Registration number:
Devoncraft UK Limited
for the Year Ended 31 May 2025
Devoncraft UK Limited
Contents
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Statement of Financial Position |
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Notes to the Unaudited Financial Statements |
Devoncraft UK Limited
(Registration number: 04212440)
Statement of Financial Position as at 31 May 2025
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Note |
2025 |
2024 |
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Fixed assets |
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Intangible assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
25 |
26 |
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Capital redemption reserve |
75 |
74 |
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Profit and loss account |
1,583,832 |
1,576,410 |
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Shareholders' funds |
1,583,932 |
1,576,510 |
Devoncraft UK Limited
(Registration number: 04212440)
Statement of Financial Position as at 31 May 2025 (continued)
For the financial year ending 31 May 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
Approved and authorised by the
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Devoncraft UK Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 May 2025
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General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
Principal activity
The principal activity of the company is that of wholesale of hand-craft wooden gifts.
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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. |
Devoncraft UK Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 May 2025 (continued)
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2 |
Accounting policies (continued) |
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.
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.
Foreign currency transactions and balances
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
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 taxable income.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Devoncraft UK Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 May 2025 (continued)
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2 |
Accounting policies (continued) |
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
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Asset class |
Depreciation method and rate |
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Freehold land |
Not depreciated |
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Freehold/Leasehold properties |
10% straight line |
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Plant and machinery |
15% reducing balance |
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Fittings, fixtures and equipment |
15% reducing balance |
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Computers |
33% straight line |
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
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 a revalued amount, 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.
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
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Asset class |
Amortisation method and rate |
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Trademarks |
10% straight line |
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
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Costs include all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Devoncraft UK Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 May 2025 (continued)
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2 |
Accounting policies (continued) |
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a part event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.
Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Leases
Rentals payable under operating leases, including any lease incentives received, are charges to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased assets are consumed.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Financial instruments
Recognition and measurement
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.
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Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Devoncraft UK Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 May 2025 (continued)
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Intangible assets |
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Trademarks |
Total |
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Cost or valuation |
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At 1 June 2024 |
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Additions |
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At 31 May 2025 |
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Amortisation |
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At 1 June 2024 |
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Amortisation charge |
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At 31 May 2025 |
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Carrying amount |
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At 31 May 2025 |
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At 31 May 2024 |
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Devoncraft UK Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 May 2025 (continued)
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Tangible assets |
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Land and buildings |
Plant and machinery |
Total |
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Cost or valuation |
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At 1 June 2024 |
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Additions |
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At 31 May 2025 |
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Depreciation |
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At 1 June 2024 |
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Charge for the year |
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At 31 May 2025 |
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Carrying amount |
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At 31 May 2025 |
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At 31 May 2024 |
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Debtors |
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2025 |
2024 |
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Trade debtors |
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Other debtors |
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Prepayments |
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Devoncraft UK Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 May 2025 (continued)
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Creditors |
Creditors: amounts falling due within one year
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2025 |
2024 |
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Trade creditors |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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Share capital |
Allotted, called up and fully paid shares
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2025 |
2024 |
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No. |
£ |
No. |
£ |
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1 |
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20 |
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20 |
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5 |
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5 |
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In December 2024 the company completed the purchase of its one remaining ordinary £1 share for £170,850, including £850 stamp duty.
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Reserves |
Profit and loss account:
This reserve records retained earnings and accumulated losses.
Devoncraft UK Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 May 2025 (continued)
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Obligations under leases and hire purchase contracts |
Operating leases
The total of future minimum lease payments is as follows:
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2025 |
2024 |
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Not later than one year |
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Later than one year and not later than five years |
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Financial commitments, guarantees and contingencies |
Amounts not provided for in the statement of financial position
The total amount of financial commitments not included in the statement of financial position is £Nil (2024 - £
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Related party transactions |
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Transactions with directors |
During the year the director entered into the following advances and credits with the company:
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2025 |
At 1 June 2024 |
Advances to director |
Repayments by director |
At 31 May 2025 |
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Directors |
( |
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( |
( |
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2024 |
At 1 June 2023 |
Advances to director |
Repayments by director |
At 31 May 2024 |
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Directors |
( |
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( |
( |