REGISTERED NUMBER: 01301274 (England and Wales)

Strategic Report, Report of the Directors and

Financial Statements

for the Year Ended 31 March 2025

for

Devereux Developments Limited

Page

Company Information

1

Strategic Report

2

Report of the Directors

3

Report of the Independent Auditors

4

Statement of Comprehensive Income

7

Balance Sheet

8

Statement of Changes in Equity

9

Cash Flow Statement

10

Notes to the Cash Flow Statement

11

Notes to the Financial Statements

12

DIRECTORS:

A Devereux

K Devereux

SECRETARY:

K Devereux

REGISTERED OFFICE:

Daimler Drive

Cowpen Lane Industrial Est

Billingham

TS23 4JD

REGISTERED NUMBER:

01301274 (England and Wales)

AUDITORS:

Anderson Barrowcliff Limited

Statutory Auditors

Chartered Accountants

3 Kingfisher Court

Bowesfield Park

Stockton on Tees

TS18 3EX

The directors present their strategic report for the year ended 31 March 2025.

PRINCIPAL ACTIVITIES

The principal activity of the company continued to be that of road hauliers.

REVIEW OF BUSINESS

The company delivered a slight increase in sales for the year ended 31 March 2025, but achieved a strong improvement in gross profit margin from 14.4% to 17.3%, driven by more stable and generally lower fuel prices, enabling tighter cost control and improved efficiency. The company's administrative expenditure remained steady resulting in a large increase in net profit for the year. The company's results for the year are in line with the expectations of the directors.

PRINCIPAL RISKS AND UNCERTAINTIES

The directors consider that the principal risk to the company are the fluctuating fuel costs which can cause strain on the company's cash flow. This has been emphasised during the war in Ukraine and the cost of living crisis in the UK. The company takes measures to mitigate the risk of fuel prices where possible, such as buying in bulk and the use of fuel surcharges on customers.

Another potential risk to the company is the national shortage of qualified HGV drivers that could impact future turnover and employment costs. The company takes measures to mitigate this risk managing recruitment policies and the retention of staff.

DEVELOPMENT AND PERFORMANCE

Management accounts for the months post year end show sustained turnover and gross profit. This is expected to continue for the year ended 31 March 2026.

KEY PERFORMANCE INDICATORS

The key performance indicators of the company are the turnover and gross profit margins per quarterly management accounts and year end audited accounts. Performance is also monitored closely on a day to day basis by management, reviewing measures such as turnover generated by each working vehicle, in order to maximise returns on the company's fixed assets.

FUTURE DEVELOPMENTS

The outlook for the company continues to be positive, as the directors continue to use their vast knowledge and experience in the industry to maintain the company's position in the market both locally and nationally.

ON BEHALF OF THE BOARD:

K Devereux - Director

19 December 2025

The directors present their report with the financial statements of the company for the year ended 31 March 2025.

DIVIDENDS

Ordinary dividends were paid amounting to £52,000. The directors do not recommend payment of a final dividend.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 April 2024 to the date of this report.

A Devereux

K Devereux

DISCLOSURE IN THE STRATEGIC REPORT

The company has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the company's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report. It has done so in respect of principal activity, future developments, financial instruments, risk management and exposure.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-	select suitable accounting policies and then apply them consistently;

-	make judgements and accounting estimates that are reasonable and prudent;

-	prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

ON BEHALF OF THE BOARD:

K Devereux - Director

19 December 2025

Opinion

We have audited the financial statements of Devereux Developments Limited (the 'company') for the year ended 31 March 2025 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

-	give a true and fair view of the state of the company's affairs as at 31 March 2025 and of its profit for the year then ended;

-	have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

-	have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

-	the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

-	adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

-	the financial statements are not in agreement with the accounting records and returns; or

-	certain disclosures of directors' remuneration specified by law are not made; or

-	we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.

Based on our understanding of the industry, we have considered applicable laws and regulations which may be fundamental to the company's ability to operate or to avoid a material penalty, and we considered the extent to which non-compliance might have a material effect on the financial statements. We considered management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to the posting of inappropriate manual journal entries to manipulate financial performance, management bias and any significant one-off or unusual transactions.

We discussed among the audit engagement team the opportunities and incentives that may exist within the organisation for fraud and how and where fraud might occur in the financial statements.

Audit procedures performed by the engagement team included:

-

Enquiry of management and those charged with governance around actual and potential litigation and claims.

