Caseware UK (AP4) 2022.0.179 2022.0.179 2023-03-312023-03-31The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.2022-04-01falseThe business of letting and operating real estate00falsetrue 12060414 2022-04-01 2023-03-31 12060414 2021-04-01 2022-03-31 12060414 2023-03-31 12060414 2022-03-31 12060414 c:Director3 2022-04-01 2023-03-31 12060414 d:FreeholdInvestmentProperty 2022-04-01 2023-03-31 12060414 d:FreeholdInvestmentProperty 2023-03-31 12060414 d:FreeholdInvestmentProperty 2022-03-31 12060414 d:FreeholdInvestmentProperty 2 2022-04-01 2023-03-31 12060414 d:CurrentFinancialInstruments 2023-03-31 12060414 d:CurrentFinancialInstruments 2022-03-31 12060414 d:Non-currentFinancialInstruments 2023-03-31 12060414 d:Non-currentFinancialInstruments 2022-03-31 12060414 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 12060414 d:CurrentFinancialInstruments d:WithinOneYear 2022-03-31 12060414 d:Non-currentFinancialInstruments d:AfterOneYear 2023-03-31 12060414 d:Non-currentFinancialInstruments d:AfterOneYear 2022-03-31 12060414 d:ShareCapital 2023-03-31 12060414 d:ShareCapital 2022-03-31 12060414 d:RetainedEarningsAccumulatedLosses 2022-04-01 2023-03-31 12060414 d:RetainedEarningsAccumulatedLosses 2023-03-31 12060414 d:RetainedEarningsAccumulatedLosses 2022-03-31 12060414 c:FRS102 2022-04-01 2023-03-31 12060414 c:AuditExempt-NoAccountantsReport 2022-04-01 2023-03-31 12060414 c:FullAccounts 2022-04-01 2023-03-31 12060414 c:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 12060414 4 2022-04-01 2023-03-31 iso4217:GBP xbrli:pure

Registered number: 12060414










DEVONSHIRE COMMERCIAL PROPERTY LIMITED








UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

 
DEVONSHIRE COMMERCIAL PROPERTY LIMITED
REGISTERED NUMBER: 12060414

BALANCE SHEET
AS AT 31 MARCH 2023

2023
2022
Note
£
£

Fixed assets
  

Investment property
 4 
21,254,000
18,229,216

Current assets
  

Debtors: amounts falling due within one year
 5 
40,896,175
55,489,633

Cash at bank and in hand
  
-
4,011

  
40,896,175
55,493,644

Creditors: amounts falling due within one year
 6 
(15,981,118)
(52,270,596)

Net current assets
  
 
 
24,915,057
 
 
3,223,048

Creditors: amounts falling due after more than one year
 7 
(21,565,000)
-

  

Net assets
  
24,604,057
21,452,264


Capital and reserves
  

Called up share capital 
  
1
1

Profit and loss account
 8 
24,604,056
21,452,263

  
24,604,057
21,452,264


Page 1

 
DEVONSHIRE COMMERCIAL PROPERTY LIMITED
REGISTERED NUMBER: 12060414
    
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2023

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 30 November 2023.

A C Lavery
Director

The notes on pages 3 to 6 form part of these financial statements.

Page 2

 
DEVONSHIRE COMMERCIAL PROPERTY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

1.


General information

Devonshire Commercial Property Limited is a private Company limited by shares, incorporated in England and Wales (registered number: 12060414). 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

 
2.1

Basis of preparation of financial statements

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:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence.

 
2.4

Investment property

Investment property is carried at fair value determined annually by the internal property team in Chatsworth Settlement and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

Page 3

 
DEVONSHIRE COMMERCIAL PROPERTY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.5

Financial instruments

The company only enters into basic financial instrument transactions that result in the recognition offinancial assets and liabilities such as bank and cash balances, trade and other accounts receivable and payable, loans from banks and other third parties and loans to and from related parties.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at the transaction price and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade payables or receivables, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.
Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an 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.

 
2.6

Taxation

Tax is recognised in the Statement of Income and Retained Earnings.
The current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.


3.


Employees

The average monthly number of employees, including directors, during the year was 0 (2022 - 0). The directors do not have employment contracts with the Company and are not paid for their role.

Page 4

 
DEVONSHIRE COMMERCIAL PROPERTY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

4.


Investment property


Investment property

£



Valuation


At 1 April 2022
18,229,216


Additions at cost
75,048


Surplus on revaluation
2,949,736



At 31 March 2023
21,254,000

The 2023 valuations were made by the Chatsworth Settlement property team, on an open market value for existing use basis.






5.


Debtors

2023
2022
£
£


Trade debtors
164,300
793,201

Amounts owed by related undertakings
37,100,016
54,696,432

Other debtors
3,631,859
-

40,896,175
55,489,633


Page 5

 
DEVONSHIRE COMMERCIAL PROPERTY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

6.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank overdrafts
19,604
-

Bank loans
787,500
-

Trade creditors
11,070,210
(5,548)

Amounts owed to related undertakings
3,626,334
27,786,217

Corporation tax
-
4,781,751

Other taxation and social security
-
8,355,830

Accruals and deferred income
477,470
11,352,346

15,981,118
52,270,596


The bank loan is secured against the assets of the group.


7.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
21,565,000
-


The bank loan is secured against the assets of the group.


8.


Reserves

Profit and loss account

The profit and loss account includes amounts related to investment property revaluations totalling £2,949,736 (2022: £nil) which are non-distributable.

 
Page 6