Silverfin false false 31/03/2024 01/04/2023 31/03/2024 Mr N G Ball 10/10/2023 05/08/2008 Mr B Lyne 10/10/2023 Mr D Palmer 10/10/2023 Ms E West 10/10/2023 08 November 2024 The principal activity of the Company during the financial year continued to be that of groundworks including reconstruction, drainage and surfacing. 06661700 2024-03-31 06661700 bus:Director1 2024-03-31 06661700 bus:Director2 2024-03-31 06661700 bus:Director3 2024-03-31 06661700 bus:Director4 2024-03-31 06661700 2023-03-31 06661700 core:CurrentFinancialInstruments 2024-03-31 06661700 core:CurrentFinancialInstruments 2023-03-31 06661700 core:Non-currentFinancialInstruments 2024-03-31 06661700 core:Non-currentFinancialInstruments 2023-03-31 06661700 core:ShareCapital 2024-03-31 06661700 core:ShareCapital 2023-03-31 06661700 core:RetainedEarningsAccumulatedLosses 2024-03-31 06661700 core:RetainedEarningsAccumulatedLosses 2023-03-31 06661700 core:LandBuildings 2023-03-31 06661700 core:PlantMachinery 2023-03-31 06661700 core:Vehicles 2023-03-31 06661700 core:FurnitureFittings 2023-03-31 06661700 core:LandBuildings 2024-03-31 06661700 core:PlantMachinery 2024-03-31 06661700 core:Vehicles 2024-03-31 06661700 core:FurnitureFittings 2024-03-31 06661700 core:OtherMembersGroupNotDefinedElsewhere core:CurrentFinancialInstruments 2024-03-31 06661700 core:OtherMembersGroupNotDefinedElsewhere core:CurrentFinancialInstruments 2023-03-31 06661700 bus:OrdinaryShareClass1 2024-03-31 06661700 bus:OrdinaryShareClass2 2024-03-31 06661700 2023-04-01 2024-03-31 06661700 bus:FilletedAccounts 2023-04-01 2024-03-31 06661700 bus:SmallEntities 2023-04-01 2024-03-31 06661700 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 06661700 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 06661700 bus:Director1 2023-04-01 2024-03-31 06661700 bus:Director2 2023-04-01 2024-03-31 06661700 bus:Director3 2023-04-01 2024-03-31 06661700 bus:Director4 2023-04-01 2024-03-31 06661700 core:PlantMachinery core:TopRangeValue 2023-04-01 2024-03-31 06661700 core:Vehicles 2023-04-01 2024-03-31 06661700 core:FurnitureFittings core:TopRangeValue 2023-04-01 2024-03-31 06661700 2022-04-01 2023-03-31 06661700 core:LandBuildings 2023-04-01 2024-03-31 06661700 core:PlantMachinery 2023-04-01 2024-03-31 06661700 core:FurnitureFittings 2023-04-01 2024-03-31 06661700 core:Non-currentFinancialInstruments 2023-04-01 2024-03-31 06661700 bus:OrdinaryShareClass1 2023-04-01 2024-03-31 06661700 bus:OrdinaryShareClass1 2022-04-01 2023-03-31 06661700 bus:OrdinaryShareClass2 2023-04-01 2024-03-31 06661700 bus:OrdinaryShareClass2 2022-04-01 2023-03-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: 06661700 (England and Wales)

DEVON TARMASTERS (SW) LIMITED

Unaudited Financial Statements
For the financial year ended 31 March 2024
Pages for filing with the registrar

DEVON TARMASTERS (SW) LIMITED

Unaudited Financial Statements

For the financial year ended 31 March 2024

Contents

DEVON TARMASTERS (SW) LIMITED

BALANCE SHEET

As at 31 March 2024
DEVON TARMASTERS (SW) LIMITED

BALANCE SHEET (continued)

As at 31 March 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 1,260,084 1,332,404
1,260,084 1,332,404
Current assets
Stocks 17,595 25,904
Debtors
- due within one year 4 1,646,319 2,023,536
- due after more than one year 4 340,178 167,263
Cash at bank and in hand 925,682 406,868
2,929,774 2,623,571
Creditors: amounts falling due within one year 5 ( 1,765,401) ( 1,865,546)
Net current assets 1,164,373 758,025
Total assets less current liabilities 2,424,457 2,090,429
Creditors: amounts falling due after more than one year 6 ( 648,518) ( 621,273)
Provision for liabilities ( 248,441) ( 204,932)
Net assets 1,527,498 1,264,224
Capital and reserves
Called-up share capital 7 50,000 50,000
Profit and loss account 1,477,498 1,214,224
Total shareholder's funds 1,527,498 1,264,224

