Shilstone (Devon) Limited 31/03/2025 iXBRL

Company registration number: 03366052

Shilstone (Devon) Limited

Unaudited filleted financial statements

31 March 2025

Shilstone (Devon) Limited

Contents

Directors and other information

Statement of financial position

Notes to the financial statements

Shilstone (Devon) Limited

Directors and other information


	Directors	Mr S Fenwick
		Mr E Fenwick


	Secretary	Mrs R Fenwick


	Company number	03366052


	Registered office	Shilstone
		Modbury
		Ivybridge
		Devon
		PL21 OTW


	Business address	Shilstone
		Modbury
		Ivybridge
		Devon
		PL21 0TW


	Accountants	Franklins Accountants LLP
		Astor House
		2 Alexandra Road
		Mutley Plain
		Plymouth
		PL4 7JR

Shilstone (Devon) Limited

Statement of financial position

31 March 2025

		2025		2024
	Note	£	£	£	£

Fixed assets
Intangible assets	6	68,000		85,000
Tangible assets	7	5,996,269		5,956,575
		_______		_______
			6,064,269		6,041,575

Current assets
Stocks		26,019		-
Debtors	8	121,094		82,284
Cash at bank and in hand		2,416		1,267
		_______		_______
		149,529		83,551
Creditors: amounts falling due
within one year	9	( 780,242)		( 644,363)
		_______		_______
Net current liabilities			( 630,713)		( 560,812)
			_______		_______
Total assets less current liabilities			5,433,556		5,480,763

Creditors: amounts falling due
after more than one year	10		( 842,850)		( 749,835)

Provisions for liabilities			( 287,337)		( 284,838)

			_______		_______
Net assets			4,303,369		4,446,090
			_______		_______

Capital and reserves
Called up share capital			2		2
Share premium account			99,587		99,587
Revaluation reserve			2,059,664		2,059,664
Profit and loss account			2,144,116		2,286,837
			_______		_______
Shareholders funds			4,303,369		4,446,090
			_______		_______

For the 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 financial statements for the year in question in accordance with section 476;

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

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the income statement has not been delivered.

These financial statements were approved by the board of directors and authorised for issue on 05 December 2025 , and are signed on behalf of the board by:

Mr S Fenwick

Director

Company registration number: 03366052

Shilstone (Devon) Limited

Notes to the financial statements

Year ended 31 March 2025

1. General information

The company is a private company limited by shares, registered in England. The address of the registered office is Shilstone, Modbury, Ivybridge, Devon, PL21 OTW.

2. Statement of compliance

These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Turnover

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Taxation

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Goodwill

Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:


Goodwill	-	10 %	straight line

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Tangible assets

tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:


Freehold property	-	2 %	reducing balance
Plant and machinery	-	10 %	straight line
Fittings fixtures and equipment	-	6.7 %	straight line
Motor vehicles	-	20 %	reducing balance

If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 8 (2024: 5 ).

5. Tax on loss

Major components of tax income/expense

	2025	2024
	£	£
Current tax:
UK current tax expense	-	25,659
Adjustments in respect of previous periods	( 25,402)	-
	_______	_______

Deferred tax:
Origination and reversal of timing differences	2,499	26,262
	_______	_______
Tax on loss	( 22,903)	51,921
	_______	_______

6. Intangible assets

	Goodwill	Total
	£	£
Cost
At 1 April 2024 and 31 March 2025	170,000	170,000
	_______	_______
Amortisation
At 1 April 2024	85,000	85,000
Charge for the year	17,000	17,000
	_______	_______
At 31 March 2025	102,000	102,000
	_______	_______
Carrying amount
At 31 March 2025	68,000	68,000
	_______	_______
At 31 March 2024	85,000	85,000
	_______	_______

7. Tangible assets

	Freehold property	Plant and machinery	Fixtures, fittings and equipment	Motor vehicles	Investment Property	Total
	£	£	£	£	£	£
Cost
At 1 April 2024	2,067,870	446,596	228,554	100,137	3,775,269	6,618,426
Additions	4,338	90,787	33,862	12,845	-	141,832
Disposals	-	-	-	( 2,467)	-	( 2,467)
	_______	_______	_______	_______	_______	_______
At 31 March 2025	2,072,208	537,383	262,416	110,515	3,775,269	6,757,791
	_______	_______	_______	_______	_______	_______
Depreciation
At 1 April 2024	305,115	196,210	136,800	23,725	-	661,850
Charge for the year	35,342	34,117	13,818	17,599	-	100,876
Disposals	-	-	-	( 1,204)	-	( 1,204)
	_______	_______	_______	_______	_______	_______
At 31 March 2025	340,457	230,327	150,618	40,120	-	761,522
	_______	_______	_______	_______	_______	_______
Carrying amount
At 31 March 2025	1,731,751	307,056	111,798	70,395	3,775,269	5,996,269
	_______	_______	_______	_______	_______	_______
At 31 March 2024	1,762,755	250,386	91,754	76,412	3,775,269	5,956,576
	_______	_______	_______	_______	_______	_______

8. Debtors

	2025	2024
	£	£
Trade debtors	82,267	70,693
Other debtors	38,827	11,591
	_______	_______
	121,094	82,284
	_______	_______

9. Creditors: amounts falling due within one year

	2025	2024
	£	£
Bank loans and overdrafts	226,238	219,160
Trade creditors	115,356	157,433
Corporation tax	( 21)	26,692
Social security and other taxes	19,250	3,424
Other creditors	419,419	237,654
	_______	_______
	780,242	644,363
	_______	_______

10. Creditors: amounts falling due after more than one year

	2025	2024
	£	£
Bank loans and overdrafts	624,521	523,288
Other creditors	218,329	226,547
	_______	_______
	842,850	749,835
	_______	_______

11. Directors advances, credits and guarantees

	During the year the directors entered into the following advances and credits with the company:

2025
		Balance brought forward	Advances /(credits) to the directors	Amounts repaid	Balance o/standing
		£	£	£	£
	Mr S Fenwick	( 226,547)	8,718	( 500)	( 218,329)
		_______	_______	_______	_______

2024
		Balance brought forward	Advances /(credits) to the directors	Amounts repaid	Balance o/standing
		£	£	£	£
	Mr S Fenwick	( 197,769)	( 27,779)	( 1,000)	(226,548)
		_______	_______	_______	_______

The directors has loanded the company £218,329.31 at the year end date, the loan is interest free and repayable in more than one year.