Silverfin false false 30/04/2024 01/05/2023 30/04/2024 M A Loader 16/05/2018 E Mitchell 01/03/2024 A D Revill-Johnson 31/05/2022 T F Wigram 01/09/2024 29 January 2025 The principal activity of the Company during the financial year was that of baking, distributing and wholesaling of pastries and cakes. 04399540 2024-04-30 04399540 bus:Director1 2024-04-30 04399540 bus:Director2 2024-04-30 04399540 bus:Director3 2024-04-30 04399540 bus:Director4 2024-04-30 04399540 2023-04-30 04399540 core:CurrentFinancialInstruments 2024-04-30 04399540 core:CurrentFinancialInstruments 2023-04-30 04399540 core:Non-currentFinancialInstruments 2024-04-30 04399540 core:Non-currentFinancialInstruments 2023-04-30 04399540 core:ShareCapital 2024-04-30 04399540 core:ShareCapital 2023-04-30 04399540 core:SharePremium 2024-04-30 04399540 core:SharePremium 2023-04-30 04399540 core:CapitalContributionReserve 2024-04-30 04399540 core:CapitalContributionReserve 2023-04-30 04399540 core:RetainedEarningsAccumulatedLosses 2024-04-30 04399540 core:RetainedEarningsAccumulatedLosses 2023-04-30 04399540 core:Goodwill 2023-04-30 04399540 core:Goodwill 2024-04-30 04399540 core:LeaseholdImprovements 2023-04-30 04399540 core:PlantMachinery 2023-04-30 04399540 core:OfficeEquipment 2023-04-30 04399540 core:LeaseholdImprovements 2024-04-30 04399540 core:PlantMachinery 2024-04-30 04399540 core:OfficeEquipment 2024-04-30 04399540 bus:OrdinaryShareClass1 2024-04-30 04399540 bus:OrdinaryShareClass2 2024-04-30 04399540 core:WithinOneYear 2024-04-30 04399540 core:WithinOneYear 2023-04-30 04399540 core:BetweenOneFiveYears 2024-04-30 04399540 core:BetweenOneFiveYears 2023-04-30 04399540 2023-05-01 2024-04-30 04399540 bus:FilletedAccounts 2023-05-01 2024-04-30 04399540 bus:SmallEntities 2023-05-01 2024-04-30 04399540 bus:AuditExemptWithAccountantsReport 2023-05-01 2024-04-30 04399540 bus:PrivateLimitedCompanyLtd 2023-05-01 2024-04-30 04399540 bus:Director1 2023-05-01 2024-04-30 04399540 bus:Director2 2023-05-01 2024-04-30 04399540 bus:Director3 2023-05-01 2024-04-30 04399540 bus:Director4 2023-05-01 2024-04-30 04399540 core:Goodwill core:TopRangeValue 2023-05-01 2024-04-30 04399540 core:LeaseholdImprovements core:TopRangeValue 2023-05-01 2024-04-30 04399540 core:PlantMachinery 2023-05-01 2024-04-30 04399540 core:OfficeEquipment 2023-05-01 2024-04-30 04399540 2022-05-01 2023-04-30 04399540 core:LeaseholdImprovements 2023-05-01 2024-04-30 04399540 core:CurrentFinancialInstruments 2023-05-01 2024-04-30 04399540 core:Non-currentFinancialInstruments 2023-05-01 2024-04-30 04399540 bus:OrdinaryShareClass1 2023-05-01 2024-04-30 04399540 bus:OrdinaryShareClass1 2022-05-01 2023-04-30 04399540 bus:OrdinaryShareClass2 2023-05-01 2024-04-30 04399540 bus:OrdinaryShareClass2 2022-05-01 2023-04-30 iso4217:GBP xbrli:pure xbrli:shares

Company No: 04399540 (England and Wales)

DEVONVALE LIMITED

Unaudited Financial Statements
For the financial year ended 30 April 2024
Pages for filing with the registrar

DEVONVALE LIMITED

Unaudited Financial Statements

For the financial year ended 30 April 2024

Contents

DEVONVALE LIMITED

BALANCE SHEET

As at 30 April 2024
DEVONVALE LIMITED

BALANCE SHEET (continued)

As at 30 April 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 4 1,096,776 211,020
1,096,776 211,020
Current assets
Stocks 237,227 182,603
Debtors 5 1,564,018 1,201,515
Cash at bank and in hand 26,179 109,722
1,827,424 1,493,840
Creditors: amounts falling due within one year 6 ( 1,144,358) ( 444,448)
Net current assets 683,066 1,049,392
Total assets less current liabilities 1,779,842 1,260,412
Creditors: amounts falling due after more than one year 7 ( 398,604) ( 70,924)
Provision for liabilities ( 93,819) ( 7,619)
Net assets 1,287,419 1,181,869
Capital and reserves
Called-up share capital 8 1,052 1,052
Share premium account 8,957 8,957
Capital contribution reserve 195,840 195,840
Profit and loss account 1,081,570 976,020
Total shareholder's funds 1,287,419 1,181,869

For the financial 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.

