for the Year Ended
Registration number:
Devon 4 X 4 Services Limited
Contents
Company Information |
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Directors' Report |
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Accountants' Report |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
Devon 4 X 4 Services Limited
Company Information
Directors |
EA Wrench-Buck S Wrench-Buck |
Registered office |
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Accountants |
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Devon 4 X 4 Services Limited
Directors' Report for the Year Ended 31 December 2022
The directors present their report and the financial statements for the year ended 31 December 2022.
Directors of the company
The directors who held office during the year were as follows:
Principal activity
The principal activity of the company is servicing and repair of four wheel drive vehicles
Small companies provision statement
This report has 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.
Approved and authorised by the
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Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Devon 4 X 4 Services Limited
for the Year Ended 31 December 2022
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Devon 4 X 4 Services Limited for the year ended 31 December 2022 as set out on pages 4 to 12 from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/regulation.
This report is made solely to the Board of Directors of Devon 4 X 4 Services Limited, as a body, in accordance with the terms of our engagement letter dated 14 February 2023. Our work has been undertaken solely to prepare for your approval the accounts of Devon 4 X 4 Services Limited and state those matters that we have agreed to state to the Board of Directors of Devon 4 X 4 Services Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Devon 4 X 4 Services Limited and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that Devon 4 X 4 Services Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Devon 4 X 4 Services Limited. You consider that Devon 4 X 4 Services Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the accounts of Devon 4 X 4 Services Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.
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Chartered Accountants
Tiverton
Devon
EX16 6NL
Devon 4 X 4 Services Limited
(Registration number: 03797252)
Balance Sheet as at 31 December 2022
Note |
2022 |
2021 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Stocks |
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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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Provisions for liabilities |
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Net assets |
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Capital and reserves |
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Called up share capital |
2 |
2 |
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Profit and loss account |
211,573 |
172,579 |
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Shareholders' funds |
211,575 |
172,581 |
For the financial year ending 31 December 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
For the financial year ending 31 December 2022 the company was entitled to exemption from audit under section 479A of the Companies Act 2006 relating to subsidiary companies.
Directors' responsibilities:
• |
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• |
The directors acknowledge their 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. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.
Approved and authorised by the
Devon 4 X 4 Services Limited
(Registration number: 03797252)
Balance Sheet as at 31 December 2022
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Devon 4 X 4 Services Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022
General information |
The company is a private company limited by share capital, incorporated in England.
The address of its registered office is:
England
The principal place of business is:
Southlea Service Station
Bish Mill
South Molton
Devon
EX36 3QU
These financial statements were authorised for issue by the
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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).
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.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Tax
The tax expense for the period comprises current and deferred 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.
Devon 4 X 4 Services Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022
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.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.
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.
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 |
Plant and machinery |
25% reducing balance method |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
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.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
Devon 4 X 4 Services Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022
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.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
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.
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 (including directors) during the year, was
Devon 4 X 4 Services Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022
Tangible assets |
Motor vehicles |
Other tangible assets |
Total |
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Cost or valuation |
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At 1 January 2022 |
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At 31 December 2022 |
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Depreciation |
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At 1 January 2022 |
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Charge for the year |
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At 31 December 2022 |
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Carrying amount |
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At 31 December 2022 |
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At 31 December 2021 |
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Stocks |
2022 |
2021 |
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Work in progress |
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Other inventories |
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Debtors |
Current |
Note |
2022 |
2021 |
Trade debtors |
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Amounts owed by related parties |
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Other debtors |
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- |
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Devon 4 X 4 Services Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022
Creditors |
Creditors: amounts falling due within one year
Note |
2022 |
2021 |
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Due within one year |
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Loans and borrowings |
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Trade creditors |
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Amounts owed to group undertakings and undertakings in which the company has a participating interest |
- |
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Taxation and social security |
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Accruals and deferred income |
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- |
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Creditors: amounts falling due after more than one year
Note |
2022 |
2021 |
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Due after one year |
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Loans and borrowings |
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Share capital |
Allotted, called up and fully paid shares
2022 |
2021 |
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No. |
£ |
No. |
£ |
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2 |
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2 |
Loans and borrowings |
2022 |
2021 |
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Non-current loans and borrowings |
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Bank borrowings |
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Devon 4 X 4 Services Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022
2022 |
2021 |
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Current loans and borrowings |
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Bank borrowings |
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Bank overdrafts |
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Dividends |
Final dividends paid
2022 |
2021 |
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Final dividend of Nil per each NewRow_0 |
111 |
222 |
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Reconciliation to Dividends categories |
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Difference to be corrected |
111 |
222 |
Related party transactions |
Summary of transactions with parent
Summary of transactions with entities with joint control or significant interest
Income and receivables from related parties
2022 |
Entities with joint control or significant influence |
Sale of goods |
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2021 |
Entities with joint control or significant influence |
Sale of goods |
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Devon 4 X 4 Services Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022
Expenditure with and payables to related parties
2022 |
Parent |
Entities with joint control or significant influence |
Purchase of goods |
- |
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Rendering of services |
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- |
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2021 |
Parent |
Entities with joint control or significant influence |
Purchase of goods |
- |
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Rendering of services |
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- |
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Parent and ultimate parent undertaking |
The company's immediate parent is