0 false false false false false false false false false false true false false false false false false No description of principal activity 2023-06-01 Sage Accounts Production Advanced 2024 - FRS102_2024 9,110,000 270,000 9,380,000 9,380,000 9,110,000 xbrli:pure xbrli:shares iso4217:GBP 02250080 2023-06-01 2024-05-31 02250080 2024-05-31 02250080 2023-05-31 02250080 2022-06-01 2023-05-31 02250080 2023-05-31 02250080 2022-05-31 02250080 bus:Director1 2023-06-01 2024-05-31 02250080 core:WithinOneYear 2024-05-31 02250080 core:WithinOneYear 2023-05-31 02250080 core:AfterOneYear 2024-05-31 02250080 core:AfterOneYear 2023-05-31 02250080 core:ShareCapital 2024-05-31 02250080 core:ShareCapital 2023-05-31 02250080 core:RevaluationReserve 2024-05-31 02250080 core:RevaluationReserve 2023-05-31 02250080 core:RetainedEarningsAccumulatedLosses 2024-05-31 02250080 core:RetainedEarningsAccumulatedLosses 2023-05-31 02250080 core:LandBuildings 2024-05-31 02250080 core:LandBuildings 2023-05-31 02250080 core:LandBuildings 2023-05-31 02250080 core:LandBuildings 2023-06-01 2024-05-31 02250080 bus:SmallEntities 2023-06-01 2024-05-31 02250080 bus:AuditExemptWithAccountantsReport 2023-06-01 2024-05-31 02250080 bus:SmallCompaniesRegimeForAccounts 2023-06-01 2024-05-31 02250080 bus:PrivateLimitedCompanyLtd 2023-06-01 2024-05-31 02250080 bus:FullAccounts 2023-06-01 2024-05-31
COMPANY REGISTRATION NUMBER: 02250080
Devantier Properties Limited
Filleted Unaudited Financial Statements
31 May 2024
Devantier Properties Limited
Statement of Financial Position
31 May 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
4
9,380,000
9,110,000
Current assets
Debtors
5
667,439
681,673
Cash at bank and in hand
4,650
1,722
---------
---------
672,089
683,395
Creditors: amounts falling due within one year
6
54,454
2,616,242
---------
------------
Net current assets/(liabilities)
617,635
( 1,932,847)
------------
------------
Total assets less current liabilities
9,997,635
7,177,153
Creditors: amounts falling due after more than one year
7
3,700,000
1,162,500
Provisions
Taxation including deferred tax
1,412,942
1,012,466
------------
------------
Net assets
4,884,693
5,002,187
------------
------------
Capital and reserves
Called up share capital
100
100
Revaluation reserve
4,843,611
4,974,087
Profit and loss account
40,982
28,000
------------
------------
Shareholders funds
4,884,693
5,002,187
------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the year ending 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Devantier Properties Limited
Statement of Financial Position (continued)
31 May 2024
These financial statements were approved by the board of directors and authorised for issue on 24 February 2025 , and are signed on behalf of the board by:
Mr C R Dyason
Director
Company registration number: 02250080
Devantier Properties Limited
Notes to the Financial Statements
Year ended 31 May 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 2 Primes Corner, Histon, Cambridge, CB24 9AG.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The company has provided its assets as security against loans taken out, which are in part used to finance the assets of the company. Devantier Group Limited's and Devantier Properties Limited 's ability to continue as going concerns is reliant on these loans.
Consolidation
The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.
Changes in accounting policies
Following the adoption of FRS102 the company now makes provision within deferred tax for the potential capital gains tax which would arise if the investment properties were sold at their revalued amount.
Revenue recognition
The turnover shown in the profit and loss account represents rental income.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
4. Tangible assets
Land and buildings
£
Cost or valuation
At 1 June 2023
9,110,000
Revaluations
270,000
------------
At 31 May 2024
9,380,000
------------
Depreciation
At 1 June 2023 and 31 May 2024
------------
Carrying amount
At 31 May 2024
9,380,000
------------
At 31 May 2023
9,110,000
------------
The land and buildings are in respect of the company's freehold investment properties which have been revalued by the director at the balance sheet date based upon open market values. In respect of certain fixed assets stated at valuations, the comparable historical cost and depreciation values are as follows:
2024 2023
£ £
Historical cost 3,254,535 3,254,535
5. Debtors
2024
2023
£
£
Trade debtors
27,445
9,479
Amounts owed by group undertakings and undertakings in which the company has a participating interest
633,568
514,657
Other debtors
6,426
157,537
---------
---------
667,439
681,673
---------
---------
6. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
25,000
2,589,375
Trade creditors
7,821
7,612
Corporation tax
3,952
8,678
Other creditors
17,681
10,577
--------
------------
54,454
2,616,242
--------
------------
7. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
3,700,000
1,162,500
------------
------------
8. Related party transactions
In the directors' opinion the immediate controlling party is Devantier Group Limited, the immediate parent undertaking. The company is ultimately controlled by the director Mr C R Dyason as a result of his shareholding in the ultimate parent undertaking. During the year the company continued to be financed by loans from the parent company, Devantier Group Limited. In addition to this the following transactions occurred with Devantier Group Limited: Management charge paid: £64,000 (2023:£64,000) Interest paid: £nil (2023:£nil) Interest received: £20,775 (2023:£27,210) As at the balance sheet date, the company was owed £569,568 (2023: £514,657) from Devantier Group Limited.