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Davenport & Sons Limited 00152407 false 2017-04-01 2018-03-31 2018-03-31 The principal activity of the company is that of property investment and letting thereof. Digita Accounts Production Advanced 6.21.8540.0 Software true true 00152407 2017-04-01 2018-03-31 00152407 2018-03-31 00152407 core:CapitalRedemptionReserve 2018-03-31 00152407 core:OtherReservesSubtotal 2018-03-31 00152407 core:RetainedEarningsAccumulatedLosses 2018-03-31 00152407 core:RevaluationReserve 2018-03-31 00152407 core:ShareCapital 2018-03-31 00152407 core:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2018-03-31 00152407 core:CurrentFinancialInstruments 2018-03-31 00152407 core:CurrentFinancialInstruments core:WithinOneYear 2018-03-31 00152407 core:Non-currentFinancialInstruments 2018-03-31 00152407 core:Non-currentFinancialInstruments core:AfterOneYear 2018-03-31 00152407 core:MotorVehicles 2018-03-31 00152407 core:OfficeEquipment 2018-03-31 00152407 bus:SmallEntities 2017-04-01 2018-03-31 00152407 bus:AuditExemptWithAccountantsReport 2017-04-01 2018-03-31 00152407 bus:FullAccounts 2017-04-01 2018-03-31 00152407 bus:RegisteredOffice 2017-04-01 2018-03-31 00152407 bus:CompanySecretary1 2017-04-01 2018-03-31 00152407 bus:CompanySecretaryDirector1 2017-04-01 2018-03-31 00152407 bus:Director3 2017-04-01 2018-03-31 00152407 bus:PrivateLimitedCompanyLtd 2017-04-01 2018-03-31 00152407 bus:Agent1 2017-04-01 2018-03-31 00152407 core:MotorVehicles 2017-04-01 2018-03-31 00152407 core:OfficeEquipment 2017-04-01 2018-03-31 00152407 core:OtherPropertyPlantEquipment 2017-04-01 2018-03-31 00152407 countries:AllCountries 2017-04-01 2018-03-31 00152407 2017-03-31 00152407 core:MotorVehicles 2017-03-31 00152407 core:OfficeEquipment 2017-03-31 00152407 2016-04-01 2017-03-31 00152407 2017-03-31 00152407 core:CapitalRedemptionReserve 2017-03-31 00152407 core:OtherReservesSubtotal 2017-03-31 00152407 core:RetainedEarningsAccumulatedLosses 2017-03-31 00152407 core:RevaluationReserve 2017-03-31 00152407 core:ShareCapital 2017-03-31 00152407 core:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2017-03-31 00152407 core:CurrentFinancialInstruments 2017-03-31 00152407 core:CurrentFinancialInstruments core:WithinOneYear 2017-03-31 00152407 core:Non-currentFinancialInstruments 2017-03-31 00152407 core:Non-currentFinancialInstruments core:AfterOneYear 2017-03-31 00152407 core:MotorVehicles 2017-03-31 00152407 core:OfficeEquipment 2017-03-31 iso4217:GBP xbrli:pure

Registration number: 00152407

Davenport & Sons Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2018

image-name

Chartered Accountants

 

Davenport & Sons Limited

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3

Notes to the Financial Statements

4 to 8

 

Davenport & Sons Limited

Company Information

Directors

Mrs E J Fenwick

M J Fenwick

Company secretary

Mrs E J Fenwick

Registered office

Woodrow House
Woodrow Farm
Stourton Caundle
Sturminster Newton
Dorset
DT10 2JJ

Accountants

Edwards & Keeping
Chartered Accountants
Unity Chambers
34 High East Street
Dorchester
Dorset
DT1 1HA

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Davenport & Sons Limited
for the Year Ended 31 March 2018

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Davenport & Sons Limited for the year ended 31 March 2018 as set out on pages 3 to 8 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/en/members/regulations-standards-and-guidance/.

This report is made solely to the Board of Directors of Davenport & Sons Limited, as a body, in accordance with the terms of our engagement letter dated 4 October 2016. Our work has been undertaken solely to prepare for your approval the accounts of Davenport & Sons Limited and state those matters that we have agreed to state to the Board of Directors of Davenport & Sons Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Davenport & Sons Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Davenport & Sons Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Davenport & Sons Limited. You consider that Davenport & Sons 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 accounts of Davenport & Sons 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 accounts.






