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REGISTERED NUMBER: 01480424 (England and Wales)















GROUP STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2024

FOR

Trevellyan Developments Limited

Trevellyan Developments Limited (Registered number: 01480424)






CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS
for the Year Ended 31 July 2024




Page

Company Information 1

Group Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 5

Consolidated Income Statement 7

Consolidated Other Comprehensive Income 8

Consolidated Balance Sheet 9

Company Balance Sheet 10

Consolidated Statement of Changes in Equity 11

Company Statement of Changes in Equity 12

Consolidated Cash Flow Statement 13

Notes to the Consolidated Financial Statements 14


Trevellyan Developments Limited

COMPANY INFORMATION
for the Year Ended 31 July 2024







DIRECTORS: Mr L J P Trevellyan
Mrs A H Trevellyan
Mr L D Trevellyan
Mrs S A Bradbury



SECRETARY: Mr L J P Trevellyan



REGISTERED OFFICE: Estate Management Office
Greenhills Estate
Tilford Road, Tilford
Farnham
Surrey
GU10 2DZ



REGISTERED NUMBER: 01480424 (England and Wales)



AUDITORS: Cooper Dawn Jerrom Limited
Statutory Auditors and Chartered Accountants
Units SCF 1 & 2
Western International Market
Hayes Road
Southall
Middlesex
UB2 5XJ



BANKERS: Natwest plc
Moorgate Branch
PO Box 712
94 Moorgate
London
EC2M 6XT



SOLICITORS: Wellers Law Group LLP
6 Bishopsmead Parade
East Horsley
Surrey
KT24 6SR

Trevellyan Developments Limited (Registered number: 01480424)

GROUP STRATEGIC REPORT
for the Year Ended 31 July 2024

The directors present their strategic report of the company and the group for the year ended 31 July 2024.

REVIEW OF BUSINESS
We are pleased to report Group Key Performance Indicators as follows:

- Profit pre-tax increased 311% to £5,045,268 (2023 - £1,621,185)

- Net worth increased by 2.4% to £106,963,799 (2023 - £104,442,783)

- Turnover increased 20% to £52,903,385 (2023 - £44,151,918)

- Tax on profit increased to £4,900,858 (2023 - £64,338) due to significant increases in deferred tax as
corporate tax rates increased from 19% to 25% in April 2023. The group deferred tax provision is now
£18,610,693 (2023 - £14,188,485)

- Total unused bank facilities amounted to £9,590,000 which combine with year-end cash balances of
£1,660,357 to make total funds available of £11,250,357

- Total fixed assets grew by 2% to £169,062,402 (2023 - £165,677,339) whilst bank debt fell by 13% to
£39,969,740 (2023 - £45,929,921)

- As a result of property sales bank loans reduced by £6,535,656 in the period. Despite this, interest costs rose
by 32% to £3,430,018 (2023 - £2,593,314) due to higher interest rates on our floating rate debt

- Rental income grew 14% to £5,376,488 (2023 - £4,717,048). Properties used by operating subsidiaries within
the group had an external market rental value of £741,252 (2023 - £302,299)


KEY SUBSIDIARY PERFORMANCE

PETROL RETAILING
Our petrol forecourt subsidiary Sectorsure No. 10 Limited increased turnover by 22.1% to £45,057,839 (2023 - £36,896,135) with an 11.8% increase in gross profit to £5,801,476 (2023 - £5,187,954) with net profit of £2,091,173 (2023 - £2,465,794). Operating performance produced a post-tax comprehensive income of £3,717,257 and net worth grew by 13.4% year on year.

PROPERTY INVESTMENT
Our property investment company Spincrest Limited increased turnover by 18.4% to £4,872,142 (2023 - £4,116,101). Whilst profit pre-tax increased 76% to £3,726,500 (2023 - £2,118,141), taxation on profit was £3,020,575 reflecting tax on disposals of £927,013 and an increase in the deferred tax provision due to the application of higher corporate tax rates (from 19% to 25%). Despite this, the company achieved a small increase in net worth of 1.4% to £53,146,462 (2023 - £52,440,537). Ever conscious of the need to maintain our investment property in good marketable condition, our annual repair and maintenance program represented 2.14% of market value (2023 - 2.25%).

ENVIRONMENTAL IMPACT
As in prior periods, continuing to reduce our environmental impact has been an important task for the group throughout the period. Previous initiatives continued during this period include: increasing recycling rates, switching property electricity supply contracts to be 100% renewably sourced, upgrading refrigeration and LED lighting, and diesel company pool cars are being phased out in favour of hybrid or electric vehicles. The group has in the past year subscribed to a tree planting and carbon offsetting scheme to offset the carbon footprint of all employees with a specialist environment and sustainability company Ecologi, creating our own virtual forest which has funded the planting of over 68,000 trees to date, almost all of which were planted overseas. One further initiative to help us achieve the goal of becoming carbon neutral is to switch tree-planting from overseas to the UK and we have renamed one of our subsidiaries "Tree Huggers" Limited as a first step to taking control of our own tree planting on land already owned or specifically acquired for this purpose. So far, we have planted just over 540 trees in Surrey since the move away from overseas planting.

