Davenport Developments Limited - Limited company accounts 25.1

REGISTERED NUMBER: 01115340 (England and Wales)

DIRECTORS' REPORT AND

AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 NOVEMBER 2025

FOR

DAVENPORT DEVELOPMENTS LIMITED

Page

Company Information

1

Directors' Report

2

Independent Auditors' Report

3

Statement of Income and Retained Earnings

6

Balance Sheet

7

Notes to the Financial Statements

8

DIRECTORS:

Mr H P Murphy (Chairman)

Mrs M A Murphy

Mr P H Murphy

Mr J J Murphy

Mrs M A Middleton

Mrs W M Linnett

SECRETARY:

Mr R H Smith FCA

REGISTERED OFFICE:

1 Westmoreland Avenue

Thurmaston

Leicester

LE4 8PH

REGISTERED NUMBER:

01115340 (England and Wales)

INDEPENDENT AUDITORS:

Magma Audit LLP

16 Davy Court

Castle Mound Way

Rugby, CV23 0UZ

Magma Audit LLP is part

Of the Dains Group

SOLICITORS:

Crane & Walton

24 De Montfort Street

Leicester

LE1 7GB

The directors present their report with the financial statements of the company for the year ended 30 November 2025.

PRINCIPAL ACTIVITY

During the year the principal activity of the company was that of the operation of hotels.

DIRECTORS

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

Mr H P Murphy (Chairman)

Mrs M A Murphy

Mr P H Murphy

Mr J J Murphy

Mrs M A Middleton

Mrs W M Linnett

DIRECTORS' RESPONSIBILITIES STATEMENT

The directors are responsible for preparing the Directors' Report 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 or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS

Under section 487(2) of the Companies Act 2006 Magma Audit LLP will be deemed to have been reappointed as auditor 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier.

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:

Mr R H Smith FCA - Secretary

5 May 2026

Opinion

We have audited the financial statements of Davenport Developments Limited (the 'company') for the year ended 30 November 2025 which comprise the Statement of Income and Retained Earnings, Balance Sheet and 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 30 November 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 Directors' Report, but does not include the financial statements and our Auditors' Report 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 Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Directors' Report has 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 Directors' Report.

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; or

-	the directors were not entitled to take advantage of the small companies' exemption from the requirement to prepare a Strategic Report or in preparing the Directors' Report.

Responsibilities of directors

As explained more fully in the Directors' Responsibilities Statement set out on page two, 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 an Auditors' Report 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:

Based on our understanding of the company and industry, we identified the principal risks of non-compliance with laws and regulations, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the financial statements such as the Companies Act 2006. We evaluated 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 posting inappropriate journal entries and management bias in accounting estimates. Audit procedures performed included:

-

Enquiries with management for consideration of known or suspected instances of non-compliance with laws and
regulations and fraud.

-

Challenging assumptions made by management in their accounting estimates, in particular in relation to the
depreciation of fixed assets, impairment of stock and dilapidation provisions.

-

Identifying and testing material journal entries, in particular those journal entries posted with unusual account
combinations, journal entries crediting revenue, journal entries crediting cash and journal entries with specific
defined descriptions.

There are inherent limitations in the audit procedures described above. The more removed non-compliance with laws and regulations is, from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by forgery or intentional misrepresentation, for example, or through collusion.

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 Auditors' Report.

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 an Auditors' Report 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.

Ryan Parkin (Senior Statutory Auditor)

for and on behalf of Magma Audit LLP

16 Davy Court

Castle Mound Way

Rugby, CV23 0UZ

Magma Audit LLP is part

Of the Dains Group

5 May 2026

TURNOVER

4

7,662,862

7,810,470

Cost of sales

(3,655,967

)

(3,332,699

)

GROSS PROFIT

4,006,895

4,477,771

Operating charges

(3,937,848

)

(4,206,580

)

OPERATING PROFIT

6

69,047

271,191

Interest receivable and similar income

7

12,053

58,150

PROFIT BEFORE TAXATION

81,100

329,341

Tax on profit

8

(25,766

)

(74,165

)

