Company registration number 5686981 (England and Wales)
EVANTYR PROPERTIES LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
EVANTYR PROPERTIES LIMITED
COMPANY INFORMATION
Directors
Marc Teague
Michaela Teague
Nathan Teague
Secretary
Michaela Teague
Company number
5686981
Registered office
1 Queens Parade
Brownlow Road
London
N11 2DN
Auditor
P Spyrou & Co
Chartered Certified Accountants
1 Queens Parade
Brownlow Road
London
N11 2DN
Business address
Unit 2
79A Salamander Street
Leith
Edinburgh
EH6 7JZ
Bankers
Bank of Scotland Plc
Royal Mile Branch
300 Lawnmarket
Edinburgh
EH1 2PH
Solicitors
Ennova Limited
26 George Square
Edinburgh
United Kingdom
EH8 9LD
EVANTYR PROPERTIES LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3
Directors' responsibilities statement
4
Independent auditor's report
5 - 7
Statement of income and retained earnings
8
Balance sheet
9
Statement of cash flows
10
Notes to the financial statements
11 - 17
EVANTYR PROPERTIES LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2024
- 1 -
The directors present the strategic report for the year ended 30 June 2024.
Review of the business
The results for the financial year were considered satisfactory given the current economic and political climate worldwide. Following our performance in recent years we are in a good position with capital to invest in future development opportunities.
Our strategy remains to identify suitable site acquisitions for development, obtain effective planning (working closely with local authorities) and design/build quality homes that appeal to our client base. On occasion, we continue to undertake joint ventures to deliver our strategy, with parties that have a similar approach in achieving this as we do, providing the design/build phase of such operations.
Principal risks and uncertainties
The principal risks and uncertainties facing the company are summarised as follows:-
(i) availability of suitable land
(ii) planning delays
(iii) war in Ukraine
(iv) buyer uncertainties and their funding issues
(v) brexit in relation to availability of skilled labour and materials
(vi) global supply chain
(vii) prices inflation
(viii) interest rates
The directors regularly review the aforementioned risks and uncertainties and they feel that the company is looking into different strategies to mitigate their impact.
The company's activities remain Scotland based and therefore susceptible to the UK construction sector market conditions. The war in Ukraine has triggered a surge in energy prices across Europe and the European Union in particular which is UK's biggest trading partner. The latter and the extra checks at the border because of Brexit have led to a sharp increase in the building materials. Brexit restrictions and the pandemic have also affected the labour supply as the recruitment pool has shrunk.
Despite the above factors we have managed to continue our positive performance by acquiring quality personnel in key areas of the business trying to maintain our positive outlook for the next twenty four months. Provided that there will be no significant backlash in the mortgage and unemployment market due to the aforementioned market conditions we feel that opportunities for the company to continue growing still exist.
The directors maintain regular contact with customers and market specialists and review wider UK indicators adjusting the company's market approach accordingly. This is well supported by the fact that over the years almost all of our developments have been either nominated or won Scottish Home Awards which shows that we recognise the needs of the property market in Edinburgh.
Development and performance
The company will also be an equal partner at a joint venture for a development at a site in Leith for the development of 99 units with first expected sale to go through in late 2026.
Other information and explanations
The end of the financial year finds the company in a fair position in the small house builder's market in the area of Edinburgh. We will maintain our efforts to provide high end quality products and at the same time use materials that are more environmentally friendly. Additionally, we will continue to improve our workers' health and safety conditions by working closely with the various health and safety departments in and around the area of Edinburgh.
EVANTYR PROPERTIES LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 2 -
Michaela Teague
Secretary
26 March 2025
EVANTYR PROPERTIES LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 JUNE 2024
- 3 -
The directors present their annual report and financial statements for the year ended 30 June 2024.
Principal activities
The principal activity of the company continued to be that of building contracting and property development.
Results and dividends
The results for the year are set out on Page 8.
Ordinary dividends were paid amounting to £120,000. The directors do not recommend payment of a final dividend.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
Marc Teague
Michaela Teague
Nathan Teague
Future developments
The Company is in the process of acquiring a site at the outskirts of Edinburgh.
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.
Medium-sized companies exemption
This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.
By order of the board
Michaela Teague
Secretary
26 March 2025
EVANTYR PROPERTIES LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 30 JUNE 2024
- 4 -
The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. 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). Under company law, the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period.
