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Registered number: 02488037
Devizes Building Supplies Limited
Unaudited Financial Statements
For The Year Ended 30 April 2024
Contents
Page
Accountant's Report 1
Balance Sheet 2—3
Notes to the Financial Statements 4—8
Page 1
Accountant's Report
Chartered Accountant's report to the directors on the preparation of the unaudited statutory accounts of Devizes Building Supplies Limited For The Year Ended 30 April 2024
In order to assist you to fulfil your duties under the Companies Act 2006, I have prepared for your approval the accounts of Devizes Building Supplies Limited For The Year Ended 30 April 2024 which comprise the Profit and Loss Account, the Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given to us.
As a practising member of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/en/membership/regulations-standards-and-guidance.
This report is made solely to the directors of Devizes Building Supplies Limited , as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Devizes Building Supplies Limited and state those matters that we have agreed to state to the directors of Devizes Building Supplies Limited , as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Devizes Building Supplies Limited and its directors, as a body, for our work or for this report.
It is your duty to ensure that Devizes Building Supplies Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit or loss of Devizes Building Supplies Limited . You consider that Devizes Building Supplies Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit of the accounts of Devizes Building Supplies Limited . For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the financial statements.
Signed
10 January 2025
The Alanbrookes Group Ltd t/a J S Weeks & Co
Chartered Accountants
10 Market Place
Devizes, Wiltshire
SN10 1HT
Page 1
Page 2
Balance Sheet
Registered number: 02488037
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 791,566 800,365
Investments 5 1,300 1,300
792,866 801,665
CURRENT ASSETS
Stocks 6 242,525 244,768
Debtors 7 399,908 447,738
Cash at bank and in hand 251,739 493,900
894,172 1,186,406
Creditors: Amounts Falling Due Within One Year 8 (362,967 ) (558,309 )
NET CURRENT ASSETS (LIABILITIES) 531,205 628,097
TOTAL ASSETS LESS CURRENT LIABILITIES 1,324,071 1,429,762
Creditors: Amounts Falling Due After More Than One Year 9 (333,793 ) (356,739 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (23,788 ) (23,377 )
NET ASSETS 966,490 1,049,646
CAPITAL AND RESERVES
Called up share capital 11 3,004 3,004
Profit and Loss Account 963,486 1,046,642
SHAREHOLDERS' FUNDS 966,490 1,049,646
Page 2
Page 3
For the year ending 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Leslie Dowell
Director
Mr Barclay Matthews
Director
Mr Andrew Dowell
Director
10 January 2025
The notes on pages 4 to 8 form part of these financial statements.
Page 3
Page 4
Notes to the Financial Statements
1. General Information
Devizes Building Supplies Limited is a private company, limited by shares, incorporated in England & Wales, registered number 02488037 . The registered office is Ground Floor, 10 Market Place, Devizes, Wiltshire, SN10 1HT.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Freehold 0%
Plant & Machinery 25% reducing balance
Motor Vehicles 25% reducing balance
Fixtures & Fittings 33% reducing balance
Computer Equipment 33% reducing balance
2.4. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
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2.5. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
2.6. Government Grant
Government grants are recognised in the profit and loss account in an appropriate manner that matches them with the expenditure towards which they are intended to contribute.
Grants for immediate financial support or to cover costs already incurred are recognised immediately in the profit and loss account. Grants towards general activities of the entity over a specific period are recognised in the profit and loss account over that period.
Grants towards fixed assets are recognised over the expected useful lives of the related assets and are treated as deferred income and released to the profit and loss account over the useful life of the asset concerned.
All grants in the profit and loss account are recognised when all conditions for receipt have been complied with.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 12 (2023: 12)
12 12
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4. Tangible Assets
Land & Property
Freehold Plant & Machinery Motor Vehicles Fixtures & Fittings
£ £ £ £
Cost
As at 1 May 2023 677,332 93,767 201,263 6,900
Additions 19,088 3,181 - 1,932
As at 30 April 2024 696,420 96,948 201,263 8,832
Depreciation
As at 1 May 2023 - 57,479 124,583 3,801
Provided during the period - 9,870 19,170 1,660
As at 30 April 2024 - 67,349 143,753 5,461
Net Book Value
As at 30 April 2024 696,420 29,599 57,510 3,371
As at 1 May 2023 677,332 36,288 76,680 3,099
Computer Equipment Total
£ £
Cost
As at 1 May 2023 49,986 1,029,248
Additions - 24,201
As at 30 April 2024 49,986 1,053,449
Depreciation
As at 1 May 2023 43,020 228,883
Provided during the period 2,300 33,000
As at 30 April 2024 45,320 261,883
Net Book Value
As at 30 April 2024 4,666 791,566
As at 1 May 2023 6,966 800,365
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5. Investments
Unlisted
£
Cost
As at 1 May 2023 1,300
As at 30 April 2024 1,300
Provision
As at 1 May 2023 -
As at 30 April 2024 -
Net Book Value
As at 30 April 2024 1,300
As at 1 May 2023 1,300
6. Stocks
2024 2023
£ £
Materials 242,525 244,768
7. Debtors
2024 2023
£ £
Due within one year
Trade debtors 183,476 236,635
Other debtors 216,432 211,103
399,908 447,738
8. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 265,449 373,365
Bank loans and overdrafts 28,000 28,000
Other creditors 17,584 64,473
Taxation and social security 51,934 92,471
362,967 558,309
9. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 333,793 356,739
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10. Secured Creditors
Of the creditors falling due within and after more than one year the following amounts are secured.
Bank loans and overdrafts are secured by a mortgage charge over the freehold property known as Unit 5C Hopton Industrial Estate, and by a fixed and floating debenture charge over all assets present and future.
2024 2023
£ £
Bank loans and overdrafts 361,793 384,739
11. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 3,004 3,004
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