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COMPANY REGISTRATION NUMBER: 06707961
DEVOL KITCHENS LIMITED
FINANCIAL STATEMENTS
30 September 2024
DEVOL KITCHENS LIMITED
FINANCIAL STATEMENTS
YEAR ENDED 30 SEPTEMBER 2024
CONTENTS
PAGES
Officers and professional advisers
1
Strategic report
2 to 6
Directors' report
7 to 9
Independent auditor's report to the members
10 to 13
Statement of comprehensive income
14
Statement of financial position
15
Statement of changes in equity
16
Statement of cash flows
17
Notes to the financial statements
18 to 27
DEVOL KITCHENS LIMITED
OFFICERS AND PROFESSIONAL ADVISERS
THE BOARD OF DIRECTORS
Mr R McLellan
Mr P O'Leary
COMPANY SECRETARY
Mrs C R Wemyss
REGISTERED OFFICE
Cotes Mill
Nottingham Road
Cotes
Loughborough
Leicestershire
LE12 5TL
AUDITOR
Meadows & Co Limited
Chartered Accountants & Statutory Auditor
Headlands House
1 Kings Court
Kettering Parkway
Kettering
NN15 6WJ
DEVOL KITCHENS LIMITED
STRATEGIC REPORT
YEAR ENDED 30 SEPTEMBER 2024
PRINCIPAL ACTIVITY The principal activity of the company continued to be the design and wholesale supply of kitchen furniture and accessories. REVIEW OF BUSINESS deVOL Kitchens' turnover has followed the upward trajectory of prior years. Turnover of £37m in 2024 represents a 4% increase on £35.5m in 2023. Profit before tax has reduced to £4.7m in 2024 compared to £6.0m in 2023 but still follows a positive trend, which is consistent with prior years with the company investing in staff in anticipation of the future growth of the business. Net assets of the business have increased to £22.7m from £17.5m in 2023. Being awarded the Kings Award for Enterprise for International Trade was an honour that propelled the business into overdrive to ensure domestic and international sales continued to rise; the focus has been on introducing new ranges, such as the trade range, and products to global and national markets as well as streamlining processes and systems to allow greater efficiency. The trade range, allowing the purchase on unpainted cabinets, is still in its early stages of launch; however, demand has been optimistic. Investment in machinery and properties have been vital to ensure the orderbook level remains sustainable. Like prior years, human capital has also been integral to the running of deVOL Kitchens - the priority has been to keep staff morale high and therefore turnover rate low which has a direct impact on productivity. This has allowed the business to cross the 400-employee threshold by the end of the financial year, which has been necessary to match increased demand. This financial year has allowed deVOL to see the financial impact the new Bath showroom has made to the revenue figure; the results are impressive for the first year of operation. Along with the new showroom, capital has been invested into developing a new workshop that is now in use with a large proportion of the workforce under one roof, introducing a cohesive operational strategy. deVOL continues to reap the benefits from 'For the Love of Kitchens', a successful TV show with 2 seasons aired on the Magnolia Network owned by celebrity hosts, Chip and Joanna Gains, with the first episode having aired in 2021. Enhanced global recognition of the deVOL brand with the publishing of the well sought-after book 'The deVOL Kitchen' with renowned publishing group, Penguin, has certainly aided the brand.
PRINCIPAL RISKS AND UNCERTAINTIES Cash flow maintenance is an integral part of business success, especially during high levels of investment periods, however deVOL is at a relatively comfortable position with good relations with external stakeholders and with contingency plans in place if an unexpected issue were to arise. Changes in the political market will bring uncertainties to businesses however, working capital management along with long-term planning will allow the business to persevere through any adverse impacting legislations or economic impacts. Trading in the US will continue to bring an element of uncertainty due to increasing costs, changing market trends, and logistical risks, however they are showing strong sales through this period, with profitability contingent on accurate estimates of expected sales. However, the US corporation is a separate legal entity in the US and therefore the risk to deVOL Kitchens Ltd is limited to its voluntary investment.
