Vision Develop (Yelverton) Ltd 12734049 false 2023-08-01 2024-07-31 2024-07-31 The principal activity of the company is that of property development. Digita Accounts Production Advanced 6.30.9574.0 true true 12734049 2023-08-01 2024-07-31 12734049 2024-07-31 12734049 core:CurrentFinancialInstruments 2024-07-31 12734049 core:CurrentFinancialInstruments core:WithinOneYear 2024-07-31 12734049 bus:SmallEntities 2023-08-01 2024-07-31 12734049 bus:Audited 2023-08-01 2024-07-31 12734049 bus:FilletedAccounts 2023-08-01 2024-07-31 12734049 bus:SmallCompaniesRegimeForAccounts 2023-08-01 2024-07-31 12734049 bus:RegisteredOffice 2023-08-01 2024-07-31 12734049 bus:Director2 2023-08-01 2024-07-31 12734049 bus:PrivateLimitedCompanyLtd 2023-08-01 2024-07-31 12734049 countries:EnglandWales 2023-08-01 2024-07-31 12734049 2022-08-01 2023-07-31 12734049 2023-07-31 12734049 core:CurrentFinancialInstruments 2023-07-31 12734049 core:CurrentFinancialInstruments core:WithinOneYear 2023-07-31 iso4217:GBP xbrli:pure

Registration number: 12734049

Vision Develop (Yelverton) Ltd

Financial Statements

for the Year Ended 31 July 2024

Brebners
Chartered Accountants & Statutory Auditor
1 Suffolk Way
Sevenoaks
Kent
TN13 1YL

 

Vision Develop (Yelverton) Ltd

Statement of Financial Position as at 31 July 2024

Note

2024
£

2023
£

Current assets

 

Stocks

5

20,210,348

15,592,830

Debtors

6

18,076

10,867

Cash at bank and in hand

 

318,462

6,596

 

20,546,886

15,610,293

Creditors: Amounts falling due within one year

7

(22,500,963)

(17,414,081)

Net liabilities

 

(1,954,077)

(1,803,788)

Capital and reserves

 

Called up share capital

10,000

10,000

Retained earnings

(1,964,077)

(1,813,788)

Shareholders' deficit

 

(1,954,077)

(1,803,788)

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 and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Statement of Income and Retained Earnings has been taken.

Approved and authorised by the Board on 29 April 2025 and signed on its behalf by:
 

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

Mr A R Court

Director

Company registration number: 12734049

 

Vision Develop (Yelverton) Ltd

Notes to the Financial Statements for the Year Ended 31 July 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:
c/o Brebners
1 Suffolk Way
Sevenoaks
Kent
TN13 1YL

The principal activity of the company is that of property development.

2

Audit Report

The Independent Auditor's Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report on 29 April 2025 was Martin Widdowson, who signed for and on behalf of Brebners.

3

Accounting policies

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except any items disclosed in the accounting policies as being shown at fair value and are presented in sterling, which is the functional currency of the entity.

Summary of significant accounting policies

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.

Going concern

The company made a loss for the year ended 31 July 2024 and had net liabilities at that date of £1,954,077.

At 31 July 2024 an amount of £3,652,098 was due to related undertakings who have confirmed they will not call for repayment until such time as the company has sufficient working capital and will continue to provide working capital facilities as required whilst the company completes its building projects.

Despite the accumulated losses to date incurred whilst the first phase of the development was being completed, the directors remain confident that the overall development will be profitable. There are sufficient facilities in place to ensure the project can be completed.

On the basis of the above, and after making enquiries, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, the directors continue to adopt the going concern basis in preparing the financial statements.

 

Vision Develop (Yelverton) Ltd

Notes to the Financial Statements for the Year Ended 31 July 2024

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.

Interest

Interest accrued on specific borrowings utilised to finance the company's development property is capitalised in work in progress up to the stage the properties are completed and available for sale.

Stocks

The cost of work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, work in progress is assessed for impairment. If work in progress is 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 Income Statement 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.

Where interest payable is directly attributable to the acquisition of development property included in stock, the interest incurred is capitalised as part of the cost, subject to value considerations.

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.

4

Staff numbers

The average number of persons employed by the company during the year was 0 (2023 - 0).

5

Stocks

2024
£

2023
£

Work in progress

20,210,348

15,592,830

Work in progress includes an amount of £3,978,478 (2023: £2,001,803) in respect of capitalised interest.

 

Vision Develop (Yelverton) Ltd

Notes to the Financial Statements for the Year Ended 31 July 2024

6

Debtors

2024
£

2023
£

Other debtors

18,076

10,867

18,076

10,867

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Loans and borrowings

8

18,698,696

13,672,469

Trade creditors

 

92,089

7,226

Other creditors

 

3,710,178

3,734,386

 

22,500,963

17,414,081

8

Loans and borrowings

Current loans and borrowings

2024
£

2023
£

Other loans

18,698,696

13,672,469

Other loans are secured by a fixed charge over the property included in stocks and a fixed and floating charge over the assets and undertakings of the company.