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Registration number: 05852978

SFL (Yorkshire) Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 August 2023

 

SFL (Yorkshire) Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 8

 

SFL (Yorkshire) Limited

(Registration number: 05852978)
Balance Sheet as at 31 August 2023

Note

2023

2022

   

£

£

£

£

Fixed assets

   

 

Tangible assets

6

 

112,109

 

124,103

Investment property

7

 

230,000

 

230,000

   

342,109

 

354,103

Current assets

   

 

Debtors

8

247,064

 

139,210

 

Cash at bank and in hand

 

24,915

 

37,879

 

 

271,979

 

177,089

 

Creditors: Amounts falling due within one year

9

(198,697)

 

(155,015)

 

Net current assets

   

73,282

 

22,074

Total assets less current liabilities

   

415,391

 

376,177

Creditors: Amounts falling due after more than one year

9

 

(147,964)

 

(163,885)

Provisions for liabilities

 

(35,000)

 

(36,000)

Net assets

   

232,427

 

176,292

Capital and reserves

   

 

Called up share capital

11

100

 

100

 

Non-distributable reserve

 

50,621

 

50,621

 

Profit and loss account

181,706

 

125,571

 

Total equity

   

232,427

 

176,292

 

SFL (Yorkshire) Limited

(Registration number: 05852978)
Balance Sheet as at 31 August 2023

For the financial year ending 31 August 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 17 October 2023 and signed on its behalf by:
 

.........................................
C J Ross
Director

 

SFL (Yorkshire) Limited

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

1

General information

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

The address of its registered office is:
20 Low Street
Keighley
West Yorkshire
BD21 3PN

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 were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' Section 1A and the Companies Act 2006.

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.

The company's functional and presentation currency is pound sterling.

Revenue recognition

Turnover represents amounts chargeable in respect of rents.

The company recognises revenue when the amount of revenue can be measured reliably and it is probable that future economic benefits will flow to the entity.

Government grants

Grants are measured at the fair value of the asset received or receivable.

Grants relating to revenue shall be recognised in income on a systematic basis over the periods in which the entity recognises the related costs for which the grant is intended to compensate.

A grant that becomes receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs shall be recognised in income in the period in which it becomes receivable.

Grants relating to assets shall be recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred it shall be recognised as deferred income and not deducted from the carrying amount of the asset.

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 corporation 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.

 

SFL (Yorkshire) Limited

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

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

Fixtures and fittings

25% reducing balance basis

Office equipment

25% straight line basis

Motor vehicles

25% reducing balance basis

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually. Valuations are based on 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.

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

between 2 and 6 years

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.

 

SFL (Yorkshire) Limited

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

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.

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.

Financial instruments


Financial assets

Basic financial assets, including trade and other receivables, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest for a similar asset. Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss and any subsequent reversal is recognised in profit or loss.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Financial liabilities

Basic financial liabilities, including trade and other payables, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest for a similar debt instrument.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year was 9 (2022 - 8).

 

SFL (Yorkshire) Limited

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

4

Government grants

During the year the company has received grant income of £Nil (2022: £3,556) in respect of the Coronavirus Job Retention Scheme.
During the year the company has received grant income of £1,125 (2022: £Nil) in respect of the Low Emission Grant Scheme.

5

Intangible assets

Lease premiums
 £

Total
£

Cost or valuation

At 1 September 2022

274,873

274,873

At 31 August 2023

274,873

274,873

Amortisation

At 1 September 2022

274,873

274,873

At 31 August 2023

274,873

274,873

Carrying amount

At 31 August 2023

-

-

6

Tangible assets

Fixtures and fittings
 £

Motor vehicles
 £

Ofice equipment
£

Total
£

Cost or valuation

At 1 September 2022

313,315

239,952

42,562

595,829

Additions

10,359

38,060

391

48,810

Disposals

-

(78,056)

-

(78,056)

At 31 August 2023

323,674

199,956

42,953

566,583

Depreciation

At 1 September 2022

277,965

154,628

39,133

471,726

Charge for the year

11,428

31,242

2,043

44,713

Eliminated on disposal

-

(61,965)

-

(61,965)

At 31 August 2023

289,393

123,905

41,176

454,474

Carrying amount

At 31 August 2023

34,281

76,051

1,777

112,109

At 31 August 2022

35,350

85,324

3,429

124,103

 

SFL (Yorkshire) Limited

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

7

Investment properties

2023
£

At 1 September 2022

230,000

At 31 August 2023

230,000

8

Debtors

2023
£

2022
£

Other debtors

233,949

136,610

Prepayments

13,115

2,600

247,064

139,210

9

Creditors

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

10

37,474

35,132

Trade creditors

 

18,803

5,954

Taxation and social security

 

86,222

38,898

Accruals and deferred income

 

40,750

65,211

Other creditors

 

15,448

9,820

 

198,697

155,015

 

SFL (Yorkshire) Limited

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

10

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Bank borrowings

17,000

17,000

Hire purchase contracts

20,474

18,132

37,474

35,132

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

104,022

121,267

Hire purchase contracts

43,942

42,618

147,964

163,885

Secured liabilities

The bank borrowings are secured against the investment property owned by the company.

The finance lease liabilities have been secured against the assets to which they relate.

11

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

         

12

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 £49,600 (2022 - £90,800).

13

Parent and ultimate parent undertaking

The company's immediate parent is Disross Developments Limited, incorporated in England and Wales.