FINANCIAL RISK MANAGEMENT AND OBJECTIVE POLICIES OBJECTIVES - A continued period of stability maximising efficiencies in all aspects of the business being sales, production, and administration to maximise the profitability and future reinvestment into the business - Ensure that working capital levels are in line with covenants stipulated by creditors with a charge over business assets, referring primarily to mortgage debt - Ensure that investment does not impact on working capital such that the company's ability to service its customer liabilities is impeded - Ensure that new markets are reached to reduce the impact of risks in the domestic market - Ensure that sufficient internal controls are in place to minimise the financial risks of fraud - Invest in further facilities and resource to sustain growth - Guarantee efficiency and ensure the company reputation is upheld when liaising with external and internal stakeholders to ensure potential opportunities for business success are not wasted - Ensure additional metrics are reported upon regularly to support decision making and allow the business to take a preventive stance rather than reactive. POLICIES - Investment decisions are taken with a balanced approach to long-term gain and short-term risk, with detailed cash flow analysis and forecasting of financial performance conducted and reviewed by the company directors prior to key decision making - All investment decisions, meaning those likely to materially affect the financial statements, are reviewed by the company directors prior to agreement - The directors will take advice from external sources, such as commercial solicitors, when entering significant commercial arrangements with a third party - Management accounts, cash flow forecasts, and relevant key performance indicators are reviewed by the directors on a regular basis.
DIRECTORS' STATEMENT OF COMPLIANCE WITH DUTY TO PROMOTE THE SUCCESS OF THE COMPANY Introduction This is the second year that deVOL Kitchens Ltd. Has been required to publish a Section 172(1) statement. The Section 172 (1) Statement has been published in accordance with The Companies (Miscellaneous Reporting) Regulations 2018 as set out in Section 172 (1) (A) to (F) of the Companies Act 2006. Section 172 (1) Statement The Companies (Miscellaneous Reporting) Regulations 2018 require Directors to explain how they consider the interests of key stakeholders and the broader matters set out in Section 172(1) (A) to (F) of the Companies Act 2006 ('S172') when performing their duty to promote the success of their company under S172. This includes considering the interest of other stakeholders which will have an impact on the long-term success of the company. This S172 statement explains how the Directors of DeVOL Kitchens Limited: - have engaged with employees, suppliers, customers, and others; and - have had regard to employees' interests, the need to foster the Company's business relationships with suppliers, customers, and others, and to the effects of the principal decisions taken by the Company during the financial year. This S172 statement focuses on matters of importance to the Company. General confirmation of Directors' duties The Company is a privately owned and managed company where the Directors are an integral part of its day-to-day management. The extent to which Directors' duties exist will be consistent with the size and the complexity of the business. The company is managed with an addition of director level individuals who brings specific experience, and knowledge to that company and the final tier are significant businesses to the company that have their own management teams. When making decisions, each Director ensures that they act in the way they consider, in good faith, would most likely promote the Company's success for the benefit of its members, and in doing so have regard to: S172(1) (A) "The likely consequences of any decision in the long term" The Directors' strategy is to build quality businesses organically; and whilst doing this maintain and strengthen the Company's balance sheet, especially by retaining cash reserve so as to support business flexibility. The consequence of this strategy influences the Directors' approach to business, and its dealings with suppliers and customers. In building for the future, the Directors regard it important that long-term relationships are maintained and developed. S172(1) (B) "The interests of the company's employees" The Directors are committed to treating their employees fairly and respectfully as the Company is only as good as the quality of the employees that it retains and develops. The Directors ensure that the Company is an equal opportunities employer and is fair to its employees in pay and benefits, health and safety at work and in the training and personal development offered. As important is developing a culture within the business so that our employees demonstrate the values, attitudes and culture of the Company when dealing with stakeholder relationships. Such culture is led by the Directors in their dealings with employees. S172(1) (C) "The need to foster the company's business relationships with suppliers, customers and others" Delivering the Company's quality policy requires strong mutually beneficial relationships with suppliers, customers, and governmental organisations. The Directors believe in lasting partnerships, founded on a shared commitment to quality, value and service. S172(1) (D) "The impact of the company's operations on the community and the environment" The Directors recognise the role that the Company must play in society and is deeply committed to public collaboration and stakeholder engagement. The Directors believe strongly that the Company will only succeed by working with customers, governments, suppliers, and other stakeholders particularly, for example, when facing issues as complex and challenging as climate change. S172(1) (E) "The desirability of the company maintaining a reputation for high standards of business conduct" The Directors seek to enhance the reputation of the Company for competency, reliability, quality and honesty in all its dealings with stakeholders. The Directors have issued a quality policy statement to all employees setting out the guiding principles of conduct expected of members of the Company to achieve a reputation for good service and customer satisfaction. The Directors have communicated their ethical standards and zero-tolerance approach to modern slavery, fraud, corruption, and bribery to all employees, and to all suppliers and partners at the outset of business relationships. The Directors do investigate any suspicious activities or irregularities in its supply chain. S172(1) (F) "The need to act fairly as between members of the company" After weighing-up all relevant factors, the Directors consider which course of action best enables delivery of the Company's strategy through the long-term, taking into consideration the impact on stakeholders. In doing so, the Directors seek to act fairly between the Company's businesses but are not required to balance the Company's interest with those of other stakeholders, and this can sometimes mean that certain stakeholder interests may not be fully aligned. Principal decisions made in the year. The Directors applied the above duties when making the following principal decisions taken during the year: - appraising the strategy and introducing a trade range and new products to the market - investing in a large production facility to both consolidate existing production and departments as well as investing in the future growth of the business - investment in increasing the R&D team to increase the product range.
