Devon Minor Works Contractor Ltd 03002115 false 2023-04-01 2024-03-31 2024-03-31 The principal activity of the company is that of building and maintenance. Digita Accounts Production Advanced 6.30.9574.0 true true 03002115 2023-04-01 2024-03-31 03002115 2024-03-31 03002115 2 2024-03-31 03002115 core:FinanceLeases core:CurrentFinancialInstruments 2024-03-31 03002115 core:FinanceLeases core:Non-currentFinancialInstruments 2024-03-31 03002115 core:CurrentFinancialInstruments 2024-03-31 03002115 core:CurrentFinancialInstruments core:WithinOneYear 2024-03-31 03002115 core:Non-currentFinancialInstruments 2024-03-31 03002115 core:Non-currentFinancialInstruments core:AfterOneYear 2024-03-31 03002115 core:BetweenTwoFiveYears 2024-03-31 03002115 core:MoreThanFiveYears 2024-03-31 03002115 core:WithinOneYear 2024-03-31 03002115 core:FurnitureFittings 2024-03-31 03002115 core:LandBuildings core:ShortLeaseholdAssets 2024-03-31 03002115 core:MotorVehicles 2024-03-31 03002115 core:PlantMachinery 2024-03-31 03002115 1 2024-03-31 03002115 bus:SmallEntities 2023-04-01 2024-03-31 03002115 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 03002115 bus:FilletedAccounts 2023-04-01 2024-03-31 03002115 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 03002115 bus:RegisteredOffice 2023-04-01 2024-03-31 03002115 bus:Director1 2023-04-01 2024-03-31 03002115 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 03002115 core:FurnitureFittings 2023-04-01 2024-03-31 03002115 core:FurnitureFittingsToolsEquipment 2023-04-01 2024-03-31 03002115 core:LandBuildings core:ShortLeaseholdAssets 2023-04-01 2024-03-31 03002115 core:LeaseholdImprovements 2023-04-01 2024-03-31 03002115 core:MotorVehicles 2023-04-01 2024-03-31 03002115 core:PlantMachinery 2023-04-01 2024-03-31 03002115 countries:EnglandWales 2023-04-01 2024-03-31 03002115 1 2023-04-01 2024-03-31 03002115 2023-03-31 03002115 core:FurnitureFittings 2023-03-31 03002115 core:LandBuildings core:ShortLeaseholdAssets 2023-03-31 03002115 core:MotorVehicles 2023-03-31 03002115 core:PlantMachinery 2023-03-31 03002115 1 2023-03-31 03002115 2022-04-01 2023-03-31 03002115 2023-03-31 03002115 2 2023-03-31 03002115 core:FinanceLeases core:CurrentFinancialInstruments 2023-03-31 03002115 core:FinanceLeases core:Non-currentFinancialInstruments 2023-03-31 03002115 core:CurrentFinancialInstruments 2023-03-31 03002115 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 03002115 core:Non-currentFinancialInstruments 2023-03-31 03002115 core:Non-currentFinancialInstruments core:AfterOneYear 2023-03-31 03002115 core:BetweenTwoFiveYears 2023-03-31 03002115 core:MoreThanFiveYears 2023-03-31 03002115 core:WithinOneYear 2023-03-31 03002115 core:FurnitureFittings 2023-03-31 03002115 core:LandBuildings core:ShortLeaseholdAssets 2023-03-31 03002115 core:MotorVehicles 2023-03-31 03002115 core:PlantMachinery 2023-03-31 03002115 1 2023-03-31 03002115 1 2022-04-01 2023-03-31 03002115 1 2022-03-31 iso4217:GBP xbrli:pure

Registration number: 03002115

Devon Minor Works Contractor Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2024

 

Devon Minor Works Contractor Ltd

Contents

Statement of Financial Position

1 to 2

Notes to the Unaudited Financial Statements

3 to 9

 

Devon Minor Works Contractor Ltd

(Registration number: 03002115)
Statement of Financial Position as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

136,763

126,947

Current assets

 

Stocks

5

71,000

103,000

Debtors

6

389,825

474,834

Investments

7

47,001

44,801

Cash at bank and in hand

 

25,651

92,787

 

533,477

715,422

Creditors: Amounts falling due within one year

8

(148,050)

(190,344)

Net current assets

 

385,427

525,078

Total assets less current liabilities

 

522,190

652,025

Creditors: Amounts falling due after more than one year

8

(43,633)

(71,478)

Provisions for liabilities

(18,058)

(21,755)

Net assets

 

460,499

558,792

Capital and reserves

 

Called up share capital

12,342

12,342

Capital redemption reserve

11,858

11,858

Profit and loss account

436,299

534,592

Shareholders' funds

 

460,499

558,792

For the financial year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Statement of Comprehensive Income.

