Davy Textiles Limited - Accounts to registrar (filleted) - small 17.3

REGISTERED NUMBER: 06544194 (England and Wales)

Davy Textiles Limited

Unaudited Financial Statements

for the Year Ended 30 June 2017

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

N M Davy

Mrs F S Davy

SECRETARY:

Mrs F S Davy

REGISTERED OFFICE:

Prince Street

Dudley Hill

Bradford

West Yorkshire

BD4 6HQ

REGISTERED NUMBER:

06544194 (England and Wales)

ACCOUNTANTS:

Walkers Accountants Limited

Aireside House

Aireside Business Centre

Royd Ings Avenue

Keighley

West Yorkshire

BD21 4BZ

FIXED ASSETS

Tangible assets

4

173,876

185,197

Investments

5

70,000

70,000

243,876

255,197

CURRENT ASSETS

Stocks

733,315

641,395

Debtors

6

394,465

496,664

Cash at bank and in hand

192,167

279,514

1,319,947

1,417,573

CREDITORS

Amounts falling due within one year

7

634,886

741,802

NET CURRENT ASSETS

685,061

675,771

TOTAL ASSETS LESS CURRENT LIABILITIES

928,937

930,968

CREDITORS

Amounts falling due after more than one year

8

(14,582

)

(16,014

)

PROVISIONS FOR LIABILITIES

(15,642

)

(17,106

)

NET ASSETS

898,713

897,848

CAPITAL AND RESERVES

Called up share capital

77,740

77,740

Share premium

906,940

906,940

Retained earnings

(85,967

)

(86,832

)

SHAREHOLDERS' FUNDS

898,713

897,848

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2017 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 of Part 15 of the Companies Act 2006 relating to small companies.

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 on 20 November 2017 and were signed on its behalf by:

Mrs F S Davy - Director

1.	STATUTORY INFORMATION

Davy Textiles 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

Basis of preparing the financial statements

These financial statements have been prepared 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.

Revenue recognition

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 etc

-

25% on reducing balance and 15% on reducing balance

Impairment of fixed assets

At each balance sheet date, the Company reviews the carrying amounts of its property, plant and equipment to

determine whether there is any indication that any items of property, plant and equipment have suffered an

impairment loss. If any such indications exists, the recoverable amount of an asset is estimated in order to

determine the extent of the impairment loss, if any. Where it is not possible to estimate the recoverable amount

of the asset, the Company estimates the recoverable amount of the cash-generating unit to which the asset

belongs.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow

moving items.

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.

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.

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 11 .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 July 2016

541,216

Additions

36,672

Disposals

(15,350

)

At 30 June 2017

562,538

DEPRECIATION

At 1 July 2016

356,019

Charge for year

38,755

Eliminated on disposal

(6,112

)

At 30 June 2017

388,662

NET BOOK VALUE

At 30 June 2017

173,876

At 30 June 2016

185,197

5.	FIXED ASSET INVESTMENTS

Other

investments

£

COST

At 1 July 2016

and 30 June 2017

70,000

NET BOOK VALUE

At 30 June 2017

70,000

At 30 June 2016

70,000

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.6.17

30.6.16

£

£

Trade debtors

248,947

362,833

Other debtors

145,518

133,831

394,465

496,664

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.6.17

30.6.16

£

£

Hire purchase contracts

9,348

4,349

Trade creditors

56,916

44,777

Taxation and social security

8,912

2,500

Other creditors

559,710

690,176

634,886

741,802

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

30.6.17

30.6.16

£

£

Hire purchase contracts

14,582

16,014

9.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 30 June 2017 and

30 June 2016:

30.6.17

30.6.16

£

£

N M Davy and Mrs F S Davy

Balance outstanding at start of year

(685,485

)

(659,027

)

Amounts advanced

134,348

12,444

Amounts repaid

(3,317

)

(38,902

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

(554,454

)

(685,485

)

10.	ULTIMATE CONTROLLING PARTY

The ultimate controlling parties are N M Davy and F S Davy.