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Registered number: 10189050










THE DEVONSHIRE GROUP LIMITED










ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

 
THE DEVONSHIRE GROUP LIMITED
 
 
COMPANY INFORMATION


Directors
A C Lavery 
S G Vickers 




Company secretary
A C Lavery



Registered number
10189050



Registered office
The Estate Office
Edensor

Bakewell

Derbyshire

DE45 1PJ




Independent auditors
Shorts

Chartered Accountants & Statutory Auditor

2 Ashgate Road

Chesterfield

Derbyshire

S40 4AA




Bankers
National Westminster Bank plc





 
THE DEVONSHIRE GROUP LIMITED
 

CONTENTS



Page
Group Strategic Report
 
1
Directors' Report
 
2 - 3
Independent Auditors' Report
 
4 - 7
Consolidated Statement of Income and Retained Earnings
 
8
Consolidated Balance Sheet
 
9
Company Balance Sheet
 
10
Consolidated Statement of Changes in Equity
 
11
Company Statement of Changes in Equity
 
12
Consolidated Statement of Cash Flows
 
13
Notes to the Financial Statements
 
14 - 28


 
THE DEVONSHIRE GROUP LIMITED
 
 
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2024

Introduction
 
The directors present their strategic report for the year ended 31 March 2024.

Business review
 
During the year, the group recorded sales of £20,981,658 (2023: £19,569,358) and a pre-tax loss of £864,757 (2023: £587,039). 

Principal risks and uncertainties
 
UK economic downturn
A downturn in the UK economy represents a risk to the group.  The group is partly reliant on visitors continuing to visit Chatsworth to deliver its performance, and spend on retail and catering is considered discretionary.  Management regularly review the group’s operations to ensure they remain fresh and are meeting the needs and wants of a wide variety of visitors throughout the year.  
Liquidity
The group seeks to manage financial risk by ensuring sufficient liquidity is available to meet foreseeable needs. The management of liquidity is the responsibility of the CFO and is overseen by the directors.

Financial key performance indicators
 
Visitor based trading benefitted from visitor numbers being 6% (30,896) higher than budget at 506,180. This higher proportion of visitors shopping and eating with us, helped mitigate lower average spend (£17.93 per customer vs budget of £18.97) resulting in revenue being 1% ahead of budget. 

Other key performance indicators
 
Service KPI’s saw an improvement year on year, but were slightly behind target in the year, with the Farm Shop and Café scoring 9 and Retail and Catering scoring 8.6 against targets of 9.
Going concern
The Directors have considered the likely outcome for the 2024/25 year and expectations for 2025/26 and beyond including an estimate of cash flow impacts. These indicate that, taking into account reasonably possible downsides and the impact on the operations and its financial resources, the group will have sufficient funds to meet its liabilities as they fall due for the foreseeable future. This is reliant upon continued improvement to the business processes and operations and increased profitability, which has seen a strong start post year end. The group also benefits from the availability of financial support from the wider group, should it be required. 
Consequently, the Directors are confident that the group will have sufficient funds to continue to meet its liabilities as they fall due for at least 12 months from the date of approval of the financial statements and therefore have prepared the financial statements on a going concern basis. 


This report was approved by the board on 26 March 2025 and signed on its behalf.



A C Lavery
Director

Page 1

 
THE DEVONSHIRE GROUP LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2024

The directors present their report and the financial statements for the year ended 31 March 2024.

Directors

The directors who served during the year were:

A C Lavery 
N J W Wood (resigned 31 May 2024)
S G Vickers 

Directors' responsibilities statement

The directors are responsible for preparing the Group Strategic Report, the Directors' Report and the consolidated financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and the Group and of the profit or loss of the Group for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the Group's financial statements and then apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Results and dividends

The loss for the year, after taxation, amounted to £772,483 (2023 - £559,933).
No dividends were paid during the current or the prior year. 

Qualifying third party indemnity provisions

The directors have been granted a qualifying third party indemnity provision under Section 234 of the Companies Act 2006. The indemnity does not provide cover in the event of a director being proven to have acted fraudulently or dishonestly.

Page 2

 
THE DEVONSHIRE GROUP LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company and the Group's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditors are aware of that information.