PROFIT FOR THE FINANCIAL YEAR

55,334

255,176

Retained earnings at beginning of year

1,242,633

1,987,457

Dividends

9

-

(1,000,000

)

RETAINED EARNINGS AT END OF YEAR

1,297,967

1,242,633

FIXED ASSETS

Tangible assets

10

202,323

276,370

CURRENT ASSETS

Stocks

11

27,049

31,729

Debtors

12

1,903,178

1,819,518

Cash at bank

2,656,469

2,650,167

4,586,696

4,501,414

CREDITORS

Amounts falling due within one year

13

(1,491,052

)

(1,535,151

)

NET CURRENT ASSETS

3,095,644

2,966,263

TOTAL ASSETS LESS CURRENT
LIABILITIES

3,297,967

3,242,633

CAPITAL AND RESERVES

Called up share capital

14

2,000,000

Retained earnings

15

1,297,967

1,242,633

SHAREHOLDERS' FUNDS

3,297,967

3,242,633

The financial statements were approved by the Board of Directors and authorised for issue on 5 May 2026 and were signed on its behalf by:

Mr H P Murphy (Chairman) - Director

1.	STATUTORY INFORMATION

Davenport Developments Limited is a private limited company, limited by shares, registered in England and Wales. Its registered office address is 1 Westmoreland Avenue, Thurmaston, Leicester, LE4 8PH and the registered number is 01115340.

2.	ACCOUNTING POLICIES

Basis of preparing the 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 Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the company's accounting policies.

The financial statements are presented in Sterling (£).

The following principal accounting policies have been applied:

Financial Reporting Standard 102 - reduced disclosure exemptions

The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

•

the requirements of Section 7 Statement of Cash Flows;

•

the requirement of paragraph 3.17(d);

•

the requirements of paragraphs 11.42, 11.44, 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);

•

the requirement of paragraph 33.7.

This information is included in the consolidated financial statements of Charles Street Buildings Properties Limited as at 30 November 2025 and these financial statements may be obtained from Companies House.

Related party exemption

The company has taken advantage of 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.

Revenue

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.

Revenue relating to hotel operations is recognised when the relevant services are provided.

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciated and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a straight line basis.

Depreciation is provided on the following basis:

Hotel operating equipment 2-10 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 the Statement of Income and Retained Earnings.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in the Statement of Income and Retained Earnings.

Financial instruments

The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received.

Financial assets that are 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 Statement of Income and Retained Earnings.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the company would receive for the asset if it were to be sold at the balance sheet date.

Taxation

The tax expense for the year comprises current and deferred tax.

Tax is recognised in the Statement of Income and Retained Earnings, 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.

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.

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.

Operating leases

Leases that do not transfer all the risks and rewards of ownership are classified as operating leases. Payments under operating leases are charged to the Statement of Income and Retained Earnings 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 the Statement of Income and Retained Earnings in the period to which they relate.

3.	CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

Certain of the amounts included in the financial statements involve the use of judgement and/or estimation. These judgements and estimates are based on management's best knowledge of the relevant facts and circumstances and have regard to prior experience, but actual results may differ from the amounts included in the financial statements. Information about such judgements and estimation uncertainty is contained in the accounting policies and/or the notes to the financial statements and the key areas are summarised below.

Judgements in applying accounting policies:

The directors must judge whether all of the conditions required for turnover to be recognised in the Statement of Income and Retained Earnings of the financial year have been met.

Sources of estimation uncertainty:

Depreciation charges are based on estimates of the useful lives and residual values of the assets involved. The residual value of assets is an estimate of the value of the asset as it was currently at the end of its useful life.

The company makes an estimate of the recoverable value of amounts owed by group undertakings. When assessing impairment, management consider factors including the net current asset position of the entity.

4.

TURNOVER

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

All turnover arose within the United Kingdom.

