David Bagshaw Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 02078772 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2020

FOR

DAVID BAGSHAW LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

D A Bagshaw

SECRETARY:

Mrs A Bagshaw

REGISTERED OFFICE:

The Woodlands

Adderley Road

Market Drayton

Shropshire

TF9 3SW

REGISTERED NUMBER:

02078772 (England and Wales)

ACCOUNTANTS:

Barringtons Limited

Chartered Accountants

Richmond House

570-572 Etruria Road

Basford

Newcastle

Staffordshire

ST5 0SU

FIXED ASSETS

Tangible assets

4

15,257

15,134

Investment property

5

936,708

935,858

951,965

950,992

CURRENT ASSETS

Debtors

6

548,815

547,128

Cash at bank and in hand

26,211

15,523

575,026

562,651

CREDITORS

Amounts falling due within one year

7

365,877

122,661

NET CURRENT ASSETS

209,149

439,990

TOTAL ASSETS LESS CURRENT LIABILITIES

1,161,114

1,390,982

CREDITORS

Amounts falling due after more than one year

8

-

(262,156

)

PROVISIONS FOR LIABILITIES

(2,899

)

(2,876

)

NET ASSETS

1,158,215

1,125,950

CAPITAL AND RESERVES

Called up share capital

120

120

Retained earnings

1,158,095

1,125,830

SHAREHOLDERS' FUNDS

1,158,215

1,125,950

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

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

The financial statements were approved by the director and authorised for issue on 27 July 2021 and were signed by:

D A Bagshaw - Director

1.	STATUTORY INFORMATION

David Bagshaw 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.

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

2.	ACCOUNTING POLICIES

Going concern

During the first quarter of 2020, The Covid -19 Pandemic has spread initially from Asia to Europe and subsequently worldwide. The initial economic effect of this has been a worldwide slowdown in economic activity and the loss of jobs across many businesses.

Like many businesses, David Bagshaw Limited is exposed to the effects of the Covid-19 Pandemic. Whilst the company continues to trade during this period, there has been a notable reduction in trading activity and customer demand compared to the same period in the previous financial year. The company will also use government supports provided to businesses during this time.

David Bagshaw Limited has continued trade through this period and has not seen a significant effect on its trading activities as a result of the virus.

The financial statements have therefore been prepared on a going concern basis.

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

-

15% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

15% on reducing balance

Investment property

Investment properties are shown at the most recent valuation. Any aggregate surplus or deficit arising from changes in fair values is recognised in non distributable reserves.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2019 - 6 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

Motor

Computer

machinery

vehicles

equipment

Totals

£

£

£

£

COST

At 1 January 2020

107,335

13,250

19,075

139,660

Additions

429

-

2,300

2,729

Disposals

(189

)

-

-

(189

)

At 31 December 2020

107,575

13,250

21,375

142,200

DEPRECIATION

At 1 January 2020

99,262

10,564

14,700

124,526

Charge for year

1,231

672

699

2,602

Eliminated on disposal

(185

)

-

-

(185

)

At 31 December 2020

100,308

11,236

15,399

126,943

NET BOOK VALUE

At 31 December 2020

7,267

2,014

5,976

15,257

At 31 December 2019

8,073

2,686

4,375

15,134

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 January 2020

935,858

Additions

850

At 31 December 2020

936,708

NET BOOK VALUE

At 31 December 2020

936,708

At 31 December 2019

935,858

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade debtors

547,949

546,350

VAT

420

113

Prepayments and accrued income

446

665

548,815

547,128

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Bank loans and overdrafts

148,992

44,352

Trade creditors

214

558

Wages creditor

1,578

2,116

Corporation tax

8,066

1,394

Social security and other taxes

106

123

Other creditors

3,069

960

Directors' current accounts

184,470

54,720

Accruals and deferred income

19,382

18,438

365,877

122,661

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2020

2019

£

£

Bank loans - 1-2 years

-

18,352

Bank loans - 2-5 years

-

55,056

Bank loans more 5 yr by instal

-

188,748

-

262,156

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

-

188,748

9.	SECURED DEBTS

The following secured debts are included within creditors:

2020

2019

£

£

Bank loans

148,992

306,508

The bank loan is secured by a legal charge dated 27 January 2009.

10.	RELATED PARTY DISCLOSURES

During the year the company provided building services of £850 (2019:£6,726) at sales value to Bagshaw Holdings, a partnership business which acquires land for development by the company and of which the director and shareholders are partners.The company also purchased investment property from Bagshaw Holdings at a value of £125,000 (2019:£125,000) in the year.

The balance outstanding to the company at 31 December 2020 from Bagshaw Holdings was £545,093 (2019:£545,093).