Auditors

The auditorsShortswill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 26 March 2025 and signed on its behalf.
 





A C Lavery
Director

Page 3

 
THE DEVONSHIRE GROUP LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE DEVONSHIRE GROUP LIMITED
 

Opinion


We have audited the financial statements of The Devonshire Group Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 March 2024, which comprise the Group Statement of Income and Retained Earnings, the Group and Company Balance Sheets, the Group Statement of Cash Flows, the Group and Company Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Group's and of the parent Company's affairs as at 31 March 2024 and of the Group's loss for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's or the parent Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.


Page 4

 
THE DEVONSHIRE GROUP LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE DEVONSHIRE GROUP LIMITED (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and  our Auditors' Report thereon.  The directors are responsible for the other information contained within the Annual Report.  Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated.  If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves.  If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Group Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Group Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Directors' Report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept by the parent Company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent Company financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Page 5

 
THE DEVONSHIRE GROUP LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE DEVONSHIRE GROUP LIMITED (CONTINUED)


Responsibilities of directors
 

As explained more fully in the Directors' Responsibilities Statement set out on page 2, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the Group's and the parent Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Group or the parent Company or to cease operations, or have no realistic alternative but to do so.


Auditors' responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Group financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
through discussions with the directors and other management and from our commercial knowledge and experience of the sectors that the group operates in, we identified the laws and regulations applicable to the group; and
focusing on the specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the group, we assessed the extent of compliance with those laws and regulations identified above through making enquiries of management and inspecting relevant correspondence.

We assessed the susceptibility of the group’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and controls, we:
 
performed analytical procedures to identify any unusual or unexpected relationships;
considered journal entries to identify unusual transactions;
Page 6

 
THE DEVONSHIRE GROUP LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE DEVONSHIRE GROUP LIMITED (CONTINUED)


assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and
investigated the rationale behind significant or unusual transactions.
 
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

agreeing financial statement disclosures to underlying supporting documentation;
reading the minutes of those charged with governance;
enquiring of management as to actual and potential litigation and claims;
considering relationships with HMRC and any other relevant authorities; and
reviewing legal and professional fees for evidence of litigation.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.

Use of our report
 

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.





Kirstie Wilson ACA DChA (Senior Statutory Auditor)
  
for and on behalf of
Shorts
 
Chartered Accountants & Statutory Auditor
2 Ashgate Road
Chesterfield
Derbyshire
S40 4AA

26 March 2025
Page 7

 
THE DEVONSHIRE GROUP LIMITED
 
 
CONSOLIDATED STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 31 MARCH 2024

2024
2023
Note
£
£

  

Turnover
 4 
20,981,658
19,569,358

Cost of sales
  
(9,677,948)
(9,143,143)

Gross profit
  
11,303,710
10,426,215

Administrative expenses
  
(11,897,605)
(10,942,385)

Operating loss
  
(593,895)
(516,170)

Interest payable and similar expenses
 7 
(270,862)
(70,869)

Loss before tax
  
(864,757)
(587,039)

Tax on loss
 8 
92,274
27,106

Loss after tax
  
(772,483)
(559,933)

  

  

Retained earnings at the beginning of the year
  
(3,702,012)
(3,142,079)

Loss for the year attributable to the owners of the parent
  
(772,483)
(559,933)

Retained earnings at the end of the year
  
(4,474,495)
(3,702,012)

The notes on pages 14 to 28 form part of these financial statements.

Page 8

 
THE DEVONSHIRE GROUP LIMITED
REGISTERED NUMBER: 10189050

CONSOLIDATED BALANCE SHEET
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 9 
1,368,683
1,832,870

Tangible assets
 10 
4,558,257
4,586,673

  
5,926,940
6,419,543

Current assets
  

Stocks
 12 
1,463,929
1,493,603

Debtors: amounts falling due within one year
 13 
886,445
5,498,253

Cash at bank and in hand
  
1,118,148
171,448

  
3,468,522
7,163,304

Creditors: amounts falling due within one year
 14 
(4,833,619)
(4,567,189)

Net current (liabilities)/assets
  
 
 
(1,365,097)
 
 
2,596,115

Total assets less current liabilities
  
4,561,843
9,015,658

Creditors: amounts falling due after more than one year
 15 
(3,831,826)
(1,440,000)

Provisions for liabilities
  

Deferred taxation
 17 
(204,512)
(296,786)

Net assets
  
525,505
7,278,872


Capital and reserves
  

Called up share capital 
 18 
5,000,000
10,980,884

Profit and loss account
  
(4,474,495)
(3,702,012)

  
525,505
7,278,872


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 26 March 2025.



