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REGISTERED NUMBER: 11388755 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 May 2022

for

Devon Homes Limited

Devon Homes Limited (Registered number: 11388755)






Contents of the Financial Statements
for the Year Ended 31 May 2022




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Devon Homes Limited

Company Information
for the Year Ended 31 May 2022







DIRECTOR: Mrs M E Markwick





REGISTERED OFFICE: Century House
Grosvenor Hill
London
SW19 4RY





REGISTERED NUMBER: 11388755 (England and Wales)





ACCOUNTANTS: Equifino Ltd
Kemp House
160 City Road
London
EC1V 2NX

Devon Homes Limited (Registered number: 11388755)

Balance Sheet
31 May 2022

31.5.22 31.5.21
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 1,644 547
Investment property 5 1,300,000 1,017,528
1,301,644 1,018,075

CURRENT ASSETS
Debtors 6 - 220

CREDITORS
Amounts falling due within one year 7 1,202,888 1,177,954
NET CURRENT LIABILITIES (1,202,888 ) (1,177,734 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

98,756

(159,659

)

PROVISIONS FOR LIABILITIES 52,285 -
NET ASSETS/(LIABILITIES) 46,471 (159,659 )

CAPITAL AND RESERVES
Called up share capital 2 2
Fair value reserve 8 273,541 -
Retained earnings (227,072 ) (159,661 )
46,471 (159,659 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2022 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges her responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Devon Homes Limited (Registered number: 11388755)

Balance Sheet - continued
31 May 2022


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 10 August 2022 and were signed by:





Mrs M E Markwick - Director


Devon Homes Limited (Registered number: 11388755)

Notes to the Financial Statements
for the Year Ended 31 May 2022

1. STATUTORY INFORMATION

Devon Homes Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Going concern

The financial statements have been prepared on a going concern basis. The directors have a reasonable expectation that, despite the adverse effects COVID-19 is having on both the company and the economy as a whole, the company has adequate resources to continue in operational existence for the foreseeable future. On this basis, the directors have concluded that they can continue to adopt the going concern basis in preparing the financial statements.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 33% on cost

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Devon Homes Limited (Registered number: 11388755)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2022

2. ACCOUNTING POLICIES - continued

Financial instruments
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments. Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets, which include trade and other debtors, amounts due from group undertakings and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost. Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Basic financial liabilities, including trade and other creditors and amounts due to group undertakings are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Financial liabilities are derecognised when, and only when, the company's contractual obligations are discharged, cancelled, or they expire.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2021 - 1 ) .

Devon Homes Limited (Registered number: 11388755)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2022

4. TANGIBLE FIXED ASSETS
Fixtures
and
fittings
£   
COST
At 1 June 2021 547
Additions 1,920
At 31 May 2022 2,467
DEPRECIATION
Charge for year 823
At 31 May 2022 823
NET BOOK VALUE
At 31 May 2022 1,644
At 31 May 2021 547

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 June 2021 1,017,528
Additions 8,931
Revaluations 273,541
At 31 May 2022 1,300,000
NET BOOK VALUE
At 31 May 2022 1,300,000
At 31 May 2021 1,017,528

Fair value at 31 May 2022 is represented by:
£   
Valuation in 2022 282,472
Cost 1,017,528
1,300,000

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.5.22 31.5.21
£    £   
VAT - 220

Devon Homes Limited (Registered number: 11388755)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2022

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.5.22 31.5.21
£    £   
Directors' current accounts 1,201,749 1,177,054
Accruals and deferred income 1,139 900
1,202,888 1,177,954

8. RESERVES
Fair
value
reserve
£   
Fair value reserve 273,541

At 31 May 2022 273,541

9. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 May 2022 and 31 May 2021:

31.5.22 31.5.21
£    £   
Mrs M E Markwick
Balance outstanding at start of year 1,177,052 1,209,307
Amounts advanced 28,780 -
Amounts repaid (4,083 ) (32,255 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 1,201,749 1,177,052