In preparing these financial statements, the directors are required to:
select suitable accounting policies and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent; and
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
EVANTYR PROPERTIES LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF EVANTYR PROPERTIES LIMITED
- 5 -
Opinion
We have audited the financial statements of EVANTYR PROPERTIES LIMITED (the 'company') for the year ended 30 June 2024 which comprise the statement of income and retained earnings, the balance sheet, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
give a true and fair view of the state of the company's affairs as at 30 June 2024 and of its loss for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
EVANTYR PROPERTIES LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF EVANTYR PROPERTIES LIMITED (CONTINUED)
- 6 -
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
The engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
We identified the laws and regulations applicable to the company through discussions with the directors and from our commercial knowledge and experience of the construction industry;
We focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including Companies Act 2006, taxation legislation, data protection, anti-bribery, environmental and health and safety legislation;
We assessed the extent of compliance with the laws and regulations identified above through making enquiries to management and inspecting legal correspondence; and
Identified laws and regulations were communicated within the audit team regularly and the team remained alert to any instances of non-compliance throughout the audit.
We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
Making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud;
Considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations;
EVANTYR PROPERTIES LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF EVANTYR PROPERTIES LIMITED (CONTINUED)
- 7 -
To address the risk of fraud through management bias and override of controls, we:
Performed analytical procedures to identify any unusual or unexpected relationships;
Tested journal entries to identify unusual transactions;
Investigated the rationale behind any significant or unusual transactions; and
Assessed whether judgements and assumptions made in determining the accounting estimates made in notes 9,10, 11 & 13 were indicative of potential bias
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
Agreeing financial statement disclosures to underlying supporting documentation;
Reading the minutes of meetings of those charged with governance;
Enquiring of management as to actual and potential litigation and claims;
Reviewing correspondence with HMRC, relevant regulators and the company’s legal advisors;
There are inherent limitations in our audit procedures described above. The more removed laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
Polycarpos Spyrou (Senior Statutory Auditor)
26 March 2025
For and on behalf of P Spyrou & Co, Statutory Auditor
Chartered Certified Accountants
1 Queens Parade
Brownlow Road
London
N11 2DN
EVANTYR PROPERTIES LIMITED
STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 30 JUNE 2024
- 8 -
2024
2023
Notes
£
£
Turnover
3
11,816,348
10,876,311
Cost of sales
(11,571,970)
(10,482,123)
Gross profit
244,378
394,188
Administrative expenses
(146,841)
(75,293)
Other operating income
1,540
Operating profit
99,077
318,895
Interest receivable and similar income
6
83
Interest payable and similar expenses
7
(231,715)
(201,130)
(Loss)/profit before taxation
(132,555)
117,765
Tax on (loss)/profit
8
24,076
(24,154)
(Loss)/profit for the financial year
(108,479)
93,611
Retained earnings brought forward
918,883
945,272
Dividends
9
(120,000)
(120,000)
Retained earnings carried forward
690,404
918,883
The profit and loss account has been prepared on the basis that all operations are continuing operations.
EVANTYR PROPERTIES LIMITED
BALANCE SHEET
- 9 -
2024
2023
Notes
£
£
£
£
Current assets
Stocks
10
3,075,023
8,158,605
Debtors
11
1,607,764
495,430
Cash at bank and in hand
952,864
606,720
5,635,651
9,260,755
Creditors: amounts falling due within one year
12
(4,944,947)
(8,334,542)
Net current assets
690,704
926,213
Creditors: amounts falling due after more than one year
13
(7,030)
Net assets
690,704
919,183
Capital and reserves
Called up share capital
15
300
300
Profit and loss reserves
690,404
918,883
Total equity
690,704
919,183
These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.
The financial statements were approved by the board of directors and authorised for issue on 26 March 2025 and are signed on its behalf by:
Marc Teague
Director
Company registration number 5686981 (England and Wales)
EVANTYR PROPERTIES LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 JUNE 2024
- 10 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from/(absorbed by) operations
20
2,734,372
(492,268)
Interest paid
(231,715)
(201,130)
Income taxes paid
(24,298)
(40,057)
Net cash inflow/(outflow) from operating activities
2,478,359
(733,455)
Investing activities
Interest received
83
Net cash generated from/(used in) investing activities
83
-
Financing activities
Increase/(Repayment) of borrowings
(1,134,606)
(14,549)
Increase/(Repayment) of bank loans
(877,692)
834,359
Dividends paid
(120,000)
(120,000)
Net cash (used in)/generated from financing activities
(2,132,298)
699,810
Net increase/(decrease) in cash and cash equivalents
346,144
(33,645)
Cash and cash equivalents at beginning of year
606,720
640,365
Cash and cash equivalents at end of year
952,864
606,720
EVANTYR PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
- 11 -
1
Accounting policies
Company information
EVANTYR PROPERTIES LIMITED is a private company limited by shares incorporated in England and Wales. The registered office is 1 Queens Parade, Brownlow Road, London, N11 2DN and the principal place of business is Unit 2, 79A Salamander Street, Leith, Edinburgh, EH6 7JZ.