We have continued to improve our EPC grades across the property portfolio. We are continually reviewing solar-generated power on a site-by-site basis as the recent significant increase in energy costs have improved the prospects of viable PV installations. The group now has fourteen fully-operational PV solar panel installations. At our Greenhills Estate headquarters, our rural conservation activities have increased and the spaces previously set aside for tree planting, wildflower meadow planting and bee colonies are all developing well and as expected, some of which are now under a DEFRA Countryside Stewardship Scheme. We hope that our most significant contribution to the environment will be as the majority financier for a short film called Plastic Surgery. This film has been written and directed by Guy Trevellyan and focuses on the proliferation of plastics in everyday use and the dangers of migration of plastic compounds into the human body via the food we eat and liquids we drink. Guy Trevellyan has recently been appointed a Director of Trevellyan Developments Limited.

Trevellyan Developments Limited (Registered number: 01480424)

GROUP STRATEGIC REPORT
for the Year Ended 31 July 2024


CHARITY
Donations and fundraising activity amounting to £27,758 (2023 - £26,619) continued throughout the period, with staff organising a number of successful fundraising activities that have benefitted both local and international charitable causes. Notably, our Founder and Chairman, Mr Lance Trevellyan, continues to support the British Heart Foundation and is a member of the "fund the future club" which finances talented BHF researchers across the UK.

As reported last year, Sir Peter Blake designed two further handmade prints: "Going Home UK" for Teenage Cancer Trust and "Going Home USA" for Teen Cancer America, also produced at CCA's Worton Hall Studios, London. The group is proud to continue to support the aims of these teenage cancer organisations both in the UK and the USA.

STRATEGY
The company continues to develop its portfolio and seeks to acquire reasonably priced investments with a view to increasing its long-term holdings in and around London and the South East of England. Having focussed mainly on the UK property sector for over 40 years, the group seeks to diversify into different sectors and country risks. Recent focus has been in the Health screening sector.

PRINCIPAL RISKS AND UNCERTAINTIES
The process of risk acceptance and risk management is addressed through a framework of policies, procedures and internal controls. All policies are subject to Board approval and ongoing review. Compliance with regulation and legal and ethical standards, including respect and dignity at work policies, are a very high priority for the Board.

In the property investment operation, the need to constantly improve EPC ratings for existing buildings and, whenever possible, to construct new carbon zero sustainable buildings has become a key objective.

In the petrol retail operation, the most challenging risk category is how to adapt and make ready the provision of services for the EV and hydrogen cell vehicles.

Interest rates have continued to rise from their previous all-time historic lows to their now 18 year high. The board frequently considers interest rate protection measures, modelling cost versus risk in relation to the groups funding criteria and existing banking covenants. We have an interest hedging policy in place and when medium-term rates fall to our 'strike' level, we will act swiftly.

FUNDING
As at 31st July 2024 the group's committed facility loans were £55,505,396 of which a loan of £5,505,396 expires on 12th December 2027 and the committed facility of £50,000,000 expires on 24th May 2028. Both reflect the benefit of improved margins over Bank of England base rates and SONIA. The loan has a repayment profile of 15 years, whereas the loan drawn under the £50,000,000 facility has a bullet repayment at 24th May 2028. In addition, the group has an overdraft facility of £590,000 within the parent company. As at 31st July 2024, the group's unused bank facilities amounted to £9,590,000 and group cash balances were £1,660,357 making total funds available of £11,250,357.

OUR TEAM
We would like to record our sincere gratitude for the dedicated team effort of both management and staff alike, whose support and loyalty is essential in maintaining our performance and achieving our goals. The Board remains confident it has the funding, experience and human resources within the group to meet market opportunities presented as and when they arise and that staff training and development ensures the opportunity for personal advancement within the company is available to those who seek it.

ON BEHALF OF THE BOARD:





Mr L J P Trevellyan - Secretary


28 April 2025

Trevellyan Developments Limited (Registered number: 01480424)

REPORT OF THE DIRECTORS
for the Year Ended 31 July 2024

The directors present their report with the financial statements of the company and the group for the year ended 31 July 2024.

DIVIDENDS
No dividends will be distributed for the year ended 31 July 2024.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 August 2023 to the date of this report.

Mr L J P Trevellyan
Mrs A H Trevellyan
Mr L D Trevellyan
Mrs S A Bradbury

POLITICAL DONATIONS AND EXPENDITURE
During the year donations were made of £27,758 to charities or environmental causes, the major ones being
Ecologi £12,731
Surrey Wildlife Trust £1,000
Essex Wildlife Trust £2,000
Kingston University £2,000

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), 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 and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in
the financial statements;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They 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.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

AUDITORS
The auditors, Cooper Dawn Jerrom Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:



Mr L J P Trevellyan - Secretary


28 April 2025

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
TREVELLYAN DEVELOPMENTS LIMITED

Opinion
We have audited the financial statements of Trevellyan Developments Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 July 2024 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Financial Statements, including a summary of significant accounting policies. The 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 affairs as at 31 July 2024 and of the group's profit 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 UK, including the FRC'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 and 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.

Other information
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

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.

In connection with our audit of the financial statements, 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 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.