Approved and authorised by the Board on 6 February 2025 and signed on its behalf by:
 

 

Devon Minor Works Contractor Ltd

(Registration number: 03002115)
Statement of Financial Position as at 31 March 2024 (continued)


Mr S W Coomber
Director

 

Devon Minor Works Contractor Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
26-28 Southernhay East
Exeter
Devon
EX1 1NS

Principal activity

The principal activity of the company is that of building and maintenance.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are prepared in sterling which is the functional currency of the entity.

Going concern

The financial statements have been prepared on a going concern basis.

 

Devon Minor Works Contractor Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

2

Accounting policies (continued)

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Leasehold property improvements

No depreciation provided for

Plant and machinery

15% reducing balance

 

Devon Minor Works Contractor Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

2

Accounting policies (continued)

Fittings fixtures and equipment

10% reducing balance

Motor vehicles

20% reducing balance

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Costs include all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition. .

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the statement of comprehensive income over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

Devon Minor Works Contractor Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

2

Accounting policies (continued)

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the statement of financial position as a finance lease obligation.

Lease payments are apportioned between finance costs in the statement of comprehensive income and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

Recognition and measurement
A financial asset or a financial liability is recognised only when the company becomes party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 17 (2023 - 17).

 

Devon Minor Works Contractor Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

4

Tangible assets

Short leasehold land and buildings
£

Fixtures and fittings
£

Plant and machinery
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2023

35,709

11,488

19,125

148,496

214,818

Additions

-

129

-

34,000

34,129

At 31 March 2024

35,709

11,617

19,125

182,496

248,947

Depreciation

At 1 April 2023

-

7,328

12,492

68,051

87,871

Charge for the year

-

429

995

22,889

24,313

At 31 March 2024

-

7,757

13,487

90,940

112,184

Carrying amount

At 31 March 2024

35,709

3,860

5,638

91,556

136,763

At 31 March 2023

35,709

4,160

6,633

80,445

126,947

5

Stocks

2024
£

2023
£

Finished goods and goods for resale

71,000

103,000

6

Debtors

Note

2024
£

2023
£

Trade debtors

 

126,206

182,563

Amounts owed by related parties

12

249,523

284,390

Other debtors

 

5,000

5,000

Prepayments

 

3,496

2,881

Income tax asset

5,600

-

 

389,825

474,834

 

Devon Minor Works Contractor Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

7

Current asset investments

2024
£

2023
£

Other investments

47,001

44,801

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

10

28,123

28,997

Trade creditors

 

35,169

34,822

Taxation and social security

 

54,027

87,416

Accruals and deferred income

 

4,319

11,125

Other creditors

 

26,412

27,984

 

148,050

190,344

Included within loans and borrowings are obligations under finance leases amounting to £11,622 (2023:12,497) which are secured against the asset to which they relate.

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

10

43,633

71,478

9

Reserves

Profit and loss account:

This reserve records retained earnings and accumulated losses.

 

Devon Minor Works Contractor Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

10

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

25,534

42,422

Finance lease liabilities

18,099

29,056

43,633

71,478

Current loans and borrowings

2024
£

2023
£

Bank borrowings

16,500

16,500

Finance lease liabilities

11,623

12,497

28,123

28,997

11

Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

2024
£

2023
£

Not later than one year

3,114

3,114

Later than one year and not later than five years

10,118

12,454

Later than five years

-

778

13,232

16,346

12

Related party transactions

Transactions with directors

2024

At 1 April 2023
£

Advances to director
£

At 31 March 2024
£

Director

(184)

184

-

       
     

 

2023

At 1 April 2022
£

Advances to director
£

Repayments by director
£

At 31 March 2023
£

Director

(1,100)

36,287

(35,371)

(184)