YCH Developments Limited
Registration No. 29715R
YCH DEVELOPMENTSLIMITED
Report and Financial Statements
Year ended 31 March 2013
A subsidiary of:
YCH Developments Limited
20032002Contents
SectionPage
Board Directors, Advisors and Bankers1
Report of the Board2
Statement of Responsibilities of the Board3
Independent Auditor's Report to the Members of YCH Developments Limited4
Income and Expenditure Account5
Balance Sheet6
Notes to the Financial Statements7 - 8
YCH Developments Limited
Board Directors, Advisors and Bankers
Board Directors / Tony Campbell (to 26 November 2012)Rosalyn Fox (from 11 January 2013)
Judith Jones (from 11 January 2013)
Pam Reeves (to 26 November 2012)
Ron Pickersgill
Jane Mortimer
Graham Priestley (from 11 January 2013)
Secretary / Shaun Tymon
Registered Office / Brook House
4 Gladstone Road
Scarborough
North Yorkshire
YO12 7BH
Registered Number / YCH Developments is registered as a charitable society under the Industrial and Provident Societies Acts No. 29715R
Auditors / Grant Thornton UK LLP
Statutory Auditor, Chartered Accountants
No 1 WhitehallRiverside
Leeds
LS1 4BN
Solicitors / Trowers & Hamlins
Sceptre Court
40 Tower Hill
London
EC3N 4DX
Bankers / National Westminster Bank plc
3 Westborough
Scarborough
North Yorkshire
YO11 2GA
YCH Developments Limited
Report of the Board
The Board presents its report and the audited financial statements for the year ended 31 March 2013.
Principal activities
YCH Developments Limited (the Society) was formed for the benefit of the community to provide housing, accommodation and assistance to help house people and also provide associated facilities and amenities for poor people or for the relief of aged, disabled or chronically sick people.
Performance for the period
The Board can report a deficit for the Society of £74,000 (2012: £12,000surplus).
Future developments
It is proposed that the reserves held by the Society will be used to assist with the financing of new housing accommodation and associated facilities to be developed by its parent company, Yorkshire Coast Homes Limited. The timing of any development is dependent upon site availability.
Post balance sheet events
The Board considers that there have been no events since the financial year end that have had an important effect on the financial position of the Society.
Board Directors
The Board Directors of the Society who held office during the year are set out on page 1. The Board Directors are drawn from the Board of Yorkshire Coast Homes Limited, the Society’s ultimate parent undertaking.
Auditors
A resolution to reappoint Grant Thornton UK LLP as auditors of the Society will be proposed at the forthcoming Annual General Meeting.
Disclosure of information to auditors
At the date of making this report each of the Society’s directors, as set out on page 1, confirm the following:
So far as each director is aware, there is no relevant information needed by the Society’s auditors in connection with preparing their report of which the Society’s auditors are unaware, and
Each director has taken all the steps that he/she ought to have taken as a director in order to make himself/herself aware of any relevant information needed by the Society’s auditors in connection with preparing their report and to establish that the Society’s auditors are aware of that information.
Approval
The report of the Board was approved by the Board on 16 September 2013 and signed on its behalf by:
Rosalyn Fox
Board Director
16 September 2013
Statement of Responsibilities of the Board
Statement of the responsibilities of the Board for the report and financial statements
The Board is responsible for preparing the report and financial statements in accordance with applicable law and regulations:
Industrial and Provident Society legislation require the Board to prepare financial statements for each financial year. Under that law the Board has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable laws). Under Industrial and Provident Society legislation the Board must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Society at the end of each financial year and of the surplus or deficit of the Society for the year then ended.
In preparing these financial statements the Board is required to:
- select suitable accounting policies and apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent; and
- state whetherapplicable UK Accounting Standards have been followed subject to any material departures disclosed and explained in the financial statements; and
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Society will continue in business.
The Board is responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the Societyand enable it to ensure that the financial statements comply with the Industrial and Provident Societies Acts 1965 to 2002. They are also responsible for safeguarding the assets of the Society and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Independent auditor's report to the members of YCH Developments Limited
We have audited the financial statements of YCH Developments Limited for the year ended 31 March 2013 which comprise the income and expenditure account, the balance sheet, accounting policiesand the related notes. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (UnitedKingdom Generally Accepted Accounting Practice).
This report is made solely to the Society’s members, as a body, in accordance with regulations made under Section 4 of the Friendly and Industrial and Provident Societies Act 1968. Our audit work has been undertaken so that we might state to the Society's members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Society and the Society’s members as a body, for our audit work, for this report, or for the opinions we have formed.
