Joe Davies (Holdings) Ltd - Limited company accounts 18.1.1

REGISTERED NUMBER: 10997953 (England and Wales)

REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS FOR THE PERIOD 5 OCTOBER 2017 TO 31 JANUARY 2018

FOR

JOE DAVIES (HOLDINGS) LTD

Page

Company Information

1

Report of the Directors

2

Report of the Independent Auditors

4

Income Statement

7

Balance Sheet

8

Notes to the Financial Statements

9

DIRECTORS:

P A Davies

S J Davies

Mrs J A Davies

REGISTERED OFFICE:

149 Broadstone Road

Reddish

Stockport

Cheshire

SK5 7GA

REGISTERED NUMBER:

10997953 (England and Wales)

AUDITORS:

Clarkes

Statutory Auditors

Shaw House

54 Bramhall Lane South

Stockport

Cheshire

SK7 1AH

The directors present their report with the financial statements of the company for the period 5 October 2017 to 31 January 2018.

INCORPORATION

The company was incorporated on 5 October 2017 and commenced trading on 31 January 2018.

DIRECTORS

The directors who have held office during the period from 5 October 2017 to the date of this report

are as follows:

P A Davies - appointed 31 January 2018

S J Davies - appointed 31 January 2018

Mrs J A Davies - appointed 31 January 2018

Mrs B Barber - appointed 5 October 2017 - resigned 31 January 2018

All the directors who are eligible offer themselves for election at the forthcoming first Annual

General Meeting.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Report of the Directors and the financial statements

in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under

that law the directors have elected to prepare the financial statements in accordance with United

Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and

applicable law). Under company law the directors must not approve the financial statements unless

they are satisfied that they give a true and fair view of the state of affairs of the company and of

the profit or loss of the company for that period. In preparing these financial statements, the

directors are required to:

-	select suitable accounting policies and then apply them consistently;

-	make judgements and accounting estimates that are reasonable and prudent;

The directors are responsible for keeping adequate accounting records that are sufficient to show

and explain the company's transactions and disclose with reasonable accuracy at any time the

financial position of the company and enable them to ensure that the financial statements comply

with the Companies Act 2006. They are also responsible for safeguarding the assets of the

company and hence for taking reasonable steps for the prevention and detection of fraud and

other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418

of the Companies Act 2006) of which the company's auditors are unaware, and each director has

taken all the steps that he or she ought to have taken as a director in order to make himself or

herself aware of any relevant audit information and to establish that the company's auditors are

aware of that information.

AUDITORS

The auditors, Clarkes, will be proposed for re-appointment at the forthcoming Annual General

Meeting.

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act

2006 relating to small companies.

ON BEHALF OF THE BOARD:

S J Davies - Director

27 July 2018

Opinion

We have audited the financial statements of Joe Davies (Holdings) Ltd (the 'company') for the

period ended 31 January 2018 which comprise the Income Statement, Balance Sheet and Notes to

the Financial Statements, including a summary of significant accounting policies. The financial

reporting framework that has been applied in their preparation is applicable law and United

Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial

Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally

Accepted Accounting Practice).

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of

Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to

the company's members those matters we are required to state to them in a Report of the Auditors

and for no other purpose. To the fullest extent permitted by law, we do not accept or assume

responsibility to anyone other than the company and the company's members as a body, for our

audit work, for this report, or for the opinions we have formed.

In our opinion the financial statements:

-	give a true and fair view of the state of the company's affairs as at 31 January 2018 and of its profit for the period then ended;

-	have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

-	have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK))

and applicable law. Our responsibilities under those standards are further described in the

Auditors' responsibilities for the audit of the financial statements section of our report. We are

independent of the company in accordance with the ethical requirements that are relevant to our

audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have

fulfilled our other ethical responsibilities in accordance with these requirements. We believe that

the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

We have nothing to report in respect of the following matters in relation to which the ISAs (UK)

require us to report to you where:

-	the directors' use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or

-

the directors have not disclosed in the financial statements any identified material uncertainties
that may cast significant doubt about the company's ability to continue to adopt the going
concern basis of accounting for a period of at least twelve months from the date when the
financial statements are authorised for issue.

Other information

The directors are responsible for the other information. The other information comprises the

information in the Report of the Directors, but does not include the financial statements and our

Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and we do not

express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other

information and, in doing so, consider whether the other information is materially inconsistent with

the financial statements or our knowledge obtained in the audit or otherwise appears to be

materially misstated. If, based on the work we have performed, we conclude that there is a

material misstatement of this other information, we are required to report that fact. We have

nothing to report in this regard.

Opinion on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

-	the information given in the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Report of the Directors has been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in

the course of the audit, we have not identified material misstatements in the Report of the

Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006

requires us to report to you if, in our opinion:

-	adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

-	the financial statements are not in agreement with the accounting records and returns; or

-	certain disclosures of directors' remuneration specified by law are not made; or

-	we have not received all the information and explanations we require for our audit; or

-	the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Directors.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page two, the

directors are responsible for the preparation of the financial statements and for being satisfied that

they give a true and fair view, and for such internal control as the directors determine necessary to

enable the preparation of financial statements that are free from material misstatement, whether

due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's

ability to continue as a going concern, disclosing, as applicable, matters related to going concern

and using the going concern basis of accounting unless the directors either intend to liquidate the

company or to cease operations, or have no realistic alternative but to do so.

Our responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a

whole are free from material misstatement, whether due to fraud or error, and to issue a Report of

the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is

not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material

misstatement when it exists. Misstatements can arise from fraud or error and are considered

material if, individually or in the aggregate, they could reasonably be expected to influence the

economic decisions of users taken on the basis of these financial statements.

A further description of our responsibilities for the audit of the financial statements is located on the

Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description

forms part of our Report of the Auditors.

Peter John Clarke (Senior Statutory Auditor)

for and on behalf of Clarkes

Statutory Auditors

Shaw House

54 Bramhall Lane South

Stockport

Cheshire

SK7 1AH

27 July 2018

TURNOVER

-

OPERATING PROFIT

-

Income from shares in group
undertakings

7,223,488

Amounts written off investments

7,223,488

PROFIT BEFORE TAXATION

-

Tax on profit

-

PROFIT FOR THE FINANCIAL
PERIOD

-

FIXED ASSETS

Investments

3

936,512

CURRENT ASSETS

Debtors

4

7,016,988

CREDITORS

Amounts falling due within one year

5

4,793,500

NET CURRENT ASSETS

2,223,488

TOTAL ASSETS LESS CURRENT
LIABILITIES

3,160,000

CAPITAL AND RESERVES

Called up share capital

9,480

Share premium

3,150,520

3,160,000

The financial statements have been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the Board of Directors on 27 July 2018 and were
signed on its behalf by:

S J Davies - Director

1.	STATUTORY INFORMATION

Joe Davies (Holdings) Ltd 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.

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost less any provision for

impairment.

Taxation

Taxation for the period 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 period 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.

3.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

Additions

8,160,000

At 31 January 2018

8,160,000

PROVISIONS

Provision for period

7,223,488

At 31 January 2018

7,223,488

NET BOOK VALUE

At 31 January 2018

936,512

4.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

£

Amounts owed by group undertakings

7,016,988

5.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

£

Other creditors

4,793,500

6.	ULTIMATE CONTROLLING PARTY

The controlling party is S J Davies.

The ultimate controlling party is S J Davies.