Registration number: 13798636

Devon Coastal Ltd

Contents

Company Information	1
Balance Sheet	2 to 3
Notes to the Unaudited Financial Statements	4 to 7

Devon Coastal Ltd

Company Information

Directors

Mark McGlade Vanessa Jayne McGlade

Registered office

40 Honey Park Road Budleigh Salterton Devon EX9 6EG

Accountants

Thompson Jenner LLP Chartered Accountants 1 Colleton Crescent Exeter Devon EX2 4DG

Devon Coastal Ltd

(Registration number: 13798636)
Balance Sheet as at 31 December 2024

	Note	2024 £	2023 £
Fixed assets
Tangible assets	4	3,064	1,027
Investment property	5	495,000	490,554
		498,064	491,581
Current assets
Debtors	6	1,327	309
Cash at bank and in hand		30,182	18,929
		31,509	19,238
Creditors: Amounts falling due within one year	7	(507,656)	(504,925)
Net current liabilities		(476,147)	(485,687)
Total assets less current liabilities		21,917	5,894
Provisions for liabilities		(1,427)	75
Net assets		20,490	5,969
Capital and reserves
Called up share capital		2	2
Other reserves		3,601	-
Retained earnings		16,887	5,967
Shareholders' funds		20,490	5,969

For the financial year ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 17 September 2025 and signed on its behalf by:
 

Devon Coastal Ltd

(Registration number: 13798636)
Balance Sheet as at 31 December 2024

......................................... Mark McGlade Director

Devon Coastal Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

1	General information

The company is a private company limited by share capital, incorporated in England & Wales .

The address of its registered office is:
40 Honey Park Road
Budleigh Salterton
Devon
EX9 6EG
England & Wales

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Devon Coastal Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Furniture and Fittings	25% Straight line

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Devon Coastal Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2023 - 2).

4	Tangible assets

	Furniture, fittings and equipment  £	Total £
Cost or valuation
At 1 January 2024	1,576	1,576
Additions	3,141	3,141
At 31 December 2024	4,717	4,717
Depreciation
At 1 January 2024	549	549
Charge for the year	1,104	1,104
At 31 December 2024	1,653	1,653
Carrying amount
At 31 December 2024	3,064	3,064
At 31 December 2023	1,027	1,027

5	Investment properties

	2024 £
At 1 January	490,554
Fair value adjustments	4,446
At 31 December	495,000

The directors have assessed the fair value of the property based on their knowledge of the local property market.

There has been no valuation of investment property by an independent valuer.

Devon Coastal Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

6

Debtors

	2024 £	2023 £
Trade debtors	936	-
Prepayments and accrued income	391	309
Total current trade and other debtors	1,327	309

7

Creditors

	Note	2024 £	2023 £
Due within one year
Trade creditors		110	102
Amounts owed to group undertakings and undertakings in which the company has a participating interest		228,330	228,330
Taxation and social security		2,238	1,030
Other creditors		273,659	273,659
Accrued expenses		3,319	1,804
		507,656	504,925