A C Lavery
Director

The notes on pages 14 to 28 form part of these financial statements.

Page 9

 
THE DEVONSHIRE GROUP LIMITED
REGISTERED NUMBER: 10189050

COMPANY BALANCE SHEET
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Investments
 11 
8,544,174
8,468,528

Current assets
  

Debtors
 13 
1
1

Creditors: amounts falling due within one year
 14 
(6,397,086)
(237,873)

Net current liabilities
  
 
 
(6,397,085)
 
 
(237,872)

Net assets
  
2,147,089
8,230,656


Capital and reserves
  

Called up share capital 
 18 
5,000,000
10,980,884

Profit and loss account
  
(2,852,911)
(2,750,228)

  
2,147,089
8,230,656


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 26 March 2025.


A C Lavery
Director

The notes on pages 14 to 28 form part of these financial statements.

Page 10

 
THE DEVONSHIRE GROUP LIMITED
 

CONSOLIDATED 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
10,980,884
(3,142,079)
7,838,805


Comprehensive income for the year

Loss for the year
-
(559,933)
(559,933)



At 1 April 2023
10,980,884
(3,702,012)
7,278,872


Comprehensive income for the year

Loss for the year
-
(772,483)
(772,483)


Contributions by and distributions to owners

Shares redeemed during the year
(5,980,884)
-
(5,980,884)


At 31 March 2024
5,000,000
(4,474,495)
525,505


The notes on pages 14 to 28 form part of these financial statements.

Page 11

 
THE DEVONSHIRE GROUP LIMITED
 

COMPANY 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
10,980,884
(2,571,188)
8,409,696


Comprehensive income for the year

Loss for the year
-
(179,040)
(179,040)



At 1 April 2023
10,980,884
(2,750,228)
8,230,656


Comprehensive income for the year

Loss for the year
-
(178,329)
(178,329)

Fair value adjustments
-
75,646
75,646


Contributions by and distributions to owners

Shares reduced in the year
(5,980,884)
-
(5,980,884)


At 31 March 2024
5,000,000
(2,852,911)
2,147,089


The notes on pages 14 to 28 form part of these financial statements.

Page 12

 
THE DEVONSHIRE GROUP LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2024

2024
2023
£
£

Cash flows from operating activities

Loss for the financial year
(772,483)
(559,933)

Adjustments for:

Amortisation of intangible assets
464,187
464,187

Depreciation of tangible assets
570,041
618,224

Loss/(profit) on disposal of tangible assets
1,810
(3,285)

Interest paid
270,862
70,869

Taxation charge
(92,274)
(27,106)

Decrease/(increase) in stocks
29,675
(283,359)

Decrease/(increase) in debtors
4,510,865
(4,198,915)

(Decrease)/increase in creditors
(3,322,628)
686,105

Corporation tax received/(paid)
100,943
(253,526)

Net cash generated from operating activities

1,760,998
(3,486,739)


Cash flows from investing activities

Purchase of tangible fixed assets
(544,595)
(1,138,430)

Sale of tangible fixed assets
1,159
3,702

Net cash from investing activities

(543,436)
(1,134,728)

Cash flows from financing activities

New secured loans
-
3,831,826

Interest paid
(270,862)
(70,869)

Net cash used in financing activities
(270,862)
3,760,957

Net increase/(decrease) in cash and cash equivalents
946,700
(860,510)

Cash and cash equivalents at beginning of year
171,448
1,031,958

Cash and cash equivalents at the end of year
1,118,148
171,448


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
1,118,148
171,448

1,118,148
171,448


Page 13

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

1.


General information

The Devonshire Group Limited is a private company incorporated, domiciled and registered in England in the UK. Its registered number is 10189050 and the registered address is The Estate Office, Edensor, Bakewell, DE45 1PJ.
The principal activity of the Group continued to be that of the operation of retail and catering businesses and 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 Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The Groups functional and presentational currency is pounds sterling.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgement in applying the Group's accounting policies (see note 3).

