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A.B. Davis Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 May 2017

Kajaine Limited
Kajaine House
57-67 High Street
Edgware
HA8 7DD

A.B. Davis Limited

Contents

Company Information	1
Balance Sheet	2
Notes to the Financial Statements	3 to 9

A.B. Davis Limited

Company Information

Directors

Mr S V Chaplin Mr M R Chaplin

Registered office

Kajaine House 57-67 High Street Edgware HA8 7DD

Accountants

Kajaine Limited Kajaine House 57-67 High Street Edgware HA8 7DD

Page 1

A.B. Davis Limited

(Registration number: 01336744)
Balance Sheet as at 31 May 2017

	Note	2017 £	(As restated) 2016 £
Fixed assets
Tangible assets	4	4,891	6,522
Investments	5	-	476,345
		4,891	482,867
Current assets
Stocks	6	460,123	543,246
Debtors	7	63,696	126,901
Cash at bank and in hand		733,675	262,920
		1,257,494	933,067
Creditors: Amounts falling due within one year	8	(443,318)	(125,516)
Net current assets		814,176	807,551
Net assets		819,067	1,290,418
Capital and reserves
Called up share capital		100	100
Profit and loss account		818,967	1,290,318
Total equity		819,067	1,290,418

For the financial year ending 31 May 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 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 and delivered 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 by the Board on 8 January 2018 and signed on its behalf by:
 

.........................................

Mr M R Chaplin

Director

The notes on pages 3 to 9 form an integral part of these financial statements.

Page 2

A.B. Davis Limited

Notes to the Financial Statements for the Year Ended 31 May 2017

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:
Kajaine House
57-67 High Street
Edgware
HA8 7DD
United Kingdom

These financial statements were authorised for issue by the Board on 8 January 2018.

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.

Group accounts not prepared

The company is part of a small group. The company has taken advantage of the exemption provided by Section 398 of the Companies Act 2006 and has not prepared group accounts..

Tangible assets

Tangible assets are stated in the balance sheet 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.

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
Fixtures, fittings and equipment	25% per annum on reducing balance

Page 3

A.B. Davis Limited

Notes to the Financial Statements for the Year Ended 31 May 2017

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash at bank and in hand

Cash at bank and in hand comprise cash on hand and call deposits held with banks.

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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

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.

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.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Page 4

A.B. Davis Limited

Notes to the Financial Statements for the Year Ended 31 May 2017

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 7 (2016 - 7).

4	Tangible assets

	Fixtures, fittings and equipment  £	Total £
Cost or valuation
At 1 June 2016	70,692	70,692
At 31 May 2017	70,692	70,692
Depreciation
At 1 June 2016	64,170	64,170
Charge for the year	1,631	1,631
At 31 May 2017	65,801	65,801
Carrying amount
At 31 May 2017	4,891	4,891
At 31 May 2016	6,522	6,522

5	Investments

	2017 £	2016 £
Investments in subsidiaries	-	476,345