KEY PERFORMANCE INDICATORS Because deVOL Kitchens both retails and manufactures, it is important to measure sales against our ability to manufacture and deliver the final product. Sales performance is measured primarily by volume and value of orders, whilst a key indicator of production performance is the level of control exerted over the order-book: Increased sales orders combined with a flat order-book means that production is sustainable despite increasing demand. This indicates that the company can service its increasing customer liabilities with the asset structure in place and without any material impact on overall profitability. Social media is a vital marketing tool for deVOL Kitchens. Various key performance indicators such as 'followers' on various platforms are used to indicate both current and likely future demand, as well as measure the success of marketing campaigns and the prominence of the deVOL brand in the relevant markets. Additional key performance indicators are introduced and analysed based on objectives of the company.
FUTURE DEVELOPMENTS Receiving the Kings Award for Enterprise for International Trade was an honour and solidifies the importance of investing in deVOL's overseas presence to continue reaching new audiences, which will be a key area of focus for the next year, with potential new locations being considered for a new showroom while ensuring investment in existing showrooms continue to allow visitors in existing markets to visualise their future kitchen prospects alongside highly talented designers. deVOL will continue to to invest in their employees and their well-being to ensure high satisfaction among the business is maintained. Further capital spendings are likely to occur to support this plan to ensure customer demand and business objectives continue to be met. The trade range is on track to be officially launched, which is expected to be a popular range amongst deVOL's corporate clientele. New ranges and products will continue to be developed to reach potential new customers while meeting the needs of the existing audience. To support this strategy, the focus will be on ensuring the research & development team have the required resources to design and test potential new products that remain cohesive with existing product offerings, developing the deVOL brand further.
This report was approved by the board of directors on 22 June 2025 and signed on behalf of the board by:
Mr R McLellan
Director
Registered office:
Cotes Mill
Nottingham Road
Cotes
Loughborough
Leicestershire
LE12 5TL
DEVOL KITCHENS LIMITED
DIRECTORS' REPORT
YEAR ENDED 30 SEPTEMBER 2024
The directors present their report and the financial statements of the company for the year ended 30 September 2024 .
DIRECTORS
The directors who served the company during the year were as follows:
Mr R McLellan
Mr P O'Leary
DIVIDENDS
Particulars of recommended dividends are detailed in note 13 to the financial statements.
GREENHOUSE GAS EMISSIONS AND ENERGY CONSUMPTION
Unit
2024
2023
Emissions resulting from activities for which the company is responsible
tCO2e
877
908
Emissions resulting from the purchase of electricity by the company for its own use
tCO2e
370
302
-------
-------
Total emissions
tCO2e
1,247
1,210
Total energy consumption
kWh
3,737,632
3,306,055
Tonnes of C02e per employee
3.32
3.68
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METHODOLOGIES FOR ENERGY AND EMISSIONS CALCULATIONS
The preparation of the UK Greenhouse gas emissions and energy data was calculated using the relevant UK Government GHG Conversion Factors for company reporting for 2023 and 2024.
PRINCIPAL MEASURES TAKEN TO INCREASE ENERGY EFFICIENCY
The company has started to move to electric vehicles and will continue to look at changing the fleet to EV's going forward, with on-site charging installed at 2 locations. The business has also acquired a site to put the manufacture and administration in two locations just a few hundred metres apart. This will reduce the need to travel and move goods between sites situated in different locations. The feasibility of installing solar panels is being investigated and is on going with the company committing to installing solar panels on any new buildings.
