Registration number:
Devco Property Ltd
for the Year Ended 31 March 2019
10 Scandia-Hus Business Park
Felcourt Road
East Grinstead
West Sussex
RH19 2LP
Devco Property Ltd
Contents
Company Information |
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Balance Sheet |
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Notes to the Financial Statements |
Devco Property Ltd
Company Information
Director |
Mr Jason Fudge |
Registered office |
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Accountants |
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Devco Property Ltd
(Registration number: 09498426)
Balance Sheet as at 31 March 2019
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2018 |
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Fixed assets |
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Tangible assets |
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Current assets |
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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 liabilities |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
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Net liabilities |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
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Total equity |
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For the financial year ending 31 March 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
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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 in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
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Devco Property Ltd
(Registration number: 09498426)
Balance Sheet as at 31 March 2019
Approved and authorised by the
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Director
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Devco Property Ltd
Notes to the Financial Statements for the Year Ended 31 March 2019
General information |
The company is a private company limited by share capital, incorporated in England.
The address of its registered office is:
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.
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.
Going concern
The financial statements have been prepared on a going concern basis.
Tax
The tax expense for the period comprises 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.
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.
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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Devco Property Ltd
Notes to the Financial Statements for the Year Ended 31 March 2019
Asset class |
Depreciation method and rate |
Furniture fixtures and fittings |
25% Straight line |
Office equipment |
25% Straight line |
Motor vehicles |
25% Straight line |
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.
Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.
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.
Staff numbers |
The average number of persons employed by the company during the year, was
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Devco Property Ltd
Notes to the Financial Statements for the Year Ended 31 March 2019
Tangible assets |
Furniture, fittings and equipment |
Motor vehicles |
Total |
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Cost or valuation |
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At 1 April 2018 |
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At 31 March 2019 |
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Depreciation |
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At 1 April 2018 |
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Charge for the year |
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At 31 March 2019 |
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Carrying amount |
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At 31 March 2019 |
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At 31 March 2018 |
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Debtors |
2019 |
2018 |
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Trade debtors |
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Other debtors |
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Creditors |
Creditors: amounts falling due within one year
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2019 |
2018 |
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Due within one year |
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Loans and overdrafts |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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Page 6 |
Devco Property Ltd
Notes to the Financial Statements for the Year Ended 31 March 2019
Creditors: amounts falling due after more than one year
Note |
2019 |
2018 |
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Due after one year |
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Loans and borrowings |
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Loans and borrowings |
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2018 |
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Non-current loans and borrowings |
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Finance lease liabilities and hire purchase contracts |
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2018 |
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Current loans and borrowings |
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Finance lease liabilities and hire purchase contracts |
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Page 7 |
Devco Property Ltd
Notes to the Financial Statements for the Year Ended 31 March 2019
Related party transactions |
Summary of transactions with other related parties
During the year the company made a loan of £Nil (2018: £Nil) to ROK Architects Limited. The loan is unsecured, repayable upon demand and bears no interest. At the balance sheet date the amount due from ROK Architects Limited was £150 (2018: £150).
My Space Homes HH Limited - a company under common control and ownership
During the year the company made a loan of £200,000 (2018: £Nil) to My Space Homes HH Limited. The loan is unsecured, repayable upon demand and bears no interest. At the balance sheet date the amount due from My Space Homes HH Limited was £207,500 (2018: £7,500).
Merranti Consulting Limited- a company under common control and ownership
During the year the company received a loan of £175,484 (2018: £7,893) from Merranti Consulting Limited. The loan is unsecured, repayable upon demand and bears no interest. At the balance sheet date the amount due to Merranti Consulting Limited was £183,377 (2018: £7,893).
Merranti Capital Limited - a company under common control and ownership
During the year the company received a loan of £62,395 (2018: £45,299) from Merranti Capital Limited. The loan is unsecured, repayable upon demand and bears no interest. At the balance sheet date the amount due to Merranti Capital Limited was £107,694 (2018: £45,299).
Home Repair (South East) Limited - a company under common control and ownership
During the year the company repaid £550 (2018: £Nil) to Home Repair (South East) Limited. The loan is unsecured, repayable upon demand and bears no interest. At the balance sheet date the amount due to Home Repair (South East) Limited was £450 (2018: £1,000).
Stone and Baxter Limited - a company under common control and ownership
During the year the company received a loan of £2,841 (2018: £Nil) from Stone and Baxter Limited. The loan is unsecured, repayable upon demand and bears no interest. At the balance sheet date the amount due to Stone and Baxter Limited was £2,841 (2018: £Nil).
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