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.
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
In assessing the appropriateness of applying the going concern basis in the preparation of the financial statements the directors have considered the company's current financial position and cashflow forecasts and they believe that there are sufficient resources to continue in operational existence for the foreseeable future.true
At the reporting date and in addition to the above, the company has no external liabilities to banks or other loan providers which gives it the opportunity to re-assess its strategy and its future plans as already mentioned in the future developments section in the directors' report.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received for properties sold and for contracting work done. It represents the value of work invoiced during the year. Any amounts not invoiced are included in the work in progress. Work done and work in progress are recognised by reference to the stage of completion.
1.4
Stocks and work in progress
Stocks and work in progress are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises of direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks and work in progress to their present location and condition.
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
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ of FRS 102 to all of its 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.
EVANTYR PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 12 -
1.6
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.
1.7
Taxation
The tax expense represents the tax currently payable.
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.
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.
Critical judgements
The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.
Revenue Recognition
To assess revenue,accrued expenses and profit recognition in relation to the sale of private and commercial units, the Company needs to make reasonable estimates in connection with the sale prices, construction costs (mainly building and professional costs) and other finance costs. The directors review the outcome of the projects regularly by way of cashflows, work programmes and cost plans. Whilst revenue recognition is not estimated but recognised only when a sale is completed, outgoings are susceptible to significant fluctuations given the current economic climate. Therefore, the Directors appraise whether there have been significant changes to market conditions and the general economic environment as a whole at the balance sheet date.
Work in progress
Land and work in progress are valued at the lower of cost and net realisable value. Calculation of these provisions require judgements to be made, which include forecast of costs and value of acquired land in relation to the current and future economic environment.
EVANTYR PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 13 -
3
Turnover and other revenue
An analysis of the company's turnover is as follows:
2024
2023
£
£
Turnover analysed by class of business
Unit sales
10,656,500
10,831,500
Work done
1,156,577
23,711
Other Income
3,271
21,100
11,816,348
10,876,311
2024
2023
£
£
Turnover analysed by geographical market
United Kingdom
11,816,348
10,876,311
2024
2023
£
£
Other revenue
Interest income
83
-
4
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
14,250
8,000
5
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
6
Interest receivable and similar income
2024
2023
£
£
Interest income
Other interest income
83
EVANTYR PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 14 -
7
Interest payable and similar expenses
2024
2023
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
131,636
115,601
Other interest on financial liabilities
100,079
85,450
231,715
201,051
Other finance costs:
Other interest
79
231,715
201,130
8
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
(24,153)
24,154
Deferred tax
Adjustment in respect of prior periods
77
Total tax (credit)/charge
(24,076)
24,154
9
Dividends
2024
2023
£
£
Interim paid
120,000
120,000
10
Stocks
2024
2023
£
£
Site acquisitions
479,316
3,627,100
Work in progress
2,595,707
4,531,505
3,075,023
8,158,605
EVANTYR PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 15 -
11
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
384,315
20,370
Corporation tax recoverable
24,219
Other debtors (note 19)
1,182,665
473,235
Prepayments and accrued income
16,565
1,825
1,607,764
495,430
12
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
870,662
Trade creditors
292
27,860
Corporation tax
24,155
Directors' current accounts (note 19)
3,774,798
4,221,666
Other creditors (note 19)
1,169,857
3,190,199
4,944,947
8,334,542
The bank loans are secured by a fixed and floating charge over the assets of the Company.
13
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Bank loans and overdrafts
14
7,030
14
Loans and overdrafts
2024
2023
£
£
Bank loans
877,692
Other loans
668,888
1,803,494
668,888
2,681,186
Payable within one year
668,888
2,674,156
Payable after one year
7,030
668,888
2,681,186
EVANTYR PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
14
Loans and overdrafts
(Continued)
- 16 -
Bank Loans
The bank loans were secured over the development at Castlemains, Dirleton. The loan was drawn down on demand and with the approval of externally appointed quantity surveyors. The interest on the loan was 9% per annum and it was repaid in full during the year.
Other Loans
Vicky Teague, parent of the directors/shareholders of the company, has lent Evantyr Properties Limited £1,800,000 at an annual interest rate of 4.84% which is payable on demand (other creditors (note 12)).
During the current year,Evantyr Properties Limited repaid £1,200,000 of the loan and the remaining balance was assigned equally to the directors/shareholders of the company on the 16 August 2024.
15
Share capital
2024
2023
£
£
Ordinary share capital
Issued and fully paid
300 Ordinary shares £1 each
300
300
16
Operating lease commitments
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
2024
2023
£
£
Within one year
37,629
Between two and five years
66,358
103,987
17
Controlling party
The company was controlled throughout the current and previous years by the directors by virtue of the fact that between them, they owned all of the company's issued share capital.
