Davies & Davies Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 04428947 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 December 2021

for

Davies & Davies Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Directors:

Mr P J Davies

Mrs J J Davies

Secretary:

Mr P J Davies

Registered office:

10 Oak Street

Fakenham

Norfolk

NR21 9DY

Registered number:

04428947 (England and Wales)

Accountants:

Stephenson Smart (East Anglia) Limited

10 Oak Street

Fakenham

Norfolk

NR21 9DY

Fixed assets

Intangible assets

4

5,961

30,957

Tangible assets

5

50,733

63,005

56,694

93,962

Current assets

Stocks

82,530

81,800

Debtors

6

103,532

150,556

Cash in hand

73

80

186,135

232,436

Creditors

Amounts falling due within one year

7

(202,451

)

(207,024

)

Net current (liabilities)/assets

(16,316

)

25,412

Total assets less current liabilities

40,378

119,374

Creditors

Amounts falling due after more than one year

8

(12,119

)

(16,395

)

Provisions for liabilities

(7,952

)

(9,913

)

Net assets

20,307

93,066

Capital and reserves

Called up share capital

100

100

Retained earnings

20,207

92,966

20,307

93,066

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2021 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 15 April 2022 and were signed on its behalf by:

Mr P J Davies - Director

1.	Statutory information

Davies & Davies 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.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 0, is being amortised evenly over its estimated useful life of nil years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

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

Plant and machinery

-

15% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

33% on reducing balance

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.

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 Statement of Income and Retained Earnings, 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.

3.	Employees and directors

The average number of employees during the year was 7 (2020 - 7 ) .

4.	Intangible fixed assets

Goodwill

£

Cost

At 1 January 2021

and 31 December 2021

500,000

Amortisation

At 1 January 2021

469,043

Amortisation for year

24,996

At 31 December 2021

494,039

Net book value

At 31 December 2021

5,961

At 31 December 2020

30,957

5.	Tangible fixed assets

Plant and

Motor

Computer

machinery

Website

vehicles

equipment

Totals

£

£

£

£

£

Cost

At 1 January 2021

437,068

14,759

25,320

35,654

512,801

Additions

199

-

-

132

331

At 31 December 2021

437,267

14,759

25,320

35,786

513,132

Depreciation

At 1 January 2021

402,009

14,759

1,055

31,973

449,796

Charge for year

5,285

-

6,066

1,252

12,603

At 31 December 2021

407,294

14,759

7,121

33,225

462,399

Net book value

At 31 December 2021

29,973

-

18,199

2,561

50,733

At 31 December 2020

35,059

-

24,265

3,681

63,005

6.

Debtors: amounts falling due within one year

31.12.21

31.12.20

£

£

Amounts owed by participating interests

86,741

131,488

Other debtors

16,791

19,068

103,532

150,556

7.

Creditors: amounts falling due within one year

31.12.21

31.12.20

£

£

Bank loans and overdrafts

132,856

113,022

Hire purchase contracts

4,277

4,277

Trade creditors

24,899

24,927

Tax

7,787

19,769

Social security and other taxes

5,104

5,165

VAT

18,403

30,748

Other creditors

655

447

Pension

1,809

1,809

Directors' loan accounts

2,000

2,530

Accruals and deferred income

4,661

4,330

202,451

207,024

8.

Creditors: amounts falling due after more than one year

31.12.21

31.12.20

£

£

Hire purchase contracts

12,119

16,395

9.	Secured debts

The following secured debts are included within creditors:

31.12.21

31.12.20

£

£

Bank overdrafts

132,856

113,022

Hire purchase contracts

16,396

20,672

149,252

133,694

The bank overdraft of Davies & Davies Limited are secured by a cross guarantee between John Davies Framing Limited and Davies & Davies Limited.