Company Registration No. 07372195 (England and Wales)
YARNOLD WELDING SERVICES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
PAGES FOR FILING WITH REGISTRAR
YARNOLD WELDING SERVICES LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 7
YARNOLD WELDING SERVICES LIMITED
COMPANY INFORMATION
Directors
Mr G B Yarnold
Mrs T J Yarnold
Mr J D Norman
(Appointed 2 March 2023)
Company number
07372195
Registered office
Winnells Farm
Church Lane
Norton
Worcestershire
WR5 2PR
Accountants
Ormerod Rutter Limited
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
Bankers
Santander UK Plc
PO Box 382
21 Prescott Street
London
E1 8AD
YARNOLD WELDING SERVICES LIMITED
ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF YARNOLD WELDING SERVICES LIMITED FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Yarnold Welding Services Limited for the year ended 30 September 2023 which comprise, the balance sheet 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 Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/en/members/regulations-standards-and-guidance.
This report is made solely to the Board of Directors of Yarnold Welding Services Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Yarnold Welding Services Limited and state those matters that we have agreed to state to the Board of Directors of Yarnold Welding Services Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Yarnold Welding Services Limited and its Board of Directors as a body, for our work or for this report.
It is your duty to ensure that Yarnold Welding Services Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Yarnold Welding Services Limited. You consider that Yarnold Welding Services Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Yarnold Welding Services Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Ormerod Rutter Limited
17 January 2024
Chartered Accountants
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
YARNOLD WELDING SERVICES LIMITED
BALANCE SHEET
AS AT
30 SEPTEMBER 2023
30 September 2023
- 2 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
5,273
6,757
Current assets
Stocks
5,091
9,584
Debtors
5
70,360
63,476
Cash at bank and in hand
42,300
67,137
117,751
140,197
Creditors: amounts falling due within one year
6
(16,783)
(33,874)
Net current assets
100,968
106,323
Total assets less current liabilities
106,241
113,080
Provisions for liabilities
7
(895)
(1,235)
Net assets
105,346
111,845
Capital and reserves
Called up share capital
8
4
4
Profit and loss reserves
105,342
111,841
Total equity
105,346
111,845
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 30 September 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have 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.
YARNOLD WELDING SERVICES LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 SEPTEMBER 2023
30 September 2023
- 3 -
The financial statements were approved by the board of directors and authorised for issue on 17 January 2024 and are signed on its behalf by:
Mr G B Yarnold
Director
Company Registration No. 07372195
YARNOLD WELDING SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 4 -
1
Accounting policies
Company information
Yarnold Welding Services Limited is a private company limited by shares incorporated in England and Wales. The registered office is Winnells Farm, Church Lane, Norton, Worcestershire, WR5 2PR.
1.1
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 have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT.
Revenue from the provision of services is recognised by reference to the stage of completion, when the costs incurred and costs to complete can be estimated reliably.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and machinery
25% on reducing balance
Computer equipment
33% on cost
Motor vehicles
25% on reducing balance
1.4
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.
Stocks held for distribution at no or nominal consideration are measured at the lower of replacement cost and cost, adjusted where applicable for any loss of service potential.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.5
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
YARNOLD WELDING SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
1
Accounting policies
(Continued)
- 5 -
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account 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 liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.6
Employee benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
1.7
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 3 (2022 - 3).
3
Intangible fixed assets
Goodwill
£
Cost
At 1 October 2022 and 30 September 2023
20,200
Amortisation and impairment
At 1 October 2022 and 30 September 2023
20,200
Carrying amount
At 30 September 2023
At 30 September 2022
YARNOLD WELDING SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 6 -
4
Tangible fixed assets
Plant and machinery
Computer equipment
Motor vehicles
Total
£
£
£
£
Cost
At 1 October 2022
17,187
1,424
10,640
29,251
Additions
308
308
At 30 September 2023
17,187
1,732
10,640
29,559
Depreciation and impairment
At 1 October 2022
13,797
1,424
7,273
22,494
Depreciation charged in the year
848
102
842
1,792
At 30 September 2023
14,645
1,526
8,115
24,286
Carrying amount
At 30 September 2023
2,542
206
2,525
5,273
At 30 September 2022
3,390
3,367
6,757
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
69,327
62,785
Other debtors
1,033
691
70,360
63,476
6
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
206
204
Taxation and social security
13,883
20,667
Other creditors
2,694
13,003
16,783
33,874
7
Provisions for liabilities
2023
2022
£
£
Deferred tax liabilities
895
1,235
YARNOLD WELDING SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 7 -
8
Called up share capital
2023
2022
£
£
Ordinary share capital
Issued and fully paid
2 Ordinary A of £1 each
2
2
1 Ordinary B of £1 each
1
1
1 Ordinary C of £1 each
1
1
4
4
9
Ultimate controlling party
The ultimate controlling party is Mr G B Yarnold and Mrs T J Yarnold.