EMPLOYMENT OF DISABLED PERSONS
The company's employment policies do not discriminate between employees, or potential employees, based on age, gender, disability, sexual orientation, colour, ethnic origin or religious belief. The only criteria for selection or progression are the suitability of any applicants for the job and employment would continue for any employee that becomes disabled, every effort would be made to ensure that their employment with the company continues, and that appropriate training is arranged. It is the policy of the company that training, career development and promotion of disabled persons should, as far as possible, be identical to that of other employees. The company's pay policy ensures every employee except trainees/ apprentices are at or above the Living Wage.
EMPLOYEE INVOLVEMENT
deVol Kitchens has a culture to engage with its employees on areas that may affect their interests. The company's pay policy ensures every employee except trainees/ apprentices are at or above the Living Wage. Communications on matters of concern to employees is given through internal HR systems seeking to provide awareness to all employees of the financial and economic factors affecting business performance as and when required.
GOING CONCERN
The Directors have prepared the financial statements on a going concern basis. Before confirming the appropriateness of the going concern basis of preparation, the directors reviewed the following:
- The relative strength of the Company's Balance Sheet
- The level of cash held by the company and access to third party debt if required
- The strength of the future orders.
Given the above, the directors believe that the Company have the resources required to settle all liabilities as they fall due for at least 12 months from the date of signing the financial statements and that no material uncertainties exist. Accordingly, the financial statements have been prepared on a going concern basis.
DISCLOSURE OF INFORMATION IN THE STRATEGIC REPORT
The directors have chosen, in accordance with section 414C(11) of the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013, to set out in the company's strategic report information required by schedule 7 of the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, which is required to be set out in the Directors' Report.
DIRECTORS' RESPONSIBILITIES STATEMENT
The directors are responsible for preparing the strategic report, directors' report and the financial statements in accordance with applicable law and regulations. Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the profit or loss of the company for that period. In preparing these financial statements, the directors are required to: - select suitable accounting policies and then apply them consistently; - make judgments and accounting estimates that are reasonable and prudent; - state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; - prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. AUDITOR
Each of the persons who is a director at the date of approval of this report confirms that:
- so far as they are aware, there is no relevant audit information of which the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information.
This report was approved by the board of directors on 22 June 2025 and signed on behalf of the board by:
Mr R McLellan
Director
Registered office:
Cotes Mill
Nottingham Road
Cotes
Loughborough
Leicestershire
LE12 5TL
DEVOL KITCHENS LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF DEVOL KITCHENS LIMITED
YEAR ENDED 30 SEPTEMBER 2024
OPINION
We have audited the financial statements of Devol Kitchens Limited (the 'company') for the year ended 30 September 2024 which comprise the statement of comprehensive income, statement of financial position, statement of changes in equity, statement of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: - give a true and fair view of the state of the company's affairs as at 30 September 2024 and of its profit for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; - have been prepared in accordance with the requirements of the Companies Act 2006.
BASIS FOR OPINION
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
CONCLUSIONS RELATING TO GOING CONCERN
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
OTHER INFORMATION
The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
OPINIONS ON OTHER MATTERS PRESCRIBED BY THE COMPANIES ACT 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: - adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or - the financial statements are not in agreement with the accounting records and returns; or - certain disclosures of directors' remuneration specified by law are not made; or - we have not received all the information and explanations we require for our audit.
RESPONSIBILITIES OF DIRECTORS
As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
AUDITOR'S RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: We have undertaken high level reviews of the results and position of the company for the year in question, and have considered the effects of the industry and wider economy on the company. We have made enquiries of management regarding the company's own risk assessment procedures and any identified irregularities, including fraud, identified in the year. We have used our knowledge and understanding of the company's business, including the remuneration of key management personnel, to assess how and where irregularities, including fraud, might arise and we have planned our testing using a risk based approach. We have considered the potential for irregularities, including fraud, in all our testing but have also carried out specific testing to comply with the ISA (UK) requirements regarding management override of controls. As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also: - Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. - Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the internal control. - Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors. - Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the company to cease to continue as a going concern. - Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. USE OF OUR REPORT
This report is made solely to the company's members, as a body, in accordance with chapter 3 of part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.
