Davis and Gibbs Limited 31/12/2017 iXBRL

Davis and Gibbs Limited 31/12/2017 iXBRL

DAVIS AND GIBBS LIMITED - Company Information

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Company registration number: 05575163
Davis and Gibbs Limited
Unaudited filleted financial statements
31 December 2017
Davis and Gibbs Limited
Contents
Directors and other information
Accountant's report
Statement of financial position
Statement of changes in equity
Notes to the financial statements
Davis and Gibbs Limited
Directors and other information
Directors B J Gibbs
S R Davis
Secretary C P Gibbs
Company number 05575163
Registered office 2c Chestnut Grove
Balham
London
SW12 8JD
Accountants Pink Accounting Resources Ltd
Davis and Gibbs Limited
Accountant's report to the board of directors on the preparation of the
unaudited statutory financial statements of Davis and Gibbs Limited
Year ended 31 December 2017
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Davis and Gibbs Limited for the year ended 31 December 2017 which comprise the statement of financial position, statement of changes in equity and related notes from the company's accounting records and from information and explanations you have given us.
This report is made solely to the board of directors of Davis and Gibbs Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Davis and Gibbs Limited and state those matters that we have agreed to state to the board of directors of Davis and Gibbs Limited as a body, in this report. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Davis and Gibbs Limited and its board of directors as a body for our work or for this report.
It is your duty to ensure that Davis and Gibbs Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Davis and Gibbs Limited. You consider that Davis and Gibbs Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Davis and Gibbs Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Pink Accounting Resources Ltd
14 September 2018
Davis and Gibbs Limited
Statement of financial position
31 December 2017
2017 2016
Note £ £ £ £
Fixed assets
Tangible assets 6 1,591 2,900
_______ _______
1,591 2,900
Current assets
Debtors 7 178,860 177,916
Cash at bank and in hand 4,004 28,174
_______ _______
182,864 206,090
Creditors: amounts falling due
within one year 8 ( 164,538) ( 183,294)
_______ _______
Net current assets 18,326 22,796
_______ _______
Total assets less current liabilities 19,917 25,696
_______ _______
Net assets 19,917 25,696
_______ _______
Capital and reserves
Called up share capital 1,000 1,000
Profit and loss account 18,917 24,696
_______ _______
Shareholders funds 19,917 25,696
_______ _______
For the year ending 31 December 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
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.
These financial statements were approved by the board of directors and authorised for issue on 14 September 2018 , and are signed on behalf of the board by:
B J Gibbs S R Davis
Director Director
Company registration number: 05575163
Davis and Gibbs Limited
Statement of changes in equity
Year ended 31 December 2017
Called up share capital Profit and loss account Total
£ £ £
At 1 January 2016 31,000 727 31,727
Profit for the year 198,969 198,969
_______ _______ _______
Total comprehensive income for the year - 198,969 198,969
Dividends paid and payable ( 175,000) ( 175,000)
Cancellation of subscribed capital ( 30,000) - ( 30,000)
_______ _______ _______
Total investments by and distributions to owners ( 30,000) ( 175,000) ( 205,000)
_______ _______ _______
At 31 December 2016 and 1 January 2017 1,000 24,696 25,696
Profit for the year 94,221 94,221
_______ _______ _______
Total comprehensive income for the year - 94,221 94,221
Dividends paid and payable ( 100,000) ( 100,000)
_______ _______ _______
Total investments by and distributions to owners - ( 100,000) ( 100,000)
_______ _______ _______
At 31 December 2017 1,000 18,917 19,917
_______ _______ _______
Davis and Gibbs Limited
Notes to the financial statements
Year ended 31 December 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 2c Chestnut Grove, Balham, London, SW12 8JD.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and 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 certain financial assets and liabilities and 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.
Turnover
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on 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.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
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. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Financial instruments
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 11 (2016: 11 ).
5. Tax on profit
Major components of tax expense
2017 2016
£ £
Current tax:
UK current tax expense 27,294 56,088
_______ _______
Tax on profit 27,294 56,088
_______ _______
Reconciliation of tax expense
The tax assessed on the profit for the year is higher than (2016: higher than) the standard rate of corporation tax in the UK of 19.00 % (2016: 20.00%).
2017 2016
£ £
Profit before taxation 121,515 255,057
_______ _______
Profit multiplied by rate of tax 23,088 51,011
Effect of expenses not deductible for tax purposes 3,674 5,109
Effect of capital allowances and depreciation 182 ( 32)
Effect of different UK tax rates on some earnings 350 -
_______ _______
Tax on profit 27,294 56,088
_______ _______
6. Tangible assets
Short leasehold property Fixtures, fittings and equipment Total
£ £ £
Cost
At 1 January 2017 and 31 December 2017 27,095 9,895 36,990
_______ _______ _______
Depreciation
At 1 January 2017 27,095 6,995 34,090
Charge for the year - 1,309 1,309
_______ _______ _______
At 31 December 2017 27,095 8,304 35,399
_______ _______ _______
Carrying amount
At 31 December 2017 - 1,591 1,591
_______ _______ _______
At 31 December 2016 - 2,900 2,900
_______ _______ _______
7. Debtors
2017 2016
£ £
Trade debtors 49,342 26,320
Other debtors 129,518 151,596
_______ _______
178,860 177,916
_______ _______
8. Creditors: amounts falling due within one year
2017 2016
£ £
Bank loans and overdrafts 24,243 23,883
Trade creditors 22,717 28,185
Corporation tax 27,294 71,561
Social security and other taxes 19,241 49,613
Other creditors 71,043 10,052
_______ _______
164,538 183,294
_______ _______
9. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2017
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
B J Gibbs 57,803 ( 20,871) 36,932
S R Davis 52,236 ( 1,715) 50,521
_______ _______ _______
110,039 ( 22,586) 87,453
_______ _______ _______
2016
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
B J Gibbs 58,831 ( 1,028) 57,803
S R Davis 54,270 ( 2,034) 52,236
_______ _______ _______
113,101 ( 3,062) 110,039
_______ _______ _______