DAVIES BROTHERS NURSERY LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2018
PAGES FOR FILING WITH REGISTRAR
Company Registration No. 08422908 (England and Wales)
DAVIES BROTHERS NURSERY LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
DAVIES BROTHERS NURSERY LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2018
31 December 2018
- 1 -
2018
2017
Notes
£
£
£
£
Fixed assets
Intangible assets
3
1
10,083
Tangible assets
4
88,068
104,001
Investments
5
100
100
88,169
114,184
Current assets
Stocks
4,975
5,550
Debtors
6
954,474
939,681
Cash at bank and in hand
789,531
476,479
1,748,980
1,421,710
Creditors: amounts falling due within one year
7
(958,329)
(909,451)
Net current assets
790,651
512,259
Total assets less current liabilities
878,820
626,443
Provisions for liabilities
(16,733)
(19,760)
Net assets
862,087
606,683
Capital and reserves
Called up share capital
9
120
120
Profit and loss reserves
861,967
606,563
Total equity
862,087
606,683
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 December 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime
.
DAVIES BROTHERS NURSERY LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2018
31 December 2018
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 15 April 2019 and are signed on its behalf by:
M S Davies
R E Davies
Director
Director
Company Registration No. 08422908
DAVIES BROTHERS NURSERY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2018
- 3 -
1
Accounting policies
Company information
Davies Brothers Nursery Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
166 College Road, Harrow, Middlesex, HA1 1RA.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover represents amounts receivable for goods and services net of VAT and trade discounts.
Income is recognised in the period to which it relates.
1.3
Intangible fixed assets - goodwill
Acquired goodwill is written off in equal annual instalments over its estimated useful economic life of 5 years.
1.4
Tangible fixed assets
Tangible fixed assets
are measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and machinery
15% reducing balance
Fixtures, fittings & equipment
15% reducing balance
Motor vehicles
25% reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
1.5
Fixed asset investments
Investments in subsidiary undertakings are shown at historical cost less provision for impairments in value.
1.6
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
1.7
Stocks
Stocks
are stated at the lower of cost and
estimated selling price less costs to complete and sell.
DAVIES BROTHERS NURSERY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2018
1
Accounting policies
(Continued)
- 4 -
1.8
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are measured at transaction price including transaction costs
. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including creditors that are classified as debt, are recognised at transaction price unless the arrangement constitutes a
financing transaction.
Financial liabilities classified as payable within one year are not amortised.
1.9
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
1.10
Retirement benefits
The company operates a defined contribution
retirement benefit
scheme for the benefit of its employees. Contributions payable are charged to the profit and loss account in the year they are payable.
1.11
Foreign exchange
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All differences are taken to profit and loss account.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 11
(2017 - 12).
DAVIES BROTHERS NURSERY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2018
- 5 -
3
Intangible fixed assets
Total
£
Cost
At 1 January 2018 and 31 December 2018
151,250
Amortisation and impairment
At 1 January 2018 and 31 December 2018
151,249
Carrying amount
At 31 December 2018
1
At 31 December 2017
10,083
4
Tangible fixed assets
Plant and machinery
Fixtures, fittings & equipment
Motor vehicles
Total
£
£
£
£
Cost
At 1 January 2018
108,992
52,567
37,595
199,154
Additions
646
333
-
979
At 31 December 2018
109,638
52,900
37,595
200,133
Depreciation and impairment
At 1 January 2018
52,856
16,332
25,965
95,153
Depreciation charged in the year
8,518
5,485
2,909
16,912
At 31 December 2018
61,374
21,817
28,874
112,065
Carrying amount
At 31 December 2018
48,264
31,083
8,721
88,068
At 31 December 2017
56,136
36,235
11,630
104,001
5
Fixed asset investments
2018
2017
£
£
Investments in group undertakings
100
100
DAVIES BROTHERS NURSERY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2018
5
Fixed asset investments
(Continued)
- 6 -
Movements in fixed asset investments
Shares in group undertakings
£
Cost or valuation
At 1 January 2018 & 31 December 2018
100
Carrying amount
At 31 December 2018
100
At 31 December 2017
100
6
Debtors
2018
2017
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
952,203
937,203
Other debtors
2,271
2,478
954,474
939,681
7
Creditors: amounts falling due within one year
2018
2017
£
£
Trade creditors
71,525
50,549
Corporation tax
110,704
97,949
Other taxation and social security
40,261
36,640
Other creditors
735,839
724,313
958,329
909,451
8
Provisions for liabilities
2018
2017
£
£
Deferred tax liabilities
16,733
19,760
DAVIES BROTHERS NURSERY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2018
- 7 -
9
Called up share capital
2018
2017
£
£
Ordinary share capital
Issued and fully paid
20 "A' Ordinary shares of £1 each
20
20
20 ''B' Oridnary shares of £1 each
20
20
20 ''C' Ordinary shares of £1 each
20
20
20 "D' Ordinary shares of £1 each
20
20
20 "E' Ordinary shares of £1 each
20
20
20 "F' Ordinary shares of £1 each
20
20
120
120
10
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2018
2017
£
£
1,071
1,827
11
Related party transactions
Included in other creditors is an amount
of £731,909 (2017: £720,459) due to the directors as at the balance sheet date
.
The company traded from a property owned by a partnership where the partners are R J Davies, R E Davies and M S Davies. The rent paid during the year totalled £1,050 (2017: £4,200).
2018-12-31
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M S Davies
R E Davies
R J Davies
S R Davies
B M Davies
M Davies
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