David Kelland FCA
(Senior Statutory Auditor)
For and on behalf of
Meadows & Co Limited
Chartered Accountants & Statutory Auditor
Headlands House
1 Kings Court
Kettering Parkway
Kettering
NN15 6WJ
22 June 2025
DEVOL KITCHENS LIMITED
STATEMENT OF COMPREHENSIVE INCOME
YEAR ENDED 30 SEPTEMBER 2024
2024
2023
Note
£
£
TURNOVER
4
37,046,315
35,487,268
Cost of sales
22,485,432
20,359,377
-------------
-------------
GROSS PROFIT
14,560,883
15,127,891
Administrative expenses
10,489,537
9,770,841
Other operating income
5
503,166
495,699
-------------
-------------
OPERATING PROFIT
6
4,574,512
5,852,749
Other interest receivable and similar income
10
95,213
144,166
Interest payable and similar expenses
11
( 3,630)
-------------
-------------
PROFIT BEFORE TAXATION
4,669,725
6,000,545
Tax on profit
12
300,914
1,196,767
------------
------------
PROFIT FOR THE FINANCIAL YEAR
4,368,811
4,803,778
------------
------------
Revaluation of freehold property
1,265,924
------------
------------
TOTAL COMPREHENSIVE INCOME FOR THE YEAR
5,634,735
4,803,778
------------
------------
All the activities of the company are from continuing operations.
DEVOL KITCHENS LIMITED
STATEMENT OF FINANCIAL POSITION
30 September 2024
2024
2023
Note
£
£
£
FIXED ASSETS
Intangible assets
14
85,335
Tangible assets
15
21,601,807
17,391,505
-------------
-------------
21,687,142
17,391,505
CURRENT ASSETS
Stocks
16
5,178,677
4,990,604
Debtors
17
2,928,635
1,777,077
Cash at bank and in hand
3,886,471
4,670,813
-------------
-------------
11,993,783
11,438,494
CREDITORS: amounts falling due within one year
18
10,421,241
10,925,524
-------------
-------------
NET CURRENT ASSETS
1,572,542
512,970
-------------
-------------
TOTAL ASSETS LESS CURRENT LIABILITIES
23,259,684
17,904,475
PROVISIONS
19
535,505
399,385
-------------
-------------
NET ASSETS
22,724,179
17,505,090
-------------
-------------
CAPITAL AND RESERVES
Called up share capital fully paid
22
100
100
Other reserves, including the fair value reserve
23
1,265,924
Profit and loss account
23
21,458,155
17,504,990
-------------
-------------
SHAREHOLDERS FUNDS
22,724,179
17,505,090
-------------
-------------
These financial statements were approved by the board of directors and authorised for issue on 22 June 2025 , and are signed on behalf of the board by:
Mr R McLellan
Director
Company registration number: 06707961
DEVOL KITCHENS LIMITED
STATEMENT OF CHANGES IN EQUITY
YEAR ENDED 30 SEPTEMBER 2024
Called up share capital fully paid
Other reserves, including the fair value reserve
Profit and loss account
Total
£
£
£
£
AT 1 OCTOBER 2022
100
13,796,390
13,796,490
Profit for the year
4,803,778
4,803,778
----
----
-------------
-------------
TOTAL COMPREHENSIVE INCOME FOR THE YEAR
4,803,778
4,803,778
Dividends paid and payable
13
( 1,095,178)
( 1,095,178)
----
----
-------------
-------------
TOTAL INVESTMENTS BY AND DISTRIBUTIONS TO OWNERS
( 1,095,178)
( 1,095,178)
AT 30 SEPTEMBER 2023
100
17,504,990
17,505,090
Profit for the year
4,368,811
4,368,811
Other comprehensive income for the year:
Revaluation of freehold property
1,265,924
1,265,924
----
------------
-------------
-------------
TOTAL COMPREHENSIVE INCOME FOR THE YEAR
1,265,924
4,368,811
5,634,735
Dividends paid and payable
13
( 415,646)
( 415,646)
----
----
---------
---------
TOTAL INVESTMENTS BY AND DISTRIBUTIONS TO OWNERS
( 415,646)
( 415,646)
----
------------
-------------
-------------
AT 30 SEPTEMBER 2024
100
1,265,924
21,458,155
22,724,179
----
------------
-------------
-------------
DEVOL KITCHENS LIMITED
STATEMENT OF CASH FLOWS
YEAR ENDED 30 SEPTEMBER 2024
2024
2023
£
£
CASH FLOWS FROM OPERATING ACTIVITIES
Profit for the financial year
4,368,811
4,803,778
Adjustments for:
Depreciation of tangible assets
569,667
503,169
Fair value adjustment of investment property
( 223,533)
Other interest receivable and similar income
( 95,213)
( 144,166)
Interest payable and similar expenses
( 3,630)
Gains on disposal of tangible assets
( 7,689)
Tax on profit
300,914
1,196,767
Accrued income
( 56,315)
( 32,466)
Changes in:
Stocks
( 188,073)
( 2,041,364)
Trade and other debtors
( 622,061)
498,126
Trade and other creditors
276,376
688,286
------------
------------
Cash generated from operations
4,330,573
5,460,811
Interest paid
3,630
Interest received
95,213
144,166
Tax paid
( 1,330,271)
( 1,082,925)
------------
------------
Net cash from operating activities