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Income and Retained Earnings in these financial statements.

The following principal accounting policies have been applied:

 
2.2

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.

 
2.3

Going concern

The group has net current liabilities of £1,365,097 (2023: net assets of £2,596,115).
The Directors have considered the likely outcome for the 2024/25 year and expectations for 2025/26 and beyond including an estimate of cash flow impacts. These indicate that, taking into account reasonably possible downsides and the impact on the operations and its financial resources, the group will have sufficient funds to meet its liabilities as they fall due for the foreseeable future. This is reliant upon continued improvement to the business processes and operations and increased profitability, which has seen a strong start post year end. The group also benefits from the availability of financial support from the wider group, should it be required. 
Consequently, the Directors are confident that the group will have sufficient funds to continue to meet its liabilities as they fall due for at least 12 months from the date of approval of the financial statements and therefore have prepared the financial statements on a going concern basis. 

Page 14

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

2.Accounting policies (continued)

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group 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:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Group has transferred the significant risks and rewards of ownership to the buyer;
the Group retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Group will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

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 Group 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.

 
2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.6

Pensions

Defined contribution pension plan

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Group in independently administered funds.

Page 15

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

2.Accounting policies (continued)

 
2.7

Current and deferred taxation

       Tax is recognised in the Statement of Income and Retained Earnings.

The current income 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 and the Group operate and generate income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Balance Sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

 
2.8

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of the Group's share of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Consolidated Statement of Income and Retained Earnings over its useful economic life.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

Page 16

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

2.Accounting policies (continued)

 
2.9

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.

The depreciation rates used are:

Plant and Equipment
-
3 to 10 years straight line
Renewable Energy Centre
-
Straight line over 20 years
Buildings
-
Straight line over 25 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.

 
2.10

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.11

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.12

Provisions for liabilities

Provisions are made where an event has taken place that gives the Group a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Group becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Balance Sheet.

Page 17

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

2.Accounting policies (continued)

 
2.13

Financial instruments

The Group only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, 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, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.

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.


3.


Judgements in applying accounting policies and key sources of estimation uncertainty

No significant judgements have had to be made by management in preparing these financial statements.
The Group makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have the greatest level of uncertainty are addressed below:
(i) Depreciation
The carrying value of fixed assets is calculated on the basis of estimates of depreciation periods derived from the expected useful life of the asset concerned, and residual values. The expected useful life of the asset concerned and its estimated residual value may change under the influence of technological developments, market circumstances and changes in the use of the asset. The factors may also give rise to the need to recognise an impairment on assets.
(ii) Stock valuation
The Group assesses the condition and the valuation of stock throughout the year. It is the view of the Group that no stock provisions are required at the year end.
(iii) Impairment of investments and goodwill
The Group assesses the valuation of investments and goodwill at each Balance Sheet date. In the year, the Group reversed impairment charges in investments of £75,646 (2023: £nil) and recognised no impairment in goodwill (2023: £nil).

Page 18

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

4.


Turnover

An analysis of turnover by class of business is as follows:


2024
2023
£
£

Chatsworth Estate Trading Limited
20,551,148
19,162,589

Devonshire Renewable Energy Limited
430,510
406,769

20,981,658
19,569,358


The whole of the turnover is attributable to the principal activities of the Group and was within the United
Kindgom.


5.


Auditors' remuneration

2024
2023
£
£



Fees payable to the Group's auditors for the audit of the consolidated and parent Company's financial statements
35,035
23,350


Fees payable to the Group's auditor in respect of:




All other services
3,150
2,950

Taxation services
2,800
-

5,950
2,950

Page 19

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

6.


Employees

Staff costs were as follows:


Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£


Wages and salaries
4,978,666
4,636,522
-
-

Social security costs
334,934
312,324
-
-

Cost of defined contribution scheme
130,327
113,805
-
-

5,443,927
5,062,651
-
-


The average monthly number of employees, excluding the directors, during the year was as follows:


        2024
        2023
            No.
            No.







Administration and management
20
20



Farm shop
74
75



Retail
16
12



Catering
84
85

194
192

The directors do not have employment contracts with the Group and are not paid for their role.


