Company No:
Contents
| Note | 2025 | 2024 | ||
| £ | £ | |||
| Fixed assets | ||||
| Investment property | 4 |
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| 5,154,439 | 5,154,439 | |||
| Current assets | ||||
| Stocks |
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| Debtors | 5 |
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| Cash at bank and in hand |
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| 2,208,436 | 2,093,467 | |||
| Creditors: amounts falling due within one year | 6 | (
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| Net current assets | 1,901,346 | 1,652,747 | ||
| Total assets less current liabilities | 7,055,785 | 6,807,186 | ||
| Creditors: amounts falling due after more than one year | 7 |
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| Provision for liabilities | (
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| Net assets |
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| Capital and reserves | ||||
| Called-up share capital | 8 |
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| Share premium account |
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| Profit and loss account | 9 |
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| Total shareholder's funds |
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Directors' responsibilities:
The financial statements of Devonfields Limited (registered number:
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A C Pike
Director |
B S Rogers
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.
Devonfields Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Netherway, West Charleton, Kingsbridge, TQ7 2AL, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.
Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.
| Office equipment |
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Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.
Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.
Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.
Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.
Other basic financial liabilities are measured at amortised cost.
Loans and borrowings
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment.
| 2025 | 2024 | ||
| Number | Number | ||
| Monthly average number of persons employed by the Company during the year, including directors |
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| Office equipment | Total | ||
| £ | £ | ||
| Cost | |||
| At 01 April 2024 |
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| At 31 March 2025 |
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| Accumulated depreciation | |||
| At 01 April 2024 |
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| At 31 March 2025 |
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| Net book value | |||
| At 31 March 2025 | 0 | 0 | |
| At 31 March 2024 | 0 | 0 |
| Investment property | |
| £ | |
| Valuation | |
| As at 01 April 2024 |
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| As at 31 March 2025 |
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Valuation
The freehold investment property class of fixed assets was revalued in the year to 31 March 2024 by Day and Bell Property Agents. This class of assets has a current market value of £5,154,439 (2024: £5,154,439). The historical cost of the class of property is £4,423,046 (2024: £4,423,046). The depreciation charged on the historical cost is £nil (2024: £nil).
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| £ | £ | ||
| Trade debtors |
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| Amounts owed by Group undertakings |
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| Amounts owed by associates |
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| Other debtors |
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| £ | £ | ||
| Bank loans (secured) |
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| Trade creditors |
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| Accruals |
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| Taxation and social security |
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| Other creditors |
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| 2025 | 2024 | ||
| £ | £ | ||
| Bank loans (secured) |
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| £ | £ | ||
| Allotted, called-up and fully-paid | |||
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Included in the profit and loss reserve of £6,736,044 (2024: £6,350,075) is £621,393 (2024: £621,393) of non-distributable revaluation gains on investment property.
Parent Company:
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| Netherway, West Charleton, Kingsbridge, England, TQ7 2AL |