David Village Lighting Ltd - Accounts to registrar

REGISTERED NUMBER: 03838320 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 March 2017

for

David Village Lighting Ltd

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

D I Village

Mrs E L Village

J D Village

SECRETARY:

Mrs E L Village

REGISTERED OFFICE:

180 West Street

Sheffield

South Yorkshire

S1 4ET

REGISTERED NUMBER:

03838320 (England and Wales)

ACCOUNTANT:

PKN Accountants Ltd

Chartered Accountants

63 Bawtry Road

Bramley

Rotherham

South Yorkshire

S66 2TN

FIXED ASSETS

Intangible assets

4

80,558

107,411

Tangible assets

5

3,723

5,504

84,281

112,915

CURRENT ASSETS

Stocks

6

45,000

40,000

Debtors

7

289,841

220,609

Cash at bank and in hand

535,500

419,453

870,341

680,062

CREDITORS

Amounts falling due within one year

8

545,039

480,921

NET CURRENT ASSETS

325,302

199,141

TOTAL ASSETS LESS CURRENT
LIABILITIES

409,583

312,056

PROVISIONS FOR LIABILITIES

9

364

637

NET ASSETS

409,219

311,419

CAPITAL AND RESERVES

Called up share capital

10

200

Retained earnings

11

409,019

311,219

SHAREHOLDERS' FUNDS

409,219

311,419

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2017 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of
each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections
394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial
statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 30 December 2017 and were signed on its behalf
by:

D I Village - Director

Mrs E L Village - Director

J D Village - Director

1.	STATUTORY INFORMATION

David Village Lighting 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.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2010, is being amortised evenly over its estimated useful life of ten years.

The company is compliant with FRS102 as the asset is already being written off within five years of the new

accounting standard being adopted.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost

less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures and fittings

-

15% on reducing balance

Computer equipment

-

33% on cost

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow

moving items.

Taxation

Taxation for the year 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 year 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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the

lease.

Pension costs and other post-retirement benefits

The company makes contributions in accordance with auto enrollment legislation and to employee and director

personal pension schemes.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 12 (2016 - 12 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 April 2016

and 31 March 2017

268,527

AMORTISATION

At 1 April 2016

161,116

Amortisation for year

26,853

At 31 March 2017

187,969

NET BOOK VALUE

At 31 March 2017

80,558

At 31 March 2016

107,411

5.	TANGIBLE FIXED ASSETS

Fixtures

and

Computer

fittings

equipment

Totals

£

COST

At 1 April 2016

and 31 March 2017

11,110

3,164

14,274

DEPRECIATION

At 1 April 2016

6,730

2,040

8,770

Charge for year

657

1,124

1,781

At 31 March 2017

7,387

3,164

10,551

NET BOOK VALUE

At 31 March 2017

3,723

-

3,723

At 31 March 2016

4,380

1,124

5,504

6.

STOCKS

2017

2016

£

Stocks

45,000

40,000

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

Trade debtors

289,841

206,320

Prepayments

-

14,289

289,841

220,609

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

Trade creditors

329,404

260,010

Tax

97,436

89,206

Social security and other taxes

2,632

3,691

VAT

96,321

80,440

Other creditors

10,114

17,118

Directors' current accounts

4,632

23,484

Accrued expenses

4,500

6,972

545,039

480,921

9.	PROVISIONS FOR LIABILITIES

2017

2016

£

Deferred tax

364

637

Deferred

tax

£

Balance at 1 April 2016

637

Accelerated capital allowances

(273

)

Balance at 31 March 2017

364

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2017

2016

value:

£

99

Ordinary A voting

£1

99

Ordinary B voting

£1

99

2

Ordinary C voting

£1

2

200

11.

RESERVES

Retained

earnings

£

At 1 April 2016

311,219

Profit for the year

361,800

Dividends

(264,000

)

At 31 March 2017

409,019

12.	RELATED PARTY DISCLOSURES

During the year, total dividends of £264,000 (2016 - £489,997) were paid to the directors .

Mr D I and Mrs E L Village

The company rented the premises at 180 West Street, Sheffield. The rent was £33,464, (2016: £33,464). No rent

was outstanding at 31st March 2017, (2016: £Nil).

The rent is at market value.