Registration number:
Devco Build Ltd
for the Year Ended 31 March 2021
Devco Build Ltd
Contents
Company Information |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
Devco Build Ltd
Company Information
Director |
Mr Jason Fudge |
Registered office |
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Accountants |
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Devco Build Ltd
(Registration number: 09498426)
Balance Sheet as at 31 March 2021
Note |
2021 |
2020 |
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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 assets |
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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 assets |
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Capital and reserves |
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Called up share capital |
100 |
100 |
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Profit and loss account |
432 |
424 |
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Shareholders' funds |
532 |
524 |
For the financial year ending 31 March 2021 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.
Approved and authorised by the
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Devco Build Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2021
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.
Tax
The tax expense for the period comprises current 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 balance sheet 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.
Devco Build Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2021
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:
Asset class |
Depreciation method and rate |
Furniture fixtures and fittings |
25% Straight line |
Office equipment |
25% Straight line |
Motor vehicles |
25% Straight line |
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
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.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Staff numbers |
The average number of persons employed by the company during the year, was
Devco Build Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2021
Tangible assets |
Furniture, fittings and equipment |
Motor vehicles |
Total |
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Cost or valuation |
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At 1 April 2020 |
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Additions |
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- |
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Disposals |
( |
- |
( |
At 31 March 2021 |
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Depreciation |
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At 1 April 2020 |
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Charge for the year |
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Eliminated on disposal |
( |
- |
( |
At 31 March 2021 |
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Carrying amount |
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At 31 March 2021 |
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- |
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At 31 March 2020 |
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Debtors |
2021 |
2020 |
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Trade debtors |
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Other debtors |
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Devco Build Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2021
Creditors |
Creditors: amounts falling due within one year
Note |
2021 |
2020 |
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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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Creditors: amounts falling due after more than one year
Note |
2021 |
2020 |
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Due after one year |
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Loans and borrowings |
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Loans and borrowings |
2021 |
2020 |
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Non-current loans and borrowings |
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Finance lease liabilities and hire purchase contracts |
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Other borrowings |
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- |
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2021 |
2020 |
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Current loans and borrowings |
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Bank borrowings |
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- |
Finance lease liabilities and hire purchase contracts |
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Devco Build Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2021
Related party transactions |
Summary of transactions with other related parties
At the balance sheet date the amount due from ROK Architects Limited was £150 (2020: £150).
Merranti Consulting Limited - a company under common control and ownership
During the year the company received a loan of £61,000 (2020: £30,197) 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 £274,574 (2020: £213,574).
Merranti Capital Limited - a company under common control and ownership
During the year the company made a loan of £9,400 (2020: £220,116) to Merranti Capital Limited. The loan is unsecured, repayable upon demand and bears no interest. At the balance sheet date the amount due from Merranti Capital Limited was £228,516 (2020: £219,116).
Home Repair (South East) Limited - a company under common control and ownership
During the year the company made a repayment of £Nil (2020: £1,300) 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 from Home Repair (South East) Limited was £1,750 (2020: £1,750).
Stone and Baxter (Carshalton) Limited - a company under common control and ownership
During the year the company received/(repaid) a loan of (£17,215) (2020: £24,169) from/(to) Stone and Baxter (Carshalton) Limited. The loan is unsecured, repayable upon demand and bears no interest. At the balance sheet date the amount due to Stone and Baxter (Carshalton) Limited was £9,795 (2020: £27,010).
Merranti Accounting Limited - a company under common control and ownership
During the year the company received a loan of £6,000 (2020: £Nil) from Merranti Accounting Limited. The loan is unsecured, repayable upon demand and bears no interest. At the balance sheet date the amount due to Merranti Accounting Limited was £6,000 (2020: £Nil).