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REGISTERED NUMBER: 07201126 (England and Wales)















Devon Duvets Handcrafted Limited

Unaudited Financial Statements for the Year Ended 31 March 2023






Devon Duvets Handcrafted Limited (Registered number: 07201126)

Contents of the Financial Statements
for the Year Ended 31 March 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Devon Duvets Handcrafted Limited

Company Information
for the Year Ended 31 March 2023







DIRECTORS: D Beijen
Mrs P Beijen
J R Beijen





SECRETARY: Mrs P Beijen





REGISTERED OFFICE: 1 Beaumont Way
Langage South
Plympton
Devon
PL7 5FN





REGISTERED NUMBER: 07201126 (England and Wales)





ACCOUNTANTS: Haines Watts Accountants (Exeter) Limited
3 Southernhay West
Exeter
Devon
EX1 1JG

Devon Duvets Handcrafted Limited (Registered number: 07201126)

Balance Sheet
31 March 2023

2023 2022
Notes £    £   
FIXED ASSETS
Intangible assets 5 77,301 82,293
Tangible assets 6 377,733 427,144
455,034 509,437

CURRENT ASSETS
Stocks 426,103 223,799
Debtors 7 262,495 251,894
Cash at bank and in hand 27,414 104,652
716,012 580,345
CREDITORS
Amounts falling due within one year 8 (557,112 ) (431,164 )
NET CURRENT ASSETS 158,900 149,181
TOTAL ASSETS LESS CURRENT
LIABILITIES

613,934

658,618

CREDITORS
Amounts falling due after more than one
year

9

(231,488

)

(319,688

)

PROVISIONS FOR LIABILITIES (49,750 ) (49,750 )
NET ASSETS 332,696 289,180

CAPITAL AND RESERVES
Called up share capital 2,000 2,000
Retained earnings 330,696 287,180
332,696 289,180

Devon Duvets Handcrafted Limited (Registered number: 07201126)

Balance Sheet - continued
31 March 2023


The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 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 applicable to companies subject to the small companies regime.

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 and authorised for issue on 10 November 2023 and were signed on its behalf by:





D Beijen - Director


Devon Duvets Handcrafted Limited (Registered number: 07201126)

Notes to the Financial Statements
for the Year Ended 31 March 2023


1. STATUTORY INFORMATION

Devon Duvets Handcrafted Limited 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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

2. STATEMENT OF COMPLIANCE

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

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

Turnover
Turnover represents amounts chargeable in respect of the sale of goods and services to customers.

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.

Patents and licences are being amortised evenly over their estimated useful life of five years.

Development costs are being amortised evenly over their estimated useful life of five years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Short leasehold - 15% straight line
Plant and machinery - 10% reducing balance
Motor vehicles - 15% reducing balance

During the year, the Directors have reviewed the depreciation policies of the company. It was decided that plant and machinery should be depreciated at a rate of 10% reducing balance for this year and all future years (previously 15% reducing balance) as this is more in line with the economic useful life of the assets.

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

Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.


Devon Duvets Handcrafted Limited (Registered number: 07201126)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023


3. ACCOUNTING POLICIES - continued
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.

Research and development
Expenditure on research and development is written off in the year in which it is incurred.


Hire purchase and leasing commitments
Rentals payable under operating leases are charged in the profit and loss account on a straight line basis over the lease term.

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 25 (2022 - 26 ) .

Devon Duvets Handcrafted Limited (Registered number: 07201126)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023


5. INTANGIBLE FIXED ASSETS
Patents
and Development
licences costs Totals
£    £    £   
COST
At 1 April 2022 55,849 44,147 99,996
Additions 14,646 - 14,646
At 31 March 2023 70,495 44,147 114,642
AMORTISATION
At 1 April 2022 9,422 8,281 17,703
Amortisation for year 11,358 8,280 19,638
At 31 March 2023 20,780 16,561 37,341
NET BOOK VALUE
At 31 March 2023 49,715 27,586 77,301
At 31 March 2022 46,427 35,866 82,293

