DEVONSHIRE PROPERTY (B1D) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
Devonshire Property (B1D) Limited is a private company limited by shares, incorporated in England and Wales (registered number: 12063098). Its registered office is the Estate Office, Edensor, Bakewell, Derbyshire, DE45 1PJ. The principal activity of the Company throughout the year continued to be that of letting and operating real estate.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The Company's functional and presentation currency is pounds sterling.
The following principal accounting policies have been applied:
The Company will continue to receive support from related undertakings and on this basis the directors have prepared the financial statements on a going concern basis.
Land for development is valued at the lower of cost and net realisable value. Net realisable value is based on estimated selling price less all further costs to completion and all relevant marketing and selling costs.
At the period end, the company conducts a review of the net realisable value. The review reflects both current and anticipated market values. In making these assessment there is a degree of judgement and uncertainty due to the volatility and speculation that surrounds the development sector.
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