Lovel Developments (Yorkshire) Limited - Accounts to registrar (filleted)

REGISTERED NUMBER: 05014249 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 December 2024

for

Lovel Developments (Yorkshire) Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

P F Lovel

Mrs H M Lovel

SECRETARY:

Mrs H M Lovel

REGISTERED OFFICE:

12 Innovation Drive

Newport

Brough

East Yorkshire

HU15 2FW

REGISTERED NUMBER:

05014249 (England and Wales)

ACCOUNTANTS:

WOODGATES

Chartered Accountants

25 Woodgates Lane

North Ferriby

East Yorkshire

HU14 3JR

FIXED ASSETS

Tangible assets

5

32,289

4,614

CURRENT ASSETS

Stocks

620,912

414,986

Debtors

6

3,729,474

4,046,733

Cash at bank

33,936

175,065

4,384,322

4,636,784

CREDITORS

Amounts falling due within one year

7

3,611,827

3,205,078

NET CURRENT ASSETS

772,495

1,431,706

TOTAL ASSETS LESS CURRENT
LIABILITIES

804,784

1,436,320

CREDITORS

Amounts falling due after more than one
year

8

12,707

96,500

NET ASSETS

792,077

1,339,820

CAPITAL AND RESERVES

Called up share capital

1

Retained earnings

792,076

1,339,819

SHAREHOLDERS' FUNDS

792,077

1,339,820

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 5 August 2025 and were signed on its behalf by:

P F Lovel - Director

1.	STATUTORY INFORMATION

Lovel Developments (Yorkshire) Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	STATEMENT OF COMPLIANCE

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

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention.

Turnover

Turnover represents sales of properties held as stock.

Property sales are recognised on legal completion.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery etc

-

33% on cost

Stocks

Properties held for resale and redevelopment are held as stock and are valued at the lower of cost and net realisable value.

Financial instruments

Cash and bank balances

Cash and bank balances are recognised at transaction price.

Debtors and creditors receivable/payable within one year

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 7 (2023 - 7 ) .

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 January 2024

48,864

Additions

40,711

Disposals

(20,381

)

At 31 December 2024

69,194

DEPRECIATION

At 1 January 2024

44,250

Charge for year

13,036

Eliminated on disposal

(20,381

)

At 31 December 2024

36,905

NET BOOK VALUE

At 31 December 2024

32,289

At 31 December 2023

4,614

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

Trade debtors

4,215

Amounts owed by group undertakings

3,321,668

3,374,091

Other debtors

403,591

668,427

3,729,474

4,046,733

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

Hire purchase contracts (see note 9)

9,530

-

Trade creditors

16,691

2,627

Amounts owed to group undertakings

2,321,614

2,257,120

Taxation and social security

2,121

2,892

Other creditors

1,261,871

942,439

3,611,827

3,205,078

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.24

31.12.23

£

Hire purchase contracts (see note 9)

12,707

-

Other creditors

-

96,500

12,707

96,500

9.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase

contracts

31.12.24

31.12.23

£

Net obligations repayable:

Within one year

9,530

-

Between one and five years

12,707

-

22,237

-

Non-cancellable

operating leases

31.12.24

31.12.23

£

Within one year

18,000

Between one and five years

72,000

In more than five years

39,000

57,000

129,000

147,000

10.	SECURED DEBTS

The following secured debts are included within creditors:

31.12.24

31.12.23

£

Hire purchase contracts

22,237

-

Hire purchase contracts are secured against the assets to which they relate.

11.	RELATED PARTY DISCLOSURES

At the balance sheet date the Company owed £185,000 (2023 - £185,000) to a company which one of the directors and shareholders of the Ultimate Parent has an interest . This loan is interest free and repayable on demand.

12.	ULTIMATE PARENT COMPANY

The ultimate parent company is Lovel Property Holdings Limited (Company Number 08822739) registered in England & Wales. Lovel Property Holdings Limited registered address and principal place of business is 12 Innovation Drive, Newport, Brough, England, HU15 2FW.