DJ Davies Fuels Limited - Accounts to registrar - small 16.3d

REGISTERED NUMBER: 02472797 (England and Wales)

Unaudited Financial Statements for the Year Ended 30 April 2017

for

DJ Davies Fuels Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

A T J Davies

I D Davies

J H Davies

SECRETARY:

Mrs S L Roach

REGISTERED OFFICE:

Blaenau Fuel Depot,

Pantyblodau Road,

Saron,

Ammanford

Carmarthenshire

SA18 3BX

REGISTERED NUMBER:

02472797 (England and Wales)

ACCOUNTANTS:

Cambrian & Co Ltd

13A Victoria Gardens

Neath

West Glamorgan

SA11 3AY

FIXED ASSETS

Tangible assets

4

959,962

738,749

Investments

5

5,678

5,678

Investment property

6

1,178,454

1,171,891

2,144,094

1,916,318

CURRENT ASSETS

Stocks

936,586

777,917

Debtors

7

1,039,483

506,161

Cash at bank and in hand

4,830

473,581

1,980,899

1,757,659

CREDITORS

Amounts falling due within one year

8

1,032,872

703,224

NET CURRENT ASSETS

948,027

1,054,435

TOTAL ASSETS LESS CURRENT LIABILITIES

3,092,121

2,970,753

CREDITORS

Amounts falling due after more than one year

9

(674,254

)

(630,228

)

PROVISIONS FOR LIABILITIES

(91,582

)

(76,788

)

NET ASSETS

2,326,285

2,263,737

CAPITAL AND RESERVES

Called up share capital

50,000

50,000

Retained earnings

2,276,285

2,213,737

SHAREHOLDERS' FUNDS

2,326,285

2,263,737

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

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 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 28 July 2017 and were signed on its behalf by:

A T J Davies - Director

1.	STATUTORY INFORMATION

DJ Davies Fuels 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 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 as modified by the revaluation of certain assets.

Significant judgements and estimates

Preparation of the financial statements requires management to make significant

judgements and estimates. The items in the financial statements where these judgments

and estimates have been made include:

- Valuation of Investment Property.

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.

Land and buildings

-

in accordance with the property

Plant and machinery etc

-

25% on reducing balance and 20% on reducing balance

Investments in associates

Investments in associate 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

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.

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.

Investments in associates

Investments in associates are recognised initially at the transaction price and subsequently adjusted to

reflect the share of total comprehensive income and equity of the associate, less any

impairment. Losses in excess of the carrying amount of an investment in an associate are recorded as

a provision only when the company has incurred legal or constructive obligations or has made

payments on behalf of the associate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 36 (2016 - 31 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 1 May 2016

259,195

1,861,936

2,121,131

Additions

-

416,891

416,891

Disposals

-

(56,335

)

(56,335

)

At 30 April 2017

259,195

2,222,492

2,481,687

DEPRECIATION

At 1 May 2016

75,796

1,306,586

1,382,382

Charge for year

17,580

146,460

164,040

Eliminated on disposal

-

(24,697

)

(24,697

)

At 30 April 2017

93,376

1,428,349

1,521,725

NET BOOK VALUE

At 30 April 2017

165,819

794,143

959,962

At 30 April 2016

183,399

555,350

738,749

5.	FIXED ASSET INVESTMENTS

Interest

in

associate

£

COST

At 1 May 2016

and 30 April 2017

5,678

NET BOOK VALUE

At 30 April 2017

5,678

At 30 April 2016

5,678

6.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 May 2016

1,171,891

Revaluations

6,563

At 30 April 2017

1,178,454

NET BOOK VALUE

At 30 April 2017

1,178,454

At 30 April 2016

1,171,891

Cost or valuation at 30 April 2017 is represented by:

£

Valuation in 2014

1,373,000

Valuation in 2016

(201,109

)

Valuation in 2017

6,563

1,178,454

The valuation was performed by Mr A Davies a Director of DJ Davies (Fuels) Limited.

