Company registration number 06350372 (England and Wales)
Yorkshire Stainless Specialist Limited
Unaudited
financial statements
for the year ended 28 February 2023
PAGES FOR FILING WITH REGISTRAR
Yorkshire Stainless Specialist Limited
Contents
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 5
Yorkshire Stainless Specialist Limited
Statement Of Financial Position
as at 28 February 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
714,273
810,777
Current assets
Stocks
14,328
23,880
Debtors
465,283
527,428
Cash at bank and in hand
121,394
131,745
601,005
683,053
Creditors: amounts falling due within one year
(603,489)
(734,468)
Net current liabilities
(2,484)
(51,415)
Total assets less current liabilities
711,789
759,362
Creditors: amounts falling due after more than one year
(175,178)
(314,133)
Provisions for liabilities
5
(111,154)
(124,504)
Net assets
425,457
320,725
Capital and reserves
Called up share capital
1
1
Profit and loss reserves
425,456
320,724
Total equity
425,457
320,725

In accordance with section 444 of the Companies Act 2006, all of the members of the company have consented to the preparation of abridged financial statements pursuant to paragraph 1A of Schedule 1 to the Small Companies and Groups (Accounts and Directors’ Report) Regulations (SI 2008/409)(b).

The director of the company has elected not to include a copy of the income statement within the financial statements.true

Yorkshire Stainless Specialist Limited
Statement Of Financial Position (continued)
as at 28 February 2023
- 2 -

For the financial year ended 28 February 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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.

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 and signed by the director and authorised for issue on 22 August 2023
D Brown
Director
Company Registration No. 06350372
Yorkshire Stainless Specialist Limited
Notes to the Financial Statements
for the year ended 28 February 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. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

Turnover

Turnover represents the fair value of the consideration receivable for goods provided in the normal course of business, and is shown net of VAT. Turnover is recognised on supply of goods.

Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost less depreciation.

Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:

Plant and machinery
10% Reducing balance basis
Fixtures, fittings & equipment
20% Reducing balance basis
Motor vehicles
25% Reducing balance basis

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

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 on all timing differences between the carrying amount of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits be recorded. Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates that have been enacted by the end of the reporting period.

Yorkshire Stainless Specialist Limited
Notes to the Financial Statements (continued)
for the year ended 28 February 2023
1
Accounting policies
(continued)
- 4 -
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

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 statement of financial position as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to the income statement on a straight line basis after the period of the lease.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the director is 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
38
38
Yorkshire Stainless Specialist Limited
Notes to the Financial Statements (continued)
for the year ended 28 February 2023
- 5 -
4
Tangible fixed assets
Plant and machinery
Fixtures, fittings & equipment
Motor vehicles
Total
£
£
£
£
Cost
At 1 March 2022 and 28 February 2023
1,524,978
6,597
83,842
1,615,417
Depreciation and impairment
At 1 March 2022
748,259
5,943
50,438
804,640
Depreciation charged in the year
86,160
168
10,176
96,504
At 28 February 2023
834,419
6,111
60,614
901,144
Carrying amount
At 28 February 2023
690,559
486
23,228
714,273
At 28 February 2022
776,719
654
33,404
810,777
5
Provisions for liabilities
2023
2022
£
£
Deferred tax liabilities
111,154
124,504
6
Parent company

Yorkshire Stainless Specialist Limited is controlled by its parent company, J L (Holdings) Ltd, a company registered in England and Wales, whose registered office is YSS Ltd, Station Road, Halifax, HX2 9AY

7
Company information

Yorkshire Stainless Specialist Limited is a private company limited by shares incorporated in England and Wales. The registered office is C/O YSS Ltd, Station Road, Halifax, West Yorkshire, HX2 9AY.

2023-02-282022-03-01false22 August 2023CCH SoftwareCCH Accounts Production 2023.300No description of principal activityD Brownfalse063503722022-03-012023-02-28063503722023-02-28063503722022-02-2806350372core:PlantMachinery2023-02-2806350372core:FurnitureFittings2023-02-2806350372core:MotorVehicles2023-02-2806350372core:PlantMachinery2022-02-2806350372core:FurnitureFittings2022-02-2806350372core:MotorVehicles2022-02-2806350372core:CurrentFinancialInstrumentscore:WithinOneYear2023-02-2806350372core:CurrentFinancialInstrumentscore:WithinOneYear2022-02-2806350372core:Non-currentFinancialInstrumentscore:AfterOneYear2023-02-2806350372core:Non-currentFinancialInstrumentscore:AfterOneYear2022-02-2806350372core:ShareCapital2023-02-2806350372core:ShareCapital2022-02-2806350372core:RetainedEarningsAccumulatedLosses2023-02-2806350372core:RetainedEarningsAccumulatedLosses2022-02-2806350372bus:Director12022-03-012023-02-2806350372core:PlantMachinery2022-03-012023-02-2806350372core:FurnitureFittings2022-03-012023-02-2806350372core:MotorVehicles2022-03-012023-02-28063503722021-03-012022-02-2806350372core:PlantMachinery2022-02-2806350372core:FurnitureFittings2022-02-2806350372core:MotorVehicles2022-02-28063503722022-02-2806350372bus:PrivateLimitedCompanyLtd2022-03-012023-02-2806350372bus:SmallCompaniesRegimeForAccounts2022-03-012023-02-2806350372bus:FRS1022022-03-012023-02-2806350372bus:AuditExemptWithAccountantsReport2022-03-012023-02-2806350372bus:FullAccounts2022-03-012023-02-28xbrli:purexbrli:sharesiso4217:GBP