Devonshire Pine Limited

Contents

Statement of Financial Position	1
Notes to the Unaudited Financial Statements	2 to 8

Devonshire Pine Limited

(Registration number: 02703600)
Statement of Financial Position as at 31 July 2025

	Note	2025 £	2024 £
Fixed assets
Tangible assets	4	454,237	528,296
Current assets
Stocks	5	3,449,340	3,250,589
Debtors	6	2,246,081	1,934,996
Cash at bank and in hand		280	4,095
		5,695,701	5,189,680
Creditors: Amounts falling due within one year	7	(2,341,077)	(1,625,440)
Net current assets		3,354,624	3,564,240
Total assets less current liabilities		3,808,861	4,092,536
Creditors: Amounts falling due after more than one year	7	(113,539)	(218,601)
Net assets		3,695,322	3,873,935
Capital and reserves
Called up share capital		2	2
Profit and loss account		3,695,320	3,873,933
Shareholders' funds		3,695,322	3,873,935

For the financial year ending 31 July 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 provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Statement of Comprehensive Income.

Approved and authorised by the Board on 10 April 2026 and signed on its behalf by:
 

Mrs Nicolle Hockin-Parkes Director

Devonshire Pine Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2025

1	General information

The company is a private company limited by share capital, incorporated in United Kingdom.

The address of its registered office is:
Caddsdown Industrial Park
Clovelly Road
Bideford
Devon
EX39 3DX

Principal activity

The principal activity of the company is the manufacture, retail and wholesale of quality pine and hardwood furniture.

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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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.

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

Going concern

The financial statements have been prepared on a going concern basis.

Devonshire Pine Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2025 (continued)

2	Accounting policies (continued)

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, 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.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises 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.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the statement of financial position 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:

Devonshire Pine Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2025 (continued)

2	Accounting policies (continued)

Asset class	Depreciation method and rate
Plant and machinery	10% straight line
Fittings, fixtures and equipment	15% reducing balance
Motor vehicles	25% reducing balance
Computer and office equipment	15% reducing balance

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.

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities

Stocks

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

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the statement of comprehensive income over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Devonshire Pine Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2025 (continued)

2	Accounting policies (continued)

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.

Financial instruments

Recognition and measurement
A financial asset or a financial liability is recognised only when the company becomes party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 28 (2024 - 30).

Devonshire Pine Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2025 (continued)

4	Tangible assets

	Fixtures and fittings £	Plant and machinery £	Office equipment £	Motor vehicles  £	Total £
Cost or valuation
At 1 August 2024	1,986,641	315,158	232,954	696,940	3,231,693
Additions	3,125	-	14,683	40,300	58,108
Disposals	-	-	-	(212,128)	(212,128)
At 31 July 2025	1,989,766	315,158	247,637	525,112	3,077,673
Depreciation
At 1 August 2024	1,715,555	284,429	164,104	539,309	2,703,397
Charge for the year	40,779	8,895	11,001	36,970	97,645
Eliminated on disposal	-	-	-	(177,606)	(177,606)
At 31 July 2025	1,756,334	293,324	175,105	398,673	2,623,436
Carrying amount
At 31 July 2025	233,432	21,834	72,532	126,439	454,237
At 31 July 2024	271,086	30,729	68,850	157,631	528,296

5

Stocks

	2025 £	2024 £
Raw materials and consumables	4,171	5,748
Finished goods and goods for resale	3,445,169	3,244,841
	3,449,340	3,250,589

6

Debtors

	Note	2025 £	2024 £
Trade debtors		783,162	594,021
Amounts owed by related parties	10	1,350,876	1,210,876
Prepayments		112,043	130,099
		2,246,081	1,934,996

Devonshire Pine Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2025 (continued)

7

Creditors

Creditors: amounts falling due within one year

	2025 £	2024 £
Due within one year
Loans and borrowings	877,092	776,597
Trade creditors	116,639	113,959
Taxation and social security	213,977	192,387
Accruals and deferred income	1,079,353	500,046
Other creditors	54,016	42,451
	2,341,077	1,625,440

Creditors: amounts falling due after more than one year

	2025 £	2024 £
Due after one year
Loans and borrowings	113,539	218,601

There is an unlimited cross guarantee dated 30 September 2019 given by Devonshire Pine (Holdings) Limited and NFH Group Limited. Guarantee dated 30 September 2019 for £1m given by Peter Hockin. Guarantee dated 27 July 2020 for £400,000 given by the Secretary of State for Business, Energy and Industry.

A debenture dated 24 September 2015 given by Devonshire Pine Limited.

CBILS Term Loan £500,000 with a maturity date of 27 July 2026.

8

Reserves

Profit and loss account:

This reserve records retained earnings and accumulated losses.

9	Obligations under leases and hire purchase contracts

Operating leases

The amount of non-cancellable operating lease payments recognised as an expense during the year was £2,212,500 (2024 - £2,662,500).

Devonshire Pine Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2025 (continued)

10	Related party transactions

The company has taken advantage of the exemption, under the terms of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland", not to disclose related party transactions with wholly owned subsidiaries within the group.

Summary of transactions with other related parties

During the year, the company made rental payments of £822,199 (2024: £596,481) to a company that is controlled by a director.

11	Parent and ultimate parent undertaking

The company's immediate parent is NFH Group Limited, incorporated in United Kingdom.