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Registered number: 04564124 DEVONO PROPERTY LTD UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
DEVONO PROPERTY LTD CONTENTS
| Page
Company information | 1
Balance sheet | 2 - 3
Notes to the financial statements | 4 - 16
DEVONO PROPERTY LTD COMPANY INFORMATION
Directors | R J Leigh
| L M Philpott
| C J Lewis
| S J Cowles
Registered number | 04564124
Registered office | Baird House
| 15-17 St. Cross Street
| London
| EC1N 8UW
Accountants | Blick Rothenberg Limited
| Chartered Accountants
| 16 Great Queen Street
| Covent Garden
| London
| WC2B 5AH
Page 1
|  | REGISTERED NUMBER:04564124
DEVONO PROPERTY LTD BALANCE SHEET AS AT 31 MARCH 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Intangible assets | 4 |  | 18,559 |  | 40,688
Tangible assets | 5 |  | 85,482 |  | 119,840
Fixed asset investments |  |  | 90 |  | 90
|  |  | 104,131 |  | 160,618
Current assets |  |  |  |  |
Debtors: amounts falling due within one year | 7 | 1,519,539 |  | 3,122,968 |
Cash at bank and in hand |  | 972,512 |  | 285,612 |
|  | 2,492,051 |  | 3,408,580 |
Creditors: amounts falling due within one year | 8 | (1,215,616) |  | (1,308,005) |
Net current assets |  |  | 1,276,435 |  | 2,100,575
Total assets less current liabilities |  |  | 1,380,566 |  | 2,261,193
Provisions for liabilities |  |  |  |  |
Deferred tax | 10 |  | (24,858) |  | (16,268)
Net assets |  |  | 1,355,708 |  | 2,244,925
Capital and reserves |  |  |  |  |
Called up share capital | 11 |  | 182 |  | 182
Other reserves | 12 |  | 38,482 |  | 38,482
Profit and loss account | 12 |  | 1,317,044 |  | 2,206,261
Total equity |  |  | 1,355,708 |  | 2,244,925
Page 2
|  | REGISTERED NUMBER:04564124
DEVONO PROPERTY LTD BALANCE SHEET (CONTINUED) AS AT 31 MARCH 2025 The directors consider that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements. The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities. The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. The company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime. The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
R J Leigh
Director
Date: 16 March 2026
The notes on pages 4 to 16 form part of these financial statements. Page 3
DEVONO PROPERTY LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
1. | General information
Devono Property Ltd is a private company limited by shares incorporated in England and Wales. The address of its registered office is Baird House, 15-17 St. Cross Street, London, EC1N 8UW. The prior period figures represent the results for the 15 months to 31 March 2024. For this reason the current year and prior period are not entirely comparable. The financial statements are presented in Sterling (£), which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £. 2.Accounting policies
| 2.1 | Basis of preparation of financial statements
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the requirements and the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view. The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the company's accounting policies. The following principal accounting policies have been applied:
| 2.2 | Going concern
After making enquiries, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence and meet its liabilities as they fall due for the foreseeable future, being a period of at least twelve months from the date these financial statements were approved. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.
| 2.3 | Revenue recognition
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised: Rendering of services Revenue comprises the provision of real estate services. Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied: ∙the amount of revenue can be measured reliably; ∙it is probable that the company will receive the consideration due under the contract; ∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and ∙the costs incurred and the costs to complete the contract can be measured reliably. Page 4
DEVONO PROPERTY LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 2.Accounting policies (continued)
| 2.4 | Intangible assets
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years. The estimated useful lives range as follows:
|  |  |  | Website development | - | 3 | years
| 2.5 | Tangible fixed assets
Tangible fixed assets are stated at historical cost less accumulated depreciation. Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method. Depreciation is provided on the following basis:
|  |  |  | Leasehold improvements | - | over the term of the lease
|  |  |  | Office equipment | - | over 3 years
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
| 2.6 | Investments
Investments in subsidiaries are measured at cost less accumulated impairment.
