HOLYER DEVELOPMENTS LIMITED

Company Registration Number:
12287024 (England and Wales)

Unaudited statutory accounts for the year ended 31 March 2024

Period of accounts

Start date: 1 April 2023

End date: 31 March 2024

HOLYER DEVELOPMENTS LIMITED

Contents of the Financial Statements

for the Period Ended 31 March 2024

Directors report
Profit and loss
Balance sheet
Additional notes
Balance sheet notes

HOLYER DEVELOPMENTS LIMITED

Directors' report period ended 31 March 2024

The directors present their report with the financial statements of the company for the period ended 31 March 2024

Principal activities of the company

The company’s principal activities are the design and build of properties on behalf of its parent, Habinteg Housing Association Limited. There have been no changes in the company’s activities in the period under review. There are two live projects which are approved and committed: 1. LBH small sites project: We now benefit from planning consent and are currently on site in Hounslow delivering 75 accessible units across 13 small sites in the borough. The first six properties were completed during the year ended 31 March 2024 and the remainder are expected to be competed and handed over, during the next 12 months. 2. Mali Jenkins House: Following the successful receipt of planning consent (via appeal) in 2023, the scheme is currently under construction and is due for completion within the next 12 months.

Political and charitable donations

Probable payment of qualifying charitable donation of taxable profits within nine months post year-end will be made to the ultimate parent undertaking, Habinteg Housing Association Limited. This is in line with the Charitable Donation rules.

Additional information

The company commenced trading on 1 April 2020. The Statement of comprehensive income is set out on page 10 and reports a turnover of £18,320k (2023: £2,758k) in its fourth year of trading and an overall profit of £1,449k (2023: £90k). The directors have the benefit of the indemnity provisions contained in the company’s Articles of Association (‘Articles’), and the company has maintained throughout the year Directors’ and officers’ liability insurance for the benefit of the company, the directors and its officers. The company has entered into qualifying third-party indemnity arrangements for the benefit of all its directors in a form and scope which comply with the requirements of the Companies Act 2006 and which were in force throughout the year and remain in force. Directors’ responsibilities 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 period. 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).



Directors

The directors shown below have held office during the whole of the period from
1 April 2023 to 31 March 2024

Nick Apetroaie
Nichola Wilden
Matthew Gill


Secretary Kerry Tromanhauser

The above report has been prepared in accordance with the special provisions in part 15 of the Companies Act 2006

This report was approved by the board of directors on
19 September 2024

And signed on behalf of the board by:
Name: Nick Apetroaie
Status: Director

HOLYER DEVELOPMENTS LIMITED

Profit And Loss Account

for the Period Ended 31 March 2024

2024 2023


£

£
Turnover: 18,320,356 2,758,085
Cost of sales: ( 16,736,986 ) ( 2,569,447 )
Gross profit(or loss): 1,583,370 188,638
Administrative expenses: ( 116,158 ) ( 87,504 )
Operating profit(or loss): 1,467,212 101,134
Interest payable and similar charges: ( 18,051 ) ( 11,555 )
Profit(or loss) before tax: 1,449,161 89,579
Profit(or loss) for the financial year: 1,449,161 89,579

HOLYER DEVELOPMENTS LIMITED

Balance sheet

As at 31 March 2024

Notes 2024 2023


£

£
Current assets
Debtors: 3 4,107,524 1,050,266
Cash at bank and in hand: 104,919 1,468,200
Total current assets: 4,212,443 2,518,466
Creditors: amounts falling due within one year: 4 ( 2,763,281 ) ( 2,428,886 )
Net current assets (liabilities): 1,449,162 89,580
Total assets less current liabilities: 1,449,162 89,580
Total net assets (liabilities): 1,449,162 89,580
Capital and reserves
Called up share capital: 1 1
Other reserves: 1,449,161 89,579
Total Shareholders' funds: 1,449,162 89,580

The notes form part of these financial statements

HOLYER DEVELOPMENTS LIMITED

Balance sheet statements

For the year ending 31 March 2024 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

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

This report was approved by the board of directors on 19 September 2024
and signed on behalf of the board by:

Name: Nick Apetroaie
Status: Director

The notes form part of these financial statements

HOLYER DEVELOPMENTS LIMITED

Notes to the Financial Statements

for the Period Ended 31 March 2024

  • 1. Accounting policies

    Basis of measurement and preparation

    These financial statements have been prepared in accordance with the provisions of Financial Reporting Standard 101

    Turnover policy

    Turnover is attributable to the principal activities of the company which comprise sales to the group companies. Sales to group companies are invoiced at cost plus a fixed margin and are recognised in line with the completion of construction services. Income is due at the point the services are delivered, certified and invoiced.

    Other accounting policies

    Interest payable Interest payable is intercompany interest charged by the parent entity on borrowings and is used to finance operations. Interest payable is recognized on an accrual basis. Donations Probable payment of qualifying charitable donation of taxable profits within nine months post yearend will be made to the ultimate parent undertaking, Habinteg Housing Association Limited. This is in line with the Charitable Donation rules. Current and deferred taxation The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or 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. Provision for tax is not made in the year where there is a reasonable expectation that the company will make a physical cash payment - gift aid to the parent company within 9 months of the year end. 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.

HOLYER DEVELOPMENTS LIMITED

Notes to the Financial Statements

for the Period Ended 31 March 2024

  • 2. Employees

    2024 2023
    Average number of employees during the period 0 0

HOLYER DEVELOPMENTS LIMITED

Notes to the Financial Statements

for the Period Ended 31 March 2024

3. Debtors

2024 2023
£ £
Other debtors 4,107,524 1,050,266
Total 4,107,524 1,050,266

HOLYER DEVELOPMENTS LIMITED

Notes to the Financial Statements

for the Period Ended 31 March 2024

4. Creditors: amounts falling due within one year note

2024 2023
£ £
Trade creditors 788,616 296,114
Accruals and deferred income 1,657,261 440,774
Other creditors 317,404 1,691,998
Total 2,763,281 2,428,886

HOLYER DEVELOPMENTS LIMITED

Notes to the Financial Statements

for the Period Ended 31 March 2024

5. Financial Commitments

Holyer Developments Limited has entered into the following contracts on behalf of Habinteg Housing Association Limited. Value of contracts being managed which are committed but not provided for: Construction 2024:£7806399, 2023 £24110895. These financial commitments will be funded by invoicing the cost of these services, plus a margin to the company’s sole customer, Habinteg Housing Association Limited.