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Registration number: 04453549

York Vale Fencing Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 June 2023

 

York Vale Fencing Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 11

 

York Vale Fencing Limited

Company Information

Director

Mr WD Ashworth

Registered office

The Old Air Field
York Road
Pocklington
York
YO42 1NS

Accountants

DAH Accountancy Services Limited
Chartered Management Accountants
Cedar Lodge
York Road
Shiptonthorpe
York
East Yorkshire
YO43 3PH

 

York Vale Fencing Limited

(Registration number: 04453549)
Balance Sheet as at 30 June 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

6,750

7,500

Tangible assets

5

252,605

288,308

 

259,355

295,808

Current assets

 

Stocks

6

32,838

22,509

Debtors

7

176,869

174,838

Cash at bank and in hand

 

91,312

26,184

 

301,019

223,531

Creditors: Amounts falling due within one year

8

(201,051)

(188,242)

Net current assets

 

99,968

35,289

Total assets less current liabilities

 

359,323

331,097

Creditors: Amounts falling due after more than one year

8

(24,824)

(34,162)

Provisions for liabilities

(7,355)

(6,642)

Net assets

 

327,144

290,293

Capital and reserves

 

Called up share capital

9

1,000

1,000

Retained earnings

326,144

289,293

Shareholders' funds

 

327,144

290,293

For the financial year ending 30 June 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.

 

York Vale Fencing Limited

(Registration number: 04453549)
Balance Sheet as at 30 June 2023

Approved and authorised by the director on 6 November 2023
 

.........................................
Mr WD Ashworth
Director

 

York Vale Fencing Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

1

General information

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

The address of its registered office is:
The Old Air Field
York Road
Pocklington
York
YO42 1NS

These financial statements were authorised for issue by the director on 6 November 2023.

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.

Going concern

The financial statements have been prepared on a going concern basis.

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 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 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.

 

York Vale Fencing Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 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

Land and buildings

10% reducing balance

Plant and machinery

25% reducing balance

Computer equipment

33% reducing balance

Motor vehicles

25% reducing balance

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

4.16% on cost

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.

 

York Vale Fencing Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

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.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

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.

 

York Vale Fencing Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

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 1 (2022 - 2).

 

York Vale Fencing Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 July 2022

36,000

36,000

At 30 June 2023

36,000

36,000

Amortisation

At 1 July 2022

28,500

28,500

Amortisation charge

750

750

At 30 June 2023

29,250

29,250

Carrying amount

At 30 June 2023

6,750

6,750

At 30 June 2022

7,500

7,500

5

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 July 2022

2,450

438,173

17,000

457,623

Additions

-

2,495

36,530

39,025

At 30 June 2023

2,450

440,668

53,530

496,648

Depreciation

At 1 July 2022

2,119

156,621

10,575

169,315

Charge for the year

33

70,805

3,890

74,728

At 30 June 2023

2,152

227,426

14,465

244,043

Carrying amount

At 30 June 2023

298

213,242

39,065

252,605

At 30 June 2022

331

281,552

6,425

288,308

Included within the net book value of land and buildings above is £298 (2022 - £331) in respect of freehold land and buildings.
 

 

York Vale Fencing Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

6

Stocks

2023
£

2022
£

Other inventories

32,838

22,509

7

Debtors

Current

2023
£

2022
£

Trade debtors

159,653

145,083

Prepayments

7,492

7,014

Other debtors

9,724

22,741

 

176,869

174,838

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

10

10,990

11,309

Trade creditors

 

148,336

155,575

Taxation and social security

 

20,848

17,677

Accruals and deferred income

 

2,610

3,655

Other creditors

 

18,267

26

 

201,051

188,242

Creditors include unsecured bank loans of £10,990 (2022 - £11,309) falling due within one year.

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

10

24,824

34,162

Creditors include unsecured bank loans of £24,824 (2022 - £34,162) falling due after more than one year.

 

York Vale Fencing Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

9

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary of £1 each

1,000

1,000

1,000

1,000

         

10

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

24,824

34,162

2023
£

2022
£

Current loans and borrowings

Bank borrowings

10,990

11,309

11

Dividends

Interim dividends paid

   

2023
£

 

2022
£

Interim dividend of £30.00 (2022 - £32.408) per each Ordinary

 

30,000

 

32,408

         

12

Related party transactions

Director's remuneration

The director's remuneration for the year was as follows:

2023
£

2022
£

Remuneration

10,434

13,171

Contributions paid to money purchase schemes

184

181

10,618

13,352

 

York Vale Fencing Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

Dividends paid to the director

   

2023
£

 

2022
£

Mr WD Ashworth

       

Dividends

 

30,000

 

32,408