7.


Interest payable and similar expenses

2024
2023
£
£


Other loan interest payable
270,862
70,869

Page 20

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

8.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
-
25,642

Adjustments in respect of previous periods
-
(126,588)


Total current tax
-
(100,946)

Deferred tax


Origination and reversal of timing differences
(92,274)
73,840


Taxation on loss
(92,274)
(27,106)

Factors affecting tax charge for the year

The tax assessed for the year is higher than (2023 - higher than) the standard rate of corporation tax in the UK of25% (2023 - 19%). The differences are explained below:

2024
2023
£
£


Loss before tax
(864,757)
(587,039)


Loss multiplied by standard rate of corporation tax in the UK of 25% (2023- 19%)
(216,189)
(111,537)

Effects of:


Non-tax deductible amortisation of goodwill and impairment
20,409
95,000

Capital allowances for year in excess of depreciation
211,418
(7,316)

Adjustments to tax charge in respect of prior periods
-
(126,588)

Changes in provisions leading to an increase (decrease) in the tax charge
(22,544)
1,017

Unrelieved tax losses carried forward
-
4,298

Other differences leading to an increase (decrease) in the tax charge
(85,368)
84,002

Group relief
-
34,018

Total tax charge for the year
(92,274)
(27,106)

There are tax losses and R&D tax credits within the group carried forward totalling £1,012,452 (2023: £998,847) which are available for offset against future taxable profits of the group.

Page 21

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

9.


Intangible assets

Group





Goodwill

£



Cost


At 1 April 2023
5,743,212



At 31 March 2024

5,743,212



Amortisation


At 1 April 2023
3,910,342


Charge for the year on owned assets
464,187



At 31 March 2024

4,374,529



Net book value



At 31 March 2024
1,368,683



At 31 March 2023
1,832,870



Page 22

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

10.


Tangible fixed assets

Group






Buildings
Plant and equipment
Total

£
£
£



Cost


At 1 April 2023
2,764,259
5,388,399
8,152,658


Additions
-
544,595
544,595


Disposals
-
(6,948)
(6,948)



At 31 March 2024

2,764,259
5,926,046
8,690,305



Depreciation


At 1 April 2023
526,826
3,039,159
3,565,985


Charge for the year on owned assets
36,028
534,013
570,041


Disposals
-
(3,978)
(3,978)



At 31 March 2024

562,854
3,569,194
4,132,048



Net book value



At 31 March 2024
2,201,405
2,356,852
4,558,257



At 31 March 2023
2,237,433
2,349,240
4,586,673

Note: there are no tangible assets in the parent company.

Page 23

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

11.


Fixed asset investments

Company





Investments in subsidiary companies

£



Cost


At 1 April 2023
10,980,883



At 31 March 2024

10,980,883



Impairment


At 1 April 2023
2,512,355


Reversal of impairment losses
(75,646)



At 31 March 2024

2,436,709



Net book value



At 31 March 2024
8,544,174



At 31 March 2023
8,468,528


Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Class of shares

Holding

Chatsworth Estate Trading Limited
Ordinary
100%
Devonshire Renewable Energy Limited
Ordinary
100%

Page 24

 
THE DEVONSHIRE GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
Subsidiary undertakings (continued)

The aggregate of the share capital and reserves as at 31 March 2024 and the profit or loss for the year ended on that date for the subsidiary undertakings were as follows:

Name
Aggregate of share capital and reserves
Profit/(loss)
£
£

Chatsworth Estate Trading Limited
5,902,756
(782,656)

Devonshire Renewable Energy Limited
956,217
101,566

The reversal of impairment in the year of £75,646 (2023: £Nil) relates to an increase in the recoverable amount of the investment in Devonshire Renewable Energy Limited, following the subsidiary generating profit in the year. 


12.


Stocks

Group
Group
2024
2023
£
£

Stores
1,463,929
1,493,603



13.


Debtors

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£


Trade debtors
369,824
189,090
-
-

Amounts owed by related entities
165,514
4,710,143
-
-

Other debtors
51,953
271,018
1
1

Prepayments and accrued income
299,154
227,059
-
-

Tax recoverable
-
100,943
-
-

886,445
5,498,253
1
1


Page 25

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

14.