3,095,515
4,525,682
------------
------------
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of tangible assets
( 3,290,512)
( 6,873,551)
Proceeds from sale of tangible assets
73,091
Purchase of intangible assets
( 85,335)
------------
------------
Net cash used in investing activities
( 3,375,847)
( 6,800,460)
------------
------------
CASH FLOWS FROM FINANCING ACTIVITIES
Repayments of borrowings
( 2,303,973)
Dividends paid
( 415,646)
( 1,095,178)
Proceeds and repayments from directors
( 88,364)
257,450
------------
------------
Net cash used in financing activities
( 504,010)
( 3,141,701)
------------
------------
NET DECREASE IN CASH AND CASH EQUIVALENTS
( 784,342)
( 5,416,479)
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR
4,670,813
10,087,292
------------
-------------
CASH AND CASH EQUIVALENTS AT END OF YEAR
3,886,471
4,670,813
------------
-------------
DEVOL KITCHENS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 30 SEPTEMBER 2024
1. GENERAL INFORMATION
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Cotes Mill, Nottingham Road, Cotes, Loughborough, Leicestershire, LE12 5TL.
2. STATEMENT OF COMPLIANCE
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. ACCOUNTING POLICIES
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
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.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); 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.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
5% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Short leasehold property
-
term of lease
Plant and machinery
-
15% straight line
Fixtures and fittings
-
25% straight line
Motor vehicles
-
25% straight line
Equipment
-
25% or 33% Straight line
Freehold Buildings are depreciated at 0% straight line as the directors consider that freehold properties are maintained in such a state of repair that their residual value is at least equal to their net book value. As a result, the corresponding depreciation is not material.
Investment property
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment properties are revalued to their fair value at each reporting date and any changes in fair value are recognised in profit or loss.
Impairment of fixed assets
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.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a 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. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. TURNOVER
Turnover arises from:
2024
2023
£
£
Sale of goods
37,046,315
35,487,268
-------------
-------------
The turnover is attributable to the one principal activity of the company. An analysis of turnover by the geographical markets that substantially differ from each other is given below:
2024
2023
£
£
United Kingdom
22,761,599
20,861,593
Overseas
14,284,716
14,625,675
-------------
-------------
37,046,315
35,487,268
-------------
-------------
5. OTHER OPERATING INCOME
2024
2023
£
£
Other operating income
503,166
495,699
---------
---------
6. OPERATING PROFIT
Operating profit or loss is stated after charging/crediting:
2024
2023
£
£
Depreciation of tangible assets
569,667
503,169
Gains on disposal of tangible assets
( 7,689)
Fair value adjustments to investment property
( 223,533)
Impairment of trade debtors
9,050
16,610
---------
---------
7. AUDITOR'S REMUNERATION
2024
2023
£
£
Fees payable for the audit of the financial statements
20,000
15,000
--------
--------
8. STAFF COSTS
The average number of persons employed by the company during the year, including the directors, amounted to:
2024
2023
No.
No.
Production staff
222
200
Administrative staff
135
110
Management staff
20
19
----
----
377
329
----
----
The aggregate payroll costs incurred during the year, relating to the above, were:
2024
2023
£
£
Wages and salaries
11,788,686
10,392,205
Social security costs
1,109,355
957,928
Other pension costs
245,478
214,054
-------------
-------------
13,143,519
11,564,187
-------------
-------------
9. DIRECTORS' REMUNERATION
The directors' aggregate remuneration in respect of qualifying services was:
2024
2023
£
£
Remuneration
25,528
25,661
Company contributions to defined contribution pension plans
60
120
--------
--------
25,588
25,781
--------
--------
The number of directors who accrued benefits under company pension plans was as follows:
2024
2023
No.
