Caseware UK (AP4) 2024.0.164 2024.0.164 2024-12-312024-12-3110false2024-01-01falseNo description of principal activity10truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 02684473 2024-01-01 2024-12-31 02684473 2023-01-01 2023-12-31 02684473 2024-12-31 02684473 2023-12-31 02684473 c:Director1 2024-01-01 2024-12-31 02684473 c:Director2 2024-01-01 2024-12-31 02684473 d:Buildings 2024-01-01 2024-12-31 02684473 d:Buildings 2024-12-31 02684473 d:Buildings 2023-12-31 02684473 d:Buildings d:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 02684473 d:LandBuildings 2024-12-31 02684473 d:LandBuildings 2023-12-31 02684473 d:PlantMachinery 2024-01-01 2024-12-31 02684473 d:PlantMachinery 2024-12-31 02684473 d:PlantMachinery 2023-12-31 02684473 d:PlantMachinery d:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 02684473 d:FurnitureFittings 2024-01-01 2024-12-31 02684473 d:FurnitureFittings 2024-12-31 02684473 d:FurnitureFittings 2023-12-31 02684473 d:FurnitureFittings d:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 02684473 d:OfficeEquipment 2024-01-01 2024-12-31 02684473 d:OfficeEquipment 2024-12-31 02684473 d:OfficeEquipment 2023-12-31 02684473 d:OfficeEquipment d:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 02684473 d:ComputerEquipment 2024-01-01 2024-12-31 02684473 d:ComputerEquipment 2024-12-31 02684473 d:ComputerEquipment 2023-12-31 02684473 d:ComputerEquipment d:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 02684473 d:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 02684473 d:CurrentFinancialInstruments 2024-12-31 02684473 d:CurrentFinancialInstruments 2023-12-31 02684473 d:CurrentFinancialInstruments d:WithinOneYear 2024-12-31 02684473 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 02684473 d:ShareCapital 2024-12-31 02684473 d:ShareCapital 2023-12-31 02684473 d:SharePremium 2024-12-31 02684473 d:SharePremium 2023-12-31 02684473 d:RetainedEarningsAccumulatedLosses 2024-12-31 02684473 d:RetainedEarningsAccumulatedLosses 2023-12-31 02684473 c:OrdinaryShareClass1 2024-01-01 2024-12-31 02684473 c:OrdinaryShareClass1 2024-12-31 02684473 c:OrdinaryShareClass1 2023-12-31 02684473 c:OrdinaryShareClass2 2024-01-01 2024-12-31 02684473 c:OrdinaryShareClass2 2024-12-31 02684473 c:FRS102 2024-01-01 2024-12-31 02684473 c:AuditExempt-NoAccountantsReport 2024-01-01 2024-12-31 02684473 c:FullAccounts 2024-01-01 2024-12-31 02684473 c:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 02684473 2 2024-01-01 2024-12-31 02684473 e:PoundSterling 2024-01-01 2024-12-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 02684473










DEVANTECH LIMITED








UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

 
DEVANTECH LIMITED
REGISTERED NUMBER: 02684473

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
468,287
470,255

  
468,287
470,255

Current assets
  

Stocks
 5 
471,100
463,000

Debtors: amounts falling due within one year
 6 
678,246
141,864

Cash at bank and in hand
  
1,160,808
1,345,024

  
2,310,154
1,949,888

Creditors: amounts falling due within one year
 7 
(240,861)
(194,935)

Net current assets
  
 
 
2,069,293
 
 
1,754,953

Total assets less current liabilities
  
2,537,580
2,225,208

Provisions for liabilities
  

Deferred tax
  
(22,922)
(22,813)

  
 
 
(22,922)
 
 
(22,813)

Net assets
  
2,514,658
2,202,395


Capital and reserves
  

Called up share capital 
 8 
33
30

Share premium account
  
34,997
-

Profit and loss account
  
2,479,628
2,202,365

  
2,514,658
2,202,395


Page 1

 
DEVANTECH LIMITED
REGISTERED NUMBER: 02684473
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the income statement in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




G N Coe
C E Coe
Director
Director


Date: 10 July 2025

The notes on pages 3 to 9 form part of these financial statements.

Page 2

 
DEVANTECH LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

1.


