Company Registration Number 07222116 (England and Wales)
DEVTA HOMES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
DEVTA HOMES LIMITED
COMPANY INFORMATION
Directors
D Lonergan
D Sira
M Bhardwaj
Company number
07222116
Registered office
83 Dukes Avenue
Muswell Hill
London
Accountants
Cornel (Muswell Hill) Limited
83 Dukes Avenue
Muswell Hill
London
N10 2QD
Business address
83 Dukes Avenue
Muswell Hill
London
N10 2QD
DEVTA HOMES LIMITED
CONTENTS
Page
Balance sheet
2
DEVTA HOMES LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2024
- 1 -
2024
2023
£
£
Other income
518,816
369,564
Other charges
(7,813)
(6,558)
Tax
(127,751)
(59,173)
Profit
383,252
303,833
DEVTA HOMES LIMITED
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 2 -
2024
2023
£
£
£
£
Current assets
10,038,309
8,170,620
Creditors: amounts falling due within one year
(8,320,901)
(6,836,464)
Net current assets
1,717,408
1,334,156
Net assets
1,717,408
1,334,156
Capital and reserves
1,717,408
1,334,156
Notes to the financial statements
1
Average employees

The average number of persons (including directors) employed by the company during the year was 0 (2023 - 0).

Devta Homes Limited is a private company limited by shares incorporated in England and Wales. The registered office is 83 Dukes Avenue, Muswell Hill, London.

 

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.

For the year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared in accordance with the micro-entity provisions and in accordance with FRS 105 'The Financial Reporting Standard applicable to the Micro-entities Regime' and delivered 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 24 August 2024 and are signed on its behalf by:
M Bhardwaj
Director
Company Registration Number 07222116
DEVTA HOMES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
AS AT
31 MARCH 2024
31 March 2024
- 3 -
1
Accounting policies
1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 105 'The Financial Reporting Standard applicable to the Micro-Entities Regime' and the requirements of the Companies Act 2014..

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.4
Financial instruments

Financial assets and liabilities are recognised only when the company becomes a party to the contractual provisions of the instrument. They are recognised initially at cost, which is measured at the transaction price including material transaction costs. Financial assets and liabilities are offset when the company currently has a legally enforceable right to set off the recognised amounts and intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Transaction costs not immediately recognised in profit or loss are recognised in profit or loss on a straight-line basis over the term of the contract.

 

For transactions where settlement is deferred beyond normal credit terms, total interest income or expense is allocated on a straight-line basis over the term of the contract. Otherwise, it is allocated at a constant rate (normally the contractual rate of interest) on the carrying amount of the financial asset or liability excluding transaction costs not yet recognised in profit or loss.

Investments in preference shares or ordinary shares and investments in subsidiaries and associates and interests in jointly controlled entities are subsequently measured at cost less impairment.

Derivatives are subsequently measured at cost adjusted for amounts recognised in profit or loss over the term of the instruments and any impairment loss.

Other financial instruments are subsequently measured at cost adjusted for the allocation of interest, the amortisation of any transaction costs included in the cost of the instruments and any impairment loss.

DEVTA HOMES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
AS AT
31 MARCH 2024
31 March 2024
- 4 -
Impairment

Financial assets are assessed for indicators of impairment at each reporting end date and any impairment loss is recognised in profit or loss. If in a subsequent period the amount of an impairment loss decreases and the decrease can be related to an event occurring after the impairment was recognised, the impairment is reversed to the extent of this decrease, and is recognised in profit or loss.

 

Financial assets are considered to be impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the expected future cash flows have been materially affected. The impairment loss is calculated as the difference between the carrying amount of the asset and its fair value. For investments, fair value is calculated as the best estimate of the asset’s selling price less costs. For other assets apart from derivatives, fair value is calculated as the present value of the estimated net cash flows.

Derecognition

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

 

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled. Any gain or loss on derecognition is included in profit or loss.

1.5
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

1.6
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due. When contributions are not expected to be settled wholly within 12 months after the end of the reporting period in which the employees render the related service, the liability recognised is measured at the present value of the contributions payable.

The cost of providing benefits under defined benefit plans is determined separately for each plan, and is based on actuarial advice. Amounts paid in the period are recognised in profit and loss after adjusting for outstanding contributions payable, including the funding of any deficit.

 

When contributions are not expected to be settled wholly within 12 months after the end of the reporting period in which the employees render the related service, the liability recognised is measured at the present value of the contributions payable. The unwinding of the related discount is recognised as an interest expense in profit or loss in the period in which it arises.

DEVTA HOMES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
AS AT
31 MARCH 2024
31 March 2024
- 5 -
2
Profit and loss reserves
2024
2023
£
£
At the beginning of the year
1,334,155
1,106,322
Profit for the year
383,252
303,833
Dividends declared and paid in the year
-
(76,000)
At the end of the year
1,717,407
1,334,155
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