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Company No: 10313718 (England and Wales)

# PFS DEVON LIMITED

### Unaudited Financial Statements
For the financial year ended 30 September 2025
Pages for filing with the registrar

PFS DEVON LIMITED

## Unaudited Financial Statements

For the financial year ended 30 September 2025

Contents

PFS DEVON LIMITED

## BALANCE SHEET

As at 30 September 2025
PFS DEVON LIMITED

## BALANCE SHEET (continued)

As at 30 September 2025

| Note | 2025 |  | 2024
|  | £ |  | £
|  |  |  | Restated - note 2
Fixed assets |  |  |  |
Tangible assets | 4 | 36,664 |  | 45,830
Investment property | 5 | 688,004 |  | 688,004
Investments | 6 | 720 |  | 720
|  | 725,388 |  | 734,554
Current assets |  |  |  |
Debtors | 7 | 19,106 |  | 18,000
Cash at bank and in hand |  | 40,299 |  | 9,748
|  | 59,405 |  | 27,748
Creditors: amounts falling due within one year | 8 | ( 184,148) |  | ( 96,010)
Net current liabilities |  | (124,743) |  | (68,262)
Total assets less current liabilities |  | 600,645 |  | 666,292
Creditors: amounts falling due after more than one year | 9 | ( 218,630) |  | ( 338,630)
Provision for liabilities |  | ( 9,166) |  | ( 11,251)
Net assets |  | 372,849 |  | 316,411
Capital and reserves |  |  |  |
Called-up share capital |  | 240 |  | 240
Profit and loss account |  | 372,609 |  | 316,171
Total shareholder's funds |  | 372,849 |  | 316,411

For the financial year ending 30 September 2025 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

- The member has not required the Company to obtain an audit of its financial statements for the financial year in accordance with section 476;
- The director acknowledges their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
- These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Profit and Loss Account has not been delivered.

The financial statements of PFS Devon Limited (registered number: 10313718) were approved and authorised for issue by the Director on 20 May 2026. They were signed on its behalf by:

S J Palmer Director |

PFS DEVON LIMITED

## NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 September 2025
PFS DEVON LIMITED

## NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 September 2025

##### 1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

##### General information and basis of accounting

PFS Devon Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Goodwood House, Blackbrook Park Avenue, Taunton, TA1 2PX, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

##### Turnover

Turnover is recognised at the fair value of the consideration received or receivable for rent of investment properties in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

##### Dividend income

Dividend income from investments is recognised when the shareholders' rights to receive payment have been established (provided that it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably).

##### Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date. Tax is recognised in the profit and loss account, 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
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date that are expected to apply when the timing differences reverse. Deferred tax assets and liabilities are not discounted.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit. Deferred tax liabilities are presented within provisions for liabilities on the balance sheet.

##### Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery etc. | 20 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

##### Borrowing costs

Borrowing costs that are directly attributable to acquisition, construction or production of qualifying assets, are capitalised as part of the cost of those assets. Capitalisation begins when both finance costs and expenditures for the asset are being incurred and activities that are necessary to get the asset ready for use are in progress. Capitalisation ceases when substantially all the activities that are necessary to get the asset ready for use are complete.
All other borrowing costs are recognised in profit or loss in the period in which they are incurred.

##### Impairment of assets

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 the Profit and Loss Account as described below.

##### Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.
The fair value is determined annually by the director, on an open market value for existing use basis.

##### Fixed asset investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

##### Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

##### Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

##### Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

##### Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a 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.
Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

##### Ordinary share capital

The ordinary share capital of the Company is presented 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.

##### 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.

#### 2. Prior year adjustment

A prior year adjustment has been required to correct the dividends paid to the director.
The impact on the balance sheet on the 30th September 2024 has been to reduce dividends paid by £8,000 and reduce the director's loan account by £8,000.
Net Assets have increased by £8,000 from £308,411 to £316,411.
There has been no impact on the profit and loss account.

#### 3. Employees

| 2025 |  | 2024
| Number |  | Number
Monthly average number of persons employed by the Company during the year, including the director | 1 |  | 1

#### 4. Tangible assets

| Plant and machinery etc. |  | Total
| £ |  | £
Cost |  |  |
At 01 October 2024 | 66,156 |  | 66,156
At 30 September 2025 | 66,156 |  | 66,156
Accumulated depreciation |  |  |
At 01 October 2024 | 20,326 |  | 20,326
Charge for the financial year | 9,166 |  | 9,166
At 30 September 2025 | 29,492 |  | 29,492
Net book value |  |  |
At 30 September 2025 | 36,664 |  | 36,664
At 30 September 2024 | 45,830 |  | 45,830

#### 5. Investment property

| Investment property
| £
Valuation |
As at 01 October 2024 | 688,004
As at 30 September 2025 | 688,004

Valuation

The value of investment property is derived from observable current market prices for comparable real estate determined by the director. The assets have a current value of £688,004 (2024 - £688,004).

Historic cost

If the investment properties had been accounted for under the cost accounting rules, the properties would have been measured as follows:

| 2025 |  | 2024
| £ |  | £
Historic cost | 688,004 |  | 688,004

#### 6. Fixed asset investments

| Investments in associates |  | Total
| £ |  | £
Cost or valuation before impairment |  |  |
At 01 October 2024 | 720 |  | 720
At 30 September 2025 | 720 |  | 720
Carrying value at 30 September 2025 | 720 |  | 720
Carrying value at 30 September 2024 | 720 |  | 720

Investments in shares

Name of entity | Registered office | Principal activity | Class of shares | Ownership 30.09.2025 | Ownership 30.09.2024
SPH Retail Limited | Goodwood House, Blackbrook Park Avenue, Taunton, TA1 2PX | Retail Convenience Stores | Ordinary | 75.00% | 75.00%

#### 7. Debtors

| 2025 |  | 2024
| £ |  | £
Other debtors | 19,106 |  | 18,000

#### 8. Creditors: amounts falling due within one year

| 2025 |  | 2024
| £ |  | £
Taxation and social security | 8,358 |  | 4,601
Other creditors | 175,790 |  | 91,409
| 184,148 |  | 96,010

#### 9. Creditors: amounts falling due after more than one year

| 2025 |  | 2024
| £ |  | £
Other creditors | 218,630 |  | 338,630

There are no amounts included above in respect of which any security has been given by the small entity.

#### 10. Related party transactions

Other related party transactions

SPH Retail Limited is a subsidiary of PFS Devon Limited. At 30 September 2025, the company owed SPH Retail Limited £278,630 (2024: £338,630). The loan is interest free and there are no formal terms of repayment. SPH Retail Limited has confirmed that it will not seek repayment until the company has sufficient funds available.
SJ Palmer Limited is a company owned by S J Palmer. At 30 September 2025, the company was owed £19,106 from SJ Palmer Limited (2024: £18,000). The loan is interest free and there are no formal terms of repayment. PFS Devon Limited has confirmed that it will not seek repayment until the company has sufficient funds available.