Respective responsibilities of the Board and the auditor
As explained more fully in the Statement of Board's Responsibilities set out on page 3, the Board is responsible for the preparation of financial statements which give a true and fair view. Our responsibility is to audit and express an opinion on the financial statements in accordance with applicable law and International Standards on Auditing (UK and Ireland). Those standards require us to comply with the Auditing Practices Board’s (APB’s) Ethical Standards for Auditors.
Scope of the audit of the financial statements
A description of the scope of an audit of financial statements is provided on the APB's website at
Opinion on financial statements
In our opinion the financial statements:
- give a true and fair view of the state of the Society's affairs as at 31 March 2013 and of its income and expenditure for the year then ended;
- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice and the Industrial and Provident Societies Acts, 1965 to 2002.
Matters on which we are required to report by exception
We have nothing to report in respect of the following matters where the Industrial and Provident Societies Acts, 1965 to 2002 requires us to report to you if, in our opinion:
- a satisfactory system of control over transactions has not been maintained; or
- the Society has not kept proper accounting records; or
- the financial statements are not in agreement with the books of account; or
- we have not received all the information and explanations we need for our audit.
Income and Expenditure Account
For the year ended 31 March 20132013 / 2012
Note / £ ’000 / £ ’000
Recharges to parent company / 83 / 95
Operating costs / (172) / (98)
Operating deficit / 3 / (89) / (3)
Interest receivable / 4 / 15 / 15
(Deficit) / surplus for the financial year / 7 / (74) / 12
There are no recognised surpluses or deficits other than as reported above.
All operations are continuing.
The notes on pages 7 to 8 form part of these financial statements.
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YCH Developments Limited
Balance Sheet
At 31 March 2013
2013 / 2012Note / £ ’000 / £ ’000
Debtors: Due after more than one year / 5 / 2,895 / 2,980
Current assets
Debtors: due within one year / 5 / 124 / 109
Cash at bank and in hand / 4 / 4
3,023 / 3,093
Creditors: amounts falling due within one year / 6 / (102) / (98)
Total assets less current liabilities / 2,921 / 2,995
Capital and reserves
Revenue reserve / 7 / 2,921 / 2,995
2,921 / 2,995
The notes on pages 7 to 8 form part of these financial statements.
The financial statements were approved by the Board on 16 September 2013 and signed on its behalf by:
Rosalyn Fox / Jane Mortimer / Shaun TymonBoard Director / Board Director / Secretary
Notes to the Financial Statements
1.Legal status
The Society is registered under the Industrial and Provident Societies Act 1965.
2.Accounting policies
Basis of accounting
The financial statements are prepared in accordance with United Kingdom Generally Accepted Accounting Practice (UK GAAP).
Going concern
The Board must satisfy themselves that it is reasonable to conclude that the financial statements should be prepared on a going concern basis. The Board has considered the future plans and resources of the Society and have concluded that the Society can continue to operate on a going concern basis.
Current asset investments
Surplus cash is loaned to the parent Company and YCH Developments Ltd receives interest at a rate equivalent to that which the parent Company receives on its surplus cash balances.
Taxation
The Society is registered under the Industrial and Provident Societies Acts with charitable rules and consequently has no liability to corporation taxation in the period.
3.Operating (deficit) / surplus
This is arrived at after charging:
2013 / 2012£’000 / £ ’000
Auditors’ remuneration (excluding VAT) / 1 / 1
4.Interest receivable
2013 / 2012£ ’000 / £ ’000
Interest from loan to parent company / 15 / 15
5.Debtors
2013 / 2012£ ’000 / £ ’000
Due within one year
Amounts due from group undertakings / 124 / 109
Due after more than one year
Amounts due from group undertakings / 2,895 / 2,980
3,019 / 3,089
Notes to the Financial Statements (continued)
6.Creditors
2013 / 2012£ ’000 / £ ’000
Amounts due to group undertakings / 102 / 98
7.Reserves
£ ’000At 1 April 2012 / 2,995
Deficit for the year / (74)
At 31 March 2013 / 2,921
8.Ultimate parent
The Society’s ultimate parent is Yorkshire Coast Homes Limited, a registered provider registered under the Companies Act 2006. The largest group in which the results of the Society are consolidated is that headed by Yorkshire Coast Homes Limited. No other group accounts include the results of the Society. Copies of the financial statements of Yorkshire Coast Homes Limited are available from:
Yorkshire Coast HomesBrook House
4 Gladstone Road
Scarborough
North Yorkshire
YO12 7BH
9.Related party transactions
The Company has taken advantage of the exemptions under FRS 8 “Related Party Transactions” not to disclose transactions with other Group members.
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