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Registration number: 00752665

Yates Greer Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2023

 

Yates Greer Limited

Contents

Balance Sheet

1

Notes to the Unaudited Financial Statements

2 to 6

 

Yates Greer Limited

(Registration number: 00752665)
Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

           

Fixed assets

   

 

Tangible assets

4

 

65,573

 

63,881

Current assets

   

 

Stocks

5

11,277

 

9,004

 

Debtors

6

41,335

 

42,491

 

Cash at bank and in hand

 

256,865

 

244,687

 

 

309,477

 

296,182

 

Creditors: Amounts falling due within one year

7

(99,547)

 

(91,315)

 

Net current assets

   

209,930

 

204,867

Net assets

   

275,503

 

268,748

Capital and reserves

   

 

Called up share capital

8

280,000

 

280,000

 

Profit and loss account

(4,497)

 

(11,252)

 

Shareholders' funds

   

275,503

 

268,748

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.

Director's 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 director acknowledges his 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 director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 23 November 2023
 

.........................................
Mr C Williams
Director

 

Yates Greer Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 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:
55 Hoghton Street
Southport
Merseyside
PR9 0PG
England

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 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.

The company's functional and presentational currency is GBP and no level of rounding has been used in presenting the financial statements.

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.

 

Yates Greer Limited

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

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

Freehold property

Not provided

Shop fixtures and fittings

13 years straight line

Depot fixtures and fittings

5 - 13 years straight line

IT equipment

4 years straight line

Motor Vehicles

25% reducing balance

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.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

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.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

Yates Greer Limited

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

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.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 41 (2022 - 43).

 

Yates Greer Limited

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

4

Tangible assets

Land and buildings
£

Fixtures and fittings
£

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2022

30,284

24,184

85,067

1,524

41,502

182,561

Additions

-

-

-

-

14,620

14,620

Disposals

-

-

-

-

(4,500)

(4,500)

At 31 March 2023

30,284

24,184

85,067

1,524

51,622

192,681

Depreciation

At 1 April 2022

-

22,745

80,456

925

14,554

118,680

Charge for the year

-

384

1,076

308

10,136

11,904

Eliminated on disposal

-

-

-

-

(3,476)

(3,476)

At 31 March 2023

-

23,129

81,532

1,233

21,214

127,108

Carrying amount

At 31 March 2023

30,284

1,055

3,535

291

30,408

65,573

At 31 March 2022

30,284

1,439

4,611

599

26,948

63,881

Included within the net book value of land and buildings above is £30,284 (2022 - £30,284) in respect of freehold land and buildings.
 

 

Yates Greer Limited

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

5

Stocks

2023
£

2022
£

Other inventories

11,277

9,004

6

Debtors

2023
£

2022
£

Trade debtors

36,771

34,579

Other debtors

3,446

7,281

Prepayments

1,118

631

41,335

42,491

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Trade creditors

 

66,484

77,666

Amounts owed to related parties

8,644

4,409

Taxation and social security

 

11,937

-

Other creditors

 

12,482

9,240

 

99,547

91,315

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Share Capital of £1 each

280,000

280,000

280,000

280,000