6. TANGIBLE FIXED ASSETS
Short Plant and Motor
leasehold machinery vehicles Totals
£    £    £    £   
COST
At 1 April 2022 152,321 386,092 112,798 651,211
Additions 3,375 19,690 55,352 78,417
Disposals - - (112,798 ) (112,798 )
At 31 March 2023 155,696 405,782 55,352 616,830
DEPRECIATION
At 1 April 2022 7,143 198,312 18,612 224,067
Charge for year 10,361 19,568 15,949 45,878
Eliminated on disposal - - (30,848 ) (30,848 )
At 31 March 2023 17,504 217,880 3,713 239,097
NET BOOK VALUE
At 31 March 2023 138,192 187,902 51,639 377,733
At 31 March 2022 145,178 187,780 94,186 427,144

Devon Duvets Handcrafted Limited (Registered number: 07201126)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023


7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors
and accrued income 151,882 136,306
Amounts owed by group undertakings 16,171 -
Other debtors 66,520 66,520
Related party loans - 22,288
Tax - 25,440
Prepayments and accrued income 27,922 1,340
262,495 251,894

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 230,662 75,805
Hire purchase contracts (see note 10) 15,798 29,178
Trade creditors 133,332 189,573
Amounts owed to group undertakings 38,956 -
Social security and other taxes 13,843 887
VAT 24,195 30,282
Credit card creditors 25,123 37,201
Pension creditor 3,327 5,250
Directors' current accounts 41,669 60,288
Accrued expenses 30,207 2,700
557,112 431,164

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans - 2-5 years 152,015 206,299
Bank loans more 5 yr by instal 46,306 45,120
Hire purchase contracts (see note 10) 33,167 68,269
231,488 319,688

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 46,306 45,120

Devon Duvets Handcrafted Limited (Registered number: 07201126)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023


10. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2023 2022
£    £   
Net obligations repayable:
Within one year 15,798 29,178
Between one and five years 33,167 68,269
48,965 97,447

Non-cancellable operating leases
2023 2022
£    £   
Within one year 55,000 66,000
Between one and five years 220,000 198,000
In more than five years 275,000 -
550,000 264,000

11. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 413,852 302,641
Hire purchase contracts 48,965 97,447
462,817 400,088

There is a fixed and floating charge with Lloyds Bank dated 3 May 2011 over all the assets of the company.

Hire purchase contracts are secured against the assets in which they relate.

12. OTHER FINANCIAL COMMITMENTS

During the year, the company has made a commitment to purchase an asset costing £60,000 over a period of 5 years.

Devon Duvets Handcrafted Limited (Registered number: 07201126)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023


13. RELATED PARTY DISCLOSURES

Devon Duvets Limited, Three Duvets Limited and Devon Duvets Holdings Limited

The company, Devon Duvets Limited and Three Duvets Limited are all wholly owned subsidiaries of Devon Duvets Holdings Limited.

Included within creditors: amounts falling due within one year, is an inter-company loan in favour of Devon Duvets Holdings Limited. At 31 March 2023 the outstanding loan amounted to £5,000 (2022: £nil). The loan is interest free and repayable on demand.

Included within creditors: amounts falling due within one year, is an inter-company loan in favour of Devon Duvets Limited. At 31 March 2023 the outstanding loan amounted to £33,956 (2022: £nil). The loan is interest free and repayable on demand.

Included within debtors: amounts falling due within one year, is an inter-company loan advanced to Three Duvets Limited. At 31 March 2023 the outstanding loan amounted to £16,171 (2022: £Nil). The loan is interest free and repayable on demand.


Included within loans, is a loan from a related party. At 31 March 2023 te outstanding loan amounted to £87,912 (2022 £nil). There is interest charged on the loan at 6% per annum and the loan is repayable on demand.

14. ULTIMATE CONTROLLING PARTY

The controlling party is Devon Duvets Holdings Ltd.

The parent company's principal place of business is 1 Beaumont Way, Langage South, Plymouth, Devon, England, PL7 5FN.