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REGISTERED NUMBER: SC314702 (Scotland)














Financial Statements

for the Year Ended 31 January 2024

for

Devonhill Limited

Devonhill Limited (Registered number: SC314702)






Contents of the Financial Statements
for the Year Ended 31 January 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3

Chartered Accountants' Report 8

Devonhill Limited

Company Information
for the Year Ended 31 January 2024







DIRECTOR: J Easdale





REGISTERED OFFICE: 73 Union Street
Greenock
PA16 8BG





REGISTERED NUMBER: SC314702 (Scotland)





ACCOUNTANTS: Henderson & Company
73 Union Street
Greenock
Renfrewshire
PA16 8BG

Devonhill Limited (Registered number: SC314702)

Balance Sheet
31 January 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 24,437 37,161
Investments 6 653,219 619,889
677,656 657,050

CURRENT ASSETS
Debtors 7 859,772 355,729
Cash at bank 852,039 824,139
1,711,811 1,179,868
CREDITORS
Amounts falling due within one year 8 121,378 115,053
NET CURRENT ASSETS 1,590,433 1,064,815
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,268,089

1,721,865

CAPITAL AND RESERVES
Called up share capital 1 1
Retained earnings 2,268,088 1,721,864
SHAREHOLDERS' FUNDS 2,268,089 1,721,865

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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 director and authorised for issue on 30 January 2025 and were signed by:



J Easdale - Director


Devonhill Limited (Registered number: SC314702)

Notes to the Financial Statements
for the Year Ended 31 January 2024

1. STATUTORY INFORMATION

Devonhill Limited is a private company, limited by shares , registered in Scotland. 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. ACCOUNTING POLICIES

Basis of preparing the financial statements
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. 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 for services supplied, net of discounts and Value Added Tax.

Revenue is recognised when the significant risks and rewards of ownership have transferred to the buyer, usually on use of the service; the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2008, is being amortised evenly over its estimated useful life of ten years.

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 or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery etc - 25% on reducing balance


Devonhill Limited (Registered number: SC314702)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2024

2. ACCOUNTING POLICIES - continued
Taxation
The tax expense for the year comprises current 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 liability for current tax is calculated using tax rates and laws 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 recognised for all taxable timing differences. Deferred tax assets are 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 for 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 recoverd.

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 asset realised, based on tax rates and tax laws that have been enacted or substantively enacted by the end of the reporting period.

Current or deferred tax for the year is recognised in profit or loss, except when they relate 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.

Hire purchase and leasing commitments
Assets held under finance lease and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Operating lease payments are recognised as an expense on a straightline basis over the lease term, except where another systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

In the event that lease incentives are received to enter into operating leases, such incentives are recognised as a liability. The aggregate benefit of incentives is recognised as a reduction of rental expenses on a straight line basis over the lease term, except where another systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short term highly liquid investments with original maturities of three months or less and bank overdrafts. In the statement of financial position bank overdrafts are shown within borrowings in current liabilities.

Debtors
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value and thereafter stated at amortised cost using the effective interest method, less any impairment.

Creditors
Basic financial instruments, including preference shares that are classified as debt, are measured at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is initially measured at fair value and subsequently at amortised cost using the effective interest method.

Devonhill Limited (Registered number: SC314702)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2024

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2023 - 1 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 February 2023
and 31 January 2024 200,000
AMORTISATION
At 1 February 2023
and 31 January 2024 200,000
NET BOOK VALUE
At 31 January 2024 -
At 31 January 2023 -

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 February 2023 134,621
Additions 3,000
Disposals (39,572 )
At 31 January 2024 98,049
DEPRECIATION
At 1 February 2023 97,460
Charge for year 8,104
Eliminated on disposal (31,952 )
At 31 January 2024 73,612
NET BOOK VALUE
At 31 January 2024 24,437
At 31 January 2023 37,161

Devonhill Limited (Registered number: SC314702)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2024

5. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and
machinery
etc
£   
COST
At 1 February 2023 26,840
Transfer to ownership (26,840 )
At 31 January 2024 -
DEPRECIATION
At 1 February 2023 13,001
Transfer to ownership (13,001 )
At 31 January 2024 -
NET BOOK VALUE
At 31 January 2024 -
At 31 January 2023 13,839

6. FIXED ASSET INVESTMENTS
Other
investments
£   
COST
At 1 February 2023 619,889
Additions 33,330
At 31 January 2024 653,219
NET BOOK VALUE
At 31 January 2024 653,219
At 31 January 2023 619,889

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Other debtors 859,772 355,729

Included in other debtors is £9,079 (2023 - £7,130) which is a deferred tax asset recoverable in more than one year.

Devonhill Limited (Registered number: SC314702)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2024

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Hire purchase contracts - 6,687
Taxation and social security 116,853 100,025
Other creditors 4,525 8,341
121,378 115,053

9. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

At 31 January 2024 J Easdale owed the company £2,350 (2023 - the company owed J Easdale £2,811).

10. ULTIMATE CONTROLLING PARTY

The company is a wholly owned subsidiary of Glenmosston 1 Limited which is wholly owned by J Easdale.

Chartered Accountants' Report to the Director
on the Unaudited Financial Statements of
Devonhill Limited

The following reproduces the text of the report prepared for the director in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Director are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Devonhill Limited for the year ended 31 January 2024 which comprise the Income Statement, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of ICAS, we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/accountspreparationguidance.

This report is made solely to the director of Devonhill Limited in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Devonhill Limited and state those matters that we have agreed to state to the director of Devonhill Limited in this report in accordance with the requirements of ICAS as detailed at http://www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its director for our work or for this report.

It is your duty to ensure that Devonhill Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Devonhill Limited. You consider that Devonhill Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Devonhill 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 statutory financial statements.






Henderson & Company
73 Union Street
Greenock
Renfrewshire
PA16 8BG


30 January 2025