East Devon Properties Limited

Contents

Balance Sheet	1 to 2
Notes to the Unaudited Financial Statements	3 to 9

East Devon Properties Limited

Balance Sheet

31 March 2025

	Note	2025 £	2024 £
Fixed assets
Tangible assets	4	977,066	970,417
Investment property	5	7,864,000	7,695,000
		8,841,066	8,665,417
Current assets
Debtors	6	31,474	34,328
Cash at bank and in hand		308,660	299,572
		340,134	333,900
Creditors: Amounts falling due within one year	7	(153,035)	(165,629)
Net current assets		187,099	168,271
Total assets less current liabilities		9,028,165	8,833,688
Creditors: Amounts falling due after more than one year	7	(66,363)	(74,725)
Provisions for liabilities		(475,000)	(430,000)
Net assets		8,486,802	8,328,963
Capital and reserves
Called up share capital	10	10,000	10,000
Share premium reserve		6,011,777	6,011,777
Profit and loss account		2,465,025	2,307,186
Shareholders' funds		8,486,802	8,328,963

East Devon Properties Limited

Balance Sheet

31 March 2025

For the financial year ending 31 March 2025 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 and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 10 October 2025 and signed on its behalf by:
 

......................................... Mr N R Fowler Director

Company Registration Number: 08369310

East Devon Properties Limited

Notes to the Unaudited Financial Statements

Year Ended 31 March 2025

1	General information

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

The address of its registered office is:
Sigma House
Oak View Close
Edginswell Park
Torquay
Devon
TQ2 7FF

The principal place of business is:
East Devon Properties Ltd
PO Box 64
Exmouth
Devon
EX8 5YP

These financial statements were authorised for issue by the Board on 10 October 2025.

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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

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, provision of services and rental income in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts and after eliminating sales within the company.

The company recognises revenue when the value of goods and services provided to date can be reliably measured. Rental income is recognised in the period to which it relates.

East Devon Properties Limited

Notes to the Unaudited Financial Statements

Year Ended 31 March 2025

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 corporation 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.

Deferred tax is recognised on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as stated in the profit and loss account and other comprehensive income. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

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
Freehold property	2% straight line
Fixtures, fittings and equipment	15% reducing balance

Investment property

Investment properties are carried at their estimated open market value as determined by the directors. Revaluation adjustments are charged to the profit and loss account, with a deferred tax provision also included for any relevant gains.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Provision is made for obsolete, deteriorated or unusable stock.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

East Devon Properties Limited

Notes to the Unaudited Financial Statements

Year Ended 31 March 2025

Financial instruments

Classification
The company holds the following financial instruments:

• Short term trade and other debtors and creditors;
• Bank loans; and
• Cash and bank balances.

All financial instruments are classified as basic.

 Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

Except for bank loans, such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.

Bank loans are initially measured at transaction price, including transaction costs, and are subsequently carried at amortised cost using the effective interest method.


 

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 4 (2024 - 4).

East Devon Properties Limited

Notes to the Unaudited Financial Statements

Year Ended 31 March 2025

4	Tangible assets

	Land and buildings £	Furniture, fittings and equipment  £	Total £
Cost or valuation
At 1 April 2024	1,000,000	175,894	1,175,894
Additions	-	16,374	16,374
At 31 March 2025	1,000,000	192,268	1,192,268
Depreciation
At 1 April 2024	100,001	105,476	205,477
Charge for the year	-	9,725	9,725
At 31 March 2025	100,001	115,201	215,202
Carrying amount
At 31 March 2025	899,999	77,067	977,066
At 31 March 2024	899,999	70,418	970,417

Included within the net book value of land and buildings above is £899,999 (2024 - £899,999) in respect of freehold land and buildings.
 

5	Investment properties

	2025 £
At 1 April 2024	7,695,000
Fair value adjustments	169,000
At 31 March 2025	7,864,000

Details of the basis of valuation can be found in accounting policies.

Red Book Valuations was commissioned by the company to value all properties owned by the company. The balance sheet value at 31 March 2025 reflects this independent valuation.

East Devon Properties Limited

Notes to the Unaudited Financial Statements

Year Ended 31 March 2025

6

Debtors

	2025 £	2024 £
Trade debtors	26,107	24,113
Prepayments	5,367	7,153
Other debtors	-	3,062
	31,474	34,328

7

Creditors

Creditors: amounts falling due within one year

	Note	2025 £	2024 £
Due within one year
Loans and borrowings	8	8,400	8,400
Taxation and social security		7,004	3,712
Accruals and deferred income		134,130	151,651
Other creditors		3,501	1,866
		153,035	165,629

Creditors: amounts falling due after more than one year

	Note	2025 £	2024 £
Due after one year
Loans and borrowings	8	66,363	74,725

East Devon Properties Limited

Notes to the Unaudited Financial Statements

Year Ended 31 March 2025

8	Loans and borrowings

	2025 £	2024 £
Loans and borrowings due after one year
Bank borrowings	66,363	74,725

Current loans and borrowings

	2025 £	2024 £
Bank borrowings	8,400	8,400

Security has been provided on the company's loans and borrowings by a charge over the financed assets.

9	Financial commitments, guarantees and contingencies

The company exchanged contracts during the year ended 31 March 2023 in respect of the sale of the hotel property. The planned completion date of 31 August 2024 was extended by way of deed of variation.

East Devon Properties Limited

Notes to the Unaudited Financial Statements

Year Ended 31 March 2025

10	Share capital

Allotted, called up and fully paid shares

	2025		2024
	No.	£	No.	£
Ordinary A shares of £1 each	2,591	2,591	2,591	2,591
Ordinary B shares of £1 each	2,591	2,591	2,591	2,591
Ordinary C shares of £1 each	2,453	2,453	2,453	2,453
Ordinary D shares of £1 each	2,365	2,365	2,365	2,365
	10,000	10,000	10,000	10,000

11	Non-Distributable Reserves

Included within the profit and loss reserve is £2,006,480 (2024: £1,892,480) of non-distributable reserves in respect of revaluation gains on investment property, net of a deferred tax provision on such gains.