Company registration number 5686981 (England and Wales)
EVANTYR PROPERTIES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2022
PAGES FOR FILING WITH REGISTRAR
EVANTYR PROPERTIES LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
EVANTYR PROPERTIES LIMITED
BALANCE SHEET
AS AT
30 JUNE 2022
30 June 2022
- 1 -
2022
2021
Notes
£
£
£
£
Current assets
Stocks
3
8,727,048
10,866,603
Debtors
4
541,331
450,229
Cash at bank and in hand
640,365
601,831
9,908,744
11,918,663
Creditors: amounts falling due within one year
5
(8,929,839)
(11,102,521)
Net current assets
978,905
816,142
Creditors: amounts falling due after more than one year
6
(33,333)
(43,333)
Net assets
945,572
772,809
Capital and reserves
Called up share capital
7
300
300
Profit and loss reserves
945,272
772,509
Total equity
945,572
772,809
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 30 June 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 8 August 2022 and are signed on its behalf by:
Marc Teague
Director
Company Registration No. 5686981
EVANTYR PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2022
- 2 -
1
Accounting policies
Company information
EVANTYR PROPERTIES LIMITED is a
private
company
limited by shares
incorporated in
England and Wales
.
The registered office is 1 Queens Parade, Brownlow Road, London, N11 2DN and t
he
principal place of business
is
Unit 2, 79A Salamander Street, Leith, Edinburgh, EH6 7JZ.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
Management
true
has determined
that there is no material uncertainty that casts doubt on the entity’s ability to continue as a going
concern
due to Covid-19
. It expects that C
ovid
-19
and Brexit
will
impact
the company's
performance,
mainly due to increased subcontractor and material costs.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for
properties sold, and
is shown net of VAT and other sales related taxes
.
The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.4
Stocks and work in progress
Stocks
and work in progress
are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises
of
direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks
and work in progress
to their present location and condition.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.5
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
1.6
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
EVANTYR PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2022
1
Accounting policies
(Continued)
- 3 -
1.7
Taxation
The tax expense represents the tax currently payable
.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the
profit and loss account
because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
1.8
Government grants
Government grants are recognised at the fair value of the asset receive
d
or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met
. Where a
grant does not specify performance conditions
it
is recognised in income when the proceeds are received or receivable
. A grant received before the recognition criteria are satisfied is recognised as a liability.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2022
2021
Number
Number
Total
3
Stocks
2022
2021
£
£
Site acquisitions
2,827,335
4,927,849
Work in progress
5,899,713
5,938,754
8,727,048
10,866,603
4
Debtors
2022
2021
Amounts falling due within one year:
£
£
Trade debtors
46,182
Other debtors (note 9)
495,149
450,229
541,331
450,229
EVANTYR PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2022
- 4 -
5
Creditors: amounts falling due within one year
2022
2021
£
£
Bank loans and overdrafts
10,000
2,712,979
Trade creditors
194,218
321,066
Corporation tax
40,058
4,341
Directors' current accounts
5,259,574
4,233,126
Other creditors (note 9)
3,425,989
3,831,009
8,929,839
11,102,521
The bank loans are secured by a fixed and floating charge over the assets of the Company.
6
Creditors: amounts falling due after more than one year
2022
2021
£
£
Bank loans and overdrafts
33,333
43,333
Creditors which fall due after five years are as follows:
2022
2021
£
£
Payable by instalments
-
3,334
7
Called up share capital
2022
2021
£
£
Ordinary share capital
Issued and fully paid
300 Ordinary shares (2021: 300) £1 each
300
300
8
Controlling party
The company was controlled throughout the current and previous year by the directors by virtue of the fact that between them, they owned all of the company's issued share capital.
9
Related party transactions
EVANTYR PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2022
9
Related party transactions
(Continued)
- 5 -
Included in other creditors (note 5) is an amount of £
972,083
(20
21
: £
1,949,641
) owed to MNM Developments (Scotland) Limited, a company which is under the control of the directors.
As at 30 June 20
22
the company
was
provided subcontracting work
from MNM Developments (Scotland)
Limited for
total invoiced
amount of £7,093,902 (20
21
: £
3,174,939
), a company controlled by its directors.
As at 30 June 20
22
the company was owed
£372,735 (2021:
£
372
,735
)
from Danvic Investments Limited
(other
debtors
(note 4)
)
,a company controlled by Marc,Nathan and Michaela Teague.
Also, i
ncluded in other creditors (note 5) there is an outstanding balance for building work carried out by MNM Developments (Scotland) Limited amounting to £1,499,185 (20
21
: £
856,984
).
At the year end the company owed to each of the directors
(note 5) and Daniel Martin Teague the following amounts: Daniel Martin Teague £106,710 (20
21
: £10
6
,
710
), Vicky Teague £
520,453
(20
21
: £
568,482
), Marc Teague £1,
783
,
643
(20
21
: £1,
175,150
), Michaela Teague £1,
563,968
(20
21
: £1,
186,552
) and Nathan Teague £
1,911,963
(20
21
: £1,
302,942
).
Vicky Teague,
parent of the directors/shareholders of the company
,
has
lent Evantyr Properties Limited £1,800,000 at an annual interest rate of
2.5% plus base
which
is payable on demand (other creditors (note 5
)
).