Idris Davies Limited - Accounts to registrar (filleted) - small 23.1.2

REGISTERED NUMBER: 01924278 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2022

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

Mr J Davies

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

2,161

2,701

Investments

5

1,284,692

1,284,692

Investment property

6

27,769,223

24,360,222

29,056,076

25,647,615

CURRENT ASSETS

Stocks

135,718

655,970

Debtors

7

2,676,740

3,873,321

Cash at bank and in hand

4,638,375

3,497,967

7,450,833

8,027,258

CREDITORS

Amounts falling due within one year

8

695,502

730,478

NET CURRENT ASSETS

6,755,331

7,296,780

TOTAL ASSETS LESS CURRENT LIABILITIES

35,811,407

32,944,395

CREDITORS

Amounts falling due after more than one year

9

(13,724,958

)

(12,039,310

)

PROVISIONS FOR LIABILITIES

(2,058,849

)

(1,711,154

)

NET ASSETS

20,027,600

19,193,931

CAPITAL AND RESERVES

Called up share capital

2,264

2,264

Share premium

169,736

169,736

Revaluation reserve

9,721,704

8,635,545

Retained earnings

10,133,896

10,386,386

20,027,600

19,193,931

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2022 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 29 June 2023 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 6 (2021 - 5 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

£

COST

At 1 January 2022

and 31 December 2022

6,860

DEPRECIATION

At 1 January 2022

4,159

Charge for year

540

At 31 December 2022

4,699

NET BOOK VALUE

At 31 December 2022

2,161

At 31 December 2021

2,701

5.	FIXED ASSET INVESTMENTS

Shares in

group

Other

undertakings

investments

Totals

£

£

£

COST

At 1 January 2022

and 31 December 2022

1,204,640

80,052

1,284,692

NET BOOK VALUE

At 31 December 2022

1,204,640

80,052

1,284,692

At 31 December 2021

1,204,640

80,052

1,284,692

6.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 January 2022

24,360,222

Additions

2,429,128

Disposals

(108,915

)

Revaluations

1,088,788

At 31 December 2022

27,769,223

NET BOOK VALUE

At 31 December 2022

27,769,223

At 31 December 2021

24,360,222

Fair value at 31 December 2022 is represented by:

£

Valuation in 2021

10,691,766

Valuation in 2022

1,088,787

Cost

15,988,670

27,769,223

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

2022

2021

£

£

Cost

15,988,670

13,668,457

Investment property was valued on an open market basis on 31 December 2022 by Alder King / the directors .

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Trade debtors

55,295

68,058

Other debtors

2,391,030

3,798,354

Directors' loan accounts

202,978

-

Prepayments

27,437

6,909

2,676,740

3,873,321

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Bank loans and overdrafts

65,127

65,127

Trade creditors

89,857

48,683

Tax

78,165

197,505

Social security and other taxes

8,746

3,948

VAT

19,493

10,768

Other creditors

140,859

137,264

Directors' loan accounts

159,020

185,764

Accrued expenses

134,235

81,419

695,502

730,478

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2022

2021

£

£

Bank loans - 1-5 years

4,225,657

2,540,009

Bank loans more 5 yr by instal

7,999,301

7,999,301

Preference shares

1,500,000

1,500,000

13,724,958

12,039,310

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

7,999,301

10.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 December 2022 and 31 December 2021:

2022

2021

£

£

Mr D O C Davies and Mrs F J Davies

Balance outstanding at start of year

169,681

199,815

Amounts advanced

16,716

161,358

Amounts repaid

(43,449

)

(191,492

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

142,948

169,681

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

Mr J Davies

Balance outstanding at start of year

-

-

Amounts advanced

6,563

-

Amounts repaid

(209,540

)

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

(202,977

)

-

11.	RELATED PARTY DISCLOSURES

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

2022

2021

Landchain Winslow Ltd

-

1,515,741

Telling Property Ltd

426,405

719,042

CMJ Investments Ltd

1,604,119

602,000

Davoyne Propery Ltd

350,000

350,000

Kenyon Davies Ltd

-

604,540

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 2022 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: .............................................