No.
Defined contribution plans
1
1
----
----
10. OTHER INTEREST RECEIVABLE AND SIMILAR INCOME
2024
2023
£
£
Interest on cash and cash equivalents
95,213
144,166
--------
---------
11. INTEREST PAYABLE AND SIMILAR EXPENSES
2024
2023
£
£
Interest on banks loans and overdrafts
( 3,630)
----
-------
12. TAX ON PROFIT
Major components of tax expense
2024
2023
£
£
Current tax:
UK current tax expense
1,032,569
1,202,850
Adjustments in respect of prior periods
( 867,775)
( 123,707)
------------
------------
Total current tax
164,794
1,079,143
------------
------------
Deferred tax:
Origination and reversal of timing differences
136,120
117,624
---------
------------
Tax on profit
300,914
1,196,767
---------
------------
Reconciliation of tax expense
The tax assessed on the profit on ordinary activities for the year is lower than (2023: lower than) the standard rate of corporation tax in the UK of 25 % (2023: 22 %).
2024
2023
£
£
Profit on ordinary activities before taxation
4,669,725
6,000,545
------------
------------
Profit on ordinary activities by rate of tax
1,167,431
1,320,613
Effect of expenses not deductible for tax purposes
7,053
6,941
Effect of capital allowances and depreciation
( 7,052)
Rounding on tax charge
( 28)
R&D Tax Credits
( 867,775)
( 123,707)
Unrealised gain on revaluation of investment properties
50,088
Revaluation on revlation of investment properties
(55,883)
------------
------------
Tax on profit
300,914
1,196,767
------------
------------
13. DIVIDENDS
2024
2023
£
£
Dividends paid during the year (excluding those for which a liability existed at the end of the prior year )
415,646
1,095,178
---------
------------
14. INTANGIBLE ASSETS
Goodwill
Website
Total
£
£
£
Cost
At 1 October 2023
150,000
150,000
Additions
85,335
85,335
---------
--------
---------
At 30 September 2024
150,000
85,335
235,335
---------
--------
---------
Amortisation
At 1 October 2023 and 30 September 2024
150,000
150,000
---------
--------
---------
Carrying amount
At 30 September 2024
85,335
85,335
---------
--------
---------
At 30 September 2023
---------
--------
---------
15. TANGIBLE ASSETS
At 1 October 2023
Additions
Revaluation
At 30 September 2024
£
£
£
£
Cost or valuation
Freehold property
15,292,842
1,347,951
1,265,924
17,906,717
Short leasehold property
162,405
162,405
Plant and machinery
2,349,605
1,745,770
4,095,375
Fixtures and fittings
109,543
132,165
241,708
Motor vehicles
884,241
33,645
917,886
Equipment
280,869
30,981
311,850
Investment property
326,467
223,533
550,000
-------------
------------
------------
-------------
19,405,972
3,290,512
1,489,457
24,185,941
-------------
------------
------------
-------------
At 1 October 2023
Charge for the year
At 30 September 2024
£
£
£
Depreciation
Freehold property
Short leasehold property
39,014
32,609
71,623
Plant and machinery
1,200,283
307,839
1,508,122
Fixtures and fittings
63,598
49,400
112,998
Motor vehicles
469,633
147,392
617,025
Equipment
241,939
32,427
274,366
-------------
------------
------------
2,014,467
569,667
2,584,134
-------------
------------
------------
At 30 September 2024
At 30 September 2023
£
£
Carrying amount
Freehold property
17,906,717
15,292,842
Short leasehold property
90,782
123,391
Plant and machinery
2,587,253
1,149,322
Fixtures and fittings
128,710
45,945
Motor vehicles
300,861
414,608
Equipment
37,484
38,930
Investment property
550,000
326,467
-------------
-------------
21,601,807
17,391,505
-------------
-------------
The directors consider the carrying value of the properties represent the fair value of the properties at the year end. Fair value is determined having regard to recent market transactions for similar properties in the same location as the company's investment properties.
No depreciation is included for freehold property as the directors expect the residual value to be equal to, or in excess of the original cost.
