YOFIL Ltd 10042155 false 2022-04-01 2023-03-31 2023-03-31 The principal activity of the company is renting and leasing of machinery Digita Accounts Production Advanced 6.30.9574.0 true true 10042155 2022-04-01 2023-03-31 10042155 2023-03-31 10042155 bus:OrdinaryShareClass1 2023-03-31 10042155 core:HirePurchaseContracts core:CurrentFinancialInstruments 2023-03-31 10042155 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2023-03-31 10042155 core:CurrentFinancialInstruments 2023-03-31 10042155 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 10042155 core:Non-currentFinancialInstruments 2023-03-31 10042155 core:Non-currentFinancialInstruments core:AfterOneYear 2023-03-31 10042155 core:FurnitureFittingsToolsEquipment 2023-03-31 10042155 core:MotorVehicles 2023-03-31 10042155 core:OtherPropertyPlantEquipment 2023-03-31 10042155 bus:SmallEntities 2022-04-01 2023-03-31 10042155 bus:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 10042155 bus:FullAccounts 2022-04-01 2023-03-31 10042155 bus:SmallCompaniesRegimeForAccounts 2022-04-01 2023-03-31 10042155 bus:RegisteredOffice 2022-04-01 2023-03-31 10042155 bus:Director1 2022-04-01 2023-03-31 10042155 bus:Director2 2022-04-01 2023-03-31 10042155 bus:OrdinaryShareClass1 2022-04-01 2023-03-31 10042155 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 10042155 core:CommercialMotorVehicles 2022-04-01 2023-03-31 10042155 core:FurnitureFittingsToolsEquipment 2022-04-01 2023-03-31 10042155 core:MotorVehicles 2022-04-01 2023-03-31 10042155 core:OtherPropertyPlantEquipment 2022-04-01 2023-03-31 10042155 core:PlantMachinery 2022-04-01 2023-03-31 10042155 countries:AllCountries 2022-04-01 2023-03-31 10042155 2022-03-31 10042155 core:FurnitureFittingsToolsEquipment 2022-03-31 10042155 core:MotorVehicles 2022-03-31 10042155 core:OtherPropertyPlantEquipment 2022-03-31 10042155 2021-04-01 2022-03-31 10042155 2022-03-31 10042155 bus:OrdinaryShareClass1 2022-03-31 10042155 core:HirePurchaseContracts core:CurrentFinancialInstruments 2022-03-31 10042155 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2022-03-31 10042155 core:CurrentFinancialInstruments 2022-03-31 10042155 core:CurrentFinancialInstruments core:WithinOneYear 2022-03-31 10042155 core:Non-currentFinancialInstruments 2022-03-31 10042155 core:Non-currentFinancialInstruments core:AfterOneYear 2022-03-31 10042155 core:FurnitureFittingsToolsEquipment 2022-03-31 10042155 core:MotorVehicles 2022-03-31 10042155 core:OtherPropertyPlantEquipment 2022-03-31 10042155 bus:OrdinaryShareClass1 2021-04-01 2022-03-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 10042155

YOFIL Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2023

 

YOFIL Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 9

 

YOFIL Ltd

Company Information

Directors

Mr Jonathan Raymond Shackleton

Mr Christopher May

Registered office

Knutsford Road
Latchford
Warrington
WA4 1HN

Accountants

Davidson Stant Limited
The Glen
Knutsford Old Road
Stockton Heath
Warrington
Cheshire
WA4 2LD

 

YOFIL Ltd

(Registration number: 10042155)
Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

3

224,687

243,613

Current assets

 

Stocks

4

35,175

35,875

Debtors

5

156,412

118,963

Cash at bank and in hand

 

34,638

8,555

 

226,225

163,393

Creditors: Amounts falling due within one year

6

(381,105)

(288,380)

Net current liabilities

 

(154,880)

(124,987)

Total assets less current liabilities

 

69,807

118,626

Creditors: Amounts falling due after more than one year

6

(51,531)

(70,077)

Net assets

 

18,276

48,549

Capital and reserves

 

Called up share capital

7

100

100

Retained earnings

18,176

48,449

Shareholders' funds

 

18,276

48,549

For the financial year ending 31 March 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.

Approved and authorised by the Board on 6 September 2023 and signed on its behalf by:
 

.........................................

Mr Christopher May

Director

 

YOFIL Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

1

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.

Going concern

The financial statements have been prepared on a going concern basis.

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.

Tax

The tax expense for the period comprises current 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.

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

Plant & Machinery

5% straight line

Commercial Vehicles

20% reducing balance

 

YOFIL Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

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 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.

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.

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.

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.

 

YOFIL Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 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.

2

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 6 (2022 - 6).

 

YOFIL Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

3

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 April 2022

483

79,413

313,509

393,405

Additions

360

-

420

780

At 31 March 2023

843

79,413

313,929

394,185

Depreciation

At 1 April 2022

97

28,096

121,599

149,792

Charge for the year

149

5,133

14,424

19,706

At 31 March 2023

246

33,229

136,023

169,498

Carrying amount

At 31 March 2023

597

46,184

177,906

224,687

At 31 March 2022

386

51,317

191,910

243,613

4

Stocks

2023
£

2022
£

Other inventories

35,175

35,875

5

Debtors

Current

2023
£

2022
£

Trade debtors

152,817

115,551

Other debtors

3,595

3,412

 

156,412

118,963

6

Creditors

Creditors: amounts falling due within one year

 

YOFIL Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

8

9,377

14,249

Trade creditors

 

199,990

142,982

Taxation and social security

 

29,062

19,441

Accruals and deferred income

 

57,676

33,285

Other creditors

 

85,000

78,423

 

381,105

288,380

 

YOFIL Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

8

51,531

70,077

7

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary share of £1 each

100

100

100

100

         

8

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

32,371

42,080

Hire purchase contracts

19,160

27,997

51,531

70,077

2023
£

2022
£

Current loans and borrowings

Hire purchase contracts

9,377

14,249

9

Dividends

Interim dividends paid

   

2023
£

 

2022
£

Interim dividend of £725.00 (2022 - £740.00) per each Ordinary share

 

72,500

 

74,000

         

10

Related party transactions

 

YOFIL Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

Directors' remuneration

The directors' remuneration for the year was as follows:

2023
£

2022
£

Remuneration

24,000

24,000

Contributions paid to money purchase schemes

15,700

12,400

39,700

36,400