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REGISTERED NUMBER: 05941429 (England and Wales)


























FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

FOR

DUVINE LIMITED

DUVINE LIMITED (REGISTERED NUMBER: 05941429)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


DUVINE LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2024







DIRECTORS: Mr M Winter
Mr D S Burrows
Mr K T Sillence



REGISTERED OFFICE: Unit 1
Belbins Business Park
Cupernham Lane
Romsey
Hampshire
SO51 7JF



BUSINESS ADDRESS: Unit A8
Sturmer Road
Haverhill
Suffolk
CB9 7UU



REGISTERED NUMBER: 05941429 (England and Wales)



SENIOR STATUTORY AUDITOR: Graham Taylor



AUDITORS: Langdowns DFK Limited
Statutory Auditor
Fleming Court
Leigh Road
Eastleigh
Southampton
Hampshire
SO50 9PD

DUVINE LIMITED (REGISTERED NUMBER: 05941429)

BALANCE SHEET
31 MARCH 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 5 - -
Tangible assets 6 12,025 19,148
12,025 19,148

CURRENT ASSETS
Stocks 825,121 722,126
Debtors 7 366,106 594,074
Cash at bank 376,513 340,891
1,567,740 1,657,091
CREDITORS
Amounts falling due within one year 8 406,231 628,006
NET CURRENT ASSETS 1,161,509 1,029,085
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,173,534

1,048,233

PROVISIONS FOR LIABILITIES 3,006 5,627
NET ASSETS 1,170,528 1,042,606

CAPITAL AND RESERVES
Called up share capital 9 1 1
Retained earnings 1,170,527 1,042,605
SHAREHOLDERS' FUNDS 1,170,528 1,042,606

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 Board of Directors and authorised for issue on 24 October 2024 and were signed on its behalf by:





Mr D S Burrows - Director


DUVINE LIMITED (REGISTERED NUMBER: 05941429)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024


1. STATUTORY INFORMATION

Duvine Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. STATEMENT OF COMPLIANCE

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.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Turnover from the sale of goods is recognised when significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Goodwill
Negative goodwill is the excess of the fair value of the attributable net identifiable assets at the date of acquisition over the purchase consideration. The portion of negative goodwill exceeding the fair value of acquired identifiable non monetary assets is recognised as income on a systematic basis over the remaining weighted average useful life of the identifiable acquired depreciable or amortisable assets.

The amortisation of negative goodwill has been matched to the fair value of the non monetary assets at acquisition. Negative goodwill resulting from fixed assets is written off over their useful economic life. Negative goodwill arising from stock is written off in the period to which the assets are recovered through sale.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Short leasehold - Over the remaining term of the lease
Plant and machinery - 25% straight line
Fixtures and fittings - 25% straight line
Computer equipment - 25% straight line

All fixed assets are initially recorded at cost.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

The company has a policy in place to consider obsolete and slow moving stock. The policy considers the length of time that stock has been inactive, the company then applies a percentage reduction to the value of each stock line that meets the parameters of the policy.


DUVINE LIMITED (REGISTERED NUMBER: 05941429)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


3. ACCOUNTING POLICIES - continued
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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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.

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

Debtors and creditors receivable / payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the Income Statement in administrative expenses.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 18 (2023 - 18 ) .

5. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 April 2023
and 31 March 2024 (130,058 )
AMORTISATION
At 1 April 2023
and 31 March 2024 (130,058 )
NET BOOK VALUE
At 31 March 2024 -
At 31 March 2023 -

DUVINE LIMITED (REGISTERED NUMBER: 05941429)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


5. INTANGIBLE FIXED ASSETS - continued

When the assets and trade of Duvine Developments Limited/Winter Storms Limited were purchased in 2006 the value of the assets acquired were greater than the purchase consideration therefore generating negative goodwill.

The negative goodwill was then treated in accordance with Accounting Standards. This stated that negative goodwill should first be matched to the fair value of the non monetary assets acquired.The proportion relating to stock was released to the Profit and Loss Account over two years and that relating to fixed assets over three years from the date of purchase.

6. TANGIBLE FIXED ASSETS
Fixtures
Short Plant and and Computer
leasehold machinery fittings equipment Totals
£    £    £    £    £   
COST
At 1 April 2023 2,266 56,790 15,993 61,876 136,925
Additions 3,345 - - 1,717 5,062
Disposals - (11,156 ) - (798 ) (11,954 )
At 31 March 2024 5,611 45,634 15,993 62,795 130,033
DEPRECIATION
At 1 April 2023 1,761 49,163 15,993 50,860 117,777
Charge for year 498 2,143 - 4,663 7,304
Eliminated on disposal - (6,275 ) - (798 ) (7,073 )
At 31 March 2024 2,259 45,031 15,993 54,725 118,008
NET BOOK VALUE
At 31 March 2024 3,352 603 - 8,070 12,025
At 31 March 2023 505 7,627 - 11,016 19,148

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 312,158 517,574
Other debtors 53,948 76,500
366,106 594,074

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 64,253 85,429
Amounts owed to group undertakings 156,196 368,110
Taxation and social security 104,465 73,407
Other creditors 81,317 101,060
406,231 628,006

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
1 Ordinary £1 1 1

DUVINE LIMITED (REGISTERED NUMBER: 05941429)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


10. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Graham Taylor (Senior Statutory Auditor)
for and on behalf of Langdowns DFK Limited

11. OTHER FINANCIAL COMMITMENTS

Total future financial commitments, guarantees and contingencies which are not included in the balance sheet amount to £98,000 (2023: £145,000). This amount is in relation to operating lease commitments which are payable over the next 2 years (2023: 3 years).

12. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 Section 1A 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with group companies where any subsidiary that is a party to the transaction is wholly owned within the group or where transactions have been undertaken under normal market conditions.