Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-31The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.2023-01-01falsetrueNo description of principal activity1010truefalse 02684473 2023-01-01 2023-12-31 02684473 2022-01-01 2022-12-31 02684473 2023-12-31 02684473 2022-12-31 02684473 c:Director1 2023-01-01 2023-12-31 02684473 c:Director2 2023-01-01 2023-12-31 02684473 d:Buildings 2023-01-01 2023-12-31 02684473 d:Buildings 2023-12-31 02684473 d:Buildings 2022-12-31 02684473 d:Buildings d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 02684473 d:LandBuildings 2023-12-31 02684473 d:LandBuildings 2022-12-31 02684473 d:PlantMachinery 2023-01-01 2023-12-31 02684473 d:PlantMachinery 2023-12-31 02684473 d:PlantMachinery 2022-12-31 02684473 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 02684473 d:FurnitureFittings 2023-01-01 2023-12-31 02684473 d:FurnitureFittings 2023-12-31 02684473 d:FurnitureFittings 2022-12-31 02684473 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 02684473 d:OfficeEquipment 2023-01-01 2023-12-31 02684473 d:OfficeEquipment 2023-12-31 02684473 d:OfficeEquipment 2022-12-31 02684473 d:OfficeEquipment d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 02684473 d:ComputerEquipment 2023-01-01 2023-12-31 02684473 d:ComputerEquipment 2023-12-31 02684473 d:ComputerEquipment 2022-12-31 02684473 d:ComputerEquipment d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 02684473 d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 02684473 d:CurrentFinancialInstruments 2023-12-31 02684473 d:CurrentFinancialInstruments 2022-12-31 02684473 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 02684473 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 02684473 d:ShareCapital 2023-12-31 02684473 d:ShareCapital 2022-12-31 02684473 d:RetainedEarningsAccumulatedLosses 2023-12-31 02684473 d:RetainedEarningsAccumulatedLosses 2022-12-31 02684473 c:FRS102 2023-01-01 2023-12-31 02684473 c:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 02684473 c:FullAccounts 2023-01-01 2023-12-31 02684473 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 02684473 2 2023-01-01 2023-12-31 02684473 e:PoundSterling 2023-01-01 2023-12-31 iso4217:GBP xbrli:pure

Registered number: 02684473










DEVANTECH LIMITED








UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

 
DEVANTECH LIMITED
REGISTERED NUMBER: 02684473

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
470,255
483,540

  
470,255
483,540

Current assets
  

Stocks
 5 
463,000
400,500

Debtors: amounts falling due within one year
 6 
141,864
67,122

Cash at bank and in hand
  
1,345,024
1,309,215

  
1,949,888
1,776,837

Creditors: amounts falling due within one year
 7 
(194,935)
(100,937)

Net current assets
  
 
 
1,754,953
 
 
1,675,900

Total assets less current liabilities
  
2,225,208
2,159,440

Provisions for liabilities
  

Deferred tax
  
(22,813)
(26,484)

  
 
 
(22,813)
 
 
(26,484)

Net assets
  
2,202,395
2,132,956


Capital and reserves
  

Called up share capital 
  
30
30

Profit and loss account
  
2,202,365
2,132,926

  
2,202,395
2,132,956


Page 1

 
DEVANTECH LIMITED
REGISTERED NUMBER: 02684473
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2023

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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 financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the income statement in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




G N Coe
C E Coe
Director
Director


Date: 17 September 2024

The notes on pages 3 to 9 form part of these financial statements.

Page 2

 
DEVANTECH LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Devantech is a private company limited by shares and incorporated in England and Wales, registration number 02684473. The registered office is Maurice Gaymer Road, Gaymer Idustrial Estate, Attleborough, Norfolk, NR17 2QZ.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

 
2.2

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Income statement within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 3

 
DEVANTECH LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.3

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

Sale of goods

Turnover from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of turnover can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.5

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

Page 4

 
DEVANTECH LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.6

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives. 

Depreciation is provided on the following basis:

Freehold property
-
0% - 10% straight line
Plant & machinery
-
10% - 20% reducing balance
Fixtures & fittings
-
20% reducing balance
Office equipment
-
20% - 33.3% reducing balance
Computer equipment
-
33.3% reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Income statement.

 
2.7

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.8

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.

 
2.9

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Page 5

 
DEVANTECH LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.10

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.

 
2.11

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid.


3.


Employees

The average monthly number of employees, including directors, during the year was 10 (2022 - 10).


4.


Tangible fixed assets





Freehold property
Plant & machinery
Fixtures & fittings
Office equipment
Computer equipment

£
£
£
£
£



Cost or valuation


At 1 January 2023
411,674
286,874
27,262
-
20,348


Additions
-
-
6,611
1,623
961


Disposals
-
(12,707)
-
-
(5,898)


Transfers between classes
-
-
(481)
481
-



At 31 December 2023

411,674
274,167
33,392
2,104
15,411



Depreciation


At 1 January 2023
5,856
218,813
20,665
-
17,284


Charge for the year on owned assets
4,554
13,475
2,463
113
1,137


Disposals
-
(12,023)
-
-
(5,844)


Transfers between classes
-
-
(372)
372
-



At 31 December 2023

10,410
220,265
22,756
485
12,577



Net book value



At 31 December 2023
401,264
53,902
10,636
1,619
2,834



At 31 December 2022
405,818
68,061
6,597
-
3,064
Page 6

 
DEVANTECH LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

           4.Tangible fixed assets (continued)


Total

£



Cost or valuation


At 1 January 2023
746,158


Additions
9,195


Disposals
(18,605)


Transfers between classes
-



At 31 December 2023

736,748



Depreciation


At 1 January 2023
262,618


Charge for the year on owned assets
21,742


Disposals
(17,867)


Transfers between classes
-



At 31 December 2023

266,493



Net book value



At 31 December 2023
470,255



At 31 December 2022
483,540




The net book value of land and buildings may be further analysed as follows:


2023
2022
£
£

Freehold property
401,264
405,818

401,264
405,818


Page 7

 
DEVANTECH LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Stocks

2023
2022
£
£

Raw materials and consumables
292,400
242,100

Work in progress (goods to be sold)
90,000
84,500

Finished goods and goods for resale
80,600
73,900

463,000
400,500



6.


Debtors

2023
2022
£
£


Trade debtors
134,569
35,447

Other debtors
-
24,729

Prepayments and accrued income
7,295
6,946

141,864
67,122



7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
28,315
47,919

Corporation tax
87,593
18,381

Other taxation and social security
39,631
6,827

Other creditors
34,829
24,530

Accruals and deferred income
4,567
3,280

194,935
100,937



8.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £6,589 (2022 - £5,824). Contributions totalling £553 (2022 - £513) were payable to the fund at the reporting date and are included in creditors.

Page 8

 
DEVANTECH LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

9.


Transactions with directors

At the year end the directors were owed £16,039 (2022: £23,333). This is shown within Other Creditors.
Amounts advanced to the directors during the year amounted to £198,899, amounts repaid during the year totalled £194,075. Interest on the loan has been charged totalling £2,470 at a rate of 2.00% to 5 April 2023, and 2.25% from 6 April 2023. The interest has been paid on 12 March 2024.

 
Page 9