Company registration number 10393549 (England and Wales)
Visit Yorkshire Holdings Ltd
Unaudited
Financial Statements
for the year ended 31 January 2023
PAGES FOR FILING WITH REGISTRAR
Visit Yorkshire Holdings Ltd
Contents
Page
Statement of financial position
1
Statement of changes in equity
2
Notes to the financial statements
3 - 6
Visit Yorkshire Holdings Ltd
Statement of financial position
as at 31 January 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
11,704,777
11,745,674
Investments
5
202
202
11,704,979
11,745,876
Current assets
Debtors
6
348,170
411,911
Cash at bank and in hand
145,276
300,155
493,446
712,066
Creditors: amounts falling due within one year
7
(677,868)
(843,689)
Net current liabilities
(184,422)
(131,623)
Total assets less current liabilities
11,520,557
11,614,253
Creditors: amounts falling due after more than one year
8
(5,536,686)
(5,846,190)
Provisions for liabilities
9
(1,495,141)
(1,542,448)
Net assets
4,488,730
4,225,615
Capital and reserves
Called up share capital
10
10
10
Revaluation reserve
6,485,301
6,485,301
Profit and loss reserves
(1,996,581)
(2,259,696)
Total equity
4,488,730
4,225,615
The directors of the company have elected not to include a copy of the income statement within the financial statements.true
For the financial year ended 31 January 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 13 October 2023 and are signed on its behalf by:
P M Barker
Director
Company Registration No. 10393549
Visit Yorkshire Holdings Ltd
Statement of changes in equity
for the year ended 31 January 2023
- 2 -
Share capital
Revaluation reserve
Profit and loss reserves
Total
£
£
£
£
Balance at 1 February 2021
10
6,485,301
(2,713,085)
3,772,226
Year ended 31 January 2022:
Profit and total comprehensive income for the year
-
-
453,389
453,389
Balance at 31 January 2022
10
6,485,301
(2,259,696)
4,225,615
Year ended 31 January 2023:
Profit and total comprehensive income for the year
-
-
263,115
263,115
Balance at 31 January 2023
10
6,485,301
(1,996,581)
4,488,730
Visit Yorkshire Holdings Ltd
Notes to the financial statements
for the year ended 31 January 2023
- 3 -
1
Accounting policies
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.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
Group accounts
The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.
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, 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.
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.
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold land and buildings
No depreciation
Fixtures and fittings
20% reducing balance
Freehold land and buildings are not depreciated during the period. The directors consider the revalued carrying amount at the year end represents the fair value of the properties.
Fixed asset investments
Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
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.
Visit Yorkshire Holdings Ltd
Notes to the financial statements (continued)
for the year ended 31 January 2023
1
Accounting policies
(continued)
- 4 -
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 income statement 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 is recognised as an asset and liability arises, in respect of all timing differences that have originated but not reversed at the balance sheet date. Timing differences represent accumulated differences between the company's taxable profit and its financial profit and arise from accelerated capital allowances and unrealised gains on revalued property.
Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.
Government grants
Government grants are recognised at the fair value of the asset received 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
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
Visit Yorkshire Holdings Ltd
Notes to the financial statements (continued)
for the year ended 31 January 2023
- 5 -
4
Tangible fixed assets
Freehold land and buildings
Fixtures and fittings
Total
£
£
£
Cost or valuation
At 1 February 2022 and 31 January 2023
11,541,187
359,731
11,900,918
Depreciation and impairment
At 1 February 2022
155,244
155,244
Depreciation charged in the year
40,897
40,897
At 31 January 2023
196,141
196,141
Carrying amount
At 31 January 2023
11,541,187
163,590
11,704,777
At 31 January 2022
11,541,187
204,487
11,745,674
5
Fixed asset investments
2023
2022
£
£
Investments
202
202
Movements in fixed asset investments
Shares in group undertakings
£
Cost or valuation
At 1 February 2022 & 31 January 2023
202
Carrying amount
At 31 January 2023
202
At 31 January 2022
202
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
164,590
114,544
Corporation tax recoverable
21,197
Other debtors
162,383
297,367
348,170
411,911
Visit Yorkshire Holdings Ltd
Notes to the financial statements (continued)
for the year ended 31 January 2023
- 6 -
7
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
309,504
309,504
Corporation tax
8,499
95,465
Other creditors
323,951
385,951
Accruals and deferred income
35,914
52,769
677,868
843,689
The bank loans are secured.
8
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans
5,536,686
5,846,190
The bank loans are secured.
9
Provisions for liabilities
2023
2022
£
£
Deferred tax liabilities
1,495,141
1,542,448
10
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
10
10
10
10
11
Company information
Visit Yorkshire Holdings Ltd is a private company limited by shares incorporated in England and Wales. The registered office is West House, King Cross Road, Halifax, West Yorkshire, HX1 1EB.