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Registered number: 11144238










DEVONSHIRE PROPERTY (MM) LIMITED








UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

 
DEVONSHIRE PROPERTY (MM) LIMITED
REGISTERED NUMBER: 11144238

BALANCE SHEET
AS AT 31 MARCH 2024

2024
2023
Note
£
£

  

Current assets
  

Stocks
  
5,912,939
3,108,725

Debtors: amounts falling due within one year
 4 
809,810
47,650

  
6,722,749
3,156,375

Creditors: amounts falling due within one year
 5 
(6,658,824)
(3,123,768)

  

Net assets
  
63,925
32,607


Capital and reserves
  

Called up share capital 
  
22,056
1

Profit and loss account
  
41,869
32,606

  
63,925
32,607


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 comprehensive income 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 19 March 2025.




A C Lavery
Director

The notes on pages 6 to 8 form part of these financial statements.

Page 4

 
DEVONSHIRE PROPERTY (MM) LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 April 2022
1
30,899
30,900



Profit for the year
-
1,707
1,707



At 1 April 2023
1
32,606
32,607



Profit for the year
-
9,263
9,263

Shares issued during the year
22,055
-
22,055


At 31 March 2024
22,056
41,869
63,925


The notes on pages 6 to 8 form part of these financial statements.

Page 5

 
DEVONSHIRE PROPERTY (MM) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

Devonshire Property (MM) Limited is a private company limited by shares, incorporated in England and Wales (registered number: 11144238). 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 gaining planning consent and developing for residential housing.

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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

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.

Page 6

 
DEVONSHIRE PROPERTY (MM) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.3

Stocks

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.

 
2.4

Financial instruments

The company only enters into basic financial instrument transactions that result in the recognition of financial 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 debtors and creditors, 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.

 
2.5

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 number of employees during the year was 0 (2023 - 0). The directors do not have employment contracts with the Company and are not paid for their role.



 

Page 7

 
DEVONSHIRE PROPERTY (MM) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

4.


Debtors

2024
2023
£
£


Trade debtors
-
1,843

Amounts owed by related undertakings
13
-

Other debtors
809,797
45,807

809,810
47,650



5.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank overdrafts
842,790
37,527

Trade creditors
553,314
18,386

Amounts owed to related undertakings
4,995,221
2,675,567

Corporation tax
2,173
400

Accruals and deferred income
265,326
391,888

6,658,824
3,123,768


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


6.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



22,056 (2023 - 1) Ordinary shares of £1.00 each
22,056
1


During the year, 22,055 shares were issued at par.


7.


Controlling party

The ultimate holding company of Devonshire Property (MM) Limited is Devonshire Property Group Limited whose registered office is The Estate Office Edensor, Bakewell, Derbyshire, DE45 1PJ.

 
Page 8