Devcor (Victoria) Limited 09547665 false 2023-05-01 2024-04-30 2024-04-30 The principal activity of the company is residential property ownership and rental. Digita Accounts Production Advanced 6.30.9574.0 true true 09547665 2023-05-01 2024-04-30 09547665 2024-04-30 09547665 core:CurrentFinancialInstruments 2024-04-30 09547665 core:CurrentFinancialInstruments core:WithinOneYear 2024-04-30 09547665 core:Non-currentFinancialInstruments 2024-04-30 09547665 core:Non-currentFinancialInstruments core:AfterOneYear 2024-04-30 09547665 core:LandBuildings 2024-04-30 09547665 core:LandBuildings core:OwnedOrFreeholdAssets 2024-04-30 09547665 bus:SmallEntities 2023-05-01 2024-04-30 09547665 bus:AuditExemptWithAccountantsReport 2023-05-01 2024-04-30 09547665 bus:FilletedAccounts 2023-05-01 2024-04-30 09547665 bus:SmallCompaniesRegimeForAccounts 2023-05-01 2024-04-30 09547665 bus:RegisteredOffice 2023-05-01 2024-04-30 09547665 bus:Director1 2023-05-01 2024-04-30 09547665 bus:PrivateLimitedCompanyLtd 2023-05-01 2024-04-30 09547665 countries:England 2023-05-01 2024-04-30 09547665 2023-04-30 09547665 core:LandBuildings core:OwnedOrFreeholdAssets 2023-04-30 09547665 2022-05-01 2023-04-30 09547665 2023-04-30 09547665 core:CurrentFinancialInstruments 2023-04-30 09547665 core:CurrentFinancialInstruments core:WithinOneYear 2023-04-30 09547665 core:Non-currentFinancialInstruments 2023-04-30 09547665 core:Non-currentFinancialInstruments core:AfterOneYear 2023-04-30 09547665 core:LandBuildings 2023-04-30 09547665 core:LandBuildings core:OwnedOrFreeholdAssets 2023-04-30 09547665 core:RevaluationReserve core:LandBuildings 2022-05-01 2023-04-30 09547665 core:LandBuildings 2022-05-01 2023-04-30 iso4217:GBP xbrli:pure

Registration number: 09547665

Devcor (Victoria) Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 April 2024

 

Devcor (Victoria) Limited

Contents

Statement of Financial Position

1 to 2

Notes to the Unaudited Financial Statements

3 to 6

 

Devcor (Victoria) Limited

(Registration number: 09547665)
Statement of Financial Position as at 30 April 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

800,000

800,000

Current assets

 

Debtors

5

3,776

6,000

Cash at bank and in hand

 

3,936

450

 

7,712

6,450

Creditors: Amounts falling due within one year

6

(183,487)

(181,422)

Net current liabilities

 

(175,775)

(174,972)

Total assets less current liabilities

 

624,225

625,028

Creditors: Amounts falling due after more than one year

6

(519,152)

(514,135)

Provisions for liabilities

(35,994)

(35,994)

Net assets

 

69,079

74,899

Capital and reserves

 

Called up share capital

100

100

Revaluation reserve

107,981

107,981

Profit and loss account

(39,002)

(33,182)

Shareholders' funds

 

69,079

74,899

For the financial year ending 30 April 2024 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 their 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 Statement of Comprehensive Income.

Approved and authorised by the director on 29 August 2024
 

 

Devcor (Victoria) Limited

(Registration number: 09547665)
Statement of Financial Position as at 30 April 2024 (continued)


Richard Dudley Steer
Director

 

Devcor (Victoria) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

1

General information

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

The address of its registered office is:
2 Berkeley Cottages
Collingwood Road
Stoke
Plymouth
Devon
PL1 5QT

Principal activity

The principal activity of the company is residential property ownership and rental.

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.

The financial statements are prepared in sterling which is the functional currency of the entity.

Going concern

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

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.

Revenue recognition

Turnover comprises rents receivable on the company's freehold property.
The company is not registered for VAT.

 

Devcor (Victoria) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024 (continued)

2

Accounting policies (continued)

Tangible assets

Tangible assets are initially stated in the statement of financial position at cost, and are subsequently restated at market value if there has been a significant increase in their carrying value.

No depreciation is charged because the properties are considered to be investment properties.

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 that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities

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 statement of comprehensive income 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.

Financial instruments

Recognition and measurement
A financial asset or a financial liability is recognised only when the company becomes 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.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2023 - 1).

 

Devcor (Victoria) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024 (continued)

4

Tangible assets

Land and buildings
£

Total
£

Cost or valuation

At 1 May 2023

800,000

800,000

At 30 April 2024

800,000

800,000

Depreciation

Carrying amount

At 30 April 2024

800,000

800,000

At 30 April 2023

800,000

800,000

Included within the net book value of land and buildings above is £800,000 (2023 - £800,000) in respect of freehold land and buildings.
 

Revaluation

The fair value of the company's freehold property was revalued on 30 April 2023. An independent valuer was not involved.
Had this class of asset been measured on a historical cost basis, the carrying amount would have been £656,025 (2023 - £656,025).

5

Debtors

2024
£

2023
£

Trade debtors

3,776

6,000

3,776

6,000

 

Devcor (Victoria) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024 (continued)

6

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Amounts owed to companies under common ownership

9,013

-

Accruals and deferred income

2,100

9,048

Other creditors

172,374

172,374

183,487

181,422

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

8

519,152

514,135

7

Reserves

The changes to each component of equity resulting from items of other comprehensive income for the prior year were as follows:

Revaluation reserve
£

Total
£

Surplus/deficit on property, plant and equipment revaluation

107,981

107,981

Profit and loss account:

This reserve records retained earnings and accumulated losses.

8

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

519,152

514,135

The bank holds a mortgage over the company's freehold property as security for the borrowings.