Creditors: Amounts falling due within one year

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Bank loans
-
2,391,826
-
-

Trade creditors
649,858
455,467
-
-

Amounts owed to group undertakings
-
-
4,333,030
-

Amounts owed to related entities
3,000,382
759,749
1,984,757
169,968

Other taxation and social security
21,074
-
-
-

Accruals and deferred income
1,162,305
960,147
79,299
67,905

4,833,619
4,567,189
6,397,086
237,873


A cross guarantee exists between the Group and various other related entities. This provides security on the bank liabilities held within these related entities against the assets held, and covers all of the assets of these entities. 


15.


Creditors: Amounts falling due after more than one year

Group
Group
2024
2023
£
£

Bank loans
3,831,826
1,440,000


A cross guarantee exists between the Group and various other related entities. This provides security on the bank liabilities held within these related entities against the assets held, and covers all of the assets of these entities. 


16.


Loans

Analysis of the maturity of loans is given below:


Group
Group
2024
2023
£
£

Amounts falling due within one year

Bank loans
-
2,391,826


Amounts falling due 2-5 years

Bank loans
3,831,826
1,440,000


3,831,826
3,831,826


Page 26

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

17.


Deferred taxation


Group



2024
2023


£

£






At beginning of year
296,786
222,946


Release to profit or loss
(92,274)
73,840



At end of year
204,512
296,786

Group
Group
2024
2023
£
£

Accelerated capital allowances
219,631
296,786

Pension surplus
(15,119)
-

204,512
296,786


18.


Share capital

2024
2023
£
£
Authorised, allotted, called up and fully paid



5,000,000 (2023 - 10,980,884) Ordinary shares of £1.00 each
5,000,000
10,980,884

During the year, a share capital reduction took place totalling £5,980,884 and the consideration for this forms part of the movement in amounts due to / from group undertakings and amounts due to / from related undertakings. 


19.


Analysis of net debt




At 1 April 2023
Cash flows
At 31 March 2024
£

£

£

Cash at bank and in hand

171,448

946,700

1,118,148

Debt due after 1 year

(1,440,000)

(2,391,826)

(3,831,826)

Debt due within 1 year

(2,391,826)

2,391,826

-


(3,660,378)
946,700
(2,713,678)

Page 27

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

20.


Pension commitments

Chatsworth Estate Trading Limited (a subsidiary) operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the group in an independently administered fund. The pension cost charge represents contribbutions payable by the group to the fund and amounted to  £130,327 (2023: £113,805). Contributions totalling £25,144 (2023: £21,925) were payable to the fund at the balance sheet date and are included in other creditors.
Chatsworth Estate Trading Limited also participated in a defined benefit pension scheme operated by the Trustees of the Chatsworth Settlement for certain active members of that scheme employed in April 2017. An agreement was reached with the Chatsworth Settlement to pay over 35% of base salary to cover any liability accruing in the year. Following such payment, no further liability will accrue to the group.


21.


Related party transactions

The income and expenditure in this note is recognised in the accounts of Chatsworth Estate Trading Limited and Devonshire Renewable Energy Limited.
The group considers other organisations linked to or associated with the Duke of Devonshire to be related parties. During the year, the group received income from these related undertakings totalling £622,878 (2023: £200,976) of which £158,596 (2023: £122,808) was outstanding at the year end and is included within amounts owed by related undertakings.
Recharges amounting to £3,735,672 (2023: £3,667,516) were made from related undertakings during the year of which £3,000,381 (2023: £675,735) was outstanding at the year end and is included within accruals and amounts owed to related undertakings. These include support costs for senior management time and central overheads including; Finance, Human Resources, IT system and Health and Safety. Amounts payable also include a turnover rent and a charge for marketing support. During the year, the Group reduced their share capital by £5,980,884 which was funded by a related undertaking. This amount is outstanding at the year end and is included with amounts owed to group undertakings. 
Income of £25,050 (2023: £37,779) was received from the Duke of Devonshire and his immediate family. At the year end, £6,915 (2023: £5,904) was outstanding. These amounts are included within amounts owed by related undertakings.


22.


Controlling party

The company is controlled by Chatsworth Settlement Trustees, who own the whole of the allotted shares.

Page 28