Davern Work-Wear Limited - Accounts to registrar (filleted) - small 17.3

REGISTERED NUMBER: 01169383 (England and Wales)

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2017

FOR

DAVERN WORK-WEAR LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

M A Brooker

A W Cook

A V R d S Jayatilleke

A D Everett

B C Southwell

SECRETARY:

M A Brooker

REGISTERED OFFICE:

Unit 15 Charlton Drive

Corngreaves Trading Estate

Cradley Heath

West Midlands

B64 7BJ

REGISTERED NUMBER:

01169383 (England and Wales)

SENIOR STATUTORY AUDITOR:

Gary Howard FCA

AUDITORS:

Howard & Company

Statutory Auditors

Unit 17

Park Farm Business Centre

Fornham St. Genevieve

Bury St. Edmunds

Suffolk

IP28 6TS

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

80,387

79,721

80,387

79,721

CURRENT ASSETS

Stocks

6

195,602

190,397

Debtors

7

558,588

528,236

Cash in hand

494

469

754,684

719,102

CREDITORS

Amounts falling due within one year

8

1,050,816

1,102,622

NET CURRENT LIABILITIES

(296,132

)

(383,520

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(215,745

)

(303,799

)

CAPITAL AND RESERVES

Called up share capital

11

3,073

3,073

Retained earnings

(218,818

)

(306,872

)

SHAREHOLDERS' FUNDS

(215,745

)

(303,799

)

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Statement of Total Comprehensive Income has not been delivered.

The financial statements were approved by the Board of Directors on 24 November 2017 and were signed on its behalf by:

A W Cook - Director

M A Brooker - Director

1.	STATUTORY INFORMATION

Davern Work-Wear 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, and consistently applied, in accordance with the

provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial

Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The

financial statements have been prepared under the historical cost convention.

The financial statements are prepared on a going concern basis. This assumption is appropriate as

the immediate holding company have confirmed their continued support to the company. The

company has made cost savings with a view to maintaining profitability in the future.

Turnover

Turnover is measured at the fair value of the consideration received or receivable net of VAT and

trade discounts. The policies adopted for the recognition of turnover are as follows:

Sale of goods

Turnover from the sale of goods is recognised when significant risks and rewards of ownership of the

goods have transferred to the buyer, the amount of turnover can be measured reliably, it is probable

that the economic benefits associated with the transaction will flow to the company and the costs

incurred or to be incurred in respect of the transaction can be measured reliably. This is usually on

the dispatch of the goods.

Intangible assets - goodwill

Goodwill arising on business combinations is capitalised, classified as an asset on the balance sheet

and amortised on a straight line basis over its useful life. The period chosen for writing off goodwill is

10 years. Provision is made for any impairment.

Depreciation and revaluation of tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Short leasehold

-

20% on cost

Plant and machinery

-

25% on reducing balance

Office equipment

-

25% on reducing balance and Straight line over 5 years

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation

and accumulated impairment losses. Cost includes costs directly attributable to making the asset

capable of operating as intended.

Stocks

Stocks are stated 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 stock to

its present location and condition. Cost is calculated using the first-in, first-out formula. Provision is

made for damaged, obsolete and slow-moving stock where appropriate.

Tax

Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or

loss) for the current or past reporting periods. It is measured at the amount expected to be paid or

recovered using the tax rates and laws that have been enacted or substantively enacted by the

balance sheet date.

Deferred tax represents the future tax consequences of transactions and events recognised in the

financial statements of current and previous periods. It is recognised in respect of all timing

differences, with certain exceptions. Timing differences are differences between taxable profits and

total comprehensive income as stated in the financial statements that arise from the inclusion of

income and expense in tax assessments in periods different from those in which they are recognised

in the financial statements. 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 balance sheet date that are expected to apply to the reversal of timing differences.

Deferred tax on revalued non-depreciable tangible fixed assets and investment properties is

measured using the rates and allowances that apply to the sale of the asset.