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.4.17

30.4.16

£

£

Trade debtors

811,815

436,938

Other debtors

25,515

15

Amounts due from associate

100,000

-

VAT

76,113

11,827

Prepayments and accrued income

26,040

57,381

1,039,483

506,161

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.4.17

30.4.16

£

£

Bank loans and overdrafts (see note 10)

64,333

-

Hire purchase contracts (see note 11)

103,290

47,759

Trade creditors

769,805

584,149

Tax

32,007

14,270

Social security and other taxes

23,554

24,446

Related party loans

30,000

2,299

Accruals and deferred income

3,972

4,590

Accrued expenses

5,911

25,711

1,032,872

703,224

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

30.4.17

30.4.16

£

£

Bank loans (see note 10)

393,761

408,027

Hire purchase contracts (see note 11)

70,605

12,472

Directors loans

209,888

209,729

674,254

630,228

10.

LOANS

An analysis of the maturity of loans is given below:

30.4.17

30.4.16

£

£

Amounts falling due within one year or on demand:

Bank overdrafts

64,333

-

Amounts falling due between one and two years:

Bank loans - 1-2 years

393,761

408,027

11.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase

contracts

30.4.17

30.4.16

£

£

Net obligations repayable:

Within one year

103,290

47,759

Between one and five years

70,605

12,472

173,895

60,231

Non-cancellable

operating leases

30.4.17

30.4.16

£

£

Within one year

75,000

90,000

12.	SECURED DEBTS

The following secured debts are included within creditors:

30.4.17

30.4.16

£

£

Bank overdraft

64,333

-

Bank loans

393,761

408,027

Hire purchase contracts

173,895

60,231

631,989

468,258

13.	RELATED PARTY DISCLOSURES

The directors operate current accounts with the company. The balances due to the directors at the

balance sheet date are shown in the creditors note. Amounts due to each director are as follows: ATJ

Davies £160,169 (2016 £199,261); ID Davies £19,719 (2016 £5,839); JH Davies £30,000 (2016

£4,629).

Dividends were paid to directors as follows; £45,000 to ATJ Davies, £45,000 to ID Davies, and

£30,000 to JH Davies.

Included in related party loans is the amount due to minority shareholder Mrs SL Roach of £15,000

(2016 £574) and minority shareholder Mr C Davies of £15,000 (2016 £1,727). Mrs SL Roach is the

daughter of director ID Davies, and she is also the company secretary. Mrs Roach received a dividend

of £15,000. Mr C Davies son of the director ID Davies received a dividend £15,000.

During the year, the company made sales to JH Davies of £876 (2016 £1,183), C Davies £684 (2016

£2,3461) and to Mrs SL Roach of £2,175 (2016 £1,670). The company made sales to Fuel Express

Ltd of £179,492 (2016 £198,837). DJ Davies Fuels Ltd is a shareholder in Fuel Express Ltd. These

transactions were performed under the normal terms and conditions operated by the company.

Included in trade debtors is an amount of £5,497 (2016 £4,822) owed by Mr C Davies, son of the

director Mr I D Davies.

Also included in trade debtors is an amount of £5,986 (2016 £2,375) owed by Mrs S L Roach,

daughter of the director Mr I D Davies.

Also included in trade debtors is an amount of £12,356 (2016 £7,254) owed by Mrs L Davies, wife of

the director Mr J H Davies.

Sales of £Nil (2016 £3,253) were also made to Leisure Tech Ltd, a company where the directors have

an involvement.

The premises occupied by the company are owned by the directors. The rent, rates & water paid in

respect of this property was £100,760 (2016 £131,151).

DJ Davies and Mrs EG Davies, parents of director ATJ Davies continue to provide consultancy

services to the company under a formal consultancy agreement for £28,745 (2016 £28,607).

14.	POST BALANCE SHEET EVENTS

There were no significant post balance sheet events.

15.	ULTIMATE CONTROLLING PARTY

The directors consider the ultimate controlling party to be A T J Davies and I D Davies through their

majority holding of shares.

16.	GOING CONCERN

After reviewing forecasts and projections for the company, the directors have a reasonable

expectation that it has adequate resources to continue in operational existence

for the foreseeable future. D J Davies Fuels Limited therefore continues to adopt the going concern

basis in preparing its financial statements.