Opinions 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 Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Group Strategic Report and the Report of the Directors 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 Report of the Directors.

We have nothing to report in respect of the following matters where 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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
TREVELLYAN DEVELOPMENTS LIMITED


Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page four, 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 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 a Report of the Auditors 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 financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We plan our audit procedures thoroughly prior to conducting fieldwork which includes data analytic techniques, sampling income and expenditure transactions, reviewing classes of transactions in the balance sheet in accordance with audit methodology as well as making enquiries with senior management and directors. Additional audit procedures are undertaken if we come across information that is inconsistent or we are unable to corroborate to information that we have been provided.

There will be inherent limitations within an audit assignment and there could be a risk that we will not be able to identify irregularities which could lead to a material mis-statement on the financial statements or non-compliance with laws or regulations. There is an increased risk, in that the more compliance with a law or regulations are removed from events and transactions reflected within the financial statements, will result in ourselves being less likely to become aware of instances of non-compliance. There is a much greater risk of irregularities occurring due to fraud rather than error as fraud involves an act of deliberate concealment, forgery, collusion, omissions or misrepresentations.

We have reviewed the entity's internal controls that directors and senior management oversee on a day-to-day basis, the strong internal controls implemented would be effective in allowing the detection of irregularities on a timely basis.

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 Report of the Auditors.

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 2006. Our 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 a Report of the Auditors 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.




Michael Amos FCA (Senior Statutory Auditor)
for and on behalf of Cooper Dawn Jerrom Limited
Statutory Auditors and Chartered Accountants
Units SCF 1 & 2
Western International Market
Hayes Road
Southall
Middlesex
UB2 5XJ

28 April 2025

Trevellyan Developments Limited (Registered number: 01480424)

CONSOLIDATED
INCOME STATEMENT
for the Year Ended 31 July 2024

31.7.24 31.7.23
Notes £    £   

TURNOVER 52,903,385 44,151,918

Cost of sales (42,283,767 ) (34,964,357 )
GROSS PROFIT 10,619,618 9,187,561

Distribution costs (57,128 ) (48,068 )
Administrative expenses (7,109,965 ) (6,334,468 )
3,452,525 2,805,025

Other operating income 364,003 356,247
Gain/loss on revaluation of assets 4,643,215 734,992
OPERATING PROFIT 4 8,459,743 3,896,264

Profit/loss on sale of investment 5 (292,235 ) 159,588
8,167,508 4,055,852

Interest receivable and similar income 307,777 158,647
8,475,285 4,214,499

Interest payable and similar expenses 6 (3,430,018 ) (2,593,314 )
PROFIT BEFORE TAXATION 5,045,267 1,621,185

Tax on profit 7 (4,900,858 ) (64,338 )
PROFIT FOR THE FINANCIAL YEAR 144,409 1,556,847
Profit attributable to:
Owners of the parent 144,409 1,556,847

Trevellyan Developments Limited (Registered number: 01480424)

CONSOLIDATED
OTHER COMPREHENSIVE INCOME
for the Year Ended 31 July 2024

31.7.24 31.7.23
Notes £    £   

PROFIT FOR THE YEAR 144,409 1,556,847


OTHER COMPREHENSIVE INCOME
Revaluation of fixed assets 3,168,809 -
Income tax relating to other comprehensive
income

(792,202

)

-

OTHER COMPREHENSIVE INCOME FOR
THE YEAR, NET OF INCOME TAX

2,376,607

-
TOTAL COMPREHENSIVE INCOME FOR
THE YEAR

2,521,016

1,556,847

Total comprehensive income attributable to:
Owners of the parent 2,521,016 1,556,847

Trevellyan Developments Limited (Registered number: 01480424)

CONSOLIDATED BALANCE SHEET
31 July 2024

31.7.24 31.7.23
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 9 314,256 314,256
Tangible assets 10 17,662,675 13,248,731
Investments 11 3,299,973 2,829,230
Investment property 12 147,785,499 149,285,122
169,062,403 165,677,339

CURRENT ASSETS
Stocks 13 1,302,407 1,487,545
Debtors 14 4,617,030 3,911,711
Investments 15 330 330
Cash at bank and in hand 1,660,357 1,986,207
7,580,124 7,385,793
CREDITORS
Amounts falling due within one year 16 8,710,723 6,425,711
NET CURRENT (LIABILITIES)/ASSETS (1,130,599 ) 960,082
TOTAL ASSETS LESS CURRENT
LIABILITIES

167,931,804

166,637,421

CREDITORS
Amounts falling due after more than one year 17 (42,357,312 ) (48,006,153 )

PROVISIONS FOR LIABILITIES 19 (18,610,693 ) (14,188,485 )
NET ASSETS 106,963,799 104,442,783

CAPITAL AND RESERVES
Called up share capital 20 125,200 125,200
Pre acquisition reserves 21 3,187 3,187
Fair value reserve 21 66,572,523 64,195,916
Retained earnings 21 40,262,889 40,118,480
SHAREHOLDERS' FUNDS 106,963,799 104,442,783

The financial statements were approved by the Board of Directors and authorised for issue on 28 April 2025 and were signed on its behalf by:





Mr L J P Trevellyan - Director


Trevellyan Developments Limited (Registered number: 01480424)

COMPANY BALANCE SHEET
31 July 2024

31.7.24 31.7.23
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 9 - -
Tangible assets 10 438,356 393,178
Investments 11 88,794,135 86,861,543
Investment property 12 60,625,846 58,842,086
149,858,337 146,096,807

CURRENT ASSETS
Stocks 13 - 82,740
Debtors 14 26,445,394 33,725,475
Cash at bank and in hand 754,507 745,022
27,199,901 34,553,237
CREDITORS
Amounts falling due within one year 16 26,286,961 27,272,946
NET CURRENT ASSETS 912,940 7,280,291
TOTAL ASSETS LESS CURRENT
LIABILITIES

150,771,277

153,377,098

CREDITORS
Amounts falling due after more than one year 17 (37,281,617 ) (43,530,306 )

PROVISIONS FOR LIABILITIES 19 (4,075,905 ) (2,954,154 )
NET ASSETS 109,413,755 106,892,638

CAPITAL AND RESERVES
Called up share capital 20 125,100 125,100
Fair value reserve 21 96,034,925 94,102,333
Retained earnings 21 13,253,730 12,665,205
SHAREHOLDERS' FUNDS 109,413,755 106,892,638

Company's profit for the financial year 588,525 274,323

The financial statements were approved by the Board of Directors and authorised for issue on 28 April 2025 and were signed on its behalf by:





Mr L J P Trevellyan - Director


Trevellyan Developments Limited (Registered number: 01480424)

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
for the Year Ended 31 July 2024

Called up Pre Fair
share Retained acquisition value Total
capital earnings reserves reserve equity
£    £    £    £    £   
Balance at 1 August 2022 125,200 38,561,633 3,187 64,195,916 102,885,936

Changes in equity
Total comprehensive income - 1,556,847 - - 1,556,847
Balance at 31 July 2023 125,200 40,118,480 3,187 64,195,916 104,442,783

Changes in equity
Total comprehensive income - 144,409 - 2,376,607 2,521,016
Balance at 31 July 2024 125,200 40,262,889 3,187 66,572,523 106,963,799

Trevellyan Developments Limited (Registered number: 01480424)

COMPANY STATEMENT OF CHANGES IN EQUITY
for the Year Ended 31 July 2024

Called up Fair
share Retained value Total
capital earnings reserve equity
£    £    £    £   
Balance at 1 August 2022 125,100 12,390,882 90,178,075 102,694,057

Changes in equity
Total comprehensive income - 274,323 3,924,258 4,198,581
Balance at 31 July 2023 125,100 12,665,205 94,102,333 106,892,638

Changes in equity
Total comprehensive income - 588,525 1,932,592 2,521,117
Balance at 31 July 2024 125,100 13,253,730 96,034,925 109,413,755

Trevellyan Developments Limited (Registered number: 01480424)

CONSOLIDATED CASH FLOW STATEMENT
for the Year Ended 31 July 2024

31.7.24 31.7.23
Notes £    £   
Cash flows from operating activities
Cash generated from operations 24 4,952,629 5,231,202
Interest paid (3,430,018 ) (2,624,023 )
Tax paid (244,331 ) (298,894 )
Net cash from operating activities 1,278,280 2,308,285

Cash flows from investing activities
Purchase of tangible fixed assets (1,619,370 ) (293,046 )
Purchase of fixed asset investments (50,250 ) (70,022 )
Purchase of investment property (720,760 ) (26,411,084 )
Sale of tangible fixed assets 1,667 23,638,635
Sale of fixed asset investments (292,235 ) -
Sale of investment property 6,442,255 228,574
Interest received 307,777 158,647
Net cash from investing activities 4,069,084 (2,748,296 )

Cash flows from financing activities
New bank loans in year 800,000 42,947,741
Bank loan repayments in year (6,760,181 ) (41,329,797 )
Net movement on directors' balances 28,232 109,291
Movement on other loans 258,735 190,600
Net cash from financing activities (5,673,214 ) 1,917,835

(Decrease)/increase in cash and cash equivalents (325,850 ) 1,477,824
Cash and cash equivalents at beginning of year 25 1,986,207 508,383

Cash and cash equivalents at end of year 25 1,660,357 1,986,207

Trevellyan Developments Limited (Registered number: 01480424)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
for the Year Ended 31 July 2024

1. STATUTORY INFORMATION

Trevellyan Developments Limited is a private company, limited by shares , registered in England and Wales. The company'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 (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Significant judgements and estimates
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect
the amounts reported. these estimates and judgements are continually reviewed and are based on experience and other
factors, including expectations of future events that are believed to be reasonable under the circumstances.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 2% on cost
Improvements to property - 25% on reducing balance and Straight line over 3 years
Plant and machinery - 33% on cost, 25% on reducing balance and Straight line over 20 years
Fixtures and fittings - 25% on reducing balance and Straight line over 25 years
Computer equipment - 33% on cost, 25% on reducing balance and Straight line over 3 years