Directors' responsibilities:

These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of Devonvale Limited (registered number: 04399540) were approved and authorised for issue by the Board of Directors on 29 January 2025. They were signed on its behalf by:

M A Loader
Director
DEVONVALE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 April 2024
DEVONVALE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 April 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

Devonvale 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 Vale Bakery Weston Park, Heathpark, Devonshire Road, Honiton, EX14 1ST, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include 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 £.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

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 sale of goods is recognised when the goods are physically delivered to the customer.

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.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill 5 years straight line
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 and reducing balance basis over its expected useful life, as follows:

Leasehold improvements 10 years straight line
Plant and machinery 10 % reducing balance
Office equipment 10 % reducing balance

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.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Profit and Loss Account over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

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 is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

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 liabilities
The factoring creditor represents amounts received in respect of financed debts. There is full recourse to the Company for losses of debts and therefore the financed debts are recognised in the balance sheet. Interest and other charges relating to factoring are recognised as an expense in the profit and loss account over the relevant period.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 35 28

3. Intangible assets

Goodwill Total
£ £
Cost
At 01 May 2023 60,001 60,001
At 30 April 2024 60,001 60,001
Accumulated amortisation
At 01 May 2023 60,001 60,001
At 30 April 2024 60,001 60,001
Net book value
At 30 April 2024 0 0
At 30 April 2023 0 0

4. Tangible assets

Leasehold improve-
ments
Plant and machinery Office equipment Total
£ £ £ £
Cost
At 01 May 2023 5,675 414,970 36,578 457,223
Additions 802,138 188,318 5,564 996,020
Disposals ( 5,675) ( 24,167) ( 10,593) ( 40,435)
At 30 April 2024 802,138 579,121 31,549 1,412,808
Accumulated depreciation
At 01 May 2023 802 225,733 19,668 246,203
Charge for the financial year 60,894 28,695 1,774 91,363
Disposals ( 1,091) ( 14,092) ( 6,351) ( 21,534)
At 30 April 2024 60,605 240,336 15,091 316,032
Net book value
At 30 April 2024 741,533 338,785 16,458 1,096,776
At 30 April 2023 4,873 189,237 16,910 211,020

5. Debtors

2024 2023
£ £
Trade debtors 586,092 408,623
Amounts owed by Group undertakings 869,650 708,968
Prepayments 44,642 51,465
VAT recoverable 28,464 32,459
Corporation tax 35,170 0
1,564,018 1,201,515

6. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans 158,961 70,669
Trade creditors 188,913 141,757
Other loans 275,000 0
Accruals 92,028 59,056
Corporation tax 0 35,105
Other taxation and social security 23,550 11,367
Obligations under finance leases and hire purchase contracts (secured) 179,585 0
Other creditors 226,321 126,494
1,144,358 444,448

Bank loans with a carrying value of £76,215 (2023 - £70,669) are guaranteed by the Company's immediate parent company.

Bank loans with a carrying value of £82,746 (2023 - £Nil) are secured by a personal guarantee from the directors.

Obligations under finance leases and hire purchase contracts of £179,165 (2023 - £nil) are secured against the assets to which they relate.

Other loans includes £275,000 (2023 - £nil) of investor debt.

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

2024 2023
£ £
Bank loans (secured) 219,662 70,924
Obligations under finance leases and hire purchase contracts (secured) 178,942 0
398,604 70,924

Bank loans with a carrying value of £Nil (2023 - £70,924) are guaranteed by the Company's immediate parent company.

Bank loans with a carrying value of £219,662 (2023 - £Nil) are secured by a personal guarantee from the directors.

Obligations under finance leases and hire purchase contracts of £179,950 (2023 - £nil) are secured against the assets to which they relate.

8. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
999 A Ordinary shares shares of £ 1.00 each 999 999
53 B Ordinary shares shares of £ 1.00 each 53 53
1,052 1,052

9. Financial commitments

Commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

2024 2023
£ £
within one year 55,380 55,380
between one and five years 166,930 222,310
222,310 277,690

10. Related party transactions

Other related party transactions

The Company has taken advantage of the the exemption provided from disclosing transactions with its parent on the grounds that it is a wholly owned subsidiary.