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

REGISTERED NUMBER: 01924278 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

FOR

IDRIS DAVIES LIMITED

Page

Company information

1

Balance sheet

2

Notes to the financial statements

4

Chartered accountants' report

8

DIRECTORS:

Mr D O C Davies

Mrs F J Davies

Mr M O R Davies

Mrs C Pack

SECRETARY:

Mrs L Richardson

REGISTERED OFFICE:

21 Rodney Road

Cheltenham

Gloucestershire

GL50 1HX

REGISTERED NUMBER:

01924278 (England and Wales)

ACCOUNTANTS:

Mitchell Glanville Limited

41 Rodney Road

Cheltenham

Gloucestershire

GL50 1HX

FIXED ASSETS

Tangible assets

4

2,701

3,376

Investments

5

1,284,692

280,939

Investment property

6

24,360,222

23,850,222

25,647,615

24,134,537

CURRENT ASSETS

Stocks

655,970

877,550

Debtors

7

3,873,321

1,939,991

Cash at bank and in hand

3,497,967

4,731,361

8,027,258

7,548,902

CREDITORS

Amounts falling due within one year

8

730,478

968,064

NET CURRENT ASSETS

7,296,780

6,580,838

TOTAL ASSETS LESS CURRENT LIABILITIES

32,944,395

30,715,375

CREDITORS

Amounts falling due after more than one year

9

(12,039,310

)

(12,074,110

)

PROVISIONS FOR LIABILITIES

(1,711,154

)

(1,420,123

)

NET ASSETS

19,193,931

17,221,142

CAPITAL AND RESERVES

Called up share capital

2,264

2,264

Share premium

169,736

169,736

Revaluation reserve

8,635,545

8,635,545

Retained earnings

10,386,386

8,413,597

19,193,931

17,221,142

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 Income statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 14 September 2022 and were signed on its behalf by:

Mrs C Pack - Director

1.	STATUTORY INFORMATION

Idris 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 as modified by the revaluation of certain assets.

TURNOVER

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

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

-

20% on reducing balance

INVESTMENTS IN SUBSIDIARIES

Investments in subsidiary undertakings are recognised at cost.

INVESTMENT PROPERTY

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

STOCKS

Work in progress is valued at the lower of cost and net realisable value.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

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.

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 5 (2020 - 6 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

£

COST

At 1 January 2021

and 31 December 2021

6,860

DEPRECIATION

At 1 January 2021

3,484

Charge for year

675

At 31 December 2021

4,159

NET BOOK VALUE

At 31 December 2021

2,701

At 31 December 2020

3,376

5.	FIXED ASSET INVESTMENTS

Shares in

group

Other

undertakings

investments

Totals

£

£

£

COST

At 1 January 2021

200,887

80,052

280,939

Additions

1,003,768

-

1,003,768

Disposals

(15

)

-

(15

)

At 31 December 2021

1,204,640

80,052

1,284,692

NET BOOK VALUE

At 31 December 2021

1,204,640

80,052

1,284,692

At 31 December 2020

200,887

80,052

280,939

6.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 January 2021

23,850,222

Revaluations

510,000

At 31 December 2021

24,360,222

NET BOOK VALUE

At 31 December 2021

24,360,222

At 31 December 2020

23,850,222

Fair value at 31 December 2021 is represented by:

£

Valuation in 2021

10,691,766

Cost

13,668,456

24,360,222

If investment property had not been revalued it would have been included at the following historical cost:

2021

2020

£

£

Cost

13,668,457

13,668,457

Investment property was valued on an open market basis on 31 December 2021 by Alder King / the directors .

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade debtors

68,058

70,863

Amounts owed by group undertakings

-

1,002,324

Other debtors

3,798,354

856,195

Prepayments

6,909

10,609

3,873,321

1,939,991

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Bank loans and overdrafts

65,127

347,024

Trade creditors

48,683

47,013

Tax

197,505

108,886

Social security and other taxes

3,948

11,104

VAT

10,768

9,578

Other creditors

137,264

135,500

Directors' loan accounts

185,764

215,814

Accrued expenses

81,419

93,145

730,478

968,064

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2021

2020

£

£

Bank loans - 1-5 years

2,540,009

2,540,009

Bank loans more 5 yr by instal

7,999,301

8,034,101

Preference shares

1,500,000

1,500,000

12,039,310

12,074,110

Amounts falling due in more than five years:

Repayable otherwise than by instalments

Preference shares

1,500,000

1,500,000

Repayable by instalments

Bank loans more 5 yr by instal

7,999,301

8,034,101

10.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 December 2021 and 31 December 2020:

2021

2020

£

£

Mr D O C Davies and Mrs F J Davies

Balance outstanding at start of year

199,815

131,379

Amounts advanced

161,358

159,710

Amounts repaid

(191,492

)

(91,274

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

169,681

199,815

Mr M O R Davies

Balance outstanding at start of year

15,984

15,984

Amounts repaid

-

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

15,984

15,984

Mrs C Pack

Balance outstanding at start of year

100

100

Amounts advanced

400,000

-

Amounts repaid

(400,000

)

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

100

100

11.	RELATED PARTY DISCLOSURES

Included in debtors at the year end are the following balances owed from companies with a common director.

2021

2020

Landchain Winslow Ltd

1,515,741

841,836

Telling Property Ltd

719,042

NIL

CMJ Investments Ltd

602,000

NIL

Davoyne Propery Ltd

350,000

NIL

Kenyon Davies Ltd

604,540

NIL

12.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Mr D O C Davies and Mrs F J Davies.

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance sheet. Readers are cautioned that the Income statement and certain other primary statements and the Report of the directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Idris Davies Limited for the year ended 31 December 2021 which comprise the Income statement, Balance sheet, Statement of changes in equity and the 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 within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Idris Davies Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Idris Davies Limited and state those matters that we have agreed to state to the Board of Directors of Idris Davies Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Idris Davies Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Idris Davies 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 Idris Davies Limited. You consider that Idris Davies 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 Idris Davies 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.

Mitchell Glanville Limited

41 Rodney Road

Cheltenham

Gloucestershire

GL50 1HX

Date: .............................................