Registration number: 14176998

Devonshire Schools Properties Ltd

Contents

Company Information	1
Balance Sheet	2
Notes to the Financial Statements	3 to 6

Devonshire Schools Properties Ltd

Company Information

Directors

E E Gibson A N Hassan N Wergan

Registered office

58 Buckingham Gate London SW1E 6AJ

Auditors

Hazlewoods LLP Windsor House Bayshill Road Cheltenham GL50 3AT

Devonshire Schools Properties Ltd

(Registration number: 14176998)
Balance Sheet as at 31 August 2025

	Note	2025 £	2024 £
Fixed assets
Tangible assets	4	16,642,782	8,338,498
Current assets
Debtors	5	47,656	1
Creditors: Amounts falling due within one year	6	(16,690,437)	(8,338,498)
Net current liabilities		(16,642,781)	(8,338,497)
Net assets		1	1
Capital and reserves
Called up share capital		1	1
Shareholders' funds		1	1

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 Profit and Loss Account.

Approved and authorised by the Board on 27 May 2026 and signed on its behalf by:
 

E E Gibson
Director

Devonshire Schools Properties Ltd

Notes to the Financial Statements for the Year Ended 31 August 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:
58 Buckingham Gate
London
SW1E 6AJ

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 for, where disclosed in these accounting policies, certain items that are shown at fair value.

The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.

Name of parent of group

These financial statements are consolidated in the financial statements of Burlington Education Holdings Limited.

The financial statements of Burlington Education Holdings Limited may be obtained from Companies House.

Going concern

After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.

Judgements and estimation uncertainty

These financial statements do not contain any significant judgements or estimation uncertainty.

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 land and buildings	Nil

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Devonshire Schools Properties Ltd

Notes to the Financial Statements for the Year Ended 31 August 2025

Financial instruments

Classification
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability on the balance sheet. The corresponding dividends relating to the liability component are charged as interest expenses in the profit and loss account.

 Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

 Impairment
Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss as described below.

A non financial asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.

The recoverable amount of goodwill is derived from measurement of the present value of the future cash flows of the cash-generating units ('CGUs') of which the goodwill is a part. Any impairment loss in respect of a CGU is allocated first to the goodwill attached to that CGU, and then to other assets within that CGU on a pro-rata basis.

Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised. Where a reversal of impairment occurs in respect of a CGU, the reversal is applied first to the assets (other than goodwill) of the CGU on a pro-rata basis and then to any goodwill allocated to that CGU.

For financial assets carried at amortised cost, the amount of an impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate.

For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.

Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

Devonshire Schools Properties Ltd

Notes to the Financial Statements for the Year Ended 31 August 2025

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was as follows:

	2025  No.	2024  No.
Average number of employees	3	4

4

Tangible assets

	Freehold land and buildings £
Cost and carrying amount
At 1 September 2024	8,338,498
Additions	8,304,284
At 31 August 2025	16,642,782
At 31 August 2024	8,338,498

Subsequent to the year end on 22 September 2025, the company completed the disposal of most of its freehold properties. The properties were disposed of at their carrying amounts, and no gain or loss arose on the disposal.

5

Debtors

	2025 £	2024 £
Amounts owed by group undertakings	1	1
Other debtors	47,655	-
	47,656	1

6

Creditors

	2025 £	2024 £
Due within one year
Trade creditors	14,994	-
Amounts due to group undertakings	16,675,443	8,338,498
	16,690,437	8,338,498

7

Contingent liabilities

The company is bound by an intra-group cross guarantee in respect of bank debt with other members of the group, headed by its parent undertaking, Burlington Education Holdings Limited. The amount guaranteed at 31 August 2025 is £192,085,000 (2024 - £111,400,000).

8

Non adjusting events after the financial period

Subsequent to the year end on 22 September 2025, the company completed the disposal of most of its freehold properties. The properties were disposed of at their carrying amounts, and no gain or loss arose on the disposal.

Devonshire Schools Properties Ltd

Notes to the Financial Statements for the Year Ended 31 August 2025

9

Parent and ultimate parent undertaking

The company's immediate parent is Cavendish Education Limited, incorporated in England and Wales.

 The ultimate parent is Burlington Education Partners Holdings Limited, incorporated in Guernsey, which is considered to have no single ultimate controlling party.

10

Disclosure under Section 444(5B) CA 2006 relating to the independent auditor's report

As permitted by Section 444 CA 2006, these accounts do not contain a copy of the company’s Profit and Loss account or a copy of the Directors’ Report. Accordingly, the Independent Auditors’ Report has also been omitted.

The Independent Auditor's Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report on 28 May 2026 was Simon Worsley, who signed for and on behalf of Hazlewoods LLP.