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REGISTERED NUMBER: 12152630 (England and Wales)















Report of the Directors and

Financial Statements for the Year Ended 31 December 2023

for

Devon&Devon London Limited

Devon&Devon London Limited (Registered number: 12152630)






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




Page

Company Information 1

Report of the Directors 2

Report of the Independent Auditors 3

Income Statement 6

Balance Sheet 7

Notes to the Financial Statements 8


Devon&Devon London Limited

Company Information
for the Year Ended 31 December 2023







DIRECTORS: N Bertini
P Mina'
G Verdi





REGISTERED OFFICE: 77 Westbourne Grove
London
W2 4UL





REGISTERED NUMBER: 12152630 (England and Wales)





AUDITORS: Hilden Park Accountants Limited
Hilden Park House
79 Tonbridge Road
Hildenborough
Kent
TN11 9BH

Devon&Devon London Limited (Registered number: 12152630)

Report of the Directors
for the Year Ended 31 December 2023

The directors present their report with the financial statements of the company for the year ended 31 December 2023.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of Specialised design activities.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 January 2023 to the date of this report.

N Bertini
P Mina'
G Verdi

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS
The auditors, Hilden Park Accountants Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:





G Verdi - Director


17 June 2024

Report of the Independent Auditors to the Members of
Devon&Devon London Limited

Opinion
We have audited the financial statements of Devon&Devon London Limited (the 'company') for the year ended 31 December 2023 which comprise the Income Statement, Balance Sheet and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 31 December 2023 and of its loss for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Report of the Directors has been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of
Devon&Devon London Limited


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit; or
- the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Directors.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page two, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Report of the Independent Auditors to the Members of
Devon&Devon London Limited


Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.
We obtained an understanding of the legal and regulatory frameworks that are applicable to the company and determined that the most significant are the Companies Act 2006, Employment Law, Health and Safety Law, Data Protections Laws (including UK General Data Protection Regulation (GDPR) and EFL regulations and enquires were made with management regarding procedures in place to ensure compliance.
Having reviewed the laws and regulations applicable to the company, we designed and performed audit procedures to obtain sufficient appropriate evidence. Specifically we:
- Enquired with management on any non compliance with laws and regulations.
- Reviewed the legal expense accounts to identify potential litigation or claims involving the entity.
- Reviewed internal policies and procedures and external guidance.
We assessed the susceptibility of the company's financial statements to material misstatement and fraud and in doing so:
- Considered whether there were areas of the financial statements particularly susceptible to fraud and enquired with management as to any known or suspected instances of fraud and their assessment of fraud risk.
- Considered whether management have incentives and opportunities to manipulate financial results and determined the key audit risks related to completeness of income, management override of controls, valuation of the stadium and completeness of creditors.
- The risk of management override of controls has been reviewed and audited, including through testing journal entries, accounting estimates and other adjustments for appropriateness.
- Designed and performed audit procedures to obtain sufficient appropriate evidence including substantive testing in relation to the valuation of the stadium and creditors.
The audit has been planned and performed in such a way as to best identify risks of material misstatement, however the inherent limitations of audit procedures means that there remains a risk that material misstatements may not be identified. In particular we are aware of the inherent difficulties in detecting irregularities and irregularities that result from fraud may be more difficult to detect than irregularities from error due, for example, to override of controls, collusion or misrepresentations. In addition, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Paul Matthews (Senior Statutory Auditor)
for and on behalf of Hilden Park Accountants Limited
Hilden Park House
79 Tonbridge Road
Hildenborough
Kent
TN11 9BH

17 June 2024

Devon&Devon London Limited (Registered number: 12152630)

Income Statement
for the Year Ended 31 December 2023

31.12.23 31.12.22
Notes £    £    £    £   

TURNOVER 689,955 362,561

Cost of sales 356,115 227,203
GROSS PROFIT 333,840 135,358

Distribution costs 12,974 -
Administrative expenses 371,883 306,648
384,857 306,648
(51,017 ) (171,290 )

Other operating income - (26,841 )
OPERATING LOSS and
LOSS BEFORE TAXATION (51,017 ) (198,131 )

Tax on loss - -
LOSS FOR THE FINANCIAL YEAR (51,017 ) (198,131 )

Devon&Devon London Limited (Registered number: 12152630)

Balance Sheet
31 December 2023

31.12.23 31.12.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 5 - 1
Tangible assets 6 93,634 17,264
93,634 17,265

CURRENT ASSETS
Stocks 55,621 30,000
Debtors 7 281,762 128,782
Cash at bank 38,953 16,924
376,336 175,706
CREDITORS: AMOUNTS FALLING
DUE WITHIN ONE YEAR

8

1,077,840

749,824
NET CURRENT LIABILITIES (701,504 ) (574,118 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(607,870

)

(556,853

)

CAPITAL AND RESERVES
Called up share capital 20,000 20,000
Other reserves 20,000 20,000
Retained earnings (647,870 ) (596,853 )
(607,870 ) (556,853 )

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Board of Directors and authorised for issue on 17 June 2024 and were signed on its behalf by:





G Verdi - Director


Devon&Devon London Limited (Registered number: 12152630)

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

1. STATUTORY INFORMATION

Devon&Devon London 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.

2. ACCOUNTING POLICIES

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

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

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.

Intangible Assets are being amortised evenly over their estimated useful life of three 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 property - Straight line over the lease term
Plant and machinery - Straight line over 3 years

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

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Going concern
The financial statements have been prepared on the going concern basis. The directors consider this appropriate as it is expected that the parent company will continue to support, for a period of at least twelve months from signing of the financial statements, in order for the company to settle its liabilities as they fall due.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2022 - NIL ) .

Devon&Devon London Limited (Registered number: 12152630)

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

4. OPERATING LOSS

The operating loss is stated after charging:

31.12.23 31.12.22
£    £   
Depreciation - owned assets 20,512 61,546
Intangible Assets amortisation 1 3,567

5. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1 January 2023
and 31 December 2023 12,003
AMORTISATION
At 1 January 2023 12,002
Charge for year 1
At 31 December 2023 12,003
NET BOOK VALUE
At 31 December 2023 -
At 31 December 2022 1

6. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 January 2023 18,635 189,188 207,823
Additions 29,157 67,725 96,882
At 31 December 2023 47,792 256,913 304,705
DEPRECIATION
At 1 January 2023 5,795 184,764 190,559
Charge for year 3,770 16,742 20,512
At 31 December 2023 9,565 201,506 211,071
NET BOOK VALUE
At 31 December 2023 38,227 55,407 93,634
At 31 December 2022 12,840 4,424 17,264

Devon&Devon London Limited (Registered number: 12152630)

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

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade debtors 202,188 -
Other debtors 42,000 91,865
Prepayments 37,574 36,917
281,762 128,782

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade creditors 845,017 587,365
Amounts owed to group undertakings 145,456 86,975
Social security and other taxes 2,077 2,483
VAT 24,473 18,268
Other creditors 338 -
Accruals and deferred income 60,479 54,733
1,077,840 749,824

Amounts owed to related undertakings are interest free, unsecured and repayable on demand.

9. CONTROLLING PARTY

The immediate parent undertaking is Devon&Devon S.p.A., a company incorporated in Italy.
The company is included in the consolidated accounts of Investintile S.p.A.
The consolidated financial statements are available at Corso Buenos Aires 18, Milan, Italy.