Devcor (Victoria) Limited 30/04/2019 iXBRL

Devcor (Victoria) Limited 30/04/2019 iXBRL

DEVCOR (VICTORIA) LIMITED - Company Information

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30/04/2019 2019-04-30 false false false false false false false false false false true false false true false false false false false false false false No description of principal activities is disclosed 2018-05-01 Sage Accounts Production 19.0 - FRS102_2014 xbrli:pure xbrli:shares iso4217:GBP 09547665 2018-05-01 2019-04-30 09547665 2019-04-30 09547665 2018-04-30 09547665 bus:Director1 2018-05-01 2019-04-30 09547665 core:WithinOneYear 2019-04-30 09547665 core:WithinOneYear 2018-04-30 09547665 core:LandBuildings core:LongLeaseholdAssets 2019-04-30 09547665 core:AfterOneYear 2019-04-30 09547665 core:AfterOneYear 2018-04-30 09547665 core:ShareCapital 2019-04-30 09547665 core:ShareCapital 2018-04-30 09547665 core:RetainedEarningsAccumulatedLosses 2019-04-30 09547665 core:RetainedEarningsAccumulatedLosses 2018-04-30 09547665 core:LandBuildings core:LongLeaseholdAssets 2018-04-30 09547665 bus:SmallEntities 2018-05-01 2019-04-30 09547665 bus:AuditExemptWithAccountantsReport 2018-05-01 2019-04-30 09547665 bus:FullAccounts 2018-05-01 2019-04-30 09547665 bus:SmallCompaniesRegimeForAccounts 2018-05-01 2019-04-30 09547665 bus:PrivateLimitedCompanyLtd 2018-05-01 2019-04-30 09547665 core:LandBuildings core:LongLeaseholdAssets 2018-05-01 2019-04-30
Company registration number: 09547665
Devcor (Victoria) Limited
Unaudited filleted financial statements
30 April 2019
DEVCOR (VICTORIA) LIMITED
Contents
Statement of financial position
Notes to the financial statements
DEVCOR (VICTORIA) LIMITED
STATEMENT OF FINANCIAL POSITION
30 APRIL 2019
2019 2018
Note £ £ £ £
Fixed assets
Tangible assets 5 656,025 656,025
_______ _______
656,025 656,025
Current assets
Debtors 6 22,324 -
Cash at bank and in hand 1,094 943
_______ _______
23,418 943
Creditors: amounts falling due
within one year 7 ( 173,154) ( 180,763)
_______ _______
Net current liabilities ( 149,736) ( 179,820)
_______ _______
Total assets less current liabilities 506,289 476,205
Creditors: amounts falling due
after more than one year 8 ( 506,496) ( 488,727)
_______ _______
Net liabilities ( 207) ( 12,522)
_______ _______
Capital and reserves
Called up share capital 100 100
Profit and loss account 9 ( 307) ( 12,622)
_______ _______
Shareholder deficit ( 207) ( 12,522)
_______ _______
For the year ending 30 April 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 26 November 2019 , and are signed on behalf of the board by:
Mr Richard Dudley Steer
Director
Company registration number: 09547665
DEVCOR (VICTORIA) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 30 APRIL 2019
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 72 Fielding Road, Chiswick, London, W4 1DB.
Principal activity
The principal activity of the company is residential property ownership and rental.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis.
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.
Turnover
Turnover is measured at the fair value of the consideration received or receivable and represents amounts received in respect of rental income. The company is not registered for Value Added Tax.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. no depreciation is provided on the long leasehold property because, in the opinion of the directors, its current value is greater than its carrying value.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Long leasehold property - 0 %
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
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. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a 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.
4. Employee numbers
The average number of persons employed by the company during the year, including the two directors who receive no remuneration, amounted to 2 (2018: 2).
5. Tangible assets
Long leasehold property Total
£ £
Cost
At 1 May 2018 and 30 April 2019 656,025 656,025
_______ _______
Depreciation
At 1 May 2018 and 30 April 2019 - -
_______ _______
Carrying amount
At 30 April 2019 656,025 656,025
_______ _______
At 30 April 2018 656,025 656,025
_______ _______
6. Debtors
2019 2018
£ £
Other debtors 22,324 -
_______ _______
7. Creditors: amounts falling due within one year
2019 2018
£ £
Bank loans and overdrafts - 17,424
Accruals and deferred income 780 1,045
Other creditors 172,374 162,294
_______ _______
173,154 180,763
_______ _______
8. Creditors: amounts falling due after more than one year
2019 2018
£ £
Bank loans and overdrafts 506,496 488,727
_______ _______
The bank loans are secured against the long leasehold property.
9. Reserves
Profit and loss account:This reserve records retained earnings and accumulated losses.