General information

Devantech is a private company limited by shares and incorporated in England and Wales, registration number 02684473. The registered office is Maurice Gaymer Road, Gaymer Idustrial Estate, Attleborough, Norfolk, NR17 2QZ.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

 
2.2

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Income statement within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 3

 
DEVANTECH LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.3

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

Sale of goods

Turnover from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of turnover can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.5

Current and deferred taxation

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

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 income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.


Page 4

 
DEVANTECH LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.6

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives. 

Depreciation is provided on the following basis:

Freehold property
-
0% - 10% straight line
Plant & machinery
-
10% - 20% reducing balance
Fixtures & fittings
-
20% reducing balance
Office equipment
-
20% - 33.3% reducing balance
Computer equipment
-
33.3% reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Income statement.

 
2.7

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is 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.

 
2.8

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.9

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Page 5

 
DEVANTECH LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.10

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.11

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid.


3.


Employees

The average monthly number of employees, including directors, during the year was 10 (2023 - 10).


4.


Tangible fixed assets





Freehold property
Plant & machinery
Fixtures & fittings
Office equipment
Computer equipment

£
£
£
£
£



Cost or valuation


At 1 January 2024
411,674
274,167
33,392
2,104
15,411


Additions
-
10,325
3,463
648
4,748


Disposals
-
(338)
-
-
(763)



At 31 December 2024

411,674
284,154
36,855
2,752
19,396



Depreciation


At 1 January 2024
10,410
220,265
22,756
485
12,577


Charge for the year on owned assets
4,554
11,467
2,534
606
1,830


Disposals
-
(328)
-
-
(612)



At 31 December 2024

14,964
231,404
25,290
1,091
13,795



Net book value



At 31 December 2024
396,710
52,750
11,565
1,661
5,601



At 31 December 2023
401,264
53,902
10,636
1,619
2,834
Page 6

 
DEVANTECH LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

           4.Tangible fixed assets (continued)


Total

£



Cost or valuation


At 1 January 2024
736,748


Additions
19,184


Disposals
(1,101)



At 31 December 2024

754,831



Depreciation


At 1 January 2024
266,493


Charge for the year on owned assets
20,991


Disposals
(940)



At 31 December 2024

286,544



Net book value



At 31 December 2024
468,287



At 31 December 2023
470,255




The net book value of land and buildings may be further analysed as follows:


2024
2023
£
£

Freehold property
396,710
401,264

396,710
401,264


Page 7

 
DEVANTECH LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

5.


Stocks

2024
2023
£
£

Raw materials and consumables
293,600
292,400

Work in progress (goods to be sold)
95,000
90,000

Finished goods and goods for resale
82,500
80,600

471,100
463,000



6.


Debtors

2024
2023
£
£


Trade debtors
131,828
134,569

Amounts owed by joint ventures and associated undertakings
500,000
-

Other debtors
38,132
-

Prepayments and accrued income
8,286
7,295

678,246
141,864



7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
21,580
28,315

Corporation tax
138,054
87,593

Other taxation and social security
74,016
39,631

Other creditors
1,213
34,829

Accruals and deferred income
5,998
4,567

240,861
194,935


Page 8

 
DEVANTECH LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

8.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



300 (2023 - 300) Ordinary A shares of £0.10 each
30
30
30 (2023 - ) Ordinary B shares of £0.10 each
3
-

33

30


On 26 February 2024, 17 £0.10 ordinary B shares were allocated at a price of £1,166.67 per share. The aggregate consideration amounted to £19,833.39. 
Also on 26 June 2024, 13 £0.10 ordinary B shares were allocated at a price of £1,166.67 per share. The aggregate consideration amounted to £15,166.71. 


9.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £7,357 (2023 : £6,589). Contributions totalling £520 (2023 : £553) were payable to the fund at the reporting date and are included in creditors.


10.


Transactions with directors

At the year end the directors owed the company £38,132. The loan is shown within other debtors. In 2023 £16,039 was owed to the directors. Amounts advanced to the directors during the year amounted to £578,491 and amounts repaid during the year totalled £526,272. Interest on the loan has been charged totalling £1,952 at a rate of 2.25%. The loan was fully repaid by 1 July 2025 with the interest.

 
Page 9