Company registration number 10699100 (England and Wales)
CROSSLAND YATES ESTATES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
CROSSLAND YATES ESTATES LIMITED
COMPANY INFORMATION
Directors
Mr A J Yates
Mrs H Yates
Mr W Crossland
Company number
10699100
Registered office
Norec House, Fall Bank Industrial Estate
Fall Bank Crescent
Dodworth
Barnsley
South Yorkshire
S75 3LS
Accountants
Brearley & Co Accountants Limited
39/43 Bridge Street
Swinton
Mexborough
South Yorkshire
S64 8AP
Bankers
Lloyds Bank Plc
32 Corporation Street
Rotherham
South Yorkshire
S60 1NQ
CROSSLAND YATES ESTATES LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
CROSSLAND YATES ESTATES LIMITED
BALANCE SHEET
AS AT
31 MARCH 2023
31 March 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investment properties
3
1,644,644
1,200,154
Current assets
Debtors
4
8,139
6,596
Cash at bank and in hand
5,160
5,453
13,299
12,049
Creditors: amounts falling due within one year
5
(374,765)
(291,162)
Net current liabilities
(361,466)
(279,113)
Total assets less current liabilities
1,283,178
921,041
Creditors: amounts falling due after more than one year
6
(586,678)
(631,137)
Provisions for liabilities
(144,500)
(37,810)
Net assets
552,000
252,094
Capital and reserves
Called up share capital
7
100
100
Fair value reserve
433,500
161,190
Profit and loss reserves
118,400
90,804
Total equity
552,000
252,094
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 31 March 2023 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.
The 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 3 October 2023 and are signed on its behalf by:
Mr A J Yates
Mr W Crossland
Director
Director
Company Registration No. 10699100
CROSSLAND YATES ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 2 -
1
Accounting policies
Company information
Crossland Yates Estates Limited is a private company limited by shares incorporated in England and Wales. The registered office is Norec House, Fall Bank Industrial Estate, Fall Bank Crescent, Dodworth, Barnsley, South Yorkshire, S75 3LS.
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 have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.
1.3
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
1.4
Cash at bank and in hand
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
CROSSLAND YATES ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 3 -
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
1.5
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
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.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.6
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
CROSSLAND YATES ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 4 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
3
3
3
Investment property
2023
£
Fair value
At 1 April 2022
1,200,154
Additions
65,490
Revaluations
379,000
At 31 March 2023
1,644,644
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
2,950
2,550
Other debtors
5,189
4,046
8,139
6,596
Other debtors of £5,189 (2022 - £4,046) includes prepayments £5,189 (2022 - £4,046).
5
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
31,925
30,723
Taxation and social security
6,473
7,826
Other creditors
336,367
252,613
374,765
291,162
Other creditors of £336,367 (2022 - £252,613) includes directors' current accounts £1,177 (2022 - £1,177), amount owed to connected company £320,362 (2022 - £237,361), hire purchase liability £13,168 (2022 - £12,857) and accruals and deferred income £1,660 (2022 - £1,218).
CROSSLAND YATES ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 5 -
6
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
535,573
566,516
Other creditors
51,105
64,621
586,678
631,137
The bank loans are secured by charges over the buildings at:
61 Barnsley Road, Wombwell, Barnsley, South Yorkshire, S73 8HT
170 Hough lane, Wombwell, Barnsley, South Yorkshire, S73 0EF
4A Clifford Street, Cudworth, Barnsley, South Yorkshire, S72 8BA
6 Main Street, Wombwell, Barnsley, South Yorkshire, S73 8JQ
20 Princess Street, Wombwell, Barrnsley, South Yorkshire, S73 8JX
37 Schofield Road, Darfield, Barnsley, South Yorkshire, S73 9DZ
17 Park View, Brierley, Barnsley, South Yorkshire, S72 9EN
100 Main Street, Wombwell, Barnsley, South Yorkshire, S73 8JU
26 Pontefract Road, Cudworth, Barnsley, South Yorkshire, S72 8AY
16 Belgrave Road, Barnsley, South Yorkshire, S71 1EQ
4 West Street, Darfield, Barnsley, South Yorkshire, S73 9NF
7 Marsh Street, Wombwell, Barnsley, South Yorkshire, S73 0AG
Other creditors of £51,105 (2022 - £64,621) includes hire purchase liability £51,105 (2022 - £64,621).
Creditors which fall due after five years are as follows:
2023
2022
£
£
Payable by instalments
411,734
445,834
7
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A Shares of £1 each
100
100
100
100