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REGISTERED NUMBER: 05037898













DEVESTATES LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 28TH FEBRUARY 2023






DEVESTATES LIMITED (REGISTERED NUMBER: 05037898)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28TH FEBRUARY 2023










Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


DEVESTATES LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 28TH FEBRUARY 2023







DIRECTOR: Mr. J D Devonald





REGISTERED OFFICE: 56 Charles Street
Cardiff
CF10 2GG





REGISTERED NUMBER: 05037898





ACCOUNTANTS: Carston Chartered Accountants
Tudor House
16 Cathedral Road
Cardiff
CF11 9LJ

DEVESTATES LIMITED (REGISTERED NUMBER: 05037898)

STATEMENT OF FINANCIAL POSITION
28TH FEBRUARY 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 275 344
Investments 5 3,089,747 3,089,746
Investment property 6 404,546 404,546
3,494,568 3,494,636

CURRENT ASSETS
Debtors 7 639,828 608,895
Cash at bank 53,020 91,462
692,848 700,357
CREDITORS
Amounts falling due within one year 8 141,735 203,342
NET CURRENT ASSETS 551,113 497,015
TOTAL ASSETS LESS CURRENT LIABILITIES 4,045,681 3,991,651

CREDITORS
Amounts falling due after more than one
year

9

206,560

209,907
NET ASSETS 3,839,121 3,781,744

CAPITAL AND RESERVES
Called up share capital 10 1 1
Fair value reserve 11 3,077,194 3,077,194
Retained earnings 761,926 704,549
SHAREHOLDERS' FUNDS 3,839,121 3,781,744

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28th February 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 28th February 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

DEVESTATES LIMITED (REGISTERED NUMBER: 05037898)

STATEMENT OF FINANCIAL POSITION - continued
28TH FEBRUARY 2023


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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 21st November 2023 and were signed by:





Mr. J D Devonald - Director


DEVESTATES LIMITED (REGISTERED NUMBER: 05037898)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28TH FEBRUARY 2023


1. STATUTORY INFORMATION

Devestates Limited is a private company, limited by shares , registered in Not specified/Other. 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.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 20% on reducing balance

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.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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 statement of financial position date.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2022 - NIL).

DEVESTATES LIMITED (REGISTERED NUMBER: 05037898)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28TH FEBRUARY 2023


4. TANGIBLE FIXED ASSETS
Plant and
machinery
£   
COST
At 1st March 2022
and 28th February 2023 5,000
DEPRECIATION
At 1st March 2022 4,656
Charge for year 69
At 28th February 2023 4,725
NET BOOK VALUE
At 28th February 2023 275
At 28th February 2022 344

5. FIXED ASSET INVESTMENTS
Other
investments
£   
COST
At 1st March 2022 3,089,746
Additions 1
At 28th February 2023 3,089,747
NET BOOK VALUE
At 28th February 2023 3,089,747
At 28th February 2022 3,089,746

6. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1st March 2022
and 28th February 2023 404,546
NET BOOK VALUE
At 28th February 2023 404,546
At 28th February 2022 404,546

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Other debtors 639,828 608,895

DEVESTATES LIMITED (REGISTERED NUMBER: 05037898)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28TH FEBRUARY 2023


8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 3,126 2,905
Trade creditors - 2,639
Taxation and social security 24,317 31,539
Other creditors 114,292 166,259
141,735 203,342

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans 206,560 209,907

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
1 Ordinary £1 1 1

11. RESERVES
Fair
value
reserve
£   
At 1st March 2022
and 28th February 2023 3,077,194

12. RELATED PARTY DISCLOSURES

At the balance sheet date £82,802 (2022 - £78,798) was owed by Crockherbtown Estates Limited, a subsidiary of Devestates Limited. The balance is repayable on demand and is charged at an interest rate of 3.5% per annum.

At the balance sheet date £90,522 (2022 - £86,146) was owed by MC295 Limited, a subsidiary of Devestates Limited. The balance is repayable on demand and is charged at an interest rate of 3.5% per annum.

At the balance sheet date £446,504 (2022 - £443,951) was owed by MC199 Limited, a company in which Mr. J.D. Devonald is a director and shareholder. The balance is repayable on demand and is charged at an interest rate of 3.5% per annum.