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

Directors' responsibilities:

The financial statements of Devon Tarmasters (SW) Limited (registered number: 06661700) were approved and authorised for issue by the Board of Directors on 08 November 2024. They were signed on its behalf by:

Ms E West
Director
DEVON TARMASTERS (SW) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
DEVON TARMASTERS (SW) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Devon Tarmasters (SW) Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Ambrison House Unit 1 Lorn Haven Business Park, Ashburton, Newton Abbot, TQ13 7FF, England, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the supply of services represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the fair value of the consideration received or receivable. Where a contract has only been partially completed at the Balance Sheet date turnover represents the fair value of the service provided to date based on the stage of completion of the contract activity at the Balance Sheet date. Where payments are received from customers in advance of services provided, the amounts are recorded as deferred income and included as part of creditors due within one year.

Employee benefits

Defined contribution schemes
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings not depreciated
Plant and machinery 6.67 years straight line
Vehicles 25 % reducing balance
Fixtures and fittings 6.67 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Non-financial assets
At each balance sheet date, the company reviews its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss.

If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes direct materials, and where applicable, direct labour costs and those overheads that have been incurred bringing the stocks to their present location and condition.

Stocks held for distribution at no or nominal consideration are measured at the lower of replacement cost and cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in the profit or loss. Reversal of impairment losses are also recognised in the profit or loss.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

Loans and borrowings
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment.

Government grants

Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 40 40

3. Tangible assets

Land and buildings Plant and machinery Vehicles Fixtures and fittings Total
£ £ £ £ £
Cost
At 01 April 2023 395,855 979,749 874,730 82,289 2,332,623
Additions 0 144,433 139,195 3,292 286,920
Disposals 0 ( 69,901) ( 209,421) ( 8,418) ( 287,740)
At 31 March 2024 395,855 1,054,281 804,504 77,163 2,331,803
Accumulated depreciation
At 01 April 2023 0 567,507 383,765 48,947 1,000,219
Charge for the financial year 0 133,272 145,439 10,058 288,769
Disposals 0 ( 47,907) ( 161,020) ( 8,342) ( 217,269)
At 31 March 2024 0 652,872 368,184 50,663 1,071,719
Net book value
At 31 March 2024 395,855 401,409 436,320 26,500 1,260,084
At 31 March 2023 395,855 412,242 490,965 33,342 1,332,404

4. Debtors

2024 2023
£ £
Debtors: amounts falling due within one year
Trade debtors 1,220,818 1,203,878
Amounts owed by Group undertakings 26,470 0
Amounts owed by associates 0 140,975
Amounts owed by connected persons 74,085 26,962
Amounts owed by directors 9,450 553
Prepayments 75,889 66,691
VAT recoverable 129,021 200,030
Corporation tax 0 74,634
Other debtors 110,586 309,813
1,646,319 2,023,536
Debtors: amounts falling due after more than one year
Amounts owed by connected persons 340,178 167,263

5. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans 64,060 85,595
Trade creditors 1,085,941 1,346,869
Amounts owed to associates 13,857 0
Accruals 44,011 78,553
Taxation and social security 194,446 46,879
Obligations under finance leases and hire purchase contracts 224,271 187,087
Other creditors 138,815 120,563
1,765,401 1,865,546

6. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans 82,281 146,341
Obligations under finance leases and hire purchase contracts 566,237 474,932
648,518 621,273

Bank loans are secured via fixed and floating charge on the land and buildings owned by the company.

Hire Purchase liabilities are secured over the assets to which they relate to.

7. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
25,500 Ordinary A shares of £ 1.00 each 25,500 25,500
24,500 Ordinary B shares of £ 1.00 each 24,500 24,500
50,000 50,000

8. Related party transactions

Transactions with the entity's directors

2024 2023
£ £
Opening balance 553 201,398
Plus loan advances 9,450 123,881
Less loan repayments (553) (186,740)
Less dividends declared 0 (140,000)
Plus interest 0 2,014
0 0
Closing balance 9,450 553
0 0

Interest has been charged at the official rate and the loan is repayable on demand.

Other related party transactions

2024 2023
£ £
DTM Recycled Aggregates Limited 0 117,827

An intercompany loan of £100,146 owed by DTM Recycled Aggregates Limited was written off during the year.

9. Ultimate controlling party

Parent Company:

BEDS (SW) 2023 Limited
Ambrison House
Unit 1
Lorn Haven Business Park
Ashburton
Newton Abbot
Devon
TQ13 7FF