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Company registration number: 04813512
Dev Vyas Limited
Unaudited filleted financial statements
30 November 2022
Dev Vyas Limited
Contents
Directors and other information
Accountants report
Statement of financial position
Notes to the financial statements
Dev Vyas Limited
Directors and other information
Directors Mr D Vyas
Company number 04813512
Registered office 228 Portland Crescent
Stanmore
Middlesex
HA7 1LS
Business address 3 Glastonbury Close
Basingstoke
Hampshire
RG24 9EY
Accountants Pandit & Associates Ltd
Portland House
228 Portland Crescent
Stanmore
Middlesex
HA7 1LS
Dev Vyas Limited
Chartered accountants report to the board of directors on the preparation of the
unaudited statutory financial statements of Dev Vyas Limited
Year ended 30 November 2022
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Dev Vyas Limited for the year ended 30 November 2022 which comprise the statement of financial position and related notes 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 Dev Vyas Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Dev Vyas Limited and state those matters that we have agreed to state to the board of directors of Dev Vyas 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 Dev Vyas Limited and its board of directors as a body for our work or for this report.
It is your duty to ensure that Dev Vyas Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Dev Vyas Limited. You consider that Dev Vyas 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 financial statements of Dev Vyas 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 financial statements.
Pandit & Associates Ltd
Chartered Certified Accountants & Registered Auditors
Portland House
228 Portland Crescent
Stanmore
Middlesex
HA7 1LS
13 October 2023
Dev Vyas Limited
Statement of financial position
30 November 2022
2022 2021
Note £ £ £ £
Fixed assets
Tangible assets 5 376,945 386,806
Investments 6 105,498 105,498
_______ _______
482,443 492,304
Current assets
Stocks 355,000 435,000
Debtors 7 136,543 224,937
Cash at bank and in hand 10,138 49,842
_______ _______
501,681 709,779
Creditors: amounts falling due
within one year 8 ( 893,758) ( 938,779)
_______ _______
Net current liabilities ( 392,077) ( 229,000)
_______ _______
Total assets less current liabilities 90,366 263,304
Creditors: amounts falling due
after more than one year 9 ( 262,217) ( 238,787)
_______ _______
Net (liabilities)/assets ( 171,851) 24,517
_______ _______
Capital and reserves
Called up share capital 100 100
Profit and loss account ( 171,951) 24,417
_______ _______
Shareholders (deficit)/funds ( 171,851) 24,517
_______ _______
For the year ending 30 November 2022 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 financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 13 October 2023 , and are signed on behalf of the board by:
Mr D Vyas
Director
Company registration number: 04813512
Dev Vyas Limited
Notes to the financial statements
Year ended 30 November 2022
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Portland House, 228 Portland Crescent, Stanmore, Middlesex, HA7 1LS.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Fixed asset investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 11 (2021: 11 ).
5. Tangible assets
Long leasehold property Fixtures, fittings and equipment Motor vehicles Total
£ £ £ £
Cost
At 1 December 2021 and 30 November 2022 340,774 26,405 59,891 427,070
_______ _______ _______ _______
Depreciation
At 1 December 2021 - 9,928 30,336 40,264
Charge for the year - 2,472 7,389 9,861
_______ _______ _______ _______
At 30 November 2022 - 12,400 37,725 50,125
_______ _______ _______ _______
Carrying amount
At 30 November 2022 340,774 14,005 22,166 376,945
_______ _______ _______ _______
At 30 November 2021 340,774 16,477 29,555 386,806
_______ _______ _______ _______
6. Investments
Other investments other than loans Total
£ £
Cost
At 1 December 2021 and 30 November 2022 105,498 105,498
_______ _______
Impairment
At 1 December 2021 and 30 November 2022 - -
_______ _______
Carrying amount
At 30 November 2022 105,498 105,498
_______ _______
At 30 November 2021 105,498 105,498
_______ _______
7. Debtors
2022 2021
£ £
Trade debtors 82,459 120,084
Amounts owed by group undertakings and undertakings in which the company has a participating interest - 60,000
Other debtors 54,084 44,853
_______ _______
136,543 224,937
_______ _______
8. Creditors: amounts falling due within one year
2022 2021
£ £
Bank loans and overdrafts 349,629 517,583
Trade creditors 134,124 71,336
Amounts owed to group undertakings and undertakings in which the company has a participating interest 53,411 -
Corporation tax 1,677 1,677
Social security and other taxes 15,264 4,550
Other creditors 339,653 343,633
_______ _______
893,758 938,779
_______ _______
9. Creditors: amounts falling due after more than one year
2022 2021
£ £
Other creditors 262,217 238,787
_______ _______
10. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2022
Balance brought forward Amounts repaid Balance o/standing
£ £ £
Mr D Vyas ( 307,277) 25,089 ( 282,188)
_______ _______ _______
2021
Balance brought forward Amounts repaid Balance o/standing
£ £ £
Mr D Vyas ( 307,277) - ( 307,277)
_______ _______ _______
11. Controlling party
During the year the company was under the control of the shareholders Mr. D and Mrs. N Vyas and Mrs. R Vyas. Mr. D Vyas is the director of the company.
12. Going Concern
In viiew of the deficientcy of the company's Statement of Fianncial Position the financial sttements have been prpeare on a going concern basis with the support of the Director's.