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REGISTERED NUMBER: 02757732 (England and Wales)















Unaudited Financial Statements

for the Year Ended 31 October 2023

for

DEVONSHIRE PROPERTIES (CHISWICK) LIMITED

DEVONSHIRE PROPERTIES (CHISWICK) LIMITED (REGISTERED NUMBER: 02757732)

Contents of the Financial Statements
for the year ended 31 October 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3

Accountants' Report 7

DEVONSHIRE PROPERTIES (CHISWICK) LIMITED

Company Information
for the year ended 31 October 2023







Directors: L Delamar
B H East





Secretary: B H East





Registered office: Aissela
46 High Street
Esher
Surrey
KT10 9QY





Registered number: 02757732 (England and Wales)





Accountants: Cooper Parry Advisory Limited
Aissela
46 High Street
Esher
Surrey
KT10 9QY

DEVONSHIRE PROPERTIES (CHISWICK) LIMITED (REGISTERED NUMBER: 02757732)

Balance Sheet
31 October 2023

2023 2022
Notes £ £ £ £
Fixed assets
Tangible assets 4 - -
Investment property 5 3,400,000 4,550,000
3,400,000 4,550,000

Current assets
Debtors 6 79 2,002
Cash at bank 32,597 22,158
32,676 24,160
Creditors
Amounts falling due within one year 7 2,190,576 3,192,451
Net current liabilities (2,157,900 ) (3,168,291 )
Total assets less current liabilities 1,242,100 1,381,709

Provisions for liabilities 10 266,627 372,565
Net assets 975,473 1,009,144

Capital and reserves
Called up share capital 11 100 100
Fair value reserve 1,135,205 1,593,732
Retained earnings (159,832 ) (584,688 )
Shareholders' funds 975,473 1,009,144

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

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 Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 27 February 2024 and were signed on its behalf by:





B H East - Director


DEVONSHIRE PROPERTIES (CHISWICK) LIMITED (REGISTERED NUMBER: 02757732)

Notes to the Financial Statements
for the year ended 31 October 2023


1. Statutory information

Devonshire Properties (Chiswick) 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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.

Key source of estimation, uncertainty and judgement
The preparation of financial statements in conformity with generally accepted accounting practice requires management to make estimates and judgement that affect the reported amounts of assets and liabilities as well as the disclosure of contingent assets and liabilities at the balance sheet date and the reported amounts of revenues and expenses during the reporting period.

There is estimation uncertainty in calculating depreciation. A full line by line review of fixed assets is carried out by management regularly. Whilst every attempt is made to ensure that the depreciation policy is as accurate as possible, there remains a risk that the policy does not match the useful life of the assets.

There is estimation uncertainty in calculating deferred tax. A full line by line review of deferred tax is carried out by management regularly. Whilst every attempt is made to ensure that the deferred tax is as accurate as possible, there remains a risk that the provisions do not match the actual tax liability when asset is disposed of.

There is estimation uncertainty in calculating bad debt provisions. A full line by line review of trade debtors is carried out at the end of each month. Whilst every attempt is made to ensure that the bad debt provisions are as accurate as possible, there remains a risk that the provisions do not match the level of debts which ultimately prove to be uncollectable.

Critical accounting judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

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.
Fixtures and fittings - 25% 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.

Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.


DEVONSHIRE PROPERTIES (CHISWICK) LIMITED (REGISTERED NUMBER: 02757732)

Notes to the Financial Statements - continued
for the year ended 31 October 2023


2. Accounting policies - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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 2 (2022 - 2 ) .

4. Tangible fixed assets
Fixtures
and
fittings
£
Cost
At 1 November 2022
and 31 October 2023 2,764
Depreciation
At 1 November 2022
and 31 October 2023 2,764
Net book value
At 31 October 2023 -
At 31 October 2022 -

5. Investment property
Total
£
Fair value
At 1 November 2022 4,550,000
Additions 6,899
Disposals (1,150,000 )
Impairments (6,899 )
At 31 October 2023 3,400,000
Net book value
At 31 October 2023 3,400,000
At 31 October 2022 4,550,000

DEVONSHIRE PROPERTIES (CHISWICK) LIMITED (REGISTERED NUMBER: 02757732)

Notes to the Financial Statements - continued
for the year ended 31 October 2023


5. Investment property - continued

Fair value at 31 October 2023 is represented by:
£
Valuation in 2023 3,400,000

6. Debtors: amounts falling due within one year
2023 2022
£ £
Prepayments and accrued income 79 2,002

7. Creditors: amounts falling due within one year
2023 2022
£ £
Bank loans and overdrafts (see note 8) 600,000 1,250,000
Other loans (see note 8) 1,499,473 1,773,092
Trade creditors 30,350 50,057
Other creditors 5,000 5,000
Social security and other taxes 807 28
Directors' current accounts 30,374 99,374
Accrued expenses 24,572 14,900
2,190,576 3,192,451

8. Loans

An analysis of the maturity of loans is given below:

2023 2022
£ £
Amounts falling due within one year or on demand:
Bank loans 600,000 1,250,000
Loan - B H East 424,902 588,670
Loan - Terra Firma Ltd 390,454 496,422
Loan - J Snell 560,032 563,000
Loan - Martin Ross 124,085 125,000
2,099,473 3,023,092

Loans

At 31 October 2023, £424,902 (2022: £588,670) was loaned by B H East to the company. At 31 October 2023, £390,454 (2022: £496,422) was loaned by Terra Firma Ltd, a company controlled by L Delamar, to the company. No interest has been charged on these loans. There are no fixed repayment terms.

Directors current accounts

At 31 October 2023, £14,584 (2022: £48,584) was owed to L Delmar and £15,790 (2022: £50,790) was owed to B H East. These loans are interest free and have no fixed repayment terms.

DEVONSHIRE PROPERTIES (CHISWICK) LIMITED (REGISTERED NUMBER: 02757732)

Notes to the Financial Statements - continued
for the year ended 31 October 2023


9. Secured debts

The following secured debts are included within creditors:

2023 2022
£ £
Bank loan and overdraft 600,000 1,250,000

There are fixed charges over the investment property held by the company to include all monies due or to become due from the company in respect of the property.

10. Provisions for liabilities
2023 2022
£ £
Deferred tax B/fwd 266,627 372,565

Deferred tax
£
Balance at 1 November 2022 372,565
Utilised during year (105,938 )
Balance at 31 October 2023 266,627

11. Called up share capital

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £ £
100 Ordinary 1 100 100

Accountants' Report to the Board of Directors
on the Unaudited Financial Statements of
Devonshire Properties (Chiswick) Limited


The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Devonshire Properties (Chiswick) Limited for the year ended 31 October 2023 which comprise the Profit and Loss Account, Balance Sheet, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Devonshire Properties (Chiswick) Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Devonshire Properties (Chiswick) Limited and state those matters that we have agreed to state to the Board of Directors of Devonshire Properties (Chiswick) Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Devonshire Properties (Chiswick) Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Devonshire Properties (Chiswick) Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Devonshire Properties (Chiswick) Limited. You consider that Devonshire Properties (Chiswick) Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Devonshire Properties (Chiswick) Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






Cooper Parry Advisory Limited
Aissela
46 High Street
Esher
Surrey
KT10 9QY


27 February 2024