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Company No: 01420430 (England and Wales)

DEVLEX (NEWTON ABBOT) LIMITED

Unaudited Financial Statements
For the financial year ended 31 January 2024
Pages for filing with the registrar

DEVLEX (NEWTON ABBOT) LIMITED

Unaudited Financial Statements

For the financial year ended 31 January 2024

Contents

DEVLEX (NEWTON ABBOT) LIMITED

COMPANY INFORMATION

For the financial year ended 31 January 2024
DEVLEX (NEWTON ABBOT) LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 31 January 2024
DIRECTORS J I Veale
I W Western
L Western
N J Western
T W Western
T F Winstone
SECRETARY L Western
REGISTERED OFFICE Sigma House Oak View Close
Edginswell Park
Torquay
TQ2 7FF
United Kingdom
COMPANY NUMBER 01420430 (England and Wales)
CHARTERED ACCOUNTANTS Francis Clark LLP
Sigma House
Oak View Close
Edginswell Park
Torquay
TQ2 7FF
DEVLEX (NEWTON ABBOT) LIMITED

BALANCE SHEET

As at 31 January 2024
DEVLEX (NEWTON ABBOT) LIMITED

BALANCE SHEET (continued)

As at 31 January 2024
Note 2024 2023
£ £
Fixed assets
Investment property 4 1,823,000 1,810,000
1,823,000 1,810,000
Current assets
Debtors 5 0 7,713
Cash at bank and in hand 273,748 201,565
273,748 209,278
Creditors: amounts falling due within one year 6 ( 60,669) ( 49,846)
Net current assets 213,079 159,432
Total assets less current liabilities 2,036,079 1,969,432
Provision for liabilities ( 249,539) ( 246,280)
Net assets 1,786,540 1,723,152
Capital and reserves
Called-up share capital 7 300 300
Fair value reserve 1,074,800 1,065,050
Profit and loss account 711,440 657,802
Total shareholders' funds 1,786,540 1,723,152

For the financial year ending 31 January 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Devlex (Newton Abbot) Limited (registered number: 01420430) were approved and authorised for issue by the Board of Directors on 12 April 2024. They were signed on its behalf by:

T W Western
Director
DEVLEX (NEWTON ABBOT) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 January 2024
DEVLEX (NEWTON ABBOT) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 January 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Devlex (Newton Abbot) Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Sigma House Oak View Close, Edginswell Park, Torquay, TQ2 7FF, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover comprises rents receivable from tenants and is shown net of value added tax. The company recognises revenue when received.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a [straight-line, reducing balance] basis over its expected useful life, as follows:

Plant and machinery etc. 5 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 0 0

3. Tangible assets

Plant and machinery etc. Total
£ £
Cost
At 01 February 2023 18,340 18,340
Disposals ( 18,340) ( 18,340)
At 31 January 2024 0 0
Accumulated depreciation
At 01 February 2023 18,340 18,340
Disposals ( 18,340) ( 18,340)
At 31 January 2024 0 0
Net book value
At 31 January 2024 0 0
At 31 January 2023 0 0

4. Investment property

Investment property
£
Valuation
As at 01 February 2023 1,810,000
Fair value movement 13,000
As at 31 January 2024 1,823,000

At the year end, the investment property has been revalued to market value by the directors. There has been no valuation of the investment property by an independent valuer.

5. Debtors

2024 2023
£ £
Trade debtors 0 7,713

6. Creditors: amounts falling due within one year

2024 2023
£ £
Corporation tax 35,899 11,939
Other taxation and social security 6,661 6,246
Other creditors 18,109 31,661
60,669 49,846

7. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
300 Ordinary shares of £ 1.00 each 300 300