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Registration number: 02900640

Yorvik Homes Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 September 2024

 

Yorvik Homes Limited

(Registration number: 02900640)
Balance Sheet as at 30 September 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

137,639

181,510

Current assets

 

Stocks

5

2,521,408

3,428,902

Debtors

6

75,137

61,672

Cash at bank and in hand

 

2,534,124

2,875,458

 

5,130,669

6,366,032

Creditors: Amounts falling due within one year

7

(2,937,585)

(5,311,917)

Net current assets

 

2,193,084

1,054,115

Total assets less current liabilities

 

2,330,723

1,235,625

Creditors: Amounts falling due after more than one year

7

(368,924)

(539,330)

Provisions for liabilities

(26,357)

(36,811)

Net assets

 

1,935,442

659,484

Capital and reserves

 

Called up share capital

670,100

100

Retained earnings

1,265,342

659,384

Shareholders' funds

 

1,935,442

659,484

For the financial year ending 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

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

The directors acknowledge their 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 Board on 25 November 2024 and signed on its behalf by:

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

Mr Matthew Gath

Director

 

Yorvik Homes Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

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 Board on 25 November 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.

Going concern

The financial statements have been prepared on a going concern basis.

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.

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.

 

Yorvik Homes Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

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.

 

Yorvik Homes Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

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 directors) during the year, was 8 (2023 - 6).

 

Yorvik Homes Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

4

Tangible assets

Fixtures and fittings
£

Plant and machinery
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 October 2023

46,892

194,183

172,119

413,194

Additions

-

-

22,390

22,390

Disposals

-

-

(37,055)

(37,055)

At 30 September 2024

46,892

194,183

157,454

398,529

Depreciation

At 1 October 2023

30,566

179,091

24,389

234,046

Charge for the year

-

-

40,739

40,739

Eliminated on disposal

-

-

(13,895)

(13,895)

At 30 September 2024

30,566

179,091

51,233

260,890

Carrying amount

At 30 September 2024

16,326

15,092

106,221

137,639

At 30 September 2023

8,595

25,185

147,730

181,510

5

Stocks

2024
£

2023
£

Other inventories

2,521,408

3,428,902

6

Debtors

Current

2024
£

2023
£

Trade debtors

6,650

14,964

Other debtors

68,487

46,708

 

75,137

61,672

 

Yorvik Homes Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

8

483,695

710,297

Trade creditors

 

366,992

441,824

Taxation and social security

 

462,845

92,602

Accruals and deferred income

 

107,573

48,902

Other creditors

 

1,516,480

4,018,292

 

2,937,585

5,311,917

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £70,116 (2023: £64,187).

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

8

368,924

539,330

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £62,124 (2023: £138,130).

8

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Hire purchase contracts

62,124

138,130

Other borrowings

306,800

401,200

368,924

539,330

 

Yorvik Homes Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

Current loans and borrowings

2024
£

2023
£

Hire purchase contracts

70,116

64,187

Other borrowings

413,579

646,110

483,695

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 a legal agreement was drawn up between Harrowells 2023 Ltd, Mr M Gath and Yorvik Homes Ltd in relation to the novation of a debt in the name of Harrowells 2023 Ltd to Yorvik Homes Ltd. The settlement of this debt was £670,000 and was paid by Yorvik Homes to Mr M Gath.

Loans from related parties

2024

Entities with joint control or significant influence
£

Total
£

At start of period

582,310

582,310

Repaid

(233,931)

(233,931)

At end of period

348,379

348,379

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.