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Registration number: 00339069

Yandle & Sons Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 April 2023

 

Yandle & Sons Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

Yandle & Sons Limited

Company Information

Directors

Mr D W Mounstephen

Mr G Mounstephen

Mr N J Roach

Mr A J Pickford-Waugh

Mr A M Jeffery

Company secretary

Mr D W Mounstephen

Registered office

Hurst Works
Martock
Somerset
TA12 6JU

Bankers

NatWest Bank
2 Hendford
Yeovil
Somerset
BA20 1TN

Accountants

Mitchams Chartered Accountants
1 Cornhill
Ilminster
Somerset
TA19 0AD

 

Yandle & Sons Limited

(Registration number: 00339069)
Balance Sheet as at 30 April 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

525,299

403,330

Investment property

5

170,000

200,000

 

695,299

603,330

Current assets

 

Stocks

6

832,674

838,164

Debtors

7

299,914

290,760

Cash at bank and in hand

 

1,447,485

1,099,745

 

2,580,073

2,228,669

Creditors: Amounts falling due within one year

8

(623,557)

(511,879)

Net current assets

 

1,956,516

1,716,790

Total assets less current liabilities

 

2,651,815

2,320,120

Provisions for liabilities

(104,996)

(81,763)

Net assets

 

2,546,819

2,238,357

Capital and reserves

 

Called up share capital

46,360

46,360

Share premium reserve

8,725

8,725

Other reserves

131,225

153,725

Retained earnings

2,360,509

2,029,547

Shareholders' funds

 

2,546,819

2,238,357

For the financial year ending 30 April 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

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. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

 

Yandle & Sons Limited

(Registration number: 00339069)
Balance Sheet as at 30 April 2023

Approved and authorised by the Board on 1 August 2023 and signed on its behalf by:
 

.........................................
Mr D W Mounstephen
Company secretary and director

 

Yandle & Sons Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
Hurst Works
Martock
Somerset
TA12 6JU

These financial statements were authorised for issue by the Board on 1 August 2023.

2

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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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.

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.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

 

Yandle & Sons Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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 tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet 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

Freehold land and buildings

2% straight line

Furniture, fittings and equipment

12.5% reducing balance/20% straight line

Motor vehicles

20% reducing balance

Other property, plant and equipment

12.5% reducing balance

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

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.

 

Yandle & Sons Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

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 overheads that have been incurred in bringing the inventories to their present location and condition. 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.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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.

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.

 

Yandle & Sons Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 52 (2022 - 54).

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other property, plant and equipment
 £

Total
£

Cost or valuation

At 1 May 2022

334,823

184,679

13,000

317,805

850,307

Additions

16,158

14,321

8,500

113,314

152,293

Disposals

-

(292)

(13,000)

-

(13,292)

At 30 April 2023

350,981

198,708

8,500

431,119

989,308

Depreciation

At 1 May 2022

57,156

127,098

11,882

250,841

446,977

Charge for the year

7,032

10,302

1,700

10,041

29,075

Eliminated on disposal

-

(161)

(11,882)

-

(12,043)

At 30 April 2023

64,188

137,239

1,700

260,882

464,009

Carrying amount

At 30 April 2023

286,793

61,469

6,800

170,237

525,299

At 30 April 2022

277,667

57,581

1,118

66,964

403,330

Included within the net book value of land and buildings above is £286,793 (2022 - £277,667) in respect of freehold land and buildings.
 

 

Yandle & Sons Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

5

Investment properties

2023
£

At 1 May 2022

200,000

Fair value adjustments

(30,000)

At 30 April 2023

170,000

This valuation has been provided in accordance with the latest addition of the RICS Valuation - Professional Standards incorporating the International Valuation Standards (the "Red Book").

It has been prepared on the assumption that all buildings and developments have been constructed and are used in full compliance with Town and Country Planning and Building Regulations legislation and that the property is not subject to any outstanding Statutory Notices or other enforcement action as to its construction, use or occupation.

The above valuation was prepared by Symonds & Sampson on 6 April 2023 who are RICS registered valuers.

6

Stocks

2023
£

2022
£

Other inventories

832,674

838,164

7

Debtors

Current

2023
£

2022
£

Trade debtors

201,787

235,191

Prepayments

26,593

13,172

Other debtors

71,534

42,397

 

299,914

290,760

 

Yandle & Sons Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

8

Creditors

2023
£

2022
£

Due within one year

Trade creditors

404,963

274,143

Taxation and social security

122,379

119,191

Accruals and deferred income

7,317

13,954

Other creditors

88,898

104,591

623,557

511,879

9

Reserves

The changes to each component of equity resulting from items of other comprehensive income for the current year were as follows:

Non-distributable reserve
£

Retained earnings
£

Total
£

Other comprehensive income

(22,500)

(7,500)

(30,000)

10

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 £23,472 (2022 - £36,815).