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Registered number:
FOR THE YEAR ENDED 31 MARCH 2025
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DEVOL ENGINEERING LIMITED
CONTENTS
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DEVOL ENGINEERING LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2025
Turnover was £10,849,000 in the year, an 8% increase on the previous year (2024: £10,043,000) reflecting a drop in demand from our key customers in the Construction and Transportation industries that was offset by increased project activity in the Oil & Gas sector.
Raw material cost decreased relative to turnover, reflecting an improved product mix and margin offset by staff costs increasing despite a lower headcount. These factors led to an operating profit of £188,000 (2024: -£727,000 loss) during the financial year ended 31 March 2025. Stock and WIP decreased by 11% at year-end reflecting the lower order book at the start of the new financial year. We continued to prioritize the health and safety of our employees, recognising it as a fundamental aspect of our operations. This led to a 33% reduction in total injuries (2025: 6; 2024: 9), however we did suffer one lost time incident during the financial year.
The following key performance indicators are measured and reviewed on a regular basis and enable the business to set and communicate its performance targets and monitor its performance against these targets:
Revenue growth - annual growth rate of revenue: 8% (2024: 10%). Operating margin - operating profit before exceptional items as a percentage of revenue: +1.7% profit (2024: -7.2% loss). Average working capital levels - trade and other receivables less trade and other payables as a percentage of revenue: 28.2% (2024: 27.1%). Shareholders' funds: £2,293,000 (2024: £2,307,000). Capital expenditure: £269,000 (2024: £382,000).
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DEVOL ENGINEERING LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2025
Impact of US tariffs
New, elevated US tariffs were announced on 2 April 2025, creating significant global economic uncertainty and raising the risk of recessionary consequences. We anticipate a relatively limited direct impact from these tariffs and any reciprocal measures. Our exports to and imports from the USA are relatively modest. We anticipate passing on tariff costs to customers, wherever possible. Conversely, decreased global economic activity has the potential to significantly reduce demand for our products and systems. Geopolitical instability We are seeing increased geopolitical instability which may impact supply chains, customer demand or wider operations. The diversified geography and industry of our business is helpful. We also view increased defence spending as an opportunity. Input costs Some of the Company’s input costs, including labour and associated UK social taxes, continue to increase. We aim to mitigate this through operational efficiencies, cost saving initiatives and passing residual cost increases on to customers. PFAS Some of the products the Company supplies include raw materials manufactured using PFAS surfactants. Prohibition or withdrawal of these components would stop the supply of certain products into the marketplace. We have identified materials that are at risk and are researching and have developed alternative solutions for most compounds, working closely with our customers, academia, and suppliers. Climate change A warming, changing climate presents both medium and long-term risks and opportunities for the Company. The transition towards net zero carbon, including policies to encourage decarbonisation, will, in future, require us to provide additional support and products to customers as they shift away from fossil fuel-based supply chain. Customers’ environmental expectations of their supply chains are expected to become more demanding. The Company is responding to the UN SDGs and is developing projects to reduce our carbon intensity through better energy management, more efficient equipment and investment in sustainable energy sources. Cyber-attack Like many businesses we perceive an increased general threat of cyber-attack. If the Company were to lose critical information or critical systems availability the business would be impacted or could suffer reputational damage. We protect our IT systems from cyber-attack through educating colleagues, process design and utilisation of technology. Considerable focus has been given to this area in recent years. We continue to make investments to enhance our security and holds Cyber Essentials Plus accreditation. Credit Credit risk is managed by monitoring payment performance of counterparties and applying appropriate levels of credit to limit the Company’s exposure. Business interruption The Company is exposed to business interruption risk and has in place business continuity plans which are reviewed regularly.
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DEVOL ENGINEERING LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2025
This report was approved by the Board of Directors on and signed on its behalf.
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DEVOL ENGINEERING LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2025
The directors present their report and the financial statements for the year ended 31 March 2025.
The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the Directors are required to:
∙select suitable accounting policies for the Company's financial statements and then apply them consistently;
∙make judgements and accounting estimates that are reasonable and prudent;
∙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 to 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.
The loss for the year, after taxation, amounted to £1,000 (2024 - loss £966,000).
The directors do not recommend the payment of a dividend (2024: £nil).
The directors who served during the year were:
Effective communication with employees is of vital importance and the Company has established procedures to provide information to, and consult with, employees and union representatives on financial and other matters that affect them.
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DEVOL ENGINEERING LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
The directors are confident that the Company can continue as a going concern. The Board feels that the Company is in a sound financial position to maximise any opportunities throughout the year as it actively seeks to expand through organic growth.
To ensure that the Company keeps pace with the demanding changes in industry, its engineers and technologists have placed emphasis upon the need for research and development into materials and products.
On 18 November 2024, the Company’s auditors changed their name from Haysmacintyre LLP to HaysMac LLP.
Pursuant to Section 487 of the Companies Act 2006, the auditor will be deemed to be reappointed and HaysMac LLP will therefore continue in office.
This report was approved by the board and signed on its behalf.
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DEVOL ENGINEERING LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF DEVOL ENGINEERING LIMITED
We have audited the financial statements of Devol Engineering Limited (the 'Company') for the year ended 31 March 2025, which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Changes in Equity 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 Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
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 Auditors' 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 United Kingdom, including the Financial Reporting Council'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.
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.
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DEVOL ENGINEERING LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF DEVOL ENGINEERING LIMITED (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The Directors are responsible for the other information contained within the Annual Report. 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. 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 course of 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 this gives rise to a material misstatement in the financial statements themselves. 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.
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.
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.
