Registration number: 12734049

Vision Develop (Yelverton) Ltd

Statement of Financial Position as at 31 July 2025

	Note	2025 £	2024 £
Current assets
Stocks	5	22,311,870	20,210,348
Debtors	6	136,555	18,076
Cash at bank and in hand		139,111	318,462
		22,587,536	20,546,886
Creditors: Amounts falling due within one year	7	(25,129,003)	(22,500,963)
Net liabilities		(2,541,467)	(1,954,077)
Capital and reserves
Called up share capital		10,000	10,000
Retained earnings		(2,551,467)	(1,964,077)
Shareholders' deficit		(2,541,467)	(1,954,077)

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Republic of Ireland’.

The directors of Vision Develop (Yelverton) Ltd have elected not to include a copy of the Income Statement within the financial statements, in accordance with the special provisions relating to companies subject to the small companies regime within the Companies Act 2006, s444.

Approved and authorised by the Board on 28 May 2026 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 2025

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 28 May 2026 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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' Section 1A 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 2025 and had net liabilities at that date of £2,541,467.

At 31 July 2025 an amount of £5,235,715 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 2025

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of completed properties units 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 control is transferred to the customer and title passes upon contractual completion once the performance obligation is completed.

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 (2024 - 0).

Vision Develop (Yelverton) Ltd

Notes to the Financial Statements for the Year Ended 31 July 2025

5

Stocks

	2025 £	2024 £
Work in progress	22,311,870	20,210,348

Work in progress includes an amount of £6,034,487 (2024: £3,978,478) in respect of capitalised interest.

6

Debtors

	2025 £	2024 £
Other debtors	136,555	18,076
	136,555	18,076

7

Creditors

Creditors: amounts falling due within one year

	Note	2025 £	2024 £
Loans and borrowings	8	19,617,875	18,698,696
Trade creditors		199,213	92,089
Other creditors		5,311,915	3,710,178
		25,129,003	22,500,963

8	Loans and borrowings

Current loans and borrowings

	2025 £	2024 £
Other loans	19,617,875	18,698,696

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.