The Ship (Derriford) Limited

	Page
Balance Sheet	1—2
Notes to the Financial Statements	3—5

Registered number: 09538800

		2024		2023
	Notes	£	£	£	£
FIXED ASSETS
Tangible Assets	4		3,497		7,265
Investment Properties	5		7,000,000		7,000,000

			7,003,497		7,007,265
CURRENT ASSETS
Debtors	6	1,558,146		1,326,815
Cash at bank and in hand		13,893		82

		1,572,039		1,326,897
Creditors: Amounts Falling Due Within One Year	7	(1,889,930 )		(1,190,395 )

NET CURRENT ASSETS (LIABILITIES)			(317,891 )		136,502

TOTAL ASSETS LESS CURRENT LIABILITIES			6,685,606		7,143,767

Creditors: Amounts Falling Due After More Than One Year	8		(9,161,872 )		(8,821,339 )

NET LIABILITIES			(2,476,266 )		(1,677,572 )

CAPITAL AND RESERVES
Called up share capital	10		1,000		1,000
Profit and Loss Account			(2,477,266 )		(1,678,572 )

SHAREHOLDERS' FUNDS			(2,476,266)		(1,677,572)

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The Ship (Derriford) Limited

Balance Sheet (continued)

As At 31 December 2024

For the 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.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.

On behalf of the board

Mr Mark Edworthy Director	Mr Paul Scantlebury Director
18 September 2025

The notes on pages 3 to 5 form part of these financial statements.

1. General Information

The Ship (Derriford) Limited is a private company, limited by shares, incorporated in England & Wales, registered number 09538800 . The registered office is Winslade House, Winslade Drive, Clyst St Mary, EX5 1FY.

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

2.2. Going Concern Disclosure

The company has incurred a loss during the year, due to vacant office space in the company's investment property and increased costs of debt, arising from changes in wider UK economic conditions. The company's balance sheet shows overall deficiency of assets of £2,476,266 (2023 - £1,677,572), due to continued losses and the high cost of debt, the Directors have had to consider the basis upon which the accounts should be prepared and determine whether a going concern basis remains appropriate. The accounts have been prepared on a going concern basis, as the Directors and Group companies which have provided financial support to the Company will continue to do so, to enable the company to return to profitability or to realise value through the sale of the company's assets. The Directors have reviewed the position for 12 months from the date that the accounts were approved.

2.3. Turnover

Turnover comprises the fair value of of the consideration received or receivable for rental of the property and

provision of services in the ordinary course of the company's activities. Turnover is shown net of value added

tax, 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.

2.4. Tangible Fixed Assets and Depreciation

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Fixtures & Fittings

10% straight line

2.5. Investment Properties

All investment properties are carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided for. Changes in fair value are recognised in the profit and loss account.

2.6. Taxation

Income tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

...CONTINUED

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The Ship (Derriford) Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

2.6. Taxation - continued

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.

Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.

3. Average Number of Employees

Average number of employees, including directors, during the year was: 2 (2023: 2)

4. Tangible Assets

	Fixtures & Fittings
	£
Cost
As at 1 January 2024	37,677

As at 31 December 2024	37,677

Depreciation
As at 1 January 2024	30,412
Provided during the period	3,768

As at 31 December 2024	34,180

Net Book Value
As at 31 December 2024	3,497

As at 1 January 2024	7,265

5. Investment Property

	2024
	£
Fair Value
As at 1 January 2024 and 31 December 2024	7,000,000
Additions	-

As at 31 December 2024	7,000,000

6. Debtors

	2024	2023
	£	£
Due within one year
Trade debtors	226	8,186
Other debtors	1,557,920	1,318,629

	1,558,146	1,326,815

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The Ship (Derriford) Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

7. Creditors: Amounts Falling Due Within One Year

	2024	2023
	£	£
Trade creditors	331,439	68,714
Bank loans and overdrafts	4,780	13,504
Other creditors	1,401,294	986,040
Taxation and social security	152,417	122,137

	1,889,930	1,190,395

8. Creditors: Amounts Falling Due After More Than One Year

	2024	2023
	£	£
Bank loans	21,430	26,210
Other loans	2,600,000	2,600,000
Amounts owed to group undertakings	6,540,442	6,195,129

	9,161,872	8,821,339

Included within other loans and borrowings is an amount of £2,600,000 (2023 - £2,600,000) that is owed to Prydis Security Trustees Ltd. These amounts are secured by a fixed charge over the investment property and Work-In-Progress.

9. Secured Creditors

Of the creditors the following amounts are secured by a fixed charge over the investment property.

	2024		2023
	£		£
Bank loans and overdrafts	2,600,000		2,600,000

10. Share Capital

	2024	2023
	£	£
Allotted, Called up and fully paid	1,000	1,000

11. Related Party Transactions

The property owed by the company, is used as security against loans provided to its parent company, Burrington Estates (Commercial) Limited.

12. Ultimate Parent Undertaking and Controlling Party

The company's immediate parent is Burrington Estates (Commercial) Ltd, incorporated in England and Wales.

The ultimate parent is Burrington Estates Commercial Holdings Limited, incorporated in England and Wales.

These financial statements are avaliable upon request from Companies House.

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