| 2.7 | Financial instruments
The company has elected to apply Sections 11 and 12 of FRS 102 in respect of financial instruments. Financial assets and financial liabilities are recognised when the company becomes party to the contractual provisions of the instrument. Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. The company’s policies for its major classes of financial assets and financial liabilities are set out below. Page 5
DEVONO PROPERTY LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 2.Accounting policies (continued)
|  | Financial instruments (continued)
Financial assets Basic financial assets, including trade and other debtors, and cash and bank balances, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate. Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment. Financial liabilities Basic financial liabilities, including trade and other creditors, and bank loans, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Impairment of financial assets Financial assets measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the profit and loss account. For financial assets measured at cost less impairment, the impairment loss is measured as the difference between the asset's carrying amount and the best estimate of the amount the company would receive for the asset if it were to be sold at the reporting date. For financial assets measured at amortised cost, the impairment loss is measured as the difference between the asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If the financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract. If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss. Page 6
DEVONO PROPERTY LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 2.Accounting policies (continued)
|  | Financial instruments (continued)
Derecognition of financial assets and financial liabilities Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions. Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires. Offsetting of financial assets and financial liabilities Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
| 2.8 | Cash
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.
| 2.9 | Share capital
Ordinary shares are classified as equity.
| 2.10 | Interest income
Interest income is recognised in profit or loss using the effective interest method.
| 2.11 | Finance costs
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
| 2.12 | Borrowing costs
All borrowing costs are recognised in profit or loss in the year in which they are incurred. Page 7
DEVONO PROPERTY LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 2.Accounting policies (continued)
| 2.13 | Share-based payments
Where share options are awarded to employees, the fair value of the options at the date of grant is charged to profit or loss over the vesting period. Non-market vesting conditions are taken into account by adjusting the number of equity instruments expected to vest at each balance sheet date so that, ultimately, the cumulative amount recognised over the vesting period is based on the number of options that eventually vest. Market vesting conditions are factored into the fair value of the options granted. The cumulative expense is not adjusted for failure to achieve a market vesting condition. The fair value of the award also takes into account non-vesting conditions. These are either factors beyond the control of either party (such as a target based on an index) or factors which are within the control of one or other of the parties (such as the company keeping the scheme open or the employee maintaining any contributions required by the scheme). Where the terms and conditions of options are modified before they vest, the increase in the fair value of the options, measured immediately before and after the modification, is also charged to profit or loss over the remaining vesting period. Where equity instruments are granted to persons other than employees, profit or loss is charged with fair value of goods and services received.
| 2.14 | Operating leases: the company as lessee
Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term. Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.
| 2.15 | Pensions
Defined contribution pension plan The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations. The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the balance sheet. The assets of the plan are held separately from the company in independently administered funds. Page 8
DEVONO PROPERTY LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 2.Accounting policies (continued)
| 2.16 | Foreign currency translation
Functional and presentation currency The company's functional and presentational currency is Sterling (£). Transactions and balances Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions. At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined. Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges. Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the profit and loss account within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'administrative expenses'.
| 2.17 | Exceptional items
Exceptional items are transactions that fall within the ordinary activities of the company but are presented separately due to their size or incidence.
| 2.18 | Dividends
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting. Page 9
DEVONO PROPERTY LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 2.Accounting policies (continued)
| 2.19 | Current and deferred tax
The tax expense for the year comprises current and deferred tax. Tax is recognised in the profit and loss account, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. Current tax is the amount of income tax payable in respect of taxable profit for the year or prior years. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company operates and generates income. Deferred tax arises from timing differences that are differences between taxable profits and total comprehensive income as stated in the financial statements. These timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in the financial statements. Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that: ∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and ∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met. Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
3. | Employees
| The average monthly number of employees, including directors, during the year was 27 (2024 - 28).