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DEVOL ENGINEERING LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF DEVOL ENGINEERING LIMITED (CONTINUED)
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 Auditors' 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:
Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud. Based on our understanding of the Company and industry, we identified that the principal risks of non-compliance with laws and regulations related to regulatory requirements for the manufacturing business such as health and safety and trade regulations, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006, income tax, payroll tax and sales tax. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate journal entries to revenue and management bias in accounting estimates. Audit procedures performed by the engagement team included: • Inspecting correspondence with regulators and tax authorities; • Discussion with management including consideration of known or suspected instances of non- compliance with laws and regulations and fraud; • Evaluating managements’ controls designed to prevent and detect irregularities; • Identifying and testing journals, in particular journal entries posted with unusual account combinations, postings by unusual users or with unusual descriptions; and • Challenging assumptions and judgements made by management in their critical accounting estimates.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.
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DEVOL ENGINEERING LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF DEVOL ENGINEERING LIMITED (CONTINUED)
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 Auditors' 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.
for and on behalf of
Statutory Auditors
10 Queen Street Place
EC4R 1AG
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DEVOL ENGINEERING LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2025
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DEVOL ENGINEERING LIMITED
REGISTERED NUMBER: SC043459
STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2025
The financial statements were approved and authorised for issue by the Board of Directors and were signed on its behalf by:
The notes on pages 13 to 25 form part of these financial statements.
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DEVOL ENGINEERING LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2025
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024
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DEVOL ENGINEERING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
1.Accounting policies
Devol Engineering Limited is a private company, limited by shares, registered in Scotland.
The registered office and principal place of business is: Unit 2 Faulds Park Industrial Estate Faulds Park Road Gourock PA19 1FB
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the United Kingdom and the Republic of Ireland, and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 2). The following principal accounting policies have been applied:
The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
∙the requirements of Section 4 Statement of Financial Position paragraph 4.12(a)(iv);
∙the requirements of Section 7 Statement of Cash Flows;
∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
∙the requirements of Section 11 Financial Instruments paragraphs 11.41(b), 11.41(c), 11.41(e), 11.41(f), 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
∙the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;
∙the requirements of Section 26 Share-based Payment paragraphs 26.18(b), 26.19 to 26.21 and 26.23;
∙the requirements of Section 33 Related Party Disclosures paragraph 33.7.
This information is included in the consolidated financial statements of James Walker Group Limited as at 31 March 2025 and these financial statements may be obtained from Companies House.
After reviewing the Company’s forecasts and projections, the Directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. As part of their review of the Company’s forecasts and projections, the Directors have received confirmation that the parent company, James Walker Group Ltd, will continue to support the Company for at least a year following the date of approving these financial statements. The Company therefore continues to adopt the going concern basis in preparing its financial statements.
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DEVOL ENGINEERING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
1.Accounting policies (continued)
The Company is a parent company that is also a subsidiary included in the consolidated financial statements of a larger group by a parent undertaking established under the law of any part of the United Kingdom and is therefore exempt from the requirement to prepare consolidated financial statements under section 400 of the Companies Act 2006.
The Company adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the Company. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to profit or loss during the period in which they are incurred.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives.
Depreciation is provided as follows:
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DEVOL ENGINEERING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
1.Accounting policies (continued)
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DEVOL ENGINEERING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
1.Accounting policies (continued)
Functional and presentation currency
Transactions and balances
Defined contribution pension scheme
The Company operates a defined contribution scheme for its employees. A defined contribution scheme is a pension scheme under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payments obligations. The contributions are recognised as an expense in the Income Statement when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the scheme are held separately from the Company in independently administered funds.
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DEVOL ENGINEERING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
1.Accounting policies (continued)
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DEVOL ENGINEERING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
On an ongoing basis, the Company evaluates its estimates using historical experience, consultation with experts and other methods considered reasonable in the particular circumstances. Actual results may differ significantly from the estimates, the effect of which is recognised in the period in which the facts that give rise to the revision become known. The following paragraphs detail the estimates and judgements the Company believes to have the most significant impact on the annual results under FRS 102. Property, plant and equipment (PPE) The estimated useful economic lives of PPE are based on management's judgement and experience. When management identifies that actual useful economic lives differ materially from the estimates used to calculate depreciation, that charge is adjusted prospectively. Due to the significance of PPE investment to the Company, variations between actual and estimated useful economic lives could impact operating results both positively and negatively, although historically few changes to estimated useful economic lives have been required. The Company is required to evaluate the carrying values of PPE for impairment whenever circumstances indicate, in management's judgement, that the carrying value of such assets may not be recoverable. An impairment review requires management to make subjective judgements concerning the cash flows, growth rates and discount rates of the cash generating units under review. Stock valuation The Company includes within the value of WIP a percentage of overheads judged by management to be incurred in direct relation to its manufacturing activities. The overhead absorption rate is a fixed percentage of labour costs and general overheads that is applied consistently year-on-year, subject to annual review for reasonableness by management. At each financial year-end, the Company recognises an impairment against stock. The provision recognised includes a fixed percentage of each stock-line based on its ageing.
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DEVOL ENGINEERING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
The whole of the turnover is attributable to the principal activity of the Company, the manufacture and sale of advanced engineering thermoplastics.
Analysis of turnover by country of destination:
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DEVOL ENGINEERING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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DEVOL ENGINEERING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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DEVOL ENGINEERING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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DEVOL ENGINEERING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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DEVOL ENGINEERING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
Profit and loss account
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DEVOL ENGINEERING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
At 31 March 2025 the Company was party to a multilateral guarantee in respect of the indebtedness of other group companies to the value of £2,000,000 (2024: £2,000,000).
The ultimate parent undertaking is James Walker Group Limited. Its registered office is Lion House, Oriental Road, Woking, Surrey, GU22 8AP.
Group financial statements for James Walker Group Limited are available to the public from Companies House, Crown Way, Cardiff, for which there may be a fee, if applicable.
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