Company registration number 04211321 (England and Wales)
EDENVALE HOMES (YORK) LTD
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023
PAGES FOR FILING WITH REGISTRAR
EDENVALE HOMES (YORK) LTD
COMPANY INFORMATION
Directors
Mr S L Duggan
Mrs T Duggan
Company number
04211321
Registered office
The Gables The Green
Stillingfleet
York
North Yorkshire
YO19 6SF
Accountants
Jones Cooper Limited
Hedley Court
Boothferry Road
Goole
East Yorkshire
United Kingdom
DN14 6AA
EDENVALE HOMES (YORK) LTD
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MAY 2023
- 1 -

The directors present their annual report and financial statements for the year ended 31 May 2023.

Principal activities

The principal activity of the company continued to be that of the construction of residential properties.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mr S L Duggan
Mrs T Duggan
Small companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

On behalf of the board
Mr S L Duggan
Director
22 February 2024
EDENVALE HOMES (YORK) LTD
REPORT TO THE DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY ACCOUNTS OF EDENVALE HOMES (YORK) LTD
- 2 -

The financial statements have been prepared in accordance with our terms of engagement and in order to assist you to fulfil your duties under the Companies Act that relate to preparing the financial statements of the company for the year ended 31st May 2023.

 

We have prepared these financial statements based on the accounting records, information and explanations provided by you. We do not express an opinion on the financial statements.

You have determined that the company is exempt from the statutory requirement for an audit for this accounting year. Therefore, the financial statements are unaudited.

 

The financial statements are provided exclusively to the director for the limited purpose mentioned above, and may not be used or relied upon for any other purpose or by any other person, and we shall not be liable for any other usage or reliance.

Jones Cooper Limited
22 February 2024
Financial Accountants
Hedley Court
Boothferry Road
Goole
East Yorkshire
United Kingdom
DN14 6AA
EDENVALE HOMES (YORK) LTD
BALANCE SHEET
AS AT
31 MAY 2023
31 May 2023
- 3 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
285,967
279,059
Current assets
Stocks
4
755,284
1,311,584
Debtors
5
1,854
21,213
Cash at bank and in hand
333,278
151,186
1,090,416
1,483,983
Creditors: amounts falling due within one year
6
(397,899)
(421,817)
Net current assets
692,517
1,062,166
Total assets less current liabilities
978,484
1,341,225
Creditors: amounts falling due after more than one year
7
-
0
(397,914)
Provisions for liabilities
(13,902)
(13,909)
Net assets
964,582
929,402
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
964,482
929,302
Total equity
964,582
929,402

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 May 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

EDENVALE HOMES (YORK) LTD
BALANCE SHEET (CONTINUED)
AS AT
31 MAY 2023
31 May 2023
- 4 -
The financial statements were approved by the board of directors and authorised for issue on 22 February 2024 and are signed on its behalf by:
Mr S L Duggan
Director
Company registration number 04211321 (England and Wales)
EDENVALE HOMES (YORK) LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023
- 5 -
1
Accounting policies
Company information

Edenvale Homes (York) Ltd is a private company limited by shares incorporated in England and Wales. The registered office is The Gables The Green, Stillingfleet, York, North Yorkshire, YO19 6SF.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

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 financial instruments at fair value]. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided 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.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings
2% straight line basis
Plant and equipment
15% reducing balance basis
Fixtures and fittings
15% reducing balance basis
Computers
33% reducing balance basis
Motor vehicles
25% reducing balance basis
EDENVALE HOMES (YORK) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
1
Accounting policies
(Continued)
- 6 -

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.

1.4
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.5
Cash at bank and in hand

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 current liabilities.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

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.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.

EDENVALE HOMES (YORK) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
1
Accounting policies
(Continued)
- 7 -
1.6
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.7
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.8
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.9
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

2
Employees

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

2023
2022
Number
Number
Total
8
6
EDENVALE HOMES (YORK) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
- 8 -
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 June 2022
242,530
178,295
420,825
Additions
11,794
12,588
24,382
Disposals
-
0
(205)
(205)
At 31 May 2023
254,324
190,678
445,002
Depreciation and impairment
At 1 June 2022
36,676
105,090
141,766
Depreciation charged in the year
4,851
12,451
17,302
Eliminated in respect of disposals
-
0
(33)
(33)
At 31 May 2023
41,527
117,508
159,035
Carrying amount
At 31 May 2023
212,797
73,170
285,967
At 31 May 2022
205,854
73,205
279,059
4
Stocks
2023
2022
£
£
Stocks
755,284
1,311,584
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
-
0
446
Other debtors
1,854
20,767
1,854
21,213
EDENVALE HOMES (YORK) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
- 9 -
6
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
40,752
51,030
Corporation tax
12,182
1,564
Other taxation and social security
13,602
304
Other creditors
331,363
368,919
397,899
421,817
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
-
0
397,914
8
Directors' transactions
Description
% Rate
Opening balance
Amounts advanced
Amounts repaid
Closing balance
£
£
£
£
Directors loan account - Sean
-
(313,629)
49,813
(10,640)
(274,456)
Directors loan account - Tracey
-
(52,971)
9,469
(10,328)
(53,830)
(366,600)
59,282
(20,968)
(328,286)
9
Loans and overdrafts
2023
2022
£
£
Bank loans
-
0
397,914
Payable after one year
-
0
397,914

 

 

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