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Registration number: 09909425

SRY Developments (Hull) Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2024

 

SRY Developments (Hull) Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 10

 

SRY Developments (Hull) Ltd

Company Information

Director

Mr Christopher David Young

Registered office

Unit 2 Venture Business Park
Witty Street
Hull
East Yorkshire
HU3 4TT

Solicitors

Gosschalks Solicitors
Queens Gardens
Dock Street
Hull
East Yorkshire
HU1 3DZ

Bankers

Svenska Handelsbanken AB (publ)
Hessle
First Floor
Westcott House
Hesslewood Business Park
Hessle
East Yorkshire
HU13 0PF

Accountants

Flexibility Professional Services (UK) Ltd Cherry Tree Court
36 Ferensway
Hull
East Yorkshire
HU2 8NH

 

SRY Developments (Hull) Ltd

(Registration number: 09909425)
Balance Sheet as at 31 December 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

78

59

Current assets

 

Debtors

5

-

93,651

Cash at bank and in hand

 

486

-

 

486

93,651

Creditors: Amounts falling due within one year

6

(15,100)

(96,143)

Net current liabilities

 

(14,614)

(2,492)

Total assets less current liabilities

 

(14,536)

(2,433)

Provisions for liabilities

(20)

(15)

Net liabilities

 

(14,556)

(2,448)

Capital and reserves

 

Called up share capital

7

100

100

Retained earnings

(14,656)

(2,548)

Shareholders' deficit

 

(14,556)

(2,448)

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

Director's 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 director acknowledges his 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 and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 24 March 2025
 

.........................................
Mr Christopher David Young
Director

 

SRY Developments (Hull) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Unit 2 Venture Business Park
Witty Street
Hull
East Yorkshire
HU3 4TT
United Kingdom

These financial statements were authorised for issue by the director on 24 March 2025.

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.

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.

Contract revenue recognition

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

 

SRY Developments (Hull) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

Tax

The tax expense for the period comprises current 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 is also recognised directly in other comprehensive income.

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.

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

Office equipment

Reducing balance at 25%

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.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

SRY Developments (Hull) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

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.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2023 - 1).

 

SRY Developments (Hull) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 January 2024

439

439

At 31 December 2024

439

439

Depreciation

At 1 January 2024

335

335

Charge for the year

26

26

At 31 December 2024

361

361

Carrying amount

At 31 December 2024

78

78

At 31 December 2023

59

59

5

Debtors

Current

Note

2024
£

2023
£

Trade debtors

 

-

72,861

Amounts owed by related parties

9

-

12,500

Other debtors

 

-

8,290

   

-

93,651

 

SRY Developments (Hull) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

6

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

8

-

4,283

Trade creditors

 

-

5,780

Amounts owed to group undertakings and undertakings in which the company has a participating interest

9

-

23,160

Accruals and deferred income

 

500

420

Other creditors

 

14,600

62,500

 

15,100

96,143

7

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary £1 of £1 each

100

100

100

100

       

8

Loans and borrowings

Current loans and borrowings

2024
£

2023
£

Bank overdrafts

-

4,283

 

SRY Developments (Hull) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

9

Related party transactions

Summary of transactions with associates

CDY Ceilings & Partitions Ltd
Clear Interior Projects Ltd
CDY Holdings Ltd
CDY Property Ltd
Loan capital provided by associated group company.
Unsecured loan provided without repayment terms.

Income and receivables from related parties

2024

2023

Associates
£

Receipt of services

68,000

Amounts receivable from related party

68,000

Loans to related parties

2024

Associates
£

Total
£

At start of period

12,500

12,500

Advanced

510

510

Impairment

(13,010)

(13,010)

At end of period

-

-

2023

Associates
£

Total
£

At start of period

12,500

12,500

At end of period

12,500

12,500

Terms of loans to related parties

No repayment terms and 0% interest.
 

 

SRY Developments (Hull) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

Loans from related parties

2024

Associates
£

Key management
£

Total
£

At start of period

23,160

-

23,160

Advanced

-

14,600

14,600

Impairment

(23,160)

-

(23,160)

At end of period

-

14,600

14,600

2023

Associates
£

Total
£

At start of period

12,650

12,650

Advanced

10,510

10,510

At end of period

23,160

23,160

 

SRY Developments (Hull) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

Terms of loans from related parties

No repayment terms and 0% interest.
 

10

Parent and ultimate parent undertaking

The company's immediate parent is Young & Family Ltd, incorporated in England and Wales.