5.	EMPLOYEES AND DIRECTORS

2025

2024

£

Wages and salaries

1,755,555

1,671,492

Social security costs

183,775

148,768

Other pension costs

30,416

28,341

1,969,746

1,848,601

The average number of employees (including directors) during the year was as follows:

2025

2024

Directors

6

Hotel operations

67

71

73

77

2025

2024

£

Directors' remuneration

-

6.	OPERATING PROFIT

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

2025

2024

£

Other operating leases - rent

1,550,000

1,750,000

Depreciation - owned assets

111,145

182,868

Loss on disposal of fixed assets

1,325

1

Foreign exchange differences

(1,973

)

(2,415

)

Auditors' remuneration

12,150

11,550

7.

INTEREST RECEIVABLE AND SIMILAR INCOME

2025

2024

£

Bank interest receivable

10,772

57,738

Other interest receivable

1,281

412

12,053

58,150

8.

TAXATION

Analysis of the tax charge/(credit)

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

2025

2024

£

Current tax:

UK corporation tax

23,697

74,163

Adjustment to prior years

2,069

2

Tax on profit

25,766

74,165

UK corporation tax has been charged at 25% (2024: 25%).

Reconciliation of total tax charge/(credit) included in profit and loss

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

2025

2024

£

Profit before tax

81,100

329,341

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

20,275

82,335

Effects of:

Expenses not deductible for tax purposes

2,989

1,392

Adjustments to tax charge in respect of previous periods

2,069

2

Deferred tax asset not recognised

433

(9,564

)

Total tax charge

25,766

74,165

9.

DIVIDENDS

2025

2024

£

Ordinary shares of £1.00 each

Paid in year

-

1,000,000

10.	TANGIBLE FIXED ASSETS

Hotel

Operating

Equipment

£

COST

At 1 December 2024

1,138,550

Additions

38,423

Disposals

(8,646

)

At 30 November 2025

1,168,327

DEPRECIATION

At 1 December 2024

862,180

Charge for year

111,145

Eliminated on disposal

(7,321

)

At 30 November 2025

966,004

NET BOOK VALUE

At 30 November 2025

202,323

At 30 November 2024

276,370

11.

STOCKS

2025

2024

£

Stocks

27,049

31,729

12.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

Trade debtors

269,895

180,313

Amounts owed by group undertakings

1,500,000

Other debtors

41,763

22,077

Prepayments and accrued income

91,520

117,128

1,903,178

1,819,518

Amounts owed by group undertakings comprises £1.5m (2024: £1.5m) owed by Davenport Developments (Leicester) Limited. The balance is interest free and repayable on demand.

13.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

Trade creditors

398,485

289,121

Amounts owed to group undertakings

11,084

25,074

Corporation tax

23,697

74,163

Social security and other taxes

230,203

274,397

Other creditors

116,853

108,384

Accruals and deferred income

710,730

764,012

1,491,052

1,535,151

Unpaid pension contributions included within other creditors amount to £5,428 (2024: £4,815).

14.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2025

2024

value:

£

2,000,000

Ordinary

£1.00

2,000,000

Ordinary shares have full rights to voting and dividends.

15.

RESERVES

Retained earnings

Retained earnings includes all current and prior period retained profits and losses, less dividends paid.

16.	CONTINGENT LIABILITIES

The company has, together with certain other group undertakings, given an unlimited guarantee in respect of the Charles Street Buildings Properties Limited group account maintained with the group's bankers. The balance of this account at 30 November 2025 was £289,800 in hand (2024: £2,166,045 in hand).

17.	RELATED PARTY DISCLOSURES

During the year, costs of £NIL (2024: £118,938) were recharged by companies under common ownership.

18.	ULTIMATE PARENT UNDERTAKING AND CONTROLLING PARTY

The ultimate parent undertaking and controlling related party of this company is Charles Street Buildings Properties Limited, which heads the largest group of undertakings for which group accounts have been drawn up.

The smallest group of undertakings including the company is that headed by Davenport Developments (Leicester) Limited. Davenport Developments (Leicester) Limited is the company's controlling related party by virtue of its shareholding in the company.

19.	COMMITMENTS UNDER OPERATING LEASES

The company has an obligation under a lease agreement for the payment of rents, dependant upon the hotels' financial performance. The lease expires in more than 5 years time.