Edwards & Keeping
Chartered Accountants
Unity Chambers
34 High East Street
Dorchester
Dorset
DT1 1HA

27 December 2018

 

Davenport & Sons Limited

(Registration number: 00152407)
Balance Sheet as at 31 March 2018

Note

2018
 

2017
 

   

£

£

£

£

Fixed assets

   

 

Tangible assets

4

 

43,764

 

40,438

Investment property

5

 

4,275,000

 

3,837,000

Other financial assets

6

 

936

 

936

   

4,319,700

 

3,878,374

Current assets

   

 

Debtors

7

15,453

 

100,065

 

Cash at bank and in hand

 

13,328

 

9,988

 

 

28,781

 

110,053

 

Creditors: Amounts falling due within one year

8

(866,441)

 

(1,060,208)

 

Net current liabilities

   

(837,660)

 

(950,155)

Total assets less current liabilities

   

3,482,040

 

2,928,219

Creditors: Amounts falling due after more than one year

8

 

(840,359)

 

(542,429)

Provisions for liabilities

 

(250,104)

 

(211,369)

Net assets

   

2,391,577

 

2,174,421

Capital and reserves

   

 

Called up share capital

75,000

 

75,000

 

Capital reserve

7,557

 

7,557

 

Fair value reserve

1,499,080

 

1,286,837

 

General reserves

20,000

 

20,000

 

Profit and loss account

789,940

 

785,027

 

   

2,391,577

 

2,174,421

For the financial year ending 31 March 2018 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised for issue by the Board on 20 December 2018 and signed on its behalf by:
 


M J Fenwick
Director

   
 

Davenport & Sons Limited

Notes to the Financial Statements
for the Year Ended 31 March 2018

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Woodrow House
Woodrow Farm
Stourton Caundle
Sturminster Newton
Dorset
DT10 2JJ

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

 

Davenport & Sons Limited

Notes to the Financial Statements
for the Year Ended 31 March 2018

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant machinery etc

20% on cost

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable property determined annually by the company's directors. Changes in fair value are recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease. Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

Davenport & Sons Limited

Notes to the Financial Statements
for the Year Ended 31 March 2018

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 4 (2017 - 5).

4

Tangible assets

Motor vehicles
 £

Office equipment
£

Total
£

Cost or valuation

At 1 April 2017

70,246

2,254

72,500

Additions

21,131

1,152

22,283

At 31 March 2018

91,377

3,406

94,783

Depreciation

At 1 April 2017

31,611

451

32,062

Charge for the year

18,276

681

18,957

At 31 March 2018

49,887

1,132

51,019

Carrying amount

At 31 March 2018

41,490

2,274

43,764

At 31 March 2017

38,635

1,803

40,438

5

Investment properties

2018
£

At 1 April

3,837,000

Additions

187,022

Fair value adjustments

250,978

At 31 March

4,275,000

Investment property is carried at fair value, derived from the current market prices for comparable property determined annually by the company's directors. Changes in fair value are recognised in profit or loss.

There has been no valuation of investment property by an independent valuer.

 

Davenport & Sons Limited

Notes to the Financial Statements
for the Year Ended 31 March 2018

6

Other financial assets (current and non-current)

Financial assets at fair value through profit and loss
£

Total
£

Non-current financial assets

Cost or valuation

At 1 April 2017

936

936

At 31 March 2018

936

936

Carrying amount

At 31 March 2018

936

936

At 31 March 2017

936

936

7

Debtors

2018
£

2017
£

Trade debtors

13,285

24,643

Other debtors

2,168

75,422

15,453

100,065

8

Creditors

Creditors: amounts falling due within one year

Note

2018
£

2017
£

Due within one year

 

Loans and borrowings

9

757,231

905,848

Trade creditors

 

2,233

-

Taxation and social security

 

8,480

12,138

Other creditors

 

98,497

142,222

 

866,441

1,060,208

Due after one year

 

Loans and borrowings

9

840,359

542,429

Creditors: amounts falling due after more than one year

Note

2018
£

2017
£

Due after one year

 

Loans and borrowings

9

840,359

542,429

 

Davenport & Sons Limited

Notes to the Financial Statements
for the Year Ended 31 March 2018

9

Loans and borrowings

2018
£

2017
£

Non-current loans and borrowings

Bank borrowings

789,500

497,500

Finance lease liabilities

50,859

44,929

840,359

542,429

2018
£

2017
£

Current loans and borrowings

Bank borrowings

16,400

-

Bank overdrafts

540,821

710,071

Finance lease liabilities

13,010

8,777

Other borrowings

187,000

187,000

757,231

905,848

Bank loans, borrowings and overdrafts are secured on the company's investment property and finance lease liabilities are secured on the assets to which they relate.