COMPANY REGISTRATION NO. 01249053 (England and Wales)
JIM DAVIES CIVIL ENGINEERING LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 1 JANUARY 2020
PAGES FOR FILING WITH REGISTRAR
JIM DAVIES CIVIL ENGINEERING LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 7
JIM DAVIES CIVIL ENGINEERING LIMITED
BALANCE SHEET
AS AT
1 JANUARY 2020
01 January 2020
- 1 -
2020
2019
Notes
£
£
£
£
Fixed assets
Tangible assets
3
1,500,066
1,500,956
Investments
4
7,680
7,680
1,507,746
1,508,636
Current assets
Stocks
2,820
2,820
Debtors
5
1,463,814
1,648,490
Cash at bank and in hand
291,611
149,973
1,758,245
1,801,283
Creditors: amounts falling due within one year
6
(337,476)
(481,454)
Net current assets
1,420,769
1,319,829
Total assets less current liabilities
2,928,515
2,828,465
Provisions for liabilities
(162,447)
(123,202)
Net assets
2,766,068
2,705,263
Capital and reserves
Called up share capital
7
18,830
18,830
Profit and loss reserves
2,747,238
2,686,433
Total equity
2,766,068
2,705,263
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 10 June 2020 and are signed on its behalf by:
Mr J P Davies
Director
Company Registration No. 01249053
JIM DAVIES CIVIL ENGINEERING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 1 JANUARY 2020
- 2 -
1
Accounting policies
Company information
Jim Davies Civil Engineering Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Ty Gwyn, Banalog Terrace, Hollybush, Blackwood, Gwent, United Kingdom, NP12 0SG.
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, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business
, and
is shown net of VAT and other sales related taxes
.
The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue from contracts is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that are recoverable.
1.3
Tangible fixed assets
Tangible fixed assets
are initially 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% on reducing balance
Fixtures, fittings & equipment
10% on reducing balance
Motor vehicles
25% on reducing balanes
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
.
1.4
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
JIM DAVIES CIVIL ENGINEERING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 1 JANUARY 2020
1
Accounting policies
(Continued)
- 3 -
1.5
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.
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses
1.6
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.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the
company
has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.7
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
1.8
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
JIM DAVIES CIVIL ENGINEERING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 1 JANUARY 2020
- 4 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 21 (2019 - 23).
2020
2019
Number
Number
Total
21
23
3
Tangible fixed assets
Plant and machinery
Fixtures, fittings & equipment
Motor vehicles
Total
£
£
£
£
Cost
At 2 January 2019
1,733,253
72,474
880,207
2,685,934
Additions
214,160
4,467
207,646
426,273
Disposals
(233,190)
-
(100,800)
(333,990)
At 1 January 2020
1,714,223
76,941
987,053
2,778,217
Depreciation and impairment
At 2 January 2019
687,254
46,303
451,421
1,184,978
Depreciation charged in the year
155,976
2,876
116,326
275,178
Eliminated in respect of disposals
(109,397)
-
(72,608)
(182,005)
At 1 January 2020
733,833
49,179
495,139
1,278,151
Carrying amount
At 1 January 2020
980,390
27,762
491,914
1,500,066
At 1 January 2019
1,045,999
26,171
428,786
1,500,956
4
Fixed asset investments
2020
2019
£
£
Other investments other than loans
7,680
7,680
JIM DAVIES CIVIL ENGINEERING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 1 JANUARY 2020
4
Fixed asset investments
(Continued)
- 5 -
Movements in fixed asset investments
Investments other than loans
£
Cost or valuation
At 2 January 2019 & 1 January 2020
7,680
Carrying amount
At 1 January 2020
7,680
At 1 January 2019
7,680
5
Debtors
2020
2019
Amounts falling due within one year:
£
£
Trade debtors
362,195
517,339
Corporation tax recoverable
6,494
1,308
Amounts owed by group undertakings
999,268
993,677
Other debtors
95,857
136,166
1,463,814
1,648,490
Included in trade debtors is a balance of £47,545 (2019: £97,000) which relates to monies due on contracts, some of which is not expected to be received for over one year.
6
Creditors: amounts falling due within one year
2020
2019
£
£
Trade creditors
118,544
149,207
Corporation tax
-
42,519
Other taxation and social security
128,873
198,669
Other creditors
90,059
91,059
337,476
481,454
JIM DAVIES CIVIL ENGINEERING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 1 JANUARY 2020
- 6 -
7
Called up share capital
2020
2019
£
£
Ordinary share capital
Issued and fully paid
100 Ordinary shares of £1 each
100
100
18,730 Class E shares of £1 each
18,730
18,730
18,830
18,830
8
Audit report information
As the income statement has been omitted from the filing copy of the financial statements
,
the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006
:
The auditor's report was unqualified.
The senior statutory auditor was Mr John Griffiths.
The auditor was UHY Hacker Young.
9
Operating lease commitments
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2020
2019
£
£
456
229
JIM DAVIES CIVIL ENGINEERING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 1 JANUARY 2020
- 7 -
10
Related party transactions
At the year end,
there was
£
999,268
(201
9:
£
933,677
)
due from
Jim Davies Holdings Limited, the ultimate parent company. This amount is included in
debtors
amounts falling due within one year
.
Mr J Davies and Mr D J Davies operate current loan accounts with the company, which are debited with payments made by the company on behalf of the directors and credited with funds introduced and undrawn directors' fees. At the year end, the balance due to Mr J Davies was £
59
(201
9
: £
59
) and the balance due to Mr D J Davies was £
70,000
(201
9
: £
70,000
), both amounts being included in creditors amounts falling due within one year. The loans are non-interest bearing and there are no fixed repayment dates.
11
Parent company
In the opinion of the directors, the ultimate parent company is Jim Davies Holdings Limited; a company incorporated in Great Britain and registered in England and Wales.
The ultimate controlling party is Mr J P Davies and Mrs W Davies by virtue of their 100% shareholding in Jim Davies Holdings Limited.