16. STOCKS
2024
2023
£
£
Raw materials and consumables
3,939,015
3,941,919
Work in progress
1,239,662
1,048,685
------------
------------
5,178,677
4,990,604
------------
------------
17. DEBTORS
2024
2023
£
£
Trade debtors
580,069
366,956
Prepayments and accrued income
569,127
488,244
Corporation tax repayable
529,497
Director loan accounts
850,205
673,229
Other debtors
399,737
248,648
------------
------------
2,928,635
1,777,077
------------
------------
18. CREDITORS: amounts falling due within one year
2024
2023
£
£
Payments received on account
5,176,050
4,630,102
Trade creditors
2,651,427
2,654,958
Accruals and deferred income
209,400
265,715
Corporation tax
635,980
Social security and other taxes
322,559
406,614
Director loan accounts
273,505
361,869
Other creditors
1,788,300
1,970,286
-------------
-------------
10,421,241
10,925,524
-------------
-------------
19. PROVISIONS
Deferred tax (note 20)
£
At 1 October 2023
399,385
Additions
136,120
---------
At 30 September 2024
535,505
---------
20. DEFERRED TAX
The deferred tax included in the statement of financial position is as follows:
2024
2023
£
£
Included in provisions (note 19)
535,505
399,385
---------
---------
The deferred tax account consists of the tax effect of timing differences in respect of:
2024
2023
£
£
Accelerated capital allowances
485,417
399,385
Fair value adjustment of investment property
50,088
---------
---------
535,505
399,385
---------
---------
21. EMPLOYEE BENEFITS
Defined contribution plans
The amount recognised in profit or loss as an expense in relation to defined contribution plans was £ 245,478 (2023: £ 214,054 ).
22. CALLED UP SHARE CAPITAL FULLY PAID
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary A shares of £ 1 each
90
90
90
90
Ordinary B shares of £ 1 each
10
10
10
10
----
----
----
----
100
100
100
100
----
----
----
----
23. RESERVES
Revaluation reserve - This reserve records the value of asset revaluations and fair value movements on assets recognised in other comprehensive income. Profit and loss account - This reserve records retained earnings and accumulated losses.
24. ANALYSIS OF CHANGES IN NET DEBT
At 1 Oct 2023
Cash flows
At 30 Sep 2024
£
£
£
Cash at bank and in hand
4,670,813
(784,342)
3,886,471
Debt due within one year
(361,869)
88,364
(273,505)
------------
---------
------------
4,308,944
( 695,978)
3,612,966
------------
---------
------------
DEVOL KITCHENS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (continued)
YEAR ENDED 30 SEPTEMBER 2024
25. OPERATING LEASES
The total future minimum lease payments under non-cancellable operating leases are as follows:
2024
2023
£
£
Not later than 1 year
362,452
318,480
Later than 1 year and not later than 5 years
761,250
859,202
Later than 5 years
247,917
290,417
------------
------------
1,371,619
1,468,099
------------
------------
26. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES
During the year the directors entered into the following advances and credits with the company:
2024
Balance brought forward
Advances/ (credits) to the directors
Amounts repaid
Balance outstanding
£
£
£
£
Mr P O'Leary
673,229
589,016
( 412,017)
850,228
---------
---------
---------
---------
2023
Balance brought forward
Advances/ (credits) to the directors
Amounts repaid
Balance outstanding
£
£
£
£
Mr P O'Leary
157,002
895,257
( 379,030)
673,229
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27. RELATED PARTY TRANSACTIONS
During the year, sales were made to companies under common control of directors of £12,823,486 (2023: £11,373,824). £3,600 (2023: £2,203) was owing in respect of these transactions at the year end. Purchases were made from companies under common control of directors of £146,629 (2023: £266,794). £50,430 (2023: £58,744) was due in respect of these transactions at the year end. All transactions with related parties are on the same commercial terms as with other third parties. In addition, amounts due from companies under common control of directors in respect of short terms loans amounted to £100,000 (2023: £11,872). Amounts due to companies under common control of directors in respect of short terms loans amounted to £779,746 (2023: £1,170,417). Dividends paid to directors during the year amounted to £415,646 (2023: £1,095,178).
During the year, remuneration paid to Key Management Personnel amounted to £ 674,824 (2023: £632,773).
28. CONTROLLING PARTY
P J O'Leary is the company's controlling party by virtue of his majority shareholding.