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Registered number: 09688037
DEVON AND CORNWALL SEALANTS LIMITED
Unaudited Financial Statements
For The Year Ended 31 July 2024
Steiner & Co.
50 Cowick Street
Exeter
Devon
EX4 1AP
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 09688037
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 20,840 28,655
20,840 28,655
CURRENT ASSETS
Stocks 5 28,000 31,000
Debtors 6 3,053 50,253
Cash at bank and in hand 40,968 44,826
72,021 126,079
Creditors: Amounts Falling Due Within One Year 7 (16,658 ) (69,064 )
NET CURRENT ASSETS (LIABILITIES) 55,363 57,015
TOTAL ASSETS LESS CURRENT LIABILITIES 76,203 85,670
Creditors: Amounts Falling Due After More Than One Year 8 (23,069 ) (30,252 )
NET ASSETS 53,134 55,418
CAPITAL AND RESERVES
Called up share capital 10 2,400 2,400
Profit and Loss Account 50,734 53,018
SHAREHOLDERS' FUNDS 53,134 55,418
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For the year ending 31 July 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 Stuart Holmes
Director
5th February 2025
The notes on pages 3 to 6 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
DEVON AND CORNWALL SEALANTS LIMITED is a private company, limited by shares, incorporated in England & Wales, registered number 09688037 . The registered office is 50 Cowick Street, Exeter, EX4 1AP.
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 form the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover form 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:
Plant & Machinery 25% reducing balance
Motor Vehicles 25% reducing balance
Computer Equipment 33.3% straight line
2.4. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
2.5. 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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2.6. 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 year 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 asset reflects 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.
2.7. Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
3. Average Number of Employees
Average number of employees, including directors, during the year was:
2024 2023
Office and administration 2 2
Sales, marketing and distribution 5 5
7 7
4. Tangible Assets
Plant & Machinery Motor Vehicles Total
£ £ £
Cost
As at 1 August 2023 1,833 40,684 42,517
As at 31 July 2024 1,833 40,684 42,517
Depreciation
As at 1 August 2023 798 13,064 13,862
Provided during the period 235 7,580 7,815
As at 31 July 2024 1,033 20,644 21,677
Net Book Value
As at 31 July 2024 800 20,040 20,840
As at 1 August 2023 1,035 27,620 28,655
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5. Stocks
2024 2023
£ £
Materials 28,000 28,000
Work in progress - 3,000
28,000 31,000
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 29,305 29,425
Partnership (57,448 ) (38,766 )
Partnership - re Boom - 35,660
Retentions 13,861 9,816
Prepayments (Debtors < 1 year) 900 900
VAT 1,594 13,218
Directors' loan accounts 14,841 -
3,053 50,253
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 1,626 51,270
Corporation tax 9,273 3,496
Other taxes and social security 775 2,061
Smart pensions 1,336 1,006
Accruals and deferred income 3,648 3,648
Directors' loan accounts - 7,583
16,658 69,064
8. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 23,069 30,252
9. Obligations Under Finance Leases and Hire Purchase
2024 2023
£ £
The future minimum finance lease payments are as follows:
Later than one year and not later than five years 23,069 30,252
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10. Share Capital
2024 2023
Allotted, called up and fully paid £ £
2,000 Ordinary A shares of £ 1 each 2,000 2,000
100 Ordinary B shares of £ 1 each 100 100
100 Ordinary C shares of £ 1 each 100 100
100 Ordinary D shares of £ 1 each 100 100
100 Ordinary E shares of £ 1 each 100 100
2,400 2,400
11. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to the directors by the company:-
As at 1 August 2023 Amounts advanced Amounts repaid Amounts written off As at 31 July 2024
£ £ £ £ £
Mr Stuart Holmes 3,792 28,212 17,000 - 7,421
Mr Daniel Scott 3,791 28,212 17,000 - 7,421
The above loans are unsecured, interest free and repayable on demand and were repaid within 9 months after the year-end.
Dividends paid to directors
12. Related Party Transactions
During the year the company was charged £34,000 facilities management fee for the use of assets, office space and administration services from a partnership wholly owned by the directors.
13. Ultimate Controlling Party
The company's ultimate controlling party is the directors' and associates by virtue of their ownership of 100% of the issued share capital in the company.
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