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Company registration number: 09547665
Devcor (Victoria) Limited
Unaudited filleted financial statements
30 April 2023
DEVCOR (VICTORIA) LIMITED
DIRECTORS AND OTHER INFORMATION
Director Mr Richard Dudley Steer
Company number 09547665
Registered office 2 Berkeley Cottages
Collingwood Road
Stoke
Plymouth
PL1 5QT
Accountants Westcotts
Plym House
3 Longbridge Road
Plymouth
Devon
PL6 8LT
DEVCOR (VICTORIA) LIMITED
STATEMENT OF FINANCIAL POSITION
30 APRIL 2023
2023 2022
Note £ £ £ £
Fixed assets
Tangible assets 5 800,000 656,025
_______ _______
800,000 656,025
Current assets
Debtors 6 6,000 52,149
Cash at bank and in hand 450 531
_______ _______
6,450 52,680
Creditors: amounts falling due
within one year 7 ( 181,422) ( 178,414)
_______ _______
Net current liabilities ( 174,972) ( 125,734)
_______ _______
Total assets less current liabilities 625,028 530,291
Creditors: amounts falling due
after more than one year 8 ( 514,135) ( 514,135)
Provisions for liabilities ( 35,994) -
_______ _______
Net assets 74,899 16,156
_______ _______
Capital and reserves
Called up share capital 100 100
Revaluation reserve 9 107,981 -
Profit and loss account 9 ( 33,182) 16,056
_______ _______
Shareholders funds 74,899 16,156
_______ _______
For the year ending 30 April 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: 09547665
DEVCOR (VICTORIA) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 30 APRIL 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 residential property ownership and rental.
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 condideration 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 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:
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.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
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.
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 or valuation
At 1 May 2022 656,025 656,025
Revaluation 143,975 143,975
_______ _______
At 30 April 2023 800,000 800,000
_______ _______
Depreciation
At 1 May 2022 and 30 April 2023 - -
_______ _______
Carrying amount
At 30 April 2023 800,000 800,000
_______ _______
At 30 April 2022 656,025 656,025
_______ _______
Investment property
No depreciation is provided on the long leasehold property because it is held as an investment property.
Tangible assets held at valuation
In respect of tangible assets held at valuation, the aggregate cost, depreciation and comparable carrying amount that would have been recognised if the assets had been carried under the historical cost model are as follows:
Long leasehold property Total
£ £
At 30 April 2023
Aggregate cost 656,025 656,025
Aggregate depreciation - -
_______ _______
Carrying amount 656,025 656,025
_______ _______
At 30 April 2022
Aggregate cost 656,025 656,025
Aggregate depreciation - -
_______ _______
Carrying amount 656,025 656,025
_______ _______
In the opinion of the director, based on prevailing market prices as at 30 April 2023, the five individual properties were worth at least £160,000 each. A revaluation surplus of £143,975 has therefore been provided for and credited to a separate revaluation reserve in order to keep the unrealised surplus separate from the distributable reserves.
6. Debtors
2023 2022
£ £
Other debtors 6,000 52,149
_______ _______
7. Creditors: amounts falling due within one year
2023 2022
£ £
Accruals and deferred income 9,048 6,040
Other creditors 172,374 172,374
_______ _______
181,422 178,414
_______ _______
8. Creditors: amounts falling due after more than one year
2023 2022
£ £
Bank loans and overdrafts 514,135 514,135
_______ _______
The bank loans are secured against the long leasehold property.
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 86,187 86,187
_______ _______
Directors' loans are repayable on demand and subject to interest on overdrawn balances at the official rate.