David Mawby Limited 31/12/2021 iXBRL

David Mawby Limited 31/12/2021 iXBRL

DAVID MAWBY LIMITED - Company Information

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Company registration number: 05316582
David Mawby Limited
Unaudited filleted financial statements
31 December 2021
David Mawby Limited
Contents
Accountants report
Statement of financial position
Notes to the financial statements
David Mawby Limited
Chartered accountants report to the board of directors on the preparation of the
unaudited statutory financial statements of David Mawby Limited
Year ended 31 December 2021
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of David Mawby Limited for the year ended 31 December 2021 which comprise the statement of financial position and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com /en/members/regulations-standards-and-guidance/.
This report is made solely to the board of directors of David Mawby 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 David Mawby Limited and state those matters that we have agreed to state to the board of directors of David Mawby Limited as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than David Mawby Limited and its board of directors as a body for our work or for this report.
It is your duty to ensure that David Mawby 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 David Mawby Limited. You consider that David Mawby 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 David Mawby 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.
Hobsons Wright Vigar
Chartered Accountants
Alexandra House
43 Alexandra Street
Nottingham
NG51AY
1 September 2022
David Mawby Limited
Statement of financial position
31 December 2021
2021 2020
Note £ £ £ £
Fixed assets
Tangible assets 5 118,023 44,541
_______ _______
118,023 44,541
Current assets
Stocks 232,437 138,768
Debtors 6 82,814 18,340
Cash at bank and in hand 273,558 495,399
_______ _______
588,809 652,507
Creditors: amounts falling due
within one year 7 ( 35,789) ( 60,154)
_______ _______
Net current assets 553,020 592,353
_______ _______
Total assets less current liabilities 671,043 636,894
Provisions for liabilities ( 22,424) ( 8,463)
_______ _______
Net assets 648,619 628,431
_______ _______
Capital and reserves
Called up share capital 100 100
Profit and loss account 648,519 628,331
_______ _______
Shareholders funds 648,619 628,431
_______ _______
For the year ending 31 December 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 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.
These financial statements were approved by the board of directors and authorised for issue on 01 September 2022 , and are signed on behalf of the board by:
Mr David John Mawby
Director
Company registration number: 05316582
David Mawby Limited
Notes to the financial statements
Year ended 31 December 2021
1. General information
The company is a private company limited by shares, registered in England. The address of the registered office is Alexandra House, 43 Alexandra Street, Nottingham, NG5 1AY.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. The Triennial review 2017 amendments to the standard have been early adopted.
3. Accounting policies
Basis of preparation
The financial statements have been prepared in accordance with FRS 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland.The financial statements have been prepared on the historical cost basis.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 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.
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.
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.
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:
Plant and machinery - 15 % reducing balance
Tractors - 14% straight line
Fittings fixtures and equipment - 10 % reducing balance
Motor vehicles - 20 % reducing balance
Computer equipment - 33.33 % straight line
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.
Impairment
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. 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 are largely independent of the cash inflows from other assets or groups of assets.
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 stocks to their present location and condition.
Government grants
Government grants are recognised using the accrual model. Under the accrual 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.
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 in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 9 (2020: 8 ).
5. Tangible assets
Plant and machinery Fixtures, fittings and equipment Motor vehicles Computer equipment Total
£ £ £ £ £
Cost
At 1 January 2021 56,579 15,251 38,580 4,323 114,733
Additions 42,167 51,459 - 1,534 95,160
Disposals ( 31,917) ( 8,810) - ( 1,915) ( 42,642)
_______ _______ _______ _______ _______
At 31 December 2021 66,829 57,900 38,580 3,942 167,251
_______ _______ _______ _______ _______
Depreciation
At 1 January 2021 42,170 7,406 16,879 3,737 70,192
Charge for the year 448 2,537 4,340 596 7,921
Disposals ( 22,297) ( 4,673) - ( 1,915) ( 28,885)
_______ _______ _______ _______ _______
At 31 December 2021 20,321 5,270 21,219 2,418 49,228
_______ _______ _______ _______ _______
Carrying amount
At 31 December 2021 46,508 52,630 17,361 1,524 118,023
_______ _______ _______ _______ _______
At 31 December 2020 14,409 7,845 21,701 586 44,541
_______ _______ _______ _______ _______
6. Debtors
2021 2020
£ £
Other debtors 82,814 18,340
_______ _______
7. Creditors: amounts falling due within one year
2021 2020
£ £
Corporation tax 1,920 32,072
Social security and other taxes 1,054 17,033
Other creditors 32,815 11,049
_______ _______
35,789 60,154
_______ _______
8. Related party transactions
At 31 December 2021 creditors included a balance of £948 owed to a director and in 2020 the creditors included a balance of £4,274 owed to a director.