Registration number:
Vision Develop (Yelverton) Ltd
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Brebners
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Vision Develop (Yelverton) Ltd
Statement of Financial Position as at 31 July 2024
Note |
2024 |
2023 |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net liabilities |
( |
( |
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Capital and reserves |
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Called up share capital |
10,000 |
10,000 |
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Retained earnings |
(1,964,077) |
(1,813,788) |
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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
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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
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
The principal activity of the company is that of property development.
Audit Report |
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.
Staff numbers |
The average number of persons employed by the company during the year was
Stocks |
2024 |
2023 |
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Work in progress |
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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
Debtors |
2024 |
2023 |
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Other debtors |
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Creditors |
Creditors: amounts falling due within one year
Note |
2024 |
2023 |
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Loans and borrowings |
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Trade creditors |
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Other creditors |
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Loans and borrowings |
Current loans and borrowings
2024 |
2023 |
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Other loans |
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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.