Company registration number 11985195 (England and Wales)
FIRST DEGREE (DEVONSHIRE WORKS) LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
PAGES FOR FILING WITH REGISTRAR
FIRST DEGREE (DEVONSHIRE WORKS) LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
FIRST DEGREE (DEVONSHIRE WORKS) LTD
BALANCE SHEET
AS AT
30 JUNE 2024
30 June 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investment property
3
5,000,000
5,600,000
Current assets
Debtors
4
101,793
71,917
Cash at bank and in hand
92,059
67,330
193,852
139,247
Creditors: amounts falling due within one year
5
(438,190)
(399,005)
Net current liabilities
(244,338)
(259,758)
Total assets less current liabilities
4,755,662
5,340,242
Creditors: amounts falling due after more than one year
6
(4,522,000)
(4,522,000)
Provisions for liabilities
(69,800)
(216,000)
Net assets
163,862
602,242
Capital and reserves
Called up share capital
7
100
100
Revaluation reserve
-
0
346,252
Profit and loss reserves
163,762
255,890
Total equity
163,862
602,242
FIRST DEGREE (DEVONSHIRE WORKS) LTD
BALANCE SHEET (CONTINUED)
AS AT
30 JUNE 2024
30 June 2024
- 2 -

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 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.

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

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 27 March 2025 and are signed on its behalf by:
J J Vardy
Director
Company registration number 11985195 (England and Wales)
FIRST DEGREE (DEVONSHIRE WORKS) LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
- 3 -
1
Accounting policies
Company information

First Degree (Devonshire Works) Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 15 Arundel Gate, Sheffield, S1 2PN.

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 investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover represents rents receivable from properties in the normal course of business, and is shown net of VAT and other sales related taxes.

1.3
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.

1.4
Cash and cash equivalents

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

1.5
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs. 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.

FIRST DEGREE (DEVONSHIRE WORKS) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 4 -
Basic financial liabilities

Basic financial liabilities, including creditors, bank loans and loans from fellow group companies 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.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.6
Share capital

Share capital issued by the company is recorded at the proceeds received, net of transaction costs. Dividends payable on share capital are recognised as liabilities once they are no longer at the discretion of the company.

1.7
Taxation

The tax expense represents the sum of 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 profit and loss account 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.

 

2
Employees

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

2024
2023
Number
Number
Total
1
2
FIRST DEGREE (DEVONSHIRE WORKS) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 5 -
3
Investment property
2024
£
Fair value
At 1 July 2023
5,600,000
Additions
6,976
Revaluations
(606,976)
At 30 June 2024
5,000,000

The investment property was valued as at 11 June 2024 on an open market basis by Cushman & Wakefield, a firm of independent Chartered Surveyors. The directors believe this valuation to be the fair value of the investment property at 30 June 2024.

4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
89,362
65,062
Corporation tax recoverable
-
0
41
Other debtors
12,431
6,814
101,793
71,917
5
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
108,000
108,000
Trade creditors
98,816
89,829
Taxation and social security
22,885
17,502
Other creditors
208,489
183,674
438,190
399,005

Following the year-end, the terms of the bank loan facility were renewed with the new terms becoming interest only, as a consequence none of the balance outstanding at 30 June 2024 is now repayable within one year.

 

See note 6 for details of the bank loan security.

FIRST DEGREE (DEVONSHIRE WORKS) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 6 -
6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
2,322,000
2,322,000
Other creditors
2,200,000
2,200,000
4,522,000
4,522,000

The bank loans are secured by a fixed and floating charge over the property and undertakings of the company.

7
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
8
Related party transactions

First Degree Investment Management Limited

During the period, management charges of £41,174 (2023: £37,500) were paid to First Degree Investment Management Limited, a company in which J J Vardy and A R Turner are directors. At the year end the total amounts owed from the company to First Degree Investment Management Limited were £100,000 (2023: £100,000) which is included within other creditors, and £21,584 (2023: £14,035) which is included within trade creditors. Interest has been charged on this loan during the year of £5,000 (2023: £5,000).

 

Darlton Hall Estates Limited

At the year end the total amounts owed from the company to Darlton Hall Estates Limited, a company in which A R Turner is a director, were £100,000 (2023: £100,000) which is included within other creditors, and £1,250 (2023: £1,250) which is included within trade creditors. Interest has been charged on this loan during the year of £5,000 (2023: £5,000).

 

Turner Investments Limited

At the year end the total amounts owed from the company to Turner Investments Limited, a company in which S Ingram is a director, were £1,000,000 (2023: £1,000,000) which is included within other creditors, and £12,561 (2023: £12,500) which is included within trade creditors. Interest has been charged on this loan during the year of £50,000 (2023: £50,000).

 

C J Camm

At the year end the total amounts owed from the company to C J Camm were £1,000,000 (2023: £1,000,000) which is included within other creditors, and £12,500 (2023: £12,500) which is included within trade creditors. Interest has been charged on this loan during the year of £50,000 (2023: 50,000).

 

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