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Registration number: 01142725

Devco Mobile Vehicle Services Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 October 2024

 

Devco Mobile Vehicle Services Limited

Contents

Statement of Financial Position

1

Notes to the Unaudited Financial Statements

2 to 6

 

Devco Mobile Vehicle Services Limited

(Registration number: 01142725)
Statement of Financial Position as at 31 October 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

27,175

25,564

Current assets

 

Stocks

5

148,649

156,793

Debtors

6

34,381

31,610

Cash at bank and in hand

 

58,389

80,390

 

241,419

268,793

Creditors: Amounts falling due within one year

7

(147,772)

(146,147)

Net current assets

 

93,647

122,646

Net assets

 

120,822

148,210

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

120,722

148,110

Shareholders' funds

 

120,822

148,210

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

Director's 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 director acknowledges his 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 and 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 director has not delivered to the registrar a copy of the Statement of Comprehensive Income.

Approved and authorised by the director on 15 March 2025
 


Mr R W Drew
Director

 

Devco Mobile Vehicle Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 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:
Unit 1-2
Twyford Units
Kennedy Way
Tiverton
Devon
EX16 6RZ

Principal activity

The principal activity of the company is maintenance, repair and sales of motor vehicles.

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.

 

Devco Mobile Vehicle Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 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.

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 buildings

5% Straight line basis

Plant and machinery

15% reducing balance basis

Fixtures, fittings, tools and equipment

15% reducing balance basis

Office equipment

15% reducing balance basis

Motor vehicles

25% reducing balance basis

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.

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

 

Devco Mobile Vehicle Services Limited

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

2

Accounting policies (continued)

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.

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.

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 the director) during the year, was 6 (2023 - 6).

 

Devco Mobile Vehicle Services Limited

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

4

Tangible assets

Long leasehold land and buildings
£

Fixtures and fittings
£

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 November 2023

8,418

62,574

28,817

8,798

7,600

116,207

Additions

-

740

5,199

-

-

5,939

At 31 October 2024

8,418

63,314

34,016

8,798

7,600

122,146

Depreciation

At 1 November 2023

7,610

45,229

25,596

6,962

5,246

90,643

Charge for the year

244

2,614

615

266

589

4,328

At 31 October 2024

7,854

47,843

26,211

7,228

5,835

94,971

Carrying amount

At 31 October 2024

564

15,471

7,805

1,570

1,765

27,175

At 31 October 2023

808

17,345

3,221

1,836

2,354

25,564

Included within the net book value of land and buildings above is £564 (2023 - £808) in respect of long leasehold land and buildings.
 

5

Stocks

2024
£

2023
£

Raw materials and consumables

148,649

156,793

 

Devco Mobile Vehicle Services Limited

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

6

Debtors

2024
£

2023
£

Trade debtors

18,958

15,740

Other debtors

-

890

Prepayments

15,423

14,980

34,381

31,610

7

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

11,680

11,935

Taxation and social security

10,317

7,908

Other creditors

125,775

126,304

147,772

146,147

8

Reserves

Profit and loss account:

This reserve records retained earnings and accumulated losses.