Company Registration No. 06686971 (England and Wales)
YORKARE DEVELOPMENTS LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
PAGES FOR FILING WITH REGISTRAR
YORKARE DEVELOPMENTS LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 7
YORKARE DEVELOPMENTS LIMITED
BALANCE SHEET
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
10,064,003
6,398,773
Current assets
Debtors
5
7,123,771
7,158,497
Cash at bank and in hand
49,833
21,687
7,173,604
7,180,184
Creditors: amounts falling due within one year
6
(18,112,642)
(14,389,722)
Net current liabilities
(10,939,038)
(7,209,538)
Net liabilities
(875,035)
(810,765)
Capital and reserves
Called up share capital
8
2
2
Profit and loss reserves
(875,037)
(810,767)
Total equity
(875,035)
(810,765)
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved by the board of directors and authorised for issue on 25 February 2025 and are signed on its behalf by:
E. C. Garton
Director
Company registration number 06686971 (England and Wales)
YORKARE DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
- 2 -
1
Accounting policies
Company information
Yorkare Developments Limited is a private company limited by shares incorporated in England and Wales. The registered office is Brantingham Thorpe Hall, Thorpe Drive, Brantingham, Brough, East Yorkshire, HU15 1QG.
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. The principal accounting policies adopted are set out below.
1.2
Going concern
The financial statements have been prepared on a going concern basis. The company incurred a loss for the year of £64,270 (2023: £56,837) and at 31 May 2024 had net liabilities of £875,035 (2023: £810,765). The main creditor of the company is amounts owed to group undertakings. The company is reliant on the continued support of the group. The directors of the parent company have confirmed that the group will continue to support the company.true
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
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.
No depreciation is charged on land. 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 buildings
2% p.a. on cost and no depreciation on assets not yet in use
Plant and equipment
20% p.a. on cost
Motor vehicles
20% p.a. on cost
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
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Recoverable amount is the higher of fair value less costs to sell and value in use.
If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
YORKARE DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
1
Accounting policies
(Continued)
- 3 -
1.5
Cash and cash equivalents
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.
1.6
Financial instruments
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
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 and loans from fellow group companies 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.
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 at transaction price.
1.7
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.8
Related party transactions
Advantage has been taken under FRS 102 section 33.1A of the exemption available to groups of companies not to disclose transactions and balances with wholly owned subsidiaries within the group.
YORKARE DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 4 -
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
5
5
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 June 2023
6,366,684
47,440
6,414,124
Additions
3,824,718
3,824,718
Transfers
(150,000)
(150,000)
At 31 May 2024
10,041,402
47,440
10,088,842
Depreciation and impairment
At 1 June 2023
15,351
15,351
Depreciation charged in the year
9,488
9,488
At 31 May 2024
24,839
24,839
Carrying amount
At 31 May 2024
10,041,402
22,601
10,064,003
At 31 May 2023
6,366,684
32,089
6,398,773
YORKARE DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 5 -
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
360
360
Amounts owed by group undertakings
7,103,537
7,141,548
Other debtors
19,874
16,589
7,123,771
7,158,497
6
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
705,815
439,166
Amounts due to group undertakings
16,495,716
12,954,135
Taxation and social security
17,495
Other creditors
893,616
996,421
18,112,642
14,389,722
7
Security
The bank holds legal charges and a debenture over the assets of the company. The bank also has an unlimited multilateral guarantee given by Yorkare Homes Limited, Yorkare Developments Limited, Yorkare Group (Holdings) Limited, Yorkare Homes (Sleaford) Limited, Yorkare Homes (Louth) Limited, Yorkare (Haxby) Limited and Yorkare Homes (Driffield) Limited.
8
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
2
2
2
2
9
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
Senior Statutory Auditor:
Douglas Baker FCCA
Statutory Auditor:
Dutton Moore
Date of audit report:
25 February 2025
YORKARE DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 6 -
10
Capital commitments
Amounts contracted for but not provided in the financial statements:
2024
2023
£
£
Acquisition of tangible fixed assets
2,936,000
6,750,000
11
Related party transactions
At the balance sheet date, the directors were owed £875,000 (2023: £975,000). The loans are unsecured, interest free and repayable on demand.
YORKARE DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 7 -
12
Parent company
The ultimate parent company and the parent company of the largest and smallest group to include the company and its immediate parent company in its financial statements is Yorkare Group (Holdings) Ltd, registered in England and Wales. Copies of its financial statements are available from Brantingham Thorpe Hall, Thorpe Drive, Brantingham, Brough, HU15 1QG.