Investment property
Investment Properties are valued at their fair value at the balance sheet date and any changes in their fair value between the previous year end or acquisition, as applicable are recognised in the income statement. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS
31.7.24 31.7.23
£    £   
Wages and salaries 2,901,031 2,698,019
Social security costs 260,090 246,957
Other pension costs 212,041 206,554
3,373,162 3,151,530

Trevellyan Developments Limited (Registered number: 01480424)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the Year Ended 31 July 2024

3. EMPLOYEES AND DIRECTORS - continued

The average number of employees during the year was as follows:
31.7.24 31.7.23

Directors 4 4
Admin 25 31
Management 6 2
Clerical 7 7
Retail 73 65
115 109

31.7.24 31.7.23
£    £   
Directors' remuneration 193,010 210,835
Directors' pension contributions to money purchase schemes 153,952 153,989

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 4 4

4. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

31.7.24 31.7.23
£    £   
Hire of plant and machinery 4,961 4,794
Depreciation - owned assets 374,100 326,869
Profit on disposal of fixed assets (1,532 ) (1,408 )
Auditors' remuneration 78,203 73,211

5. EXCEPTIONAL ITEMS
31.7.24 31.7.23
£    £   
Profit/loss on sale of investment (292,235 ) 159,588

6. INTEREST PAYABLE AND SIMILAR EXPENSES
31.7.24 31.7.23
£    £   
Bank interest 3,109,383 2,593,314
Other interest payable 320,635 -
3,430,018 2,593,314

7. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
31.7.24 31.7.23
£    £   
Current tax:
UK corporation tax 1,270,852 64,338

Deferred tax 3,630,006 -
Tax on profit 4,900,858 64,338

Trevellyan Developments Limited (Registered number: 01480424)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the Year Ended 31 July 2024

7. TAXATION - continued

Tax effects relating to effects of other comprehensive income

31.7.24
Gross Tax Net
£    £    £   
Revaluation of fixed assets 3,168,809 (792,202 ) 2,376,607

8. INDIVIDUAL INCOME STATEMENT

As permitted by Section 408 of the Companies Act 2006, the Statement of Comprehensive Income of the parent company is not presented as part of these financial statements.


9. INTANGIBLE FIXED ASSETS

Group
Goodwill
£   
COST
At 1 August 2023
and 31 July 2024 314,256
NET BOOK VALUE
At 31 July 2024 314,256
At 31 July 2023 314,256

10. TANGIBLE FIXED ASSETS

Group
Improvements
Freehold to Plant and
property property machinery
£    £    £   
COST OR VALUATION
At 1 August 2023 12,157,324 - 2,907,480
Additions 833,049 - 377,886
Disposals - - (1,667 )
Revaluations 3,168,809 - -
At 31 July 2024 16,159,182 - 3,283,699
DEPRECIATION
At 1 August 2023 151,118 989 1,944,113
Charge for year 14,394 (989 ) 247,748
Eliminated on disposal - - (1,532 )
At 31 July 2024 165,512 - 2,190,329
NET BOOK VALUE
At 31 July 2024 15,993,670 - 1,093,370
At 31 July 2023 12,006,206 (989 ) 963,367

Trevellyan Developments Limited (Registered number: 01480424)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the Year Ended 31 July 2024

10. TANGIBLE FIXED ASSETS - continued

Group

Fixtures
and Computer
fittings equipment Totals
£    £    £   
COST OR VALUATION
At 1 August 2023 938,834 173,847 16,177,485
Additions 347,297 61,138 1,619,370
Disposals - - (1,667 )
Revaluations - - 3,168,809
At 31 July 2024 1,286,131 234,985 20,963,997
DEPRECIATION
At 1 August 2023 677,590 154,944 2,928,754
Charge for year 90,675 22,272 374,100
Eliminated on disposal - - (1,532 )
At 31 July 2024 768,265 177,216 3,301,322
NET BOOK VALUE
At 31 July 2024 517,866 57,769 17,662,675
At 31 July 2023 261,244 18,903 13,248,731

Included in cost or valuation of land and buildings is freehold land of £12,205,257 (2023 - £11,481,382) which is not depreciated.

Cost or valuation at 31 July 2024 is represented by:

Fixtures
Freehold Plant and and Computer
property machinery fittings equipment Totals
£    £    £    £    £   
Valuation in 2020 29,436,295 - - - 29,436,295
Valuation in 2021 6,179,071 - - - 6,179,071
Valuation in 2023 (23,458,042 ) - - - (23,458,042 )
Valuation in 2024 3,168,809 - - - 3,168,809
Cost 833,049 3,283,699 1,286,131 234,985 5,637,864
16,159,182 3,283,699 1,286,131 234,985 20,963,997

PETROL GROUP

The original six operating sites were professionally valued by Avison Young (UK) Ltd in January 2022 and the directors consider values at January 2022 with further enhancements to be indicative of values at 31st July 2024.The site purchased during the year was revalued by the directors on the same basis as the professional valuers.

