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Company registration number: 09434195
Devcor (Whitewater) Limited
Unaudited filleted financial statements
28 February 2023
DEVCOR (WHITEWATER) LIMITED
DIRECTORS AND OTHER INFORMATION
Director Mr Richard Dudley Steer
Company number 09434195
Registered office 2 Berkeley Cottages
Collingwood Road
Stoke
Plymouth
PL1 5QT
Accountants Westcotts
Plym House
3 Longbridge Road
Plymouth
Devon
PL6 8LT
DEVCOR (WHITEWATER) LIMITED
STATEMENT OF FINANCIAL POSITION
28 FEBRUARY 2023
2023 2022
Note £ £ £ £
Fixed assets
Tangible assets 5 398,969 531,959
_______ _______
398,969 531,959
Current assets
Debtors 6 6,000 4,000
Cash at bank and in hand 5,384 4,767
_______ _______
11,384 8,767
Creditors: amounts falling due
within one year 7 ( 254,180) ( 254,701)
_______ _______
Net current liabilities ( 242,796) ( 245,934)
_______ _______
Total assets less current liabilities 156,173 286,025
Creditors: amounts falling due
after more than one year 8 ( 135,000) ( 260,000)
_______ _______
Net assets 21,173 26,025
_______ _______
Capital and reserves
Called up share capital 100 100
Profit and loss account 9 21,073 25,925
_______ _______
Shareholders funds 21,173 26,025
_______ _______
For the year ending 28 February 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's 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 director acknowledges 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 comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 22 November 2023 , and are signed on behalf of the board by:
Mr Richard Dudley Steer
Director
Company registration number: 09434195
DEVCOR (WHITEWATER) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 28 FEBRUARY 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 2 Berkeley Cottages, Collingwood Road, Stoke, Plymouth, PL1 5QT.
Principal activity
The principal activity of the company is that of the ownership and letting of residential property.
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.The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.
Turnover
Turnover is measured at the fair value of the consideration received or receivable and represents amounts received in respect of rental income. The company is not registered for Value Added Tax.
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.
Tangible assets
Tangible assets are initially recorded at cost, and is subsequently stated at cost less any accumulated depreciation and any accumulated impairment losses.
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:
Long leasehold property - No depreciation is provided on the leasehold property, because it is held as an investment property.
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.
Investment property
In the opinion of the director, the current market value of the property is not materially different to the cost.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.Debt instruments are subsequently measured at amortised cost.Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at theend of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2022: 1 ).
5. Tangible assets
Long leasehold property Total
£ £
Cost
At 1 March 2022 531,959 531,959
Disposals ( 132,990) ( 132,990)
_______ _______
At 28 February 2023 398,969 398,969
_______ _______
Depreciation
At 1 March 2022 and 28 February 2023 - -
_______ _______
Carrying amount
At 28 February 2023 398,969 398,969
_______ _______
At 28 February 2022 531,959 531,959
_______ _______
Investment property
No depreciation is provided on the long leasehold property because it is held as an investment property.
6. Debtors
2023 2022
£ £
Other debtors 6,000 4,000
_______ _______
7. Creditors: amounts falling due within one year
2023 2022
£ £
Accruals and deferred income 8,127 6,066
Social security and other taxes 199 2,781
Other creditors 245,854 245,854
_______ _______
254,180 254,701
_______ _______
8. Creditors: amounts falling due after more than one year
2023 2022
£ £
Other creditors 135,000 260,000
_______ _______
9. Reserves
Profit and loss account:This reserve records retained earnings and accumulated losses.
10. Directors advances, credits and guarantees
Balance brought forward and o/standing Balance brought forward and o/standing
2023 2022
£ £
Mr Richard Dudley Steer 122,927 122,927
_______ _______
Directors' loans are repayable on demand and subject to interest on overdrawn balances at the official rate.