Page 10
DEVONO PROPERTY LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
4. | Intangible assets
|  | Website development
|  | £
| Cost |
| At 1 April 2024 | 97,140
| At 31 March 2025 | 97,140
| Amortisation |
| At 1 April 2024 | 56,452
| Charge for the period | 22,129
| At 31 March 2025 | 78,581
| Net book value |
| At 31 March 2025 | 18,559
| At 31 March 2024 | 40,688
Page 11
DEVONO PROPERTY LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
5. | Tangible fixed assets
|  | Computer equipment | Leasehold improvements | Total
|  | £ | £ | £
| Cost |  |  |
| At 1 April 2024 | 181,470 | 45,641 | 227,111
| Additions | 6,008 | - | 6,008
| At 31 March 2025 | 187,478 | 45,641 | 233,119
| Depreciation |  |  |
| At 1 April 2024 | 104,930 | 2,341 | 107,271
| Charge for the period | 31,238 | 9,128 | 40,366
| At 31 March 2025 | 136,168 | 11,469 | 147,637
| Net book value |  |  |
| At 31 March 2025 | 51,310 | 34,172 | 85,482
| At 31 March 2024 | 76,540 | 43,300 | 119,840
6. | Fixed asset investments
|  | Investments in subsidiary companies
|  | £
| Cost |
| At 1 April 2024 | 90
| At 31 March 2025 | 90
Page 12
DEVONO PROPERTY LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
| Subsidiary undertaking
| The following was a subsidiary undertaking of the company:
| Name | Registered office | Class of shares | Holding
| Made Re Limited | 2nd Floor Baird House, 15-17 St. Cross Street, London, EC1N 8UW | Ordinary | 90%
7. | Debtors
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade debtors | 800,845 | 142,141
| Amounts due from group undertakings | 229,767 | -
| Other debtors | 252,656 | 1,508,691
| Prepayments and accrued income | 236,271 | 1,472,136
|  | 1,519,539 | 3,122,968
| Other debtors includes a rent deposit of £68,001 which falls due for repayment after more than one year.
8. | Creditors: amounts falling due within one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Bank loans (secured) | 79,979 | 149,667
| Trade creditors | 356,258 | 530,324
| Corporation tax | 146,431 | -
| Other taxation and social security | 274,011 | 434,604
| Other creditors | 5,065 | 10,748
| Accruals and deferred income | 353,872 | 182,662
|  | 1,215,616 | 1,308,005
| The bank loan is secured by way of a fixed and floating charge over the assets of the company and incurs interest at 3.25% over base bank rate.
Page 13
DEVONO PROPERTY LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
9. | Loans
| Analysis of the maturity of loans is given below:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Amounts falling due within one year |  |
| Bank loans | 79,979 | 149,667
|  | 79,979 | 149,667
| The bank loan is secured by way of a fixed and floating charge over the assets of the company and incurs interest at 3.25% over base bank rate.
Page 14
DEVONO PROPERTY LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
10. | Deferred taxation
|  | 2025
|  | £
| At beginning of year | (16,268)
| Charged to profit or loss | (8,590)
| At end of year | (24,858)
| The provision for deferred taxation is made up as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Accelerated capital allowances | (24,858) | (29,960)
| Short term timing differences | - | 894
| Losses and other deductions | - | 12,798
|  | (24,858) | (16,268)
11. | Share capital
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
|  | 100 (2024 - 100) A shares of £1.00 each | 100 | 100
|  | 82 (2024 - 82) B shares of £1.00 each | 82 | 82
|  |  | 182 | 182
| The holders of ordinary shares are entitled to receive dividends as declared from time to time and are entitled to one vote per share at meetings of the company.
12. | Reserves
Other reserves Other reserves comprise amounts recognised in the financial statements in respect of equity settled share based payments. Profit and loss account The profit and loss account comprises the cumulative profits for all periods to date which have been retained by the company. Page 15
DEVONO PROPERTY LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
13. | Pension commitments
The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £65,588 (2024 - £56,698). Contributions totalling £1,620 (2024 - £3,575) were payable to the fund at the balance sheet date and are included in other creditors.
14. | Related party transactions
| At the reporting date directors owed the company £33,540 (2024: £542,637). This amount is inclusive of interest due to the company.
Page 16