Davitt Jones Bould Limited - Period Ending 2017-04-30
Davitt Jones Bould Limited - Period Ending 2017-04-30
Company registration number:
for the Year Ended
Davitt Jones Bould Limited
Contents
Balance Sheet |
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Notes to the Financial Statements |
Davitt Jones Bould Limited
(Registration number: 06155025)
Balance Sheet as at 30 April 2017
Note |
2017 |
2016 |
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Fixed assets |
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Intangible assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Provisions for liabilities |
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Deferred tax liabilities |
(268) |
(1,609) |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Capital redemption reserve |
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Profit and loss reserve |
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Total equity |
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For the financial year ending 30 April 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
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Davitt Jones Bould Limited
(Registration number: 06155025)
Balance Sheet as at 30 April 2017
These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006. The option not to file the profit and loss account and directors’ report has been taken.
Approved and authorised by the
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Davitt Jones Bould Limited
Notes to the Financial Statements
for the Year Ended 30 April 2017
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
This is the first year that these financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The company transitioned as at 1 May 2015, and there have been no recognition or measurement changes as a result of the transition.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
These financial statements are presented in Sterling (£).
Turnover recognition
Fee income represents revenue earned under a wide variety of contracts to provide professional services. Revenue is recognised as earned when, and to the extent that, the firm obtains the right to consideration in exchange for its performance under these contracts. It is measured at the fair value of the right to consideration, which represents amounts chargeable to clients, including expenses and disbursements but excluding vale added tax.
Revenue is generally recognised as contract activity progresses so that for incomplete contracts it reflects the partial performance of the contractual obligations. For such contracts the amount of revenue reflects the accrual of the right to consideration by reference to the value of work performed. Revenue not billed to clients is included in debtors.
Fee income that is contingent on events outside the control of the firm is recognised when the contingent event occurs, with corresponding work in progress recognised in the balance sheet at the lower of cost and net realisable value.
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Davitt Jones Bould Limited
Notes to the Financial Statements
for the Year Ended 30 April 2017
Tangible assets
Tangible assets are stated at cost, less accumulated depreciation and accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation of tangible assets
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Leasehold land and buildings |
20% straight line basis |
Equipment, furniture & fittings |
20% straight line basis |
Goodwill
Positive goodwill is capitalised, classified as an asset on the balance sheet and amortised on a straight line basis over its useful economic life. It is reviewed for impairment at the end of the first full financial year following the acquisition and in other periods if events or changes in circumstances indicate that the carrying value may not be recoverable.
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
Asset class |
Amortisation method and rate |
Goodwill |
7.5% per annum on cost |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Debtors
Trade debtors are amounts due from clients for services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Stocks
Stocks are stated at the lower of cost and net replacement value. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods comprises the direct material costs of stationery and consumables. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its net replacement value; the impairment loss is recognised immediately in profit or loss.
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Davitt Jones Bould Limited
Notes to the Financial Statements
for the Year Ended 30 April 2017
Creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Reserves
Called up share capital represents the nominal value of shares that have been issued.
Profit and loss account includes all current and prior period profits and losses.
Capital redemption reserve records the nominal value of shares repurchased by the company.
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
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Davitt Jones Bould Limited
Notes to the Financial Statements
for the Year Ended 30 April 2017
Defined contribution pension obligation
The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payments obligations.
The contributions are recognised as an expense in the profit and loss account when they fall due. Amounts not paid are shown in accruals as a liability in the balance sheet. The assets of the plan are held separately from the company in independently administered funds.
Staff numbers |
The average number of persons employed by the company (including directors) during the year was
Intangible assets |
Goodwill |
Total |
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Cost or valuation |
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At 1 May 2016 |
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At 30 April 2017 |
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Amortisation |
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At 1 May 2016 |
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Amortisation charge |
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At 30 April 2017 |
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Carrying amount |
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At 30 April 2017 |
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At 30 April 2016 |
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Tangible assets |
Land and buildings |
Plant and machinery |
Total |
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Cost or valuation |
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At 1 May 2016 |
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Additions |
- |
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At 30 April 2017 |
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Depreciation |
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At 1 May 2016 |
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Charge for the year |
- |
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At 30 April 2017 |
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Davitt Jones Bould Limited
Notes to the Financial Statements
for the Year Ended 30 April 2017
Land and buildings |
Plant and machinery |
Total |
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Carrying amount |
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At 30 April 2017 |
- |
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At 30 April 2016 |
- |
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Stocks |
2017 |
2016 |
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Other stocks |
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Debtors |
2017 |
2016 |
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Trade debtors |
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Other debtors |
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Less non-current portion |
( |
( |
Total current trade and other debtors |
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Details of non-current trade and other debtors
£250,170 (2016 - £250,170) of Other debtors are classified as non current.
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Davitt Jones Bould Limited
Notes to the Financial Statements
for the Year Ended 30 April 2017
Creditors |
Creditors: amounts falling due within one year
Note |
2017 |
2016 |
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Due within one year |
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Loans and borrowings |
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Trade creditors |
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Taxation and social security |
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Corporation tax |
103,360 |
35,410 |
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Other creditors |
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Due after one year |
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Loans and borrowings |
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Loans and borrowings |
2017 |
2016 |
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Current loans and borrowings |
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Bank borrowings |
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Bank overdrafts |
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Other borrowings |
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2017 |
2016 |
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Non-current loans and borrowings |
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Bank borrowings |
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Davitt Jones Bould Limited
Notes to the Financial Statements
for the Year Ended 30 April 2017
Reserves reconciliation |
Capital redemption reserve |
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At 1 May 2016 |
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Movement in year : |
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Other capital redemption reserve movements |
30,000 |
Total movement for the year |
30,000 |
At 30 April 2017 |
430,000 |
Related party transactions |
Transactions with directors |
Other transactions with directors |
M F Davitt and S R A Bould are directors of the company. During the year M F Davitt and S R A Bould received dividends totalling £64,968 (2016: £60,800).
M F Davitt maintains an interest free current account with the company. At the balance sheet date the amount due to M F Davitt was £65,994 (2016: £53,494).
S R A Bould maintains an interest free current account with the company. At the balance sheet date the amount due to S R A Bould was £38,776 (2016: £41,270).
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