Trevellyan Developments Limited (Registered number: 01480424)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the Year Ended 31 July 2024

10. TANGIBLE FIXED ASSETS - continued

Company
Plant and
machinery
£   
COST OR VALUATION
At 1 August 2023 1,471,919
Additions 180,603
Disposals (1,667 )
At 31 July 2024 1,650,855
DEPRECIATION
At 1 August 2023 1,078,741
Charge for year 135,290
Eliminated on disposal (1,532 )
At 31 July 2024 1,212,499
NET BOOK VALUE
At 31 July 2024 438,356
At 31 July 2023 393,178


11. FIXED ASSET INVESTMENTS

Group Company
31.7.24 31.7.23 31.7.24 31.7.23
£    £    £    £   
Shares in group undertakings - - 88,794,135 86,861,543
Participating interests 84,250 34,000 - -
Investment in art works 3,215,723 2,795,230 - -
3,299,973 2,829,230 88,794,135 86,861,543

Additional information is as follows:

Group
Property
portfolio
£   
COST
At 1 August 2023 34,000
Additions 50,250
At 31 July 2024 84,250
NET BOOK VALUE
At 31 July 2024 84,250
At 31 July 2023 34,000

Trevellyan Developments Limited (Registered number: 01480424)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the Year Ended 31 July 2024

11. FIXED ASSET INVESTMENTS - continued

Group

CCA Galleries Limited

The Art bus has been included at the Directors valuation of £470,000.

The Directors also considered that an increase in the valuation from 45% to 50% of the retail price on investments in art works is justified based on the current market.
This gives an increase in value over the previous year's value of £187,000 based on the previous policy.

The Directors have revalued the Art Hotel based on the current proposals at £892,000.

Investments (neither listed nor unlisted) were as follows:
31.7.24 31.7.23
£    £   
Investments in art works, art hotel and CCA Art Bus 3,215,723 2,795,230
Company
Shares in
group
undertakings
£   
COST OR VALUATION
At 1 August 2023 86,861,543
Share of profit/(loss) 715,236
Revaluations 3,717,356
Dividends received (2,500,000 )
At 31 July 2024 88,794,135
NET BOOK VALUE
At 31 July 2024 88,794,135
At 31 July 2023 86,861,543

CCA Galleries Limited 710,000 35p Ordinary Shares 33.3% 1,009,759
Christies Contemporary Art Ltd 100 £1 Ordinary Shares 100% 100
Coriander Ltd 13,850 £1 Ordinary Shares 100% 40,594
Gallery Online Limited 99 £1 Ordinary Shares 100% 99
Tree Huggers Ltd 160,500 £1 Ordinary Shares 100% 163,500
Nice Guy Pictures Ltd 100 £1 Ordinary Shares 100% 373
Harvest Wood Fuels Ltd 100 £1 Ordinary Shares 100% 956
Harvest Wood Products Ltd 70,005 £1 Ordinary Shares 100% 580,155
Just Mixin' Ltd 100 £1 Ordinary Shares 100% 100
Sectorsure Ltd 100 £1 Ordinary Shares 100% 31,792,074
Spincrest Ltd 100 £1 Ordinary Shares 100% 53,146,462
Tracs Contracting Services Ltd 10,000 £1 Ordinary Shares 100% NIL
TT Construction Solutions Limited 100 £1 Ordinary Shares 100% 190,042

Investments are stated at the underlying net asset value at 31st July 2024.

The remaining 66.7% of the issued share capital of CCA Galleries Ltd (£1,869,821)

is owned through the intermediate holding company Tree Huggers Ltd.


Trevellyan Developments Limited (Registered number: 01480424)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the Year Ended 31 July 2024

12. INVESTMENT PROPERTY

Group
Total
£   
FAIR VALUE
At 1 August 2023 149,285,122
Additions 720,760
Disposals (6,442,255 )
Revaluations 4,221,872
At 31 July 2024 147,785,499
NET BOOK VALUE
At 31 July 2024 147,785,499
At 31 July 2023 149,285,122

The investment property portfolio within Trevellyan Developments Ltd has increased in value on an open market basis, based upon valuations in March 2022 by Savills PLC (Fulham Road), Jones Lang LaSalle Ltd (Cricklewood Broadway and Goldhawk Road) and Avison Young (UK) Ltd (Grange and Holborough). The directors have adopted these valuations on the basis that they consider them to be indicative of the valuations at 31 July 2024,with the exception of Fulham Road, where a £2,790,000 reduction was considered prudent.

Trevellyan Developments Ltd received the benefit of a major planning gain in May 2022, with consent being granted to redevelop its Bethnal Green site into a 157-bed hotel with ancillary space. The directors decided to book a revaluation gain in the prior period to take the site value to its estimated market value based on a formal offer received in March 2022, which they regard to be indicative of its value at 31st July 2024, and is further supported by a recent market appraisal carried out by CBRE. Deferred tax liability has been provided for this at this new valuation level. This, and the Hampstead site, were transferred to the holding company in the prior period. The Hampstead site has increased in value by £3,574,000 to reflect its redevelopment value in excess of its current use value, following the London Borough of Camden planning committee approval in July 2024.

