Devondale Holdings Limited - Period Ending 2017-10-31

Devondale Holdings Limited

Annual Report and Unaudited Financial Statements
Year Ended 31 October 2017

Registration number: 08772208

Devondale Holdings Limited

Contents

Company Information	1
Balance Sheet	2
Notes to the Financial Statements	3 to 7

Devondale Holdings Limited

Company Information

Director

Mr P Wood

Registered office

Unit 3 26 Marsh Green Road Exeter EX2 8PN

Accountants

Francis Clark Vantage Point Woodwater Park Pynes Hill Exeter EX2 5FD

Page 1

Devondale Holdings Limited

Balance Sheet

31 October 2017

	Note	2017 £	2016 £
Fixed assets
Investments	3	2,164,072	2,164,072
Current assets
Cash at bank and in hand		-	4,306
Creditors: Amounts falling due within one year	4	(1,732,838)	(1,837,674)
Net current liabilities		(1,732,838)	(1,833,368)
Total assets less current liabilities		431,234	330,704
Creditors: Amounts falling due after more than one year	4	(370,354)	(298,964)
Net assets		60,880	31,740
Capital and reserves
Called up share capital		1,000	1,000
Profit and loss account		59,880	30,740
Total equity		60,880	31,740

For the financial year ending 31 October 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the director on 10 April 2018
 

......................................... Mr P Wood Director

Company Registration Number: 08772208

The notes on pages 3 to 7 form an integral part of these financial statements.

Page 2

Devondale Holdings Limited

Notes to the Financial Statements

Year Ended 31 October 2017

1	General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office and principal place of business is:
Unit 3
26 Marsh Green Road
Exeter
EX2 8PN

These financial statements were authorised for issue by the director on 10 April 2018.

2	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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. There are no material departures from FRS 102.

Basis of preparation

These financial statements have been prepared using the historical cost convention.

Tax

The current corporation 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.

Investments

Investments in subsidiaries are held at cost less impairment.

Page 3

Devondale Holdings Limited

Notes to the Financial Statements

Year Ended 31 October 2017

Financial instruments

Classification
The company holds the following financial instruments:

• Short term intra group balances;
• Bank loans; and
• Cash and bank balances.

All financial instruments are classified as basic.

 Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

Except for bank loans, such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.

Bank loans are initially measured at transaction price, including transaction costs, and are subsequently carried at amortised cost using the effective interest method.

3	Investments

	Investments in subsidiaries £
Cost or valuation
At 1 November 2016	2,164,072
At 31 October 2017	2,164,072
Carrying amount
At 31 October 2017	2,164,072
At 31 October 2016	2,164,072

Page 4

Devondale Holdings Limited

Notes to the Financial Statements

Year Ended 31 October 2017

Details of undertakings

Details of the investments in which the company holds any class of share capital are as follows:

Undertaking	Registered office	Holding	Proportion of voting rights and shares held
			2017	2016
Subsidiary undertakings
Devondale Electrical Distributors Limited	Unit 3 26 Marsh Green Road West Exeter EX2 8PN	Ordinary	100%	100%
	England

The principal activity of Devondale Electrical Distributors Limited is the wholesale of electrical equipment.

4

Creditors

Creditors: amounts falling due within one year

	Note	2017  £	2016  £
Due within one year
Loans and borrowings	5	-	75,000
Amounts due to group undertakings	7	1,732,838	1,761,072
Accrued expenses		-	1,602
		1,732,838	1,837,674
Due after one year
Loans and borrowings	5	370,354	298,964

5	Loans and borrowings

	2017 £	2016 £
Loans and borrowings due after one year
Other borrowings	370,354	298,964

Page 5

Devondale Holdings Limited

Notes to the Financial Statements

Year Ended 31 October 2017

	2017 £	2016 £
Current loans and borrowings
Bank borrowings	-	25,000
Redeemable preference shares	-	50,000
	-	75,000

6	Share capital

Allotted, called up and fully paid shares

	2017		2016
	No.	£	No.	£
Ordinary Shares of £1 each	1,000	1,000	1,000	1,000
8% redeemable preference shares of £1 each	-	-	50,000	50,000
	1,000	1,000	51,000	51,000

Redeemable preference shares
The Preference shares were redeemable between 30 June 2014 and 31 December 2016. They were redeemable at £1 per share and carried no voting rights.

7	Related party transactions

Loans from related parties

2017	Subsidiary £	Key management £
At start of period	1,761,072	298,964
Advanced	75,000	125,000
Repaid	(105,234)	(53,610)
At end of period	1,730,838	370,354

2016	Subsidiary £	Key management £
At start of period	1,573,307	296,265
Advanced	217,765	-
Repaid	(30,000)	(3,737)
Interest transactions	-	6,436
At end of period	1,761,072	298,964

Page 6

Devondale Holdings Limited

Notes to the Financial Statements

Year Ended 31 October 2017

Terms of loans from related parties

Amounts owed to the subsidiary are interest free and repayable on demand.
 Interest on the loan from Mr P Wood is chargeable at a market rate of interest depending on the performance of the group and at the lender's discretion.
 

8	Parent and ultimate parent undertaking

The ultimate controlling party is Mr P Wood.

Page 7