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Registration number: 07843066

Devlin Management Services Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 November 2023

 

Devlin Management Services Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

Devlin Management Services Limited

Company Information

Director

Anthony Devlin

Company secretary

Michelle Devlin

Registered office

Stockton Business Centre, Barkess & Co
70-74 Brunswick Street
Stockton on Tees
TS18 1DW

Accountants

Barkess & Co
Stockton Business Centre
70-74 Brunswick Street
Stockton on Tees
TS18 1DW

 

Devlin Management Services Limited

(Registration number: 07843066)
Balance Sheet as at 30 November 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

50

66

Current assets

 

Debtors

6

26,647

27,261

Cash at bank and in hand

 

2,379

4,276

 

29,026

31,537

Creditors: Amounts falling due within one year

7

(13,974)

(14,746)

Net current assets

 

15,052

16,791

Total assets less current liabilities

 

15,102

16,857

Creditors: Amounts falling due after more than one year

7

(20,400)

(20,400)

Net liabilities

 

(5,298)

(3,543)

Capital and reserves

 

Called up share capital

8

6

6

Retained earnings

(5,304)

(3,549)

Shareholders' deficit

 

(5,298)

(3,543)

For the financial year ending 30 November 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 accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 19 August 2024
 

 

Devlin Management Services Limited

(Registration number: 07843066)
Balance Sheet as at 30 November 2023

.........................................
Anthony Devlin
Director

 

Devlin Management Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
Stockton Business Centre, Barkess & Co
70-74 Brunswick Street
Stockton on Tees
TS18 1DW
England

The principal place of business is:
Flat 14, The Granary
16 York Street
Ayr
KA8 8DQ

These financial statements were authorised for issue by the director on 19 August 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

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

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Tax

The tax expense for the period comprises tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

Devlin Management Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Office equipment

25% Reducing Balance

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

50% Straight Line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

Devlin Management Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2022 - 1).

 

Devlin Management Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 December 2022

48,000

48,000

At 30 November 2023

48,000

48,000

Amortisation

At 1 December 2022

48,000

48,000

At 30 November 2023

48,000

48,000

Carrying amount

At 30 November 2023

-

-

5

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 December 2022

1,270

1,270

At 30 November 2023

1,270

1,270

Depreciation

At 1 December 2022

1,204

1,204

Charge for the year

16

16

At 30 November 2023

1,220

1,220

Carrying amount

At 30 November 2023

50

50

At 30 November 2022

66

66

6

Debtors

 

Devlin Management Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

Current

2023
£

2022
£

Trade debtors

(66)

(66)

Other debtors

26,713

27,327

 

26,647

27,261

 

Devlin Management Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9

2,140

2,400

Trade creditors

 

741

741

Taxation and social security

 

10,531

10,531

Accruals and deferred income

 

562

1,074

 

13,974

14,746

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

20,400

20,400

8

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary shares of £1 each

6

6

6

6

       

9

Loans and borrowings

Non-current loans and borrowings

2023
£

2022
£

Other borrowings

20,400

20,400

Current loans and borrowings

2023
£

2022
£

Other borrowings

2,140

2,400

 

Devlin Management Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

Other borrowings

Barclays Bounce Back Loan is denominated in Sterling with a nominal interest rate of 4.25%, and the final instalment is due on 23 January 2032. The carrying amount at year end is £Nil (2022 - £22,800).

10

Related party transactions

Transactions with the director

2023

At 1 December 2022
£

Advances to director
£

Repayments by director
£

At 30 November 2023
£

Anthony Devlin

Director's Loan

16,696

5

(520)

16,181

2022

At 1 December 2021
£

Advances to director
£

At 30 November 2022
£

Anthony Devlin

Director's Loan

7,270

9,426

16,696

Dividends paid to the director

2023
£

2022
£

Anthony Devlin

Interim Dividend

-

-