Company registration number SC036392 (Scotland)
VICTOR DEVINE & CO. LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2025
VICTOR DEVINE & CO. LIMITED
CONTENTS
Page
Company information
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 9
VICTOR DEVINE & CO. LIMITED
COMPANY INFORMATION
- 1 -
Directors
V A Devine
Mrs RL Anderson
Secretary
Mrs D A Devine
Company number
SC036392
Registered office
58/60 Hydepark Street
Glasgow
United Kingdom
G3 8BW
Accountants
Consilium Chartered Accountants
169 West George Street
Glasgow
United Kingdom
G2 2LB
VICTOR DEVINE & CO. LIMITED
BALANCE SHEET
AS AT
31 OCTOBER 2025
31 October 2025
- 2 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
4
925,035
930,828
Current assets
Stocks
569,961
617,405
Debtors
5
46,534
47,473
Cash at bank and in hand
83,726
638
700,221
665,516
Creditors: amounts falling due within one year
6
(485,656)
(458,663)
Net current assets
214,565
206,853
Total assets less current liabilities
1,139,600
1,137,681
Creditors: amounts falling due after more than one year
7
(1,667)
(12,827)
Provisions for liabilities
8
(119,599)
(121,997)
Net assets
1,018,334
1,002,857
Capital and reserves
Called up share capital
10
5,000
5,000
Share premium account
57
57
Revaluation reserve
366,711
366,711
Profit and loss reserves
646,566
631,089
Total equity
1,018,334
1,002,857

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 October 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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.

T he member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

VICTOR DEVINE & CO. LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 OCTOBER 2025
31 October 2025
- 3 -
The financial statements were approved by the board of directors and authorised for issue on 21 May 2026 and are signed on its behalf by:
V A Devine
Director
Company Registration No. SC036392
VICTOR DEVINE & CO. LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2025
- 4 -
1
Accounting policies
Company information

Victor Devine & Co. Limited is a private company limited by shares incorporated in Scotland. The registered office is 58/60 Hydepark Street, Glasgow, United Kingdom, G3 8BW. The company's registration number is SC036392.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties at fair value. The principal accounting policies adopted are set out below.

1.2
Turnover

The turnover shown in the Profit and Loss account represents the value of all goods sold during the year, less returns received and services delivered at a selling price exclusive of Value Added Tax. Sales are recognised at the point at which the Company has fulfilled its contractual obligations to the customer.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Heritable property
Not depreciated
Tools, fixtures and fittings
15% reducing balance
Office equipment
15% reducing balance
Motor vehicles
25% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to the profit and loss account.

1.4
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

1.5
Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. Stocks consist of goods held for resale.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in the profit and loss account. Reversals of impairment losses are also recognised in the profit and loss account.

VICTOR DEVINE & CO. LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2025
1
Accounting policies
(Continued)
- 5 -
1.6
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.7
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

1.8
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.9
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

VICTOR DEVINE & CO. LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2025
1
Accounting policies
(Continued)
- 6 -
1.10
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.11
Leases

Assets held under hire purchase agreements are capitalised and disclosed under tangible fixed assets at their fair value, and are depreciated in accordance with the above depreciation policies.

Future instalments payable under such agreements, net of finance charges, are included within creditors. Rentals payable are apportioned between the capital element, which reduces the outstanding obligation included within creditors, and the finance element, which is charged to the profit and loss accoun t on a straight line basis.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2025
2024
Total
14
15
VICTOR DEVINE & CO. LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2025
- 7 -
4
Tangible fixed assets
Heritable property
Tools, fixtures and fittings
Office equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 November 2024 and 31 October 2025
900,000
82,745
12,051
25,795
1,020,591
Depreciation and impairment
At 1 November 2024
-
0
64,638
11,017
14,108
89,763
Depreciation charged in the year
-
0
2,716
155
2,922
5,793
At 31 October 2025
-
0
67,354
11,172
17,030
95,556
Carrying amount
At 31 October 2025
900,000
15,391
879
8,765
925,035
At 31 October 2024
900,000
18,107
1,034
11,687
930,828

The heritable property has been valued by the directors on 3 1 October 2025 and is included in the financial statements at a value which represents their opinion of the open market value.

5
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
23,342
11,854
Other debtors
23,192
35,619
46,534
47,473
6
Creditors: amounts falling due within one year
2025
2024
£
£
Bank loans and overdrafts
7,006
13,922
Trade creditors
392,643
330,464
Taxation and social security
49,724
44,160
Other creditors
36,283
70,117
485,656
458,663

There is a standard security and floating charge over the assets of the company.

Included within other creditors are hire purchase liabilities of £4,000 (202 4 - £4,000). These liabilities are secured over the individual assets to which they relate.

VICTOR DEVINE & CO. LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2025
- 8 -
7
Creditors: amounts falling due after more than one year
2025
2024
£
£
Bank loans and overdrafts
-
0
7,160
Other creditors
1,667
5,667
1,667
12,827

Included within other creditors are hire purchase liabilities of £1,667 (202 4 - £5,667). These liabilities are secured over the individual assets to which they relate.

8
Provisions for liabilities
2025
2024
£
£
Deferred tax liabilities
9
119,599
121,997
9
Deferred taxation

The following are the major deferred tax liabilities recognised by the company and movements thereon:

2025
2024
Balances:
£
£
Accelerated capital allowances
6,259
8,658
Revaluations
113,340
113,339
119,599
121,997
2025
Movements in the year:
£
Liability at 1 November 2024
121,997
Credit to profit or loss
(2,398)
Liability at 31 October 2025
119,599
10
Called up share capital
2025
2024
£
£
Ordinary share capital
Issued and fully paid
10,000 Ordinary of 50p
5,000
5,000
VICTOR DEVINE & CO. LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2025
- 9 -
11
Financial commitments, guarantees and contingent liabilities

At the balance sheet date, the Company had provided a cross‑banking guarantee to The Royal Bank of Scotland in respect of the banking facilities of North Harbour Motorcycles Limited, an associated undertaking. The guarantee covers the associated company’s obligations up to £70,000. This arrangement constituted a contingent liability at the year end, as no present obligation existed and the guarantee had not been called.

In accordance with the requirements of FRS 102 Section 1A, no provision has been recognised in respect of this guarantee at the reporting date. The directors considered that, at the year end, the Company did not have a legal or constructive obligation to settle any amount under the guarantee.

Subsequent to the year end, the bank exercised its rights under the guarantee, requiring the Company to settle an amount of £67,100 in respect of the associated company’s outstanding borrowings. This event relates to conditions arising after the reporting date and is therefore treated as a non‑adjusting post balance sheet event. The financial statements have not been adjusted to reflect this liability, but the directors consider disclosure of the event to be necessary for users to understand the Company’s financial position.

12
Related party transactions

No transactions with related parties were undertaken such as are required to be disclosed under the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".

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