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Registered number: 08464862










DEVONSHIRE RENEWABLE ENERGY LIMITED










FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

 
DEVONSHIRE RENEWABLE ENERGY LIMITED
REGISTERED NUMBER: 08464862

BALANCE SHEET
AS AT 31 MARCH 2024

2024
As restated 2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
1,479,075
1,479,075

Current assets
  

Debtors: amounts falling due within one year
 5 
362,635
353,321

Cash at bank and in hand
  
184,679
34,059

  
547,314
387,380

Creditors: amounts falling due within one year
 6 
(1,070,172)
(1,011,804)

Net current liabilities
  
 
 
(522,858)
 
 
(624,424)

  

Net assets
  
956,217
854,651


Capital and reserves
  

Called up share capital 
  
3,300,000
3,300,000

Profit and loss account
  
(2,343,783)
(2,445,349)

  
956,217
854,651


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 25 March 2025.




A C Lavery
Director

The notes on pages 2 to 5 form part of these financial statements.

Page 1

 
DEVONSHIRE RENEWABLE ENERGY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

Devonshire Renewable Energy Limited is a private company limited by shares, incorporated in England and Wales (registered number: 08464862). Its registed office is the Estate Office, Edensor, Bakewell, Derbyshire, DE45 1PJ. The principal activity of the company throughout the year continued to be that of the generation and sale of energy from renewable sources. 

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 presentational currency is pounds sterling.

The following principal accounting policies have been applied:

 
2.2

Going concern

At year end date the Company’s current liabilities exceeded its current assets by £522,858        (2023: £624,424). The ability of the Company to meet its liabilities as they fall due is dependent on support from Chatsworth Settlement Trustees, who have confirmed they will provide financial support for the next 12 months if required. On this basis, the directors are confident that the Company will be able to pay its debts as they fall due and accordingly these accounts are prepared on a going concern basis.

 
2.3

Revenue

Revenue represents amounts receivable for goods and services net of VAT and trade discounts.

 
2.4

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, as follows:

Depreciation is provided on the following basis:

Land and  buildings
-
Straight line over 25 years
Plant and machinery
-
Straight line over 20 years

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 2

 
DEVONSHIRE RENEWABLE ENERGY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

3.


Employees



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


4.


Tangible fixed assets





Freehold property
Plant and machinery
Total

£
£
£



Cost


At 1 April 2023
1,850,779
783,782
2,634,561



At 31 March 2024

1,850,779
783,782
2,634,561



Depreciation


At 1 April 2023
371,704
783,782
1,155,486



At 31 March 2024

371,704
783,782
1,155,486



Net book value



At 31 March 2024
1,479,075
-
1,479,075



At 31 March 2023
1,479,075
-
1,479,075


5.


Debtors

2024
As restated 2023
£
£


Trade debtors
52,594
30,636

Amounts owed by group undertakings
4,126
1,513

Amounts owed by related undertakings
99,873
30,809

Other debtors
-
140,526

Prepayments and accrued income
206,042
149,837

362,635
353,321


Page 3

 
DEVONSHIRE RENEWABLE ENERGY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

6.


Creditors: Amounts falling due within one year

2024
As restated 2023
£
£

Amounts owed to group undertakings
955,000
955,000

Amounts owed to related undertakings
66,046
7,079

Other taxation and social security
21,074
-

Accruals and deferred income
28,052
49,725

1,070,172
1,011,804



7.


Prior year adjustment

The prior year adjustment in the accounts relates to Climate Change Levy (CCL) rebates which were not accounted for in previous years. These rebates were received during the current year but related to financial years 2021 to 2023.


8.


Related party transactions

The Company has taken advantage of exemption, under the terms of FRS 102, not to disclose related party transactions with its parent company or with wholly owned subsidiaries within the wider group. The consolidated accounts of The Devonshire Group Limited can be obtained from The Estate Office, Edensor, Bakewell, Derbyshire, DE45 1PJ.

The Company considers other organisations linked to or associated with the Duke of Devonshire to be related parties. During the year, the company made sales to these related undertakings totalling  £251,012 (2023: £180,331) of which £99,873 (2023: £30,809) were receivable at the year end and included within amounts owed from related undertakings and a further amount receivable of £nil (2023: £12,614) included within prepayments. The company also made purchases with these related undertakings totalling £61,544 (2023: £120,143) of which £66,046 (2023: £7,019) were payable at the year end and included within amounts owed to related undertakings and a further amount payable of £nil (2023: £5,599) in accruals. 

A cross guarantee exists between the Company and various other related entities. This provides security on the bank liabilities held within these related entities against the assets held.

9.


Controlling party

The Company's immediate parent company is The Devonshire Group Limited. The ulitmate controlling party is Chatsworth Settlement Trust which owns 100% of the issued share capital in the ultimate parent company undertaking The Devonshire Group Limited. The Company's results are consolidated in The Devonshire Group Limited. Copies of the financial statements of The Devonshire Group Limited can be obtained from The Estate Office, Edensor, Bakewell, Derbyshire, DE45 1PJ.

Page 4

 
DEVONSHIRE RENEWABLE ENERGY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

10.


Auditors' information

The auditors' report on the financial statements for the year ended 31 March 2024 was unqualified.

The audit report was signed on 25 March 2025 by Kirstie Wilson ACA DChA (Senior Statutory Auditor) on behalf of Shorts.

 
Page 5