Company No: 04399540 (England and Wales)

Contents

• Balance Sheet
• Notes to the Financial Statements

	Note	2023		2022
		£		£
Fixed assets
Tangible assets	5	211,020		209,892
		211,020		209,892
Current assets
Stocks		182,603		103,341
Debtors	6	1,201,515		424,191
Cash at bank and in hand		109,722		826,435
		1,493,840		1,353,967
Creditors: amounts falling due within one year	7	( 444,448)		( 287,667)
Net current assets		1,049,392		1,066,300
Total assets less current liabilities		1,260,412		1,276,192
Creditors: amounts falling due after more than one year	8	( 70,924)		0
Provision for liabilities		( 7,619)		( 6,013)
Net assets		1,181,869		1,270,179
Capital and reserves
Called-up share capital	9	1,052		1,052
Share premium account		8,957		8,957
Capital contribution reserve		195,840		195,840
Profit and loss account		976,020		1,064,330
Total shareholder's funds		1,181,869		1,270,179

For the financial year ending 30 April 2023 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 financial year in accordance with section 476;
• 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; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Profit and Loss Account has not been delivered.

The financial statements of Devonvale Limited (registered number: 04399540) were approved and authorised for issue by the Board of Directors on 21 November 2023. They were signed on its behalf by:

M A Loader Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Devonvale Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Unit 2 Duchy Road, Heathpark, Honiton, EX14 1YD, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer.

Turnover from the sale of goods is recognised when the goods are physically delivered to the customer.

Employee benefits

Defined contribution schemes
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill

5 years straight line

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line and reducing balance basis over its expected useful life, as follows:

Leasehold improvements	20 years straight line
Plant and machinery	10 % reducing balance
Office equipment	10 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Profit and Loss Account over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial liabilities
The factoring creditor represents amounts received in respect of financed debts. There is full recourse to the Company for losses of debts and therefore the financed debts are recognised in the balance sheet. Interest and other charges relating to factoring are recognised as an expense in the profit and loss account over the relevant period.

2. Prior year adjustment

The financial statements for the year ended 30 April 2022 have been restated to reclassify direct wages previously classified as administrative wages. This adjustment has increased cost of sales by £414,929 and decreased administrative expenses by the same amount.

Overall net assets as at 30 April 2022, profit for the year ended 30 April 2022 and profit in respect of previous periods have not changed.

3. Employees

	2023		2022
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	28		24

4. Intangible assets

	Goodwill		Total
	£		£
Cost
At 01 May 2022	60,001		60,001
At 30 April 2023	60,001		60,001
Accumulated amortisation
At 01 May 2022	60,001		60,001
At 30 April 2023	60,001		60,001
Net book value
At 30 April 2023	0		0
At 30 April 2022	0		0

5. Tangible assets

	Leasehold improve- ments		Plant and machinery		Office equipment		Total
	£		£		£		£
Cost
At 01 May 2022	1,494		406,073		26,624		434,191
Additions	4,181		9,744		9,954		23,879
Disposals	0		( 847)		0		( 847)
At 30 April 2023	5,675		414,970		36,578		457,223
Accumulated depreciation
At 01 May 2022	600		205,182		18,517		224,299
Charge for the financial year	202		20,551		1,151		21,904
At 30 April 2023	802		225,733		19,668		246,203
Net book value
At 30 April 2023	4,873		189,237		16,910		211,020
At 30 April 2022	894		200,891		8,107		209,892

6. Debtors

	2023		2022
	£		£
Trade debtors	408,623		375,303
Amounts owed by Group undertakings	708,968		0
Amounts owed by directors	0		12,475
Prepayments	51,465		29,338
VAT recoverable	32,459		7,075
	1,201,515		424,191

7. Creditors: amounts falling due within one year

	2023		2022
	£		£
Bank loans (secured)	70,669		0
Trade creditors	141,757		112,106
Accruals	59,056		34,179
Corporation tax	35,105		134,174
Other taxation and social security	11,367		5,673
Other creditors	126,494		1,535
	444,448		287,667

Bank loans with a carrying value of £70,669 (2022 - £nil) are guaranteed by the Company's immediate parent company.

8. Creditors: amounts falling due after more than one year

	2023		2022
	£		£
Bank loans (secured)	70,924		0

Bank loans with a carrying value of £70,924 (2022 - £nil) are guaranteed by the Company's immediate parent company.

9. Called-up share capital

	2023		2022
	£		£
Allotted, called-up and fully-paid
999 A Ordinary shares shares of £ 1.00 each	999		999
53 B Ordinary shares shares of £ 1.00 each	53		53
	1,052		1,052

10. Financial commitments

Commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

	2023		2022
	£		£
within one year	55,380		0
between one and five years	222,310		0
	277,690		0

11. Related party transactions

Transactions with the entity's directors

At the year end the Company was owed £nil (2022 - £12,475) from directors. The loan is interest free and repayable on demand.

Other related party transactions

The Company has taken advantage of the the exemption provided from disclosing transactions with its parent on the grounds that it is a wholly owned subsidiary.