Devonshire Industries Limited, the holding company for Bermuda Paint Company Limited, has declared company assets at the lowest level since 2018 – and the highest liabilities since 2019.

The company declared a profit of $140,711 for the financial year to March 31, 2022, down nearly 41 per cent from the 2021 net income of $237,243.

It listed 2022 assets at $2,612,074 or less than the $2,663,469 in assets listed for the financial year end 2021.

The annual report and consolidated financials has income statements based on higher revenues ($2,621,079) for the financial year to March 31, 2022, when compared with 2021 ($2,557.225), and higher liabilities (2022: $168,856 2021: $140,274).

The Bermuda Stock Exchange listed company has a qualified opinion from independent auditor KPMG, who audited the consolidated financial statements and financial position for 2022 and 2021.

The last statement through the BSX was issued in 2019.

Devonshire Industries is primarily engaged in the management of the operating business, Bermuda Paint Company Limited, which is the manufacturer and seller of paint and related products from its Watlington Road, Devonshire, premises.

The company’s operations were suspended in April 2020, during the lockdown period, and resumed later in May.

The auditor said the basis for the qualified opinion relating to 2021 and 2022 was that KPMG did not observe the counting of physical inventories at March 31, 2021.