During the 12-month period to 31 July 2024, Spincrest Ltd has continued to improve and redevelop new properties. The basis of valuation at 31 July 2024 has been to adopt professional valuations carried out for the entire portfolio by a combination of Knight Frank LLP (March 2022), Savills PLC (March 2022), Vail Williams LLP (April 2022), South East Leasehold Ltd (May 2022) and Stiles Harold Williams Partnership LLP (March 2022). The directors have adopted these professional red book valuations as they consider them to be indicative of valuations at 31 July 2024.

Fair value at 31 July 2024 is represented by:
£   
Valuation in 2020 104,831,273
Valuation in 2021 14,856,082
Valuation in 2022 2,757,212
Valuation in 2023 26,840,555
Valuation in 2024 (1,499,623 )
147,785,499

Trevellyan Developments Limited (Registered number: 01480424)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the Year Ended 31 July 2024

12. INVESTMENT PROPERTY - continued

Company
Total
£   
FAIR VALUE
At 1 August 2023 58,842,086
Additions 28,322
Revaluations 1,755,438
At 31 July 2024 60,625,846
NET BOOK VALUE
At 31 July 2024 60,625,846
At 31 July 2023 58,842,086

The investment property portfolio within the company has increased in value on an open market basis, based upon valuations in March 2022 by Savills PLC (Fulham Road), Jones Lang LaSalle Ltd (Cricklewood Broadway and Goldhawk Road) and Avison Young (UK) Ltd (Grange and Holborough).

The directors have adopted these valuations on the basis that they consider them to be indicative of the valuations at 31st July 2024, with the exception of Fulham Road, where a £2,790,000 reduction was considered prudent.

The company received the benefit of a major planning gain in May 2022, with consent being granted to redevelop its Bethnal Green site into a 157-bed hotel with ancillary space. The directors decided to book a revaluation gain in the prior period to take the site value to its estimated market value based on a formal offer received in March 2022, which they regard to be indicative of its value at 31st July 2024, and is further supported by a recent market appraisal carried out by CBRE. Deferred tax liability has been provided for at this new valuation level. The Hampstead site has increased in value by £3,574,000 to reflect its redevelopment value in excess of its current use value, following the London Borough of Camden planning committee approval in July 2024.

13. STOCKS

Group Company
31.7.24 31.7.23 31.7.24 31.7.23
£    £    £    £   
Stocks 1,302,407 1,487,545 - 82,740

14. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
31.7.24 31.7.23 31.7.24 31.7.23
£    £    £    £   
Trade debtors 1,465,697 564,816 156,104 34,551
Amounts owed by group undertakings - - 24,308,160 31,248,878
Other debtors 2,849,377 2,990,685 1,826,160 2,389,079
Prepayments and accrued income 301,956 356,210 154,970 52,967
4,617,030 3,911,711 26,445,394 33,725,475

15. CURRENT ASSET INVESTMENTS

Group
31.7.24 31.7.23
£    £   
Other 330 330

Trevellyan Developments Limited (Registered number: 01480424)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the Year Ended 31 July 2024

16. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
31.7.24 31.7.23 31.7.24 31.7.23
£    £    £    £   
Bank loans and overdrafts (see note 18) 222,522 246,895 - -
Payments on account 8,469 8,469 - -
Trade creditors 3,267,796 2,949,288 287,202 307,033
Amounts owed to group undertakings - - 24,742,153 25,858,593
Corporation Tax 1,336,899 310,378 - -
Social security and other taxes 591,225 455,407 64,981 116,992
Other creditors 2,443,532 1,460,267 592,608 498,522
Accruals and deferred income 840,280 995,007 600,017 491,806
8,710,723 6,425,711 26,286,961 27,272,946

17. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

Group Company
31.7.24 31.7.23 31.7.24 31.7.23
£    £    £    £   
Bank loans (see note 18) 39,747,218 45,683,026 34,464,344 41,000,000
Other loans (see note 18) 1,950,263 1,691,528 1,950,263 1,691,528
Amounts owed to group undertakings - - 222,558 222,558
Other creditors >1 year 15,379 15,379 - -
Directors' loan accounts 644,452 616,220 644,452 616,220
42,357,312 48,006,153 37,281,617 43,530,306

18. LOANS

An analysis of the maturity of loans is given below:

Group Company
31.7.24 31.7.23 31.7.24 31.7.23
£    £    £    £   
Amounts falling due within one year or on demand:
Bank loans 222,522 246,895 - -
Amounts falling due between one and two years:
Bank loans - 1-2 years 445,044 252,063 - -
Other creditors 1,950,263 1,691,528 1,950,263 1,691,528
2,395,307 1,943,591 1,950,263 1,691,528
Amounts falling due between two and five years:
Bank loans - 2-5 years 39,302,174 45,430,963 34,464,344 41,000,000

The bank loans and overdrafts are secured by way of a fixed and floating charge over the group's assets.

