Company Registration No. 14203484 (England and Wales)
HM DEVCO LIMITED
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
HM DEVCO LIMITED
COMPANY INFORMATION
Directors
P Mather
C Webb
G Caddell
(Appointed 27 March 2024)
Company number
14203484
Registered office
72 Welbeck Street
London
W1G 0AY
HM DEVCO LIMITED
CONTENTS
Page
Directors' report
1
Statement of comprehensive income
2
Balance sheet
3
Notes to the financial statements
4 - 6
HM DEVCO LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 1 -
The directors present their annual report and financial statements for the year ended 31 December 2023.
Principal activities
The principal activity of the company continued to be that of property development.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
D Harris
(Resigned 17 September 2024)
P Mather
R Pilkington
(Resigned 27 March 2024)
C Webb
G Caddell
(Appointed 27 March 2024)
Small companies exemption
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
On behalf of the board
G Caddell
Director
29 November 2024
HM DEVCO LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
Year
Period
ended
ended
31 December
31 December
2023
2022
£
£
Turnover
2,602,752
745,950
Cost of sales
(2,602,752)
(745,950)
Gross profit
-
-
Administrative expenses
(12,000)
(18,000)
Loss before taxation
(12,000)
(18,000)
Tax on loss
Loss for the financial year
(12,000)
(18,000)
The profit and loss account has been prepared on the basis that all operations are continuing operations.
The notes on pages 4 to 6 form part of these financial statements.
HM DEVCO LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 3 -
2023
2022
Notes
£
£
£
£
Current assets
Debtors
3
73,503
515,798
Creditors: amounts falling due within one year
4
(103,502)
(533,797)
Net current liabilities
(29,999)
(17,999)
Capital and reserves
Called up share capital
1
1
Profit and loss reserves
(30,000)
(18,000)
Total equity
(29,999)
(17,999)
For the financial year ended 31 December 2023 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 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 29 November 2024 and are signed on its behalf by:
G Caddell
Director
Company Registration No. 14203484
HM DEVCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
1
Accounting policies
Company information
HM Devco Limited is a private company limited by shares incorporated in England and Wales. The registered office was changed to 72 Welbeck Street, London, W1G 0AY (previously 116 Upper Street, London, N1 1QP). The company number is 14203484. The date of incorporation was 29 June 2022.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 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
The directors have considered the current financial positiontrue, the results of the company and of the wider group in which the company is part of. In the comparative period the group through its structure obtained a loan of £74.1M from a third party and these funds were made available to a subsidiary within the group. The loan was secured on land which was acquired for development by that subsidiary. HM Devco was providing development services to the group. Post year end the land over which the loan was secured was sold and the third party loan held in the group structure was repaid. As a result of this transaction, the directors intention as at the date of signing these financial statements is to proceed to liquidate the company and as such the financial statements of the company have been prepared on a basis other than going concern. The financial statements do not reflect any adjustments that may be required to the carrying values of assets or liabilities, nor do they consider any additional liabilities that may arise as a result of the liquidation process as there were no commitments at the reporting date.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.
HM DEVCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 5 -
1.4
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and amounts owed by fellow group, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
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.
Basic financial liabilities
Basic financial liabilities, including creditors and loans from fellow group, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.5
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.6
The accounts relate to the year ended 31 December 2023. The comparative figures relate to the period 29 June 2022 (date of incorporation) to 31 December 2022.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was nil (2022 : nil).
Remuneration paid to directors during the period was £nil (2022 : £nil).
HM DEVCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
3
Debtors
2023
2022
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
1
1
Other debtors
73,502
515,797
73,503
515,798
4
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
73,502
228,734
Amounts owed to group undertakings
18,000
287,063
Other creditors
12,000
18,000
103,502
533,797
5
Events after the reporting date
After the reporting period, the land held for development within the group was sold.
6
Ultimate controlling party
The company is a subsidiary of Honey Monster Limited as at the balance sheet date. Honey Monster Limited is a joint venture company and as such there is no ultimate controlling party.
The consolidated accounts of this group are available to the public and can be obtained from Honey Monster Limited, 72 Welbeck Street, London W1G 0AY. No other group accounts include the results of this company.