-

Enquiry of entity staff to identify any instances of non-compliance with laws and regulations.

-

Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations.

-

Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business.

-

Revenue recognition; agreeing a sample of revenue transactions to gain assurance over the occurrence and accuracy of revenue and also to ensure revenue has been recognised in the correct period.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. The risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Helen Wilson FCA (Senior Statutory Auditor)

for and on behalf of Anderson Barrowcliff Limited

Statutory Auditors

Chartered Accountants

3 Kingfisher Court

Bowesfield Park

Stockton on Tees

TS18 3EX

22 December 2025

TURNOVER

2

14,952,788

14,441,258

Cost of sales

12,372,883

12,356,642

GROSS PROFIT

2,579,905

2,084,616

Administrative expenses

1,917,815

1,924,640

662,090

159,976

Other operating income

20,863

22,600

OPERATING PROFIT

4

682,953

182,576

Interest payable and similar expenses

5

116,818

97,182

PROFIT BEFORE TAXATION

566,135

85,394

Tax on profit

6

205,000

26,532

PROFIT FOR THE FINANCIAL YEAR

361,135

58,862

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

361,135

58,862

FIXED ASSETS

Intangible assets

8

9,250

-

Tangible assets

9

3,889,664

4,273,374

Investments

10

64,132

64,132

3,963,046

4,337,506

CURRENT ASSETS

Stocks

11

65,000

65,000

Debtors

12

2,449,736

2,500,702

Cash at bank and in hand

77,840

32,524

2,592,576

2,598,226

CREDITORS

Amounts falling due within one year

13

2,776,970

2,945,119

NET CURRENT LIABILITIES

(184,394

)

(346,893

)

TOTAL ASSETS LESS CURRENT LIABILITIES

3,778,652

3,990,613

CREDITORS

Amounts falling due after more than one year

14

(720,351

)

(1,446,447

)

PROVISIONS FOR LIABILITIES

19

(400,000

)

(195,000

)

NET ASSETS

2,658,301

2,349,166

CAPITAL AND RESERVES

Called up share capital

20

4,000

4,000

Revaluation reserve

21

71,388

73,174

Capital redemption reserve

21

2,000

2,000

Retained earnings

21

2,580,913

2,269,992

SHAREHOLDERS' FUNDS

2,658,301

2,349,166

The financial statements were approved by the Board of Directors and authorised for issue on 19 December 2025 and were signed on its behalf by:

K Devereux - Director

Called up

Capital

share

Retained

Revaluation

redemption

Total

capital

earnings

reserve

reserve

equity

£

£

£

£

£

Balance at 1 April 2023

4,000

2,261,344

74,960

2,000

2,342,304

Changes in equity

Profit for the year

-

58,862

-

-

58,862

Total comprehensive income

-

58,862

-

-

58,862

Transfers

-

1,786

(1,786

)

-

-

Dividends

-

(52,000

)

-

-

(52,000

)

Balance at 31 March 2024

4,000

2,269,992

73,174

2,000

2,349,166

Changes in equity

Profit for the year

-

361,135

-

-

361,135

Total comprehensive income

-

361,135

-

-

361,135

Transfers

-

1,786

(1,786

)

-

-

Dividends

-

(52,000

)

-

-

(52,000

)

Balance at 31 March 2025

4,000

2,580,913

71,388

2,000

2,658,301

Cash flows from operating activities

Cash generated from operations

1

1,502,530

764,718

Interest element of hire purchase payments paid

(116,818

)

(97,182

)

Net cash from operating activities

1,385,712

667,536

Cash flows from investing activities

Purchase of intangible fixed assets

(10,000

)

-

Purchase of tangible fixed assets

(210,729

)

(184,770

)

Sale of tangible fixed assets

27,213

74,062

Net cash from investing activities

(193,516

)

(110,708

)

Cash flows from financing activities

Capital repayments in year

(1,093,793

)

(1,049,052

)

Amount withdrawn by directors

(1,087

)

(996

)

Equity dividends paid

(52,000

)

(52,000

)

Net cash from financing activities

(1,146,880

)

(1,102,048

)

Increase/(decrease) in cash and cash equivalents

45,316

(545,220

)

Cash and cash equivalents at beginning of year

2

32,524

577,744

Cash and cash equivalents at end of year

2

77,840

32,524

1.	RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

2025

2024

£

£

Profit before taxation

566,135

85,394

Depreciation charges

870,003

672,126

Profit on disposal of fixed assets

(18,827

)

