S E Davis & Son Limited Filleted accounts for Companies House (small and micro)

S E DAVIS & SON LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 00943697

S E Davis & Son Limited

Filleted Financial Statements

30 November 2017

S E Davis & Son Limited

Financial Statements

Year ended 30 November 2017

Contents	Page

Statement of financial position	1

Notes to the financial statements	3

S E Davis & Son Limited

Statement of Financial Position

30 November 2017

	2017		2016
Note	£	£	£	£

Fixed assets

Tangible assets	5	6,730,423	5,810,962
Investments	6	50	50
		------------	------------
		6,730,473	5,811,012

Current assets

Stocks		152,752	188,603
Debtors	7	2,358,225	2,179,092
Cash at bank and in hand		2,785,973	2,802,639
		------------	------------
		5,296,950	5,170,334

Creditors: amounts falling due within one year	8	1,643,211		1,740,723
		------------		------------
Net current assets			3,653,739		3,429,611
			-------------		------------
Total assets less current liabilities			10,384,212		9,240,623

Provisions

Taxation including deferred tax	200,166	249,174
	-------------	------------
Net assets	10,184,046	8,991,449
	-------------	------------

Capital and reserves

Called up share capital	9	220	100
Fair value reserve - Non distributable		142,684	109,977
Profit and loss account		10,041,142	8,881,372
		-------------	------------
Shareholders funds		10,184,046	8,991,449
		-------------	------------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

S E Davis & Son Limited

Statement of Financial Position (continued)

30 November 2017

These financial statements were approved by the board of directors and authorised for issue on 19 July 2018 , and are signed on behalf of the board by:

S T Davis C A Davis

Director Director

Company registration number: 00943697

S E Davis & Son Limited

Notes to the Financial Statements

Year ended 30 November 2017

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Sandhills Farm, Edgioake Lane, Astwood Bank, Redditch, Worcs, B96 6BG.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of investment properties measured at fair value through profit or loss. The financial statements are prepared in sterling, which is the functional currency of the entity.

Revenue recognition

Turnover represents sales of goods net of VAT and trade discounts. Turnover is recognised when goods are physically delivered to the customer.

Tax

Current tax represents the amount of tax payable or receivable in respect of the taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.

Operating leases

Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis. Lease income is recognised in profit or loss on a straight line basis over the lease term.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.

Depreciation

Depreciation is calculated so as to write off the cost of an asset, less its residual value, over the useful economic life of that asset as follows:

Buildings	-	2%/3.33% straight line from date of purchase
Plant and Machinery	-	25% reducing balance from date of purchase
Motor Vehicles	-	25% reducing balance from date of purchase

Investment properties

Investment properties are revalued to their fair value at each reporting date and any changes in fair value are recognised in profit or loss. Investment properties are subject to valuation by the directors who are not professionally qualified valuers.

Investments

Investments in joint ventures are accounted for at cost less impairment.

Research and development

Research and development expenditure is written off in the period in which it is incurred.

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Stocks

Stocks are measured 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 the stock to its present location and condition.

Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably.

Financial instruments

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into, either as financial assets, financial liabilities or equity interests. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.

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 recognised as an expense in the period in which the related service is provided.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 46 (2016: 43 ).

5. Tangible assets

	Land and buildings	Plant and machinery	Motor vehicles	Investment properties	Total
	£	£	£	£	£
Cost or valuation
At 1 December 2016	315,212	10,684,216	887,866	1,165,000	13,052,294
Additions	–	1,983,306	52,740	261,214	2,297,260
Disposals	–	( 314,449)	( 27,530)	–	( 341,979)
Revaluations	–	–	–	28,786	28,786
	---------	-------------	---------	------------	-------------
At 30 November 2017	315,212	12,353,073	913,076	1,455,000	15,036,361
	---------	-------------	---------	------------	-------------
Depreciation
At 1 December 2016	76,711	6,513,989	650,632	–	7,241,332
Charge for the year	6,611	1,196,659	63,088	–	1,266,358
Disposals	–	( 178,254)	( 23,498)	–	( 201,752)
	---------	-------------	---------	------------	-------------
At 30 November 2017	83,322	7,532,394	690,222	–	8,305,938
	---------	-------------	---------	------------	-------------
Carrying amount
At 30 November 2017	231,890	4,820,679	222,854	1,455,000	6,730,423
	---------	-------------	---------	------------	-------------
At 30 November 2016	238,501	4,170,227	237,234	1,165,000	5,810,962
	---------	-------------	---------	------------	-------------

Investment properties have been valued at the balance sheet dates by the directors .

6. Investments

	Shares in participating interests
	£
Cost
At 1 December 2016 and 30 November 2017	50
	----
Impairment
At 1 December 2016 and 30 November 2017	–
	----

Carrying amount
At 30 November 2017	50
	----
At 30 November 2016	50
	----

7. Debtors

	2017	2016
	£	£
Trade debtors	1,445,191	1,324,033
Amounts owed by group undertakings and undertakings in which the company has a participating interest	224,070	246,940
Other debtors	688,964	608,119
	------------	------------
	2,358,225	2,179,092
	------------	------------

The debtors above include the following amounts falling due after more than one year:

	2017	2016
	£	£
Other debtors	79,837	80,571
	--------	--------

8. Creditors: amounts falling due within one year

	2017	2016
	£	£
Bank loans and overdrafts	123,816	88,110
Trade creditors	582,213	458,950
Social security and other taxes	486,763	495,218
Other creditors	450,419	698,445
	------------	------------
	1,643,211	1,740,723
	------------	------------

The loan of £90,000 (2016 - £90,000) is secured by a floating charge over the company's assets. Other creditors include hire purchase creditors of £Nil (2016 - £193,793) which is secured on the asset concerned.

9. Called up share capital

Issued, called up and fully paid

	2017		2016
	No.	£	No.	£
Ordinary shares of £ 1 each	100	100	100	100
Ordinary - Non Voting Redeemable shares of £ 1 each	120	120	–	–
	----	----	----	----
	220	220	100	100
	----	----	----	----

10. Other financial commitments

The company had total commitments at the balance sheet date of £ 64,459 (2016 - £ 128,167 ).

11. Summary audit opinion

The auditor's report for the year dated 23 July 2018 was unqualified.

The senior statutory auditor was Michael Holder , for and on behalf of Rigbey Harrison .

12. Directors' advances, credits and guarantees

Advances to directors are as follows; 1. The balance at the start and end of the year was £158,428 and is repayable on demand. 2. The balance at the start of the year was £163,856. Repayments of £2,936 were made and the balance at the year end was £160,920 and is repayable on demand. 3. Advances were made during the year totalling £67,102. The balance at the year end was £67,102 and is repayable on demand. Interest was payable on the above loans at HMRC's official rate.