,545	–	–
	--------	--------	---------	---------	------------
At 31 March 2021	15,162	26,511	639,078	66,159	746,910
	--------	--------	---------	---------	------------
Carrying amount
At 31 March 2021	6,078	26,528	341,659	46,164	420,429
	--------	--------	---------	---------	------------
At 31 March 2020	4,451	34,599	291,537	41,145	371,732
	--------	--------	---------	---------	------------

Finance leases and hire purchase contracts

Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:

	Motor vehicles
	£
At 31 March 2021	279,025
	---------
At 31 March 2020	249,601
	---------

6. Debtors

	2021	2020
	£	£
Trade debtors	410,041	323,472
Other debtors	101,604	53,116
	---------	---------
	511,645	376,588
	---------	---------

7. Creditors: amounts falling due within one year

	2021	2020
	£	£
Bank loans and overdrafts	10,000	33,400
Trade creditors	561,068	257,732
Accruals and deferred income	10,584	1,600
Corporation tax	112,758	84,431
Social security and other taxes	40,164	27,101
Obligations under finance leases and hire purchase contracts	98,628	88,118
Director loan accounts	342	–
Pension contributions	2,646	1,908
	---------	---------
	836,190	494,290
	---------	---------

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

	2021	2020
	£	£
Bank loans and overdrafts	40,000	86,283
Obligations under finance leases and hire purchase contracts	68,137	116,766
	---------	---------
	108,137	203,049
	---------	---------

9. Finance leases and hire purchase contracts

The total future minimum lease payments under finance leases and hire purchase contracts are as follows:

	2021	2020
	£	£
Not later than 1 year	98,628	88,118
Later than 1 year and not later than 5 years	68,137	116,766
	---------	---------
	166,765	204,884
	---------	---------

10. Deferred tax

The deferred tax included in the statement of financial position is as follows:

	2021	2020
	£	£
Included in provisions	70,789	62,420
	--------	--------

The deferred tax account consists of the tax effect of timing differences in respect of:

	2021	2020
	£	£
Accelerated capital allowances	70,789	62,420
	--------	--------

11. Government grants

The amounts recognised in the financial statements for government grants are as follows:

	2021	2020
	£	£

Recognised in other operating income:

Government grants recognised directly in income	65,358	–
	--------	----

12. Reserves

Capital redemption reserve - This reserve records the nominal value of shares repurchased by the company . Profit and loss account - This reserve records retained earnings and accumulated losses.

13. Capital commitments

Capital expenditure contracted for but not provided for in the financial statements is as follows:

	2021	2020
	£	£
Tangible assets	293,644	–
	---------	----

14. Operating leases

The total future minimum lease payments under non-cancellable operating leases are as follows:

	2021	2020
	£	£
Not later than 1 year	55,506	12,000
Later than 1 year and not later than 5 years	172,777	–
	---------	--------
	228,283	12,000
	---------	--------

15. Directors' advances, credits and guarantees

During the year the directors entered into the following advances and credits with the company:

	2021
	Balance brought forward	Advances/ (credits) to the directors	Amounts repaid	Balance outstanding
	£	£	£	£
Mr G M Davies	6,026	59,268	( 65,294)	–
	-------	--------	--------	----

	2020
	Balance brought forward	Advances/ (credits) to the directors	Amounts repaid	Balance outstanding
	£	£	£	£
Mr G M Davies	28,457	6,026	( 28,457)	6,026
	--------	-------	--------	-------

Interest @ 2.5% was charged by the company on the overdrawn account and amounted to £132 (2020: - £426).