Debtors and creditors receivable/payable within one year

Debtors and creditors with no stated interest rate and receivable or payable within one year are

recored at transaction price. Any losses arising from impairment are recognised in the profit and loss

account in other administration expenses.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling

at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of

exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at

the operating result.

Leases

Assets acquired under finance leases are capitalised and depreciated over the shorter of the lease

term and the expected useful life of the asset. Minimum lease payments are apportioned between

the finance charge and the reduction of the outstanding lease liability using the effective interest

method. The related obligations, net of future finance charges, are included in creditors.

Where goods are sold using finance leases, the entity recognises turnover from the sale of goods

and the rights to receive future lease payments as a debtor. Minimum lease payments are

apportioned between finance income and the reduction of the lease debtor with finance income

allocated so as to produce a constant periodic rate of interest on the net investment in the finance

lease.

Rentals payable and receivable under operating leases are charged to the profit and loss account on

a straight line basis over the period of the lease.

Employee benefits

When employees have rendered service to the company, short-term employee benefits to which the

employees are entitled are recognised at the undiscounted amount expected to be paid in exchange

for that service.

The company operates a defined contribution plan for the benefit of its employees. Contributions are

expensed as they become payable.

Loans and borrowings

Loans and borrowings are initially recognised at the transaction price including transaction costs.

Subsequently, they are measured at amortised cost using the effective interest rate method, less

impairment. If an arrangement constitutes a finance transaction it is measured at present value.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 25 (2016 - 25 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 April 2016

and 31 March 2017

54,000

AMORTISATION

At 1 April 2016

and 31 March 2017

54,000

NET BOOK VALUE

At 31 March 2017

-

At 31 March 2016

-

5.	TANGIBLE FIXED ASSETS

Short

Plant and

Office

leasehold

machinery

equipment

Totals

£

£

£

£

COST

At 1 April 2016

51,169

177,564

64,144

292,877

Additions

-

25,950

-

25,950

Disposals

-

(33,250

)

-

(33,250

)

At 31 March 2017

51,169

170,264

64,144

285,577

DEPRECIATION

At 1 April 2016

18,673

142,195

52,288

213,156

Charge for year

9,709

10,615

2,960

23,284

Eliminated on disposal

-

(31,250

)

-

(31,250

)

At 31 March 2017

28,382

121,560

55,248

205,190

NET BOOK VALUE

At 31 March 2017

22,787

48,704

8,896

80,387

At 31 March 2016

32,496

35,369

11,856

79,721

6.

STOCKS

31.3.17

31.3.16

£

£

Finished goods

195,602

190,397

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.17

31.3.16

£

£

Trade debtors

531,774

508,352

Prepayments

26,814

19,884

558,588

528,236

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.17

31.3.16

£

£

Bank loans and overdrafts

169,486

186,730

Invoice discounting advance

438,925

379,712

Trade creditors

344,595

335,434

Amounts owed to group undertakings

31,682

151,005

Taxation and social security

43,859

30,177

Other creditors

22,269

19,564

1,050,816

1,102,622

The bank overdraft is secured by a first fixed charge over book and other debts, chattels, goodwill

and uncalled capital, both present and future; and a first floating charge over all assets and

undertakings both present and future.

9.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

31.3.17

31.3.16

£

£

In more than five years

20,000

20,000

10.	SECURED DEBTS

The following secured debts are included within creditors:

31.3.17

31.3.16

£

£

Bank overdrafts

169,486

186,730

Invoice discounting advance

438,925

379,712

608,411

566,442

11.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.3.17

31.3.16

value:

£

£

3,070

Ordinary

1

3,070

3,070

3

Ordinary 'B'

1

3

3

3,073

3,073

12.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Gary Howard FCA (Senior Statutory Auditor)

for and on behalf of Howard & Company

13.	RELATED PARTY DISCLOSURES

14.	ULTIMATE CONTROLLING PARTY

The controlling party is Main Man Supplies Limited.

The ultimate controlling party is Mr L P Hapangama.