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REGISTERED NUMBER: OC417083 (England and Wales)















FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024

FOR

PROJECT DEVONSHIRE LLP

PROJECT DEVONSHIRE LLP (REGISTERED NUMBER: OC417083)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024




Page

General Information 1

Balance Sheet 2

Notes to the Financial Statements 3


PROJECT DEVONSHIRE LLP

GENERAL INFORMATION
FOR THE YEAR ENDED 30 JUNE 2024







DESIGNATED MEMBERS: Castlebrooke Carry LLP
Sparrowhawk Properties 608 Limited
PG1 Limited





REGISTERED OFFICE: 35 Wilkinson Street
Sheffield
S10 2GB





REGISTERED NUMBER: OC417083 (England and Wales)





AUDITORS: Hollis and Co Limited
Chartered Accountants
Statutory Auditor
35 Wilkinson Street
Sheffield
South Yorkshire
S10 2GB

PROJECT DEVONSHIRE LLP (REGISTERED NUMBER: OC417083)

BALANCE SHEET
30 JUNE 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Investments 5 - 2,435,000

CURRENT ASSETS
Debtors 6 10,992,882 9,944,182
Prepayments and accrued income 2,440,317 1,220,408
13,433,199 11,164,590
CREDITORS
Amounts falling due within one year 7 5,555 3,500
NET CURRENT ASSETS 13,427,644 11,161,090
TOTAL ASSETS LESS CURRENT LIABILITIES
and
NET ASSETS ATTRIBUTABLE TO
MEMBERS

13,427,644

13,596,090

LOANS AND OTHER DEBTS DUE TO
MEMBERS

9

2,375,819

3,589,180

MEMBERS' OTHER INTERESTS
Capital accounts 11,051,825 10,006,910
13,427,644 13,596,090

TOTAL MEMBERS' INTERESTS
Loans and other debts due to members 9 2,375,819 3,589,180
Members' other interests 11,051,825 10,006,910
Amounts due from members 6 (3,784 ) -
13,423,860 13,596,090

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

In accordance with Section 444 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, the Income Statement has not been delivered.

The financial statements were approved by the members of the LLP and authorised for issue on 28 March 2025 and were signed by:



Sparrowhawk Properties 608 Limited - Designated member



Castlebrooke Carry LLP - Designated member


PROJECT DEVONSHIRE LLP (REGISTERED NUMBER: OC417083)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

1. STATUTORY INFORMATION

Project Devonshire LLP is registered in England and Wales. The LLP's registered number and registered office address can be found on the General Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


These financial statements cover the entity as an individual LLP.

The figures in the financial statements are rounded to the nearest £.

The principal activity of the LLP in the period under review was that of an investment Limited Liability Partnership.

2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the requirements of the Statement of Recommended Practice, Accounting by Limited Liability Partnerships.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

The financial statements have been prepared under the historical cost basis.

Going concern

The members are confident that the LLP has adequate resources to continue in operational existence for the foreseeable future. The Senior Lender will continue to support the position for the foreseeable future with the goal of fully executing the business plan.

Investments in subsidiaries
Investments in subsidiaries are measured at cost less accumulated impairment.

Financial instruments
Financial assets

The LLP's group loans receivable meet the definition of a basic financial instrument, so they are originally recognised at the transaction price.

Debt instruments which are financing transactions at a rate of interest that is not a market rate.

Where debt instruments are classified as assets due after more than one year or long term liabilities, then the company measures these at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Where debt instruments are classified as current assets or current liabilities, then there is no present value adjustment to the initial measurement based on amortised cost.

4. EMPLOYEE INFORMATION

The average number of employees during the year was NIL (2023 - NIL).

PROJECT DEVONSHIRE LLP (REGISTERED NUMBER: OC417083)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024

5. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 July 2023 2,435,000
Impairments (2,435,000 )
At 30 June 2024 -
NET BOOK VALUE
At 30 June 2024 -
At 30 June 2023 2,435,000

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Amounts owed by group undertakings 10,988,997 9,944,081
Other debtors 3,885 101
10,992,882 9,944,182

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 3,355 -
Other creditors 2,200 3,500
5,555 3,500

8. SECURED DEBTS

There are charges over certain assets of the LLP as security for a group company's loan borrowings, dated 23 September 2019 and 7 September 2022.

9. LOANS AND OTHER DEBTS DUE TO MEMBERS
2024 2023
£    £   
Amounts owed to members in respect of profits 2,375,819 3,589,180

Falling due within one year 2,375,819 3,589,180

Amounts due to members rank after all third party liabilities and member loans have been repaid.

10. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Peter Hollis (Senior Statutory Auditor)
for and on behalf of Hollis and Co Limited

PROJECT DEVONSHIRE LLP (REGISTERED NUMBER: OC417083)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024

11. RELATED PARTY DISCLOSURES

The LLP has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

For the purposes of these financial statements, a related party is an entity or entities who are able to exercise significant influence directly or indirectly on the LLP’s operations.

12. IMMEDIATE PARENT UNDERTAKING

Sparrowhawk Properties 608 Limited is regarded by the members as being the LLP's immediate parent undertaking.