Yorvik Homes Limited - Period Ending 2018-06-30
Yorvik Homes Limited - Period Ending 2018-06-30
Registration number:
Yorvik Homes Limited
for the Year Ended 30 June 2018
Chartered Certified Accountants
52 Front Street
Acomb
York
YO24 3BX
Chartered Certified Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Yorvik Homes Limited
for the Year Ended 30 June 2018
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Yorvik Homes Limited for the year ended 30 June 2018 as set out on pages 2 to 9 from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/rulebook.html
This report is made solely to the Board of Directors of Yorvik Homes Limited, as a body, in accordance with the terms of our engagement. Our work has been undertaken solely to prepare for your approval the accounts of Yorvik Homes Limited and state those matters that we have agreed to state to the Board of Directors of Yorvik Homes Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.comfactsheet163.doc. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Yorvik Homes Limited and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that Yorvik Homes Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Yorvik Homes Limited. You consider that Yorvik Homes Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the accounts of Yorvik Homes Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.
......................................
Chartered Certified Accountants
Acomb
York
YO24 3BX
Page 1 |
Yorvik Homes Limited
(Registration number: 02900640)
Balance Sheet as at 30 June 2018
Note |
2018 |
2017 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Investments |
- |
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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 current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
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Total equity |
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For the financial year ending 30 June 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
• |
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• |
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
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.
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 Profit and Loss Account has been taken.
Approved and authorised by the
.........................................
Mr Matthew Gath
Director
Page 2 |
Yorvik Homes Limited
Notes to the Financial Statements for the Year Ended 30 June 2018
General information |
The company is a private company limited by share capital, incorporated in England & Wales.
The address of its registered office is:
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
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.
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 that as disclosed in the accounting policies certain items are shown at fair value.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the Company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts and after eliminating sales within the company.
The Company recognises revenue when the amount of revenue can be reliably measured, it is probable that future economic benefits will flow to the entity and specific criteria have been met for each of the Company's activities.
House sales are recognised as turnover upon the legal completion of contracts.
Tax
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the Company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
Page 3 |
Yorvik Homes Limited
Notes to the Financial Statements for the Year Ended 30 June 2018
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Plant & machinery |
33% on cost and 25% on cost |
Fixtures & fittings |
25% on cost and 20% on cost |
Motor vehicles |
25% on cost |
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.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those direct overheads that have been incurred in bringing the inventories to their present location and condition. No fixed administration overhead is included. At each reporting date, stocks are assessed for impairment. If stocks are 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 Profit and Loss Account 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.
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.
Page 4 |
Yorvik Homes Limited
Notes to the Financial Statements for the Year Ended 30 June 2018
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.
Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Profit before tax |
Arrived at after charging/(crediting)
2018 |
2017 |
|
Depreciation expense |
|
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Page 5 |
Yorvik Homes Limited
Notes to the Financial Statements for the Year Ended 30 June 2018
Tangible assets |
Fixtures and fittings |
Plant and machinery |
Motor vehicles |
Total |
|
Cost or valuation |
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At 1 July 2017 |
|
|
|
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Additions |
|
|
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Disposals |
- |
- |
( |
( |
At 30 June 2018 |
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Depreciation |
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At 1 July 2017 |
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Charge for the year |
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Eliminated on disposal |
- |
- |
( |
( |
At 30 June 2018 |
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Carrying amount |
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At 30 June 2018 |
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At 30 June 2017 |
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Stocks |
2018 |
2017 |
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Work in progress |
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Other inventories |
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Debtors |
2018 |
2017 |
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Trade debtors |
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Other debtors |
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Page 6 |
Yorvik Homes Limited
Notes to the Financial Statements for the Year Ended 30 June 2018
Creditors |
Creditors: amounts falling due within one year
Note |
2018 |
2017 |
|
Due within one year |
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Bank loans and overdrafts |
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Trade creditors |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £41,135 (2017 - £74,411).
Creditors: amounts falling due after more than one year
Note |
2018 |
2017 |
|
Due after one year |
|||
Loans and borrowings |
|
|
Share capital |
Allotted, called up and fully paid shares
2018 |
2017 |
|||
No. |
£ |
No. |
£ |
|
|
|
100 |
|
100 |
Loans and borrowings |
2018 |
2017 |
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Non-current loans and borrowings |
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Finance lease liabilities |
|
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Page 7 |
Yorvik Homes Limited
Notes to the Financial Statements for the Year Ended 30 June 2018
2018 |
2017 |
|
Current loans and borrowings |
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Finance lease liabilities |
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Other borrowings |
|
- |
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Hire purchase liabilities are secured against the assets to which they relate.
Financial commitments, guarantees and contingencies |
Amounts not provided for in the balance sheet
The total amount of financial commitments not included in the balance sheet is £
Related party transactions |
Transactions with directors |
2018 |
At 1 July 2017 |
Advances to directors |
Repayments by director |
At 30 June 2018 |
Mr Matthew Gath |
||||
Loan at 2.5% repayable upon demand. |
1,768 |
( |
|
|
2017 |
At 1 July 2016 |
Advances to directors |
Repayments by director |
At 30 June 2017 |
Mr Matthew Gath |
||||
Loan at 2.5% repayable upon demand. |
43,287 |
( |
|
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Directors' remuneration
The directors' remuneration for the year was as follows:
2018 |
2017 |
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Remuneration |
|
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Contributions paid to money purchase schemes |
( |
|
(44,342) |
67,000 |
Page 8 |
Yorvik Homes Limited
Notes to the Financial Statements for the Year Ended 30 June 2018
Dividends paid to directors |
2018 |
2017 |
|||
Mr Matthew Gath |
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Interim & final dividends |
75,000 |
155,000 |
||
Summary of transactions with other related parties
The company maintained an interest free loan with LG MG Properties Limited, a company in which Mr M J Gath is a Director. At the year end the amount due to the company from LG MG Properties Limited is £585,352 (2016: £330,252). The loan is repayable upon demand.
The company maintained a loan from trusts in which Mr M J Gath is a beneficiary or an trustee. At the year end the amount due from the company to settle the loan was £401,000 (2017: £nil). Interest has been charged on the loan totalling £2,815. There are no formal repayment terms,
Page 9 |