Mauricio Pochettino's side failed to complete a signing until after the season began last year when both Davinson Sanchez and Paulo Gazzaniga arrived on August 23, with Fernando Llorente and Serge Aurier following on deadline day.
Spurs have yet to sign a new player this summer, but despite the transfer window now closing on the earlier date of August 9, Davies believes that no incomings would be needed in order for the team to make progress.
"It doesn't worry us [not signing anyone new]," Davies is quoted as saying by the Evening Standard. "We've got a good squad here and even on this pre-season tour so far the boys have put in good performances.
"We see all the teams around us adding but that's football - we don't worry about that. All we have to worry about is what goes on behind closed doors for us.
"I think we've showed that we could [compete with the top six]. The squad is the same at the moment but we've got a lot of quality here and we can show that again this season.
"Of course the teams around us are going to strengthen but new faces doesn't necessarily mean that teams are going to be better. All these teams and top sides just having new faces last year doesn't necessarily mean they're going to be a better team to play against."
Tottenham will kick off the season away at Newcastle United on August 11.