(43,582

)

Finance costs

116,818

97,182

1,534,129

811,120

Increase in stocks

-

(29,600

)

Decrease/(increase) in trade and other debtors

52,053

(289,507

)

(Decrease)/increase in trade and other creditors

(83,652

)

272,705

Cash generated from operations

1,502,530

764,718

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 March 2025

31.3.25

1.4.24

£

£

Cash and cash equivalents

77,840

32,524

Year ended 31 March 2024

31.3.24

1.4.23

£

£

Cash and cash equivalents

32,524

577,744

3.	ANALYSIS OF CHANGES IN NET DEBT

At 1.4.24

Cash flow

At 31.3.25

£

£

£

Net cash

Cash at bank and in hand

32,524

45,316

77,840

32,524

45,316

77,840

Debt

Finance leases

(2,263,073

)

800,593

(1,462,480

)

Debts falling due within 1 year

(10,183

)

(257

)

(10,440

)

Debts falling due after 1 year

(13,843

)

10,257

(3,586

)

(2,287,099

)

810,593

(1,476,506

)

Total

(2,254,575

)

855,909

(1,398,666

)

1.	ACCOUNTING POLICIES

Basis of preparing the financial statements

Devereux Developments Limited is a private limited company, limited by shares, registered in England and Wales. The address of the registered office is given in the company information on page 1 of these financial statements. The nature of the company's operations and principal activities are set out in the Strategic report on page 2.

The financial statements have been prepared in accordance with applicable accounting standards including Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and the Republic of Ireland" (FRS102) and the Companies Act 2006. The financial statements have been prepared on a going concern basis under the historical cost convention. The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest pound.

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

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2004, is being amortised evenly over its estimated useful life of fifteen years.

Goodwill also includes an amount paid in connection with the acquisition of business assets in the current year which is amortised over a period of 10 years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.

Freehold property

-

2% on cost

Plant and machinery

-

20% on reducing balance and between 7 and 10 years

Fixtures and fittings

-

25% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

25% on reducing balance

Stocks

Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation

Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. Unrelieved tax losses and other deferred tax assets are recognised only 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 balance sheet date that are expected to apply to the reversal of timing differences. Deferred tax on revalued non-depreciable tangible fixed assets and investment properties is measured using the rates and allowances that apply to the sale of the asset.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Debtors and creditors receivable / payable within one year

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

Judgements and key sources of estimation uncertainty

In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

2.

TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

3.	EMPLOYEES AND DIRECTORS

2025

2024

£

£

Wages and salaries

6,576,314

6,604,778

Social security costs

649,604

653,012

Other pension costs

163,416

149,739

7,389,334

7,407,529

The average number of employees during the year was as follows:

2025

2024

Administration

20

21

Cost of sales

137

141

157

162

2025

2024

£

£

Directors' remuneration

121,096

126,995

4.	OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2025

2024

£

£

Other operating leases

69,996

69,996

Depreciation - owned assets

869,253

672,126

Profit on disposal of fixed assets

(18,827

)

(43,582

)

Goodwill amortisation

750

-

Auditors remuneration

11,650

12,000

Vehicle contract leasing

69,695

191,255

5.

INTEREST PAYABLE AND SIMILAR EXPENSES

2025

2024

£

£

Hire purchase interest

116,818

97,182

6.

TAXATION

Analysis of the tax charge

The tax charge on the profit for the year was as follows:

2025

2024

£

£

Deferred taxation

205,000

26,532

Tax on profit

205,000

26,532

Reconciliation of total tax charge included in profit and loss

The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2025

2024

£

£

Profit before tax

566,135

85,394

Profit multiplied by the standard rate of corporation tax in the UK of 25% (2024 - 19%)

141,534

16,225

Effects of:

Expenses not deductible for tax purposes

6,004

8,842

Utilisation of tax losses

50,283

-

Other adjustments

(4,677

)

1,465

Adjustment relating to change in tax rate

11,856

-

Total tax charge

205,000

26,532

7.

DIVIDENDS

2025

2024

£

£

Ordinary shares of £1 each

Interim dividends

52,000

52,000

8.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 April 2024

1,000,000

Additions

10,000

At 31 March 2025

1,010,000

AMORTISATION

At 1 April 2024

1,000,000

Amortisation for year

750

At 31 March 2025

1,000,750

NET BOOK VALUE

At 31 March 2025

9,250

At 31 March 2024

-