18
Events after the reporting date
See loans and overdrafts note under other loans section (note14).
EVANTYR PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 17 -
19
Related party transactions
As at 30 June 2024 the company was owed £367,235 (2023:£367,735) from Danvic Investments Limited (other debtors (note 11)) ,a company controlled by Marc,Nathan and Michaela Teague.
In the previous year, included in other creditors (note12) there was an amount of £774,896 owed to MNM Developments (Scotland) Limited. In the current year, included in other debtors (note11) there is an amount of £687,078 owed by MNM Developments (Scotland) Limited.
As at 30 June 2024 the company was also provided subcontracting work by MNM Developments (Scotland) Limited for total invoiced amount of £5,289,391 (2023: £7,527,247).This is a company in which the directors are the only directors/shareholders.
At the year end the company owed to each of the directors (note 12) and Daniel Martin Teague the following amounts: Daniel Martin Teague £40,718 (2023: £80,718), Vicky Teague £440,301 (2023: £483,391), Marc Teague £1,339,590 (2023: £1,626,335), Michaela Teague £1,310,533 (2023: £1,389,687) and Nathan Teague £1,126,215 (2023: £1,205,644).
All outstanding balances are payable/repayable on demand at Nil interest rate.
20
Cash generated from/(absorbed by) operations
2024
2023
£
£
(Loss)/profit after taxation
(108,479)
93,611
Adjustments for:
Taxation (credited)/charged
(24,076)
24,154
Finance costs
231,715
201,130
Investment income
(83)
Movements in working capital:
Decrease in stocks
5,083,582
568,443
(Increase)/decrease in debtors
(1,088,115)
45,901
Decrease in creditors
(1,360,172)
(1,425,507)
Cash generated from/(absorbed by) operations
2,734,372
(492,268)
21
Analysis of changes in net funds/(debt)
1 July 2023
Cash flows
30 June 2024
£
£
£
Cash at bank and in hand
606,720
346,144
952,864
Borrowings excluding overdrafts
(2,681,186)
2,012,298
(668,888)
(2,074,466)
2,358,442
283,976
EVANTYR PROPERTIES LIMITED
MANAGEMENT INFORMATION
FOR THE YEAR ENDED 30 JUNE 2024
2024-06-302023-07-01falsetruefalseCCH SoftwareCCH Accounts Production 2024.310Marc TeagueNathan TeagueNathan TeagueMichaela Teague56869812023-07-012024-06-305686981bus:Director12023-07-012024-06-305686981bus:CompanySecretaryDirector12023-07-012024-06-305686981bus:Director22023-07-012024-06-305686981bus:Director32023-07-012024-06-305686981bus:CompanySecretary12023-07-012024-06-305686981bus:RegisteredOffice2023-07-012024-06-305686981bus:Agent12023-07-012024-06-3056869812024-06-3056869812022-07-012023-06-305686981core:RetainedEarningsAccumulatedLosses2023-06-305686981core:RetainedEarningsAccumulatedLosses2022-06-305686981core:ShareCapital2024-06-305686981core:ShareCapital2023-06-305686981core:RetainedEarningsAccumulatedLosses2024-06-305686981core:RetainedEarningsAccumulatedLosses2023-06-3056869812023-06-305686981core:RetainedEarningsAccumulatedLosses2022-07-012023-06-305686981core:CurrentFinancialInstrumentscore:WithinOneYear2024-06-305686981core:CurrentFinancialInstrumentscore:WithinOneYear2023-06-305686981core:Non-currentFinancialInstrumentscore:AfterOneYear2024-06-305686981core:Non-currentFinancialInstrumentscore:AfterOneYear2023-06-30568698112023-07-012024-06-30568698112022-07-012023-06-3056869812023-06-3056869812022-06-305686981core:UKTax2023-07-012024-06-305686981core:UKTax2022-07-012023-06-305686981core:CurrentFinancialInstruments2024-06-305686981core:CurrentFinancialInstruments2023-06-305686981core:Non-currentFinancialInstruments2024-06-305686981core:Non-currentFinancialInstruments2023-06-305686981core:WithinOneYear2024-06-305686981core:WithinOneYear2023-06-305686981core:BetweenTwoFiveYears2024-06-305686981core:BetweenTwoFiveYears2023-06-305686981bus:PrivateLimitedCompanyLtd2023-07-012024-06-305686981bus:FRS1022023-07-012024-06-305686981bus:Audited2023-07-012024-06-305686981bus:FullAccounts2023-07-012024-06-30xbrli:purexbrli:sharesiso4217:GBP