Property Procurement and Development Agreement
During the year, the company entered into a legal agreement with its director, Mr Daniel Johns, dated 2nd January 2024, under which he acted as an agent on behalf of the company to facilitate the acquisition and development of two properties located in Cyprus.
Due to legal restrictions under Cypriot law, the properties are held in the director’s name. However, Mr Johns has confirmed that the properties are held in trust for the company and that he holds no beneficial interest in them. He has also confirmed that he has received no personal benefit, financial advantage, or right of occupation in relation to the properties.
Funds totalling £ 1,018,776 were advanced by the company to the director in connection with the procurement and development of the properties. These costs have been capitalised within Property under Construction in the financial statements. The properties remain under development and are not yet in operational use.
No amounts were owed by the director to the company at the year end in respect of this arrangement.
Johns Housing Limited
Tees-Valley Care Limited and Johns Housing Limited are under the common control of the same director, Mr Daniel Johns.
During the year, Tees-Valley Care Limited paid for goods on behalf ofJohns Housing Limited amounting to £30,000. These costs were subsequently recharged in full to Tees-Valley Care Limited.
At the year end, no balances were outstanding between the two companies in respect of these transactions.