Company registration number 09808278 (England and Wales)
DEVONSHIRE MUSEUM HOUSE LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
PAGES FOR FILING WITH REGISTRAR
DEVONSHIRE MUSEUM HOUSE LIMITED
CONTENTS
Page
Statement of financial position
1
Notes to the financial statements
2 - 5
DEVONSHIRE MUSEUM HOUSE LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
30 JUNE 2024
30 June 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investment property
3
13,183,184
12,133,184
Current assets
Debtors
4
162,522
126,594
Cash at bank and in hand
1,424
18,935
163,946
145,529
Creditors: amounts falling due within one year
5
(16,226,521)
(16,464,848)
Net current liabilities
(16,062,575)
(16,319,319)
Net liabilities
(2,879,391)
(4,186,135)
Capital and reserves
Called up share capital
100
100
Other reserves
(6,004,293)
(7,054,293)
Profit and loss reserves
3,124,802
2,868,058
Total equity
(2,879,391)
(4,186,135)

For the financial year ended 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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 director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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

The director of the company has elected not to include a copy of the income statement within the financial statements.true

The financial statements were approved and signed by the director and authorised for issue on 20 March 2025
F P E Devonshire
Director
Company registration number 09808278 (England and Wales)
DEVONSHIRE MUSEUM HOUSE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
- 2 -
1
Accounting policies
Company information

Devonshire Museum House Limited is a private company limited by shares incorporated in England and Wales. The registered office is 122 Wigmore Street, 3rd Floor, London, United Kingdom, W1U 3RX.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation investment properties at fair value. The principal accounting policies adopted are set out below.

1.2
Going concern

The financial statements have been prepared on a going concern basis even though at the balance sheet date the company's current liabilities exceeded its current assets by £true16,062,575.

 

The directors consider the going concern basis to be appropriate because, in their opinion, the company will continue to obtain sufficient funding from fellow group companies and if required from other companies under common control, to enable it to pay its debts as they fall due for at least 12 months from the date of approval of these financial statements.

1.3
Turnover

Turnover represents amounts receivable for letting of properties net of VAT. Rental income is recognised in the period to which it arises on an accruals basis and in accordance with the terms of the lease.

1.4
Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

The fair value is determined by the directors with the benefit of professional external values and derived from the current market rents and investments property yields for comparable real estates, adjusted if necessary for any different in the nature or location of the specified assets.

1.5
Cash and cash equivalents

Cash at bank and in hand are basic financial assets and include cash in hand, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.6
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.

DEVONSHIRE MUSEUM HOUSE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 3 -
Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

1.7
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.8
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

DEVONSHIRE MUSEUM HOUSE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 4 -
2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
1
1
3
Investment property
2024
£
Fair value
At 1 July 2023
12,133,184
Revaluations
1,050,000
At 30 June 2024
13,183,184

The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties and rental yields.

 

On an historical cost basis these would have been included at an original cost of £19,187,477 (2023: £19,187,477).

 

4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
145,800
123,630
Other debtors
16,722
2,964
162,522
126,594
5
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
52,582
40,993
Amounts owed to group undertakings
15,745,068
16,040,402
Taxation and social security
61,022
34,538
Other creditors
367,849
348,915
16,226,521
16,464,848
DEVONSHIRE MUSEUM HOUSE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
5
Creditors: amounts falling due within one year
(Continued)
- 5 -

The amounts owed to group undertakings are unsecured, interest free and repayable on demand.

 

Included in other creditors is an amount due to F P E Devonshire of £88,530 (2023: £88,530) that is unsecured, interest free and is repayable on demand.

6
Financial commitments, guarantees and contingent liabilities

The Company has given an unlimited guarantee to Handelsbanken in respect of the Devonshire Pumpkin Limited's borrowing. At 30 June 2024 the potential liability was £23,790,599 (2023: £23,948,114) and is secured by fixed charge on the properties of the company and by a floating charge on all other assets of the Company.

7
Related party transactions

The company has taken advantage of the exemption available in FRS 102 "Related party disclosures" whereby it has not disclosed transactions with the ultimate parent company or any wholly owned subsidiary undertaking of the group.

8
Parent company

The ultimate parent company is Devonshire Investment Holdings Limited, a company registered in England and Wales with a registered office of 122 Wigmore Street, 3rd Floor, London, England, W1U 3RX.

 

The ultimate controlling party is F P E Devonshire by virtue of her shareholding in Devonshire Investment Holdings Limited as disclosed in the financial statements of that Company.

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