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COMPANY REGISTRATION NUMBER: 04667663
K Yateman & Sons Limited
Filleted Unaudited Financial Statements
31 March 2023
K Yateman & Sons Limited
Financial Statements
Year ended 31st March 2023
Contents
Pages
Report to the board of directors on the preparation of the unaudited statutory financial statements
1
Statement of financial position
2 to 3
Notes to the financial statements
4 to 9
K Yateman & Sons Limited
Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of K Yateman & Sons Limited
Year ended 31st March 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of K Yateman & Sons Limited for the year ended 31st March 2023, which comprise the statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at www.accaglobal.com/en/member/professional-standards/rules-standards/acca-rulebook.html. Our work has been undertaken in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf.
JAY & JAY PARTNERSHIP LIMITED Chartered Certified Accountants
2 Chesterfield Buildings Westbourne Place Clifton Bristol BS8 1RU
3 October 2023
K Yateman & Sons Limited
Statement of Financial Position
31 March 2023
2023
2022
Note
£
£
Fixed assets
Intangible assets
5
500
Tangible assets
6
622,326
614,067
---------
---------
622,326
614,567
Current assets
Stocks
4,300
6,000
Debtors
7
757,604
324,414
Cash at bank and in hand
317,621
349,007
------------
---------
1,079,525
679,421
Creditors: amounts falling due within one year
8
348,553
246,900
------------
---------
Net current assets
730,972
432,521
------------
------------
Total assets less current liabilities
1,353,298
1,047,088
Creditors: amounts falling due after more than one year
9
190,965
202,433
------------
------------
Net assets
1,162,333
844,655
------------
------------
Capital and reserves
Called up share capital
120
120
Profit and loss account
1,162,213
844,535
------------
---------
Shareholder funds
1,162,333
844,655
------------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31st 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 member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
K Yateman & Sons Limited
Statement of Financial Position (continued)
31 March 2023
These financial statements were approved by the board of directors and authorised for issue on 3 October 2023 , and are signed on behalf of the board by:
Mr R Yateman
Mr W Yateman
Director
Director
Company registration number: 04667663
K Yateman & Sons Limited
Notes to the Financial Statements
Year ended 31st March 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Waterside Works, London Road, Brimscombe, Stroud, Glos, GL5 2SU.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. When the outcome of a transaction involving the rendering of services can be reliably estimated, revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period. When the outcome of a transaction involving the rendering of services cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
5% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
15% reducing balance
Motor vehicles
-
25% reducing balance
Equipment
-
15% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 18 (2022: 15 ).
5. Intangible assets
Goodwill
£
Cost
At 1st April 2022 and 31st March 2023
10,000
--------
Amortisation
At 1st April 2022
9,500
Charge for the year
500
--------
At 31st March 2023
10,000
--------
Carrying amount
At 31st March 2023
--------
At 31st March 2022
500
--------
6. Tangible assets
Land and buildings
Plant and machinery
Motor vehicles
Equipment
Total
£
£
£
£
£
Cost
At 1st April 2022
496,006
213,792
99,384
1,532
810,714
Additions
22,085
22,500
2,113
46,698
Disposals
( 18,550)
( 7,094)
( 25,644)
---------
---------
---------
-------
---------
At 31st March 2023
496,006
217,327
114,790
3,645
831,768
---------
---------
---------
-------
---------
Depreciation
At 1st April 2022
136,531
59,455
661
196,647
Charge for the year
13,978
14,859
448
29,285
Disposals
( 12,389)
( 4,101)
( 16,490)
---------
---------
---------
-------
---------
At 31st March 2023
138,120
70,213
1,109
209,442
---------
---------
---------
-------
---------
Carrying amount
At 31st March 2023
496,006
79,207
44,577
2,536
622,326
---------
---------
---------
-------
---------
At 31st March 2022
496,006
77,261
39,929
871
614,067
---------
---------
---------
-------
---------
7. Debtors
2023
2022
£
£
Trade debtors
657,689
185,155
Other debtors
99,915
139,259
---------
---------
757,604
324,414
---------
---------
8. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
13,000
15,298
Trade creditors
163,487
150,090
Corporation tax
63,740
21,332
Social security and other taxes
104,246
51,387
Other creditors
4,080
8,793
---------
---------
348,553
246,900
---------
---------
The company has given security for some of the creditors that fall due within one year.
The company has given a fixed and floating charge on all assets of the company to the bank in respect of its bank loan of £13,000.
9. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
190,965
202,433
---------
---------
The company has given security for all of the creditors that fall due after more than one year.
The company has given a fixed and floating charge on all assets of the company to the bank in respect of its bank loan of £190,965.
10. Directors' advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2023
Balance brought forward
Advances/ (credits) to the directors
Amounts repaid
Balance outstanding
£
£
£
£
Mr K. Yateman
( 2)
( 2)
Mr R Yateman
125,797
1,869
( 50,000)
77,666
---------
-------
--------
--------
125,795
1,869
( 50,000)
77,664
---------
-------
--------
--------
2022
Balance brought forward
Advances/ (credits) to the directors
Amounts repaid
Balance outstanding
£
£
£
£
Mr K. Yateman
( 42)
40
( 2)
Mr R Yateman
65,092
60,705
125,797
--------
--------
----
---------
65,050
60,705
40
125,795
--------
--------
----
---------
Interest has been charged on the loan to Mr R Yateman totalling £1,869. The loan from Mr K Yateman is interest free and repayable on demand.