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Registration number: 02900640

Yorvik Homes Limited

Annual Report and Unaudited Financial Statements

for the Period from 1 July 2022 to 30 September 2023

 

Chartered Certified Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Yorvik Homes Limited
for the Period Ended 30 September 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Yorvik Homes Limited for the period ended 30 September 2023 as set out on pages 2 to 8 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/rulebook.html

This report is made solely to the Board of Directors of Yorvik Homes Limited, as a body, in accordance with the terms of our engagement. Our work has been undertaken solely to prepare for your approval the accounts of Yorvik Homes Limited and state those matters that we have agreed to state to the Board of Directors of Yorvik Homes Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.comfactsheet163.doc. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Yorvik Homes Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Yorvik Homes Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Yorvik Homes Limited. You consider that Yorvik Homes Limited is exempt from the statutory audit requirement for the period.

We have not been instructed to carry out an audit or a review of the accounts of Yorvik Homes Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Graham Sunley & Co Limited
Chartered Certified Accountants
52 Front Street
Acomb
York
YO24 3BX

30 January 2024

 

Yorvik Homes Limited

(Registration number: 02900640)
Balance Sheet as at 30 September 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

181,510

84,343

Current assets

 

Stocks

5

3,428,902

600,411

Debtors

6

61,672

18,029

Cash at bank and in hand

 

2,875,458

1,254,868

 

6,366,032

1,873,308

Creditors: Amounts falling due within one year

7

(5,311,917)

(1,398,892)

Net current assets

 

1,054,115

474,416

Total assets less current liabilities

 

1,235,625

558,759

Creditors: Amounts falling due after more than one year

7

(539,330)

-

Provisions for liabilities

(36,811)

(8,993)

Net assets

 

659,484

549,766

Capital and reserves

 

Called up share capital

100

100

Retained earnings

659,384

549,666

Shareholders' funds

 

659,484

549,766

For the financial period ending 30 September 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the period in question in accordance with section 476; and

The director acknowledges his 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 in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the director on 30 January 2024

.........................................

Mr Matthew Gath

Director

 

Yorvik Homes Limited

Notes to the Unaudited Financial Statements for the Period from 1 July 2022 to 30 September 2023

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
1st Floor, 4 Audax Court
Audax Close
Clifton Moor
York
North Yorkshire
YO30 4RB

These financial statements were authorised for issue by the director on 30 January 2024.

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.

Disclosure of long or short period

The financial statements have been prepared for a longer period of 15 months due to commerical reasons. The comparatives will therefore not be comparable as they reflect a 12 month period.

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 sales/value added tax, returns, rebates and discounts and after eliminating sales within the company.

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.

House sales are recognised as turnover upon the legal completion of contracts.

Tax

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Yorvik Homes Limited

Notes to the Unaudited Financial Statements for the Period from 1 July 2022 to 30 September 2023

Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the Company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

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

Plant & machinery

33% on cost and 25% on cost

Fixtures & fittings

25% on cost and 20% on cost

Motor vehicles

25% on cost

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, 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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those direct overheads that have been incurred in bringing the inventories to their present location and condition. No fixed administration overhead is included. 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 profit and loss account 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.

Provisions

Provisions are recognised when the company has an obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

 

Yorvik Homes Limited

Notes to the Unaudited Financial Statements for the Period from 1 July 2022 to 30 September 2023

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

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.

3

Staff numbers

The average number of persons employed by the company (including the director) during the period, was 6 (2022 - 6).

 

Yorvik Homes Limited

Notes to the Unaudited Financial Statements for the Period from 1 July 2022 to 30 September 2023

4

Tangible assets

Fixtures and fittings
£

Plant and machinery
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 July 2022

39,012

177,683

28,468

245,163

Additions

9,566

-

172,118

181,684

Disposals

(13,040)

-

(28,467)

(41,507)

At 30 September 2023

35,538

177,683

172,119

385,340

Depreciation

At 1 July 2022

39,012

105,200

16,607

160,819

Charge for the period

971

47,298

29,726

77,995

Eliminated on disposal

(13,040)

-

(21,944)

(34,984)

At 30 September 2023

26,943

152,498

24,389

203,830

Carrying amount

At 30 September 2023

8,595

25,185

147,730

181,510

At 30 June 2022

-

72,483

11,860

84,343

5

Stocks

2023
£

2022
£

Other inventories

3,428,902

600,411

6

Debtors

Current

2023
£

2022
£

Trade debtors

14,964

3,000

Other debtors

46,708

15,029

 

61,672

18,029

 

Yorvik Homes Limited

Notes to the Unaudited Financial Statements for the Period from 1 July 2022 to 30 September 2023

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

8

710,297

-

Trade creditors

 

441,824

20,751

Taxation and social security

 

92,602

238,259

Accruals and deferred income

 

48,902

41,409

Other creditors

 

4,018,292

1,098,473

 

5,311,917

1,398,892

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £64,187 (2022: £nil).


Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

8

539,330

-

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £138,130 (2022: £nil).

8

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Hire purchase contracts

138,130

-

Other borrowings

401,200

-

539,330

-

 

Yorvik Homes Limited

Notes to the Unaudited Financial Statements for the Period from 1 July 2022 to 30 September 2023

2023
£

2022
£

Current loans and borrowings

Hire purchase contracts

64,187

-

Other borrowings

646,110

-

710,297

-

Hire purchase liabilities are secured against the assets to which they relate.

Lloyds Bank plc have a fixed and floating charge covering all of the companys property in relation to company borrowings with the bank.

9

Related party transactions

Other transactions with directors

During the year Mr M J Gath, Director, maintained an interest free loan to the company. At the balance sheet date the amount due from the company to Mr M J Gath was £3,928,749 (2022: £1,003,275). The loan is repayable upon demand.

The company was charged rent and service charges by Yorvik Homes Limited Directors Pension Scheme totalling £24,750 (2022 £19,800) a scheme in which Mr M J Gath is a beneficiary.

Loans from related parties

2023

Entities with joint control or significant influence
£

Total
£

Advanced

582,310

582,310

At end of period

582,310

582,310

Terms of loans from related parties

Unsecured interest free loan from company under common control, repayable upon demand. Relates to purchase of land which will be repaid upon sale of related property.