Davmar Engineering Limited

DAVMAR ENGINEERING LTD - Company Information

2022-10-012023-09-302023-09-30false09210399Davmar Engineering 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Registered Number
09210399
(England and Wales)

Unaudited Financial Statements for the Year ended
30 September 2023

Davmar Engineering Limited

Company Information
for the year from 1 October 2022 to 30 September 2023


Directors	D J Clapham
	M Robinson
	B Wheat


Registered Address	Unit 7, Sadler Park
	Earlsfield Close
	Lincoln
	LN6 3RT


Registered Number	09210399 (England and Wales)

Davmar Engineering Limited

Balance Sheet as at
30 September 2023

	Notes	2023		2022
		£	£	£	£
Fixed assets
Tangible assets	5		91,422		118,558
Investments	6		72,755		72,755
			164,177		191,313
Current assets
Stocks	8	10,385		10,585
Debtors	9	202,178		213,138
Cash at bank and on hand		7,353		45,484
		219,916		269,207
Creditors amounts falling due within one year	10	167,648		205,015
Net current assets (liabilities)			52,268		64,192
Total assets less current liabilities			216,445		255,505
Creditors amounts falling due after one year	11		66,180		90,239
Provisions for liabilities	13		(19,566)		(22,526)
Net assets			130,699		142,740
Capital and reserves
Called up share capital			100		100
Profit and loss account			130,599		142,640
Shareholders' funds			130,699		142,740

The company was entitled to exemption from audit for this reporting period under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The Directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime. The directors have chosen to not file a copy of the company’s profit and loss account.

The financial statements were approved and authorised for issue by the Board of Directors on 15 February 2024, and are signed on its behalf by:

D J Clapham
Director

M Robinson
Director

Registered Company No. 09210399

Davmar Engineering Limited

Notes to the Financial Statements
for the year ended 30 September 2023

1.	Statutory information
	The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	Compliance with applicable reporting framework
	The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.

3.	Accounting policies

	Property, plant and equipment policy
	Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided on all tangible fixed assets as follows:


		Reducing balance (%)
	Plant and machinery	25
	Vehicles	25
	Office Equipment	25

	Stocks policy
	Stocks are valued at the lower of cost and estimated selling price (less any associated costs to enable such sales to complete).

	Revenue recognition policy
	Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.

Revenue recognition policy

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.

	Deferred tax policy
	Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.

Deferred tax policy

Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.

	Foreign currency translation and operations policy
	Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.

Foreign currency translation and operations policy

Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.

	Leases policy
	Assets held under finance leases which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, and hire purchase contracts are capitalised in the balance sheet. They are depreciated over the shorter of their useful lives or the term of the lease.

	Investments policy
	Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value where the difference between cost and fair value is material. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.

Investments policy

Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value where the difference between cost and fair value is material. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.

	Employee benefits policy
	Contributions to defined contribution plans are expensed in the period to which they relate.

4.	Employee information


		2023		2022
	Average number of employees during the year	14		10

5.	Property, plant and equipment

	Plant & machinery	Office Equipment	Total
	£	£	£
Cost or valuation
At 01 October 22	163,144	3,032	166,176
Additions	3,342	-	3,342
At 30 September 23	166,486	3,032	169,518
Depreciation and impairment
At 01 October 22	46,498	1,120	47,618
Charge for year	30,000	478	30,478
At 30 September 23	76,498	1,598	78,096
Net book value
At 30 September 23	89,988	1,434	91,422
At 30 September 22	116,646	1,912	118,558

6.	Fixed asset investments

	Investments in groups¹	Total
	£	£
Cost or valuation
At 01 October 22	72,755	72,755
At 30 September 23	72,755	72,755
Net book value
At 30 September 23	72,755	72,755
At 30 September 22	72,755	72,755

	Notes
	¹Investments in group undertakings and participating interests

7.	Description of nature of transactions and balances with related parties
	A loan account exists between the company and its subsidiary. At the balance sheet date, the amount due from Quark Motorsport Ltd was £2,015 (2022 - £nil).

8.	Stocks

	2023	2022
	£	£
Work in progress	10,385	10,585
Total	10,385	10,585

9.	Debtors

	2023	2022
	£	£
Trade debtors / trade receivables	193,079	206,812
Amounts owed by group undertakings	2,105	-
Other debtors	836	836
Prepayments and accrued income	6,158	5,490
Total	202,178	213,138


	Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.

Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.

10.	Creditors within one year

	2023	2022
	£	£
Trade creditors / trade payables	57,013	148,663
Bank borrowings and overdrafts	8,333	8,333
Taxation and social security	73,698	26,801
Finance lease and HP contracts	15,040	15,040
Other creditors	1,904	1,057
Accrued liabilities and deferred income	11,660	5,121
Total	167,648	205,015


	Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.

11.	Creditors after one year

	2023	2022
	£	£
Bank borrowings and overdrafts	24,180	34,179
Other creditors	42,000	56,060
Total	66,180	90,239

12.	Finance lease and HP contracts after one year

		2023		2022
		£		£
	Finance lease and HP contracts	42,000		56,060


	The finance lease and HP contracts are secured on the assets to which they relate.

13.	Provisions for liabilities

	2023	2022
	£	£
Net deferred tax liability (asset)	19,566	22,526
Total	19,566	22,526