Devcor (Victoria) Limited

Contents

Statement of Financial Position	1
Notes to the Unaudited Financial Statements	2 to 5

Devcor (Victoria) Limited

(Registration number: 09547665)
Statement of Financial Position as at 30 April 2025

	Note	2025 £	2024 £
Fixed assets
Tangible assets	4	800,000	800,000
Current assets
Debtors	5	3,938	3,776
Cash at bank and in hand		2,254	3,936
		6,192	7,712
Creditors: Amounts falling due within one year	6	(696,688)	(183,487)
Net current liabilities		(690,496)	(175,775)
Total assets less current liabilities		109,504	624,225
Creditors: Amounts falling due after more than one year	6	-	(519,152)
Provisions for liabilities		(35,994)	(35,994)
Net assets		73,510	69,079
Capital and reserves
Called up share capital		100	100
Revaluation reserve		107,981	107,981
Profit and loss account		(34,571)	(39,002)
Shareholders' funds		73,510	69,079

For the financial year ending 30 April 2025 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 17 September 2025
 

Mr Richard Dudley Steer Director

Devcor (Victoria) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2025

1	General information

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

The address of its registered office is:
2 Berkeley Cottages
Collingwood Road
Stoke
Plymouth
Devon
PL1 5QT

Principal activity

The principal activity of the company is residential property ownership and rental.

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.

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 rents receivable on the company's freehold property.
The company is not registered for VAT.

Devcor (Victoria) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2025 (continued)

2	Accounting policies (continued)

Tangible assets

Tangible assets are initially stated in the statement of financial position at cost, and are subsequently restated at market value if there has been a significant increase in their carrying value.

No depreciation is charged because the properties are considered to be investment properties.

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

Borrowings

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

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

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

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 1 (2024 - 1).

Devcor (Victoria) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2025 (continued)

4	Tangible assets

	Land and buildings £	Total £
Cost or valuation
At 1 May 2024	800,000	800,000
At 30 April 2025	800,000	800,000
Depreciation
Carrying amount
At 30 April 2025	800,000	800,000
At 30 April 2024	800,000	800,000

Included within the net book value of land and buildings above is £800,000 (2024 - £800,000) in respect of freehold land and buildings.
 

Revaluation

The fair value of the company's freehold property was revalued on 30 April 2023. An independent valuer was not involved.
Had this class of asset been measured on a historical cost basis, the carrying amount would have been £656,025 (2024 - £656,025).

5

Debtors

	2025 £	2024 £
Trade debtors	3,938	3,776
	3,938	3,776

Devcor (Victoria) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2025 (continued)

6

Creditors

Creditors: amounts falling due within one year

	2025 £	2024 £
Loans and borrowings	519,152	-
Amounts owed to companies under common ownership	3,013	9,013
Accruals and deferred income	2,148	2,100
Other creditors	172,375	172,374
	696,688	183,487

Creditors: amounts falling due after more than one year

	Note	2025 £	2024 £
Due after one year
Loans and borrowings	8	-	519,152

7

Reserves

Profit and loss account:

This reserve records retained earnings and accumulated losses.

8	Loans and borrowings

Non-current loans and borrowings

	2025 £	2024 £
Bank borrowings	-	519,152

 

Current loans and borrowings

	2025 £	2024 £
Bank borrowings	519,152	-

The bank holds a mortgage over the company's freehold property as security for the borrowings.