19. PROVISIONS FOR LIABILITIES

Group Company
31.7.24 31.7.23 31.7.24 31.7.23
£    £    £    £   
Deferred tax
Accelerated capital allowances 211,369 105,141 - -
Other timing differences 18,399,324 14,083,344 4,075,905 2,954,154
18,610,693 14,188,485 4,075,905 2,954,154

Trevellyan Developments Limited (Registered number: 01480424)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the Year Ended 31 July 2024

19. PROVISIONS FOR LIABILITIES - continued

Group
Deferred
tax
£   
Balance at 1 August 2023 14,188,485
Provided during year 4,422,208
Balance at 31 July 2024 18,610,693

Company
Deferred
tax
£   
Balance at 1 August 2023 2,954,154
Provided during year 1,121,751
Balance at 31 July 2024 4,075,905

20. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.7.24 31.7.23
value: £    £   
100 Ordinary shares £1 100 100
15,000 Preference A £1 15,000 15,000
110,000 Preference B £1 110,000 110,000
125,100 125,100

21. RESERVES

Group
Pre Fair
Retained acquisition value
earnings reserves reserve Totals
£    £    £    £   

At 1 August 2023 40,118,480 3,187 64,195,916 104,317,583
Profit for the year 144,409 144,409
Realisation - - 2,376,607 2,376,607
At 31 July 2024 40,262,889 3,187 66,572,523 106,838,599

Company
Fair
Retained value
earnings reserve Totals
£    £    £   

At 1 August 2023 12,665,205 94,102,333 106,767,538
Profit for the year 588,525 588,525
Realisation - 1,932,592 1,932,592
At 31 July 2024 13,253,730 96,034,925 109,288,655


Trevellyan Developments Limited (Registered number: 01480424)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the Year Ended 31 July 2024

22. RELATED PARTY DISCLOSURES

Mr L J P Trevellyan
Director

During the period the company rented boardroom and storage facilities for £36,000 (2023 - £36,000).

During prior years (2018 - £500,000 and 2019 - £50,000) options to purchase standing timber surrounding the Greenhills Estate was acquired from LJP Trevellyan. To date the option has not yet been exercised and the payment represents a returnable deposit against the forward sale.

31.7.24 31.7.23
£    £   
Amount due to related party at the balance sheet date 453,998 436,665

Trevellyan Properties Limited
A company LJP Trevellyan has a controlling interest

31.7.24 31.7.23
£    £   
Amount due to related party at the balance sheet date 409,393 355,240

CCA Galleries International Limited
Direct interest by Mr LJP Trevellyan

During the year CCA Galleries International Limited charged the group management fees of £461,597 (2023 - £350,400).

The company previously acquired options to purchase long leasehold properties in the Cricklewood Broadway and Goldhawk Road developments for £100,000.

31.7.24 31.7.23
£    £   
Amount due from related party at the balance sheet date 1,807,747 2,370,804

Mrs A H Trevellyan
Director

31.7.24 31.7.23
£    £   
Amount due to related party at the balance sheet date 170,170 157,853

Trevellyan Pension Scheme
Pension scheme LJP Trevellyan is a trustee

The group rents garages from the trustees of the Trevellyan Pension Scheme for £6,000 (2023- £6,000).

31.7.24 31.7.23
£    £   
Amount due to related party at the balance sheet date 1,950,263 1,691,528

23. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Mr L J P Trevellyan.

Trevellyan Developments Limited (Registered number: 01480424)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the Year Ended 31 July 2024

24. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

31.7.24 31.7.23
£    £   
Profit before taxation 5,045,267 1,621,185
Depreciation charges 374,100 326,870
Profit on disposal of fixed assets (682 ) (1,408 )
Gain on revaluation of fixed assets (4,350,980 ) (734,992 )
Finance costs 3,430,018 2,593,314
Finance income (307,777 ) (158,647 )
4,189,946 3,646,322
Decrease/(increase) in stocks 185,138 (54,058 )
(Increase)/decrease in trade and other debtors (705,319 ) 955,557
Increase in trade and other creditors 1,282,864 683,381
Cash generated from operations 4,952,629 5,231,202

25. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 July 2024
31.7.24 1.8.23
£    £   
Cash and cash equivalents 1,660,357 1,986,207
Year ended 31 July 2023
31.7.23 1.8.22
£    £   
Cash and cash equivalents 1,986,207 508,383


26. ANALYSIS OF CHANGES IN NET DEBT

At 1.8.23 Cash flow At 31.7.24
£    £    £   
Net cash
Cash at bank and in hand 1,986,207 (325,850 ) 1,660,357
1,986,207 (325,850 ) 1,660,357

Liquid resources
Current asset investments 330 - 330
330 - 330
Debt
Debts falling due within 1 year (246,895 ) 24,373 (222,522 )
Debts falling due after 1 year (47,374,554 ) 5,677,073 (41,697,481 )
(47,621,449 ) 5,701,446 (41,920,003 )
Total (45,634,912 ) 5,375,596 (40,259,316 )

27. CASH AT BANK IN TRUST FOR LESSEES

The group holds £18,449 (2023 - £33,060) as trustees for tenants for the investment properties, being for the management and maintenance of the properties.

Trevellyan Developments Limited (Registered number: 01480424)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the Year Ended 31 July 2024


28. UNUSED COMMITED BANK FACILITIES

As at 31st July 2024 the company had access to the group's unused bank facilities amounting to £9,590,000 under a facility which is cross guaranteed between the holding company and fellow subsidiaries. In addition, group cash balances at 31st July 2024 were £1,660,357 making total funds available of £11,250,357.