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REGISTERED NUMBER: SC262182 (Scotland)












Financial Statements

for the Year Ended 31 December 2023

for

Devar Holdings Limited

Devar Holdings Limited (Registered number: SC262182)






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




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Devar Holdings Limited

Company Information
for the Year Ended 31 December 2023







DIRECTOR: B Devine





REGISTERED OFFICE: Radleigh House
1 Golf Road
Clarkston
Glasgow
G76 7HU





REGISTERED NUMBER: SC262182 (Scotland)





ACCOUNTANTS: O'Haras Chartered Accountants
Radleigh House
1 Golf Road
Clarkston
Glasgow
G76 7HU

Devar Holdings Limited (Registered number: SC262182)

Balance Sheet
31 December 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Property, plant and equipment 4 43,164 39,975
Investments 5 6 6
43,170 39,981

CURRENT ASSETS
Debtors 6 735,282 868,863
Cash at bank and in hand 403,545 253,358
1,138,827 1,122,221
CREDITORS
Amounts falling due within one year 7 27,456 19,465
NET CURRENT ASSETS 1,111,371 1,102,756
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,154,541

1,142,737

CREDITORS
Amounts falling due after more than one year 8 8,391 14,113
NET ASSETS 1,146,150 1,128,624

CAPITAL AND RESERVES
Called up share capital 2,150 2,150
Retained earnings 1,144,000 1,126,474
SHAREHOLDERS' FUNDS 1,146,150 1,128,624

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Devar Holdings Limited (Registered number: SC262182)

Balance Sheet - continued
31 December 2023


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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 16 August 2024 and were signed by:





B Devine - Director


Devar Holdings Limited (Registered number: SC262182)

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

1. STATUTORY INFORMATION

Devar Holdings Limited is a private company, limited by shares , registered in Scotland. 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.

Going concern
The directors are satisfied that the Company will have access to sufficient funds to ensure that all liabilities will be met as they fall due over a period of at least 12 months from the approval date of these financial statements. Consequently, the directors consider it appropriate to prepare the financial statements on a going concern basis.

Revenue
Revenue represents the amounts derived from the provision of goods and services, excluding value added tax and trade discounts.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Improvements to property - 2% on cost
Plant and machinery - 15% on reducing balance

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

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.

Devar Holdings Limited (Registered number: SC262182)

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

2. ACCOUNTING POLICIES - continued

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Debtors
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Creditors
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

3. EMPLOYEES AND DIRECTORS

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

4. PROPERTY, PLANT AND EQUIPMENT
Improvements
to Plant and
property machinery Totals
£    £    £   
COST
At 1 January 2023 43,491 160,372 203,863
Additions 6,955 19,509 26,464
Disposals (43,491 ) (49,674 ) (93,165 )
At 31 December 2023 6,955 130,207 137,162
DEPRECIATION
At 1 January 2023 37,549 126,339 163,888
Charge for year 1,311 16,155 17,466
Eliminated on disposal (37,827 ) (49,529 ) (87,356 )
At 31 December 2023 1,033 92,965 93,998
NET BOOK VALUE
At 31 December 2023 5,922 37,242 43,164
At 31 December 2022 5,942 34,033 39,975

Devar Holdings Limited (Registered number: SC262182)

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

5. FIXED ASSET INVESTMENTS
Other
investments
£   
COST
At 1 January 2023
and 31 December 2023 6
NET BOOK VALUE
At 31 December 2023 6
At 31 December 2022 6

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Amounts owed by group undertakings 695,390 842,473
Other debtors 39,892 26,390
735,282 868,863

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Hire purchase contracts 5,722 10,366
Trade creditors 4,203 2,879
Other creditors 17,531 6,220
27,456 19,465

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Hire purchase contracts 8,391 14,113