IRIS Accounts Production v23.4.0.336 01977248 Board of Directors 31.3.22 30.3.23 30.3.23 true false true true false false false true false Auditors Opinion Ordinary 1.00000 Ordinary B 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh019772482022-03-30019772482023-03-30019772482022-03-312023-03-30019772482021-03-30019772482021-03-312022-03-30019772482022-03-3001977248ns15:EnglandWales2022-03-312023-03-3001977248ns14:PoundSterling2022-03-312023-03-3001977248ns10:Director12022-03-312023-03-3001977248ns10:PrivateLimitedCompanyLtd2022-03-312023-03-3001977248ns10:FRS1022022-03-312023-03-3001977248ns10:Audited2022-03-312023-03-3001977248ns10:LargeMedium-sizedCompaniesRegimeForDirectorsReport2022-03-312023-03-3001977248ns10:LargeMedium-sizedCompaniesRegimeForAccounts2022-03-312023-03-3001977248ns10:FullAccounts2022-03-312023-03-300197724812022-03-312023-03-3001977248ns10:OrdinaryShareClass12022-03-312023-03-3001977248ns10:OrdinaryShareClass22022-03-312023-03-3001977248ns10:Director22022-03-312023-03-3001977248ns10:CompanySecretary12022-03-312023-03-3001977248ns10:RegisteredOffice2022-03-312023-03-3001977248ns5:CurrentFinancialInstruments2023-03-3001977248ns5:CurrentFinancialInstruments2022-03-3001977248ns5:Non-currentFinancialInstruments2023-03-3001977248ns5:Non-currentFinancialInstruments2022-03-3001977248ns5:ShareCapital2023-03-3001977248ns5:ShareCapital2022-03-3001977248ns5:RetainedEarningsAccumulatedLosses2023-03-3001977248ns5:RetainedEarningsAccumulatedLosses2022-03-3001977248ns5:ShareCapital2021-03-3001977248ns5:RetainedEarningsAccumulatedLosses2021-03-3001977248ns5:RetainedEarningsAccumulatedLosses2021-03-312022-03-3001977248ns5:RetainedEarningsAccumulatedLosses2022-03-312023-03-3001977248ns5:LeaseholdImprovements2022-03-312023-03-3001977248ns5:PlantMachinery2022-03-312023-03-3001977248ns5:FurnitureFittings2022-03-312023-03-3001977248ns5:MotorVehicles2022-03-312023-03-3001977248ns15:UnitedKingdom2022-03-312023-03-3001977248ns15:UnitedKingdom2021-03-312022-03-3001977248ns15:Europe2022-03-312023-03-3001977248ns15:Europe2021-03-312022-03-3001977248ns5:TotalGeographicSegmentsIncludingAnyUnallocatedAmount2022-03-312023-03-3001977248ns5:TotalGeographicSegmentsIncludingAnyUnallocatedAmount2021-03-312022-03-3001977248ns5:PlantEquipmentOtherAssetsUnderOperatingLeases2022-03-312023-03-3001977248ns5:PlantEquipmentOtherAssetsUnderOperatingLeases2021-03-312022-03-3001977248ns5:OwnedAssets2022-03-312023-03-3001977248ns5:OwnedAssets2021-03-312022-03-3001977248ns5:LeasedAssets2022-03-312023-03-3001977248ns5:LeasedAssets2021-03-312022-03-300197724812022-03-312023-03-300197724812021-03-312022-03-300197724822022-03-312023-03-300197724822021-03-312022-03-3001977248ns5:HirePurchaseContracts2022-03-312023-03-3001977248ns5:HirePurchaseContracts2021-03-312022-03-3001977248ns10:OrdinaryShareClass12021-03-312022-03-3001977248ns10:OrdinaryShareClass22021-03-312022-03-3001977248ns5:PatentsTrademarksLicencesConcessionsSimilar2022-03-3001977248ns5:PatentsTrademarksLicencesConcessionsSimilar2023-03-3001977248ns5:PatentsTrademarksLicencesConcessionsSimilar2022-03-3001977248ns5:LeaseholdImprovements2022-03-3001977248ns5:PlantMachinery2022-03-3001977248ns5:FurnitureFittings2022-03-3001977248ns5:MotorVehicles2022-03-3001977248ns5:LeaseholdImprovements2023-03-3001977248ns5:PlantMachinery2023-03-3001977248ns5:FurnitureFittings2023-03-3001977248ns5:MotorVehicles2023-03-3001977248ns5:LeaseholdImprovements2022-03-3001977248ns5:PlantMachinery2022-03-3001977248ns5:FurnitureFittings2022-03-3001977248ns5:MotorVehicles2022-03-3001977248ns5:PlantMachineryns5:LeasedAssetsHeldAsLessee2022-03-3001977248ns5:MotorVehiclesns5:LeasedAssetsHeldAsLessee2022-03-3001977248ns5:LeasedAssetsHeldAsLessee2022-03-3001977248ns5:PlantMachineryns5:LeasedAssetsHeldAsLessee2022-03-312023-03-3001977248ns5:MotorVehiclesns5:LeasedAssetsHeldAsLessee2022-03-312023-03-3001977248ns5:LeasedAssetsHeldAsLessee2022-03-312023-03-3001977248ns5:PlantMachineryns5:LeasedAssetsHeldAsLessee2023-03-3001977248ns5:MotorVehiclesns5:LeasedAssetsHeldAsLessee2023-03-3001977248ns5:LeasedAssetsHeldAsLessee2023-03-3001977248ns5:PlantMachineryns5:LeasedAssetsHeldAsLessee2022-03-3001977248ns5:MotorVehiclesns5:LeasedAssetsHeldAsLessee2022-03-3001977248ns5:LeasedAssetsHeldAsLessee2022-03-3001977248ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-03-3001977248ns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-03-3001977248ns5:Non-currentFinancialInstrumentsns5:BetweenTwoFiveYears2023-03-3001977248ns5:Non-currentFinancialInstrumentsns5:BetweenTwoFiveYears2022-03-3001977248ns5:HirePurchaseContractsns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-03-3001977248ns5:HirePurchaseContractsns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-03-3001977248ns5:BetweenOneFiveYearsns5:HirePurchaseContracts2023-03-3001977248ns5:BetweenOneFiveYearsns5:HirePurchaseContracts2022-03-3001977248ns5:HirePurchaseContracts2023-03-3001977248ns5:HirePurchaseContracts2022-03-3001977248ns5:WithinOneYear2023-03-3001977248ns5:WithinOneYear2022-03-3001977248ns5:BetweenOneFiveYears2023-03-3001977248ns5:BetweenOneFiveYears2022-03-3001977248ns5:AllPeriods2023-03-3001977248ns5:AllPeriods2022-03-3001977248ns5:Secured2023-03-3001977248ns5:Secured2022-03-3001977248ns5:DeferredTaxation2022-03-3001977248ns5:DeferredTaxation2022-03-312023-03-3001977248ns5:DeferredTaxation2023-03-3001977248ns10:OrdinaryShareClass12023-03-3001977248ns10:OrdinaryShareClass22023-03-3001977248ns5:RetainedEarningsAccumulatedLosses2022-03-3001977248ns5:OtherRelatedPartyRelationshipType1ComponentTotalRelatedParties2022-03-312023-03-3001977248ns5:OtherRelatedPartyRelationshipType1ComponentTotalRelatedParties2021-03-312022-03-3001977248ns5:OtherRelatedParties2022-03-312023-03-3001977248ns5:OtherRelatedParties2021-03-312022-03-30
REGISTERED NUMBER: 01977248 (England and Wales)















STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 MARCH 2023

FOR

YORKSHIRE PLYWOOD LIMITED

YORKSHIRE PLYWOOD LIMITED (REGISTERED NUMBER: 01977248)

CONTENTS OF THE FINANCIAL STATEMENTS
for the Year Ended 30 March 2023










Page

Company Information 1

Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 6

Income Statement 10

Other Comprehensive Income 11

Balance Sheet 12

Statement of Changes in Equity 13

Cash Flow Statement 14

Notes to the Cash Flow Statement 15

Notes to the Financial Statements 17


YORKSHIRE PLYWOOD LIMITED

COMPANY INFORMATION
for the Year Ended 30 March 2023







DIRECTORS: J J Aylward
I C Thomson





SECRETARY: I C Thomson





REGISTERED OFFICE: 228 Leads Road
Hull
HU7 0DF





REGISTERED NUMBER: 01977248 (England and Wales)





AUDITORS: Sowerby
Chartered Accountants and Statutory Auditors
Beckside Court
Annie Reed Road
Beverley
East Yorkshire
HU17 0LF

YORKSHIRE PLYWOOD LIMITED (REGISTERED NUMBER: 01977248)

STRATEGIC REPORT
for the Year Ended 30 March 2023


The directors present their strategic report for the year ended 30 March 2023.

PRINCIPAL ACTIVITIES AND REVIEW OF BUSINESS
The principal activity of the company throughout the year has continued to be the manufacture and distribution of wood-based panel products.

During the financial year to March 2023 the company managed to maintain a similar turnover to the prior year despite a drop in volumes. The volumes achieved in the current year show a return to normalised levels following a 'boom' period connected to the impact of Covid-19 and the strength of demand over available supply. Current volumes are expected to be maintained moving forward with a large and diverse customer base offering a low risk profile. The company holds a large market share of the sector and is confident this will continue.

Overall result in the year has not been achieved as initially anticipated due to unanticipated price increases driven by various factors including the general economic environment, UK government legislation and interest rate increase. Offsite storage costs were significant in the year as the company combatted supply chain difficulties and reduced timescales on customer demand by ensuring stock was available in the UK for immediate dispatch.

Falling prices in the marketplace towards the latter part of the year also decreased gross margin. The directors anticipate this continuing post year end as high cost materials are sold at the lower market rate. Despite this the directors have achieved price increases post year end and whilst this high-cost material will impact performance results there will be no effect on liquidity as the stock has already been paid for. Stock levels have been reduced post year end to normalised levels and therefore a significant drop in offsite storage costs is also anticipated.

The directors are confident in the strategy employed over the past tumultuous years as it has ensured a continuation of high service levels which has maintained the customer base.

Although these continue to be challenging times in the industry the directors are confident about the current position of the company.

The directors are therefore happy to prepare these accounts on a going concern basis, the forecast of the company show the ability of the company to meets its debts as they fall due with the understanding that the directors and shareholders will offer financial support to the company if required for a period of not less than twelve months from the date of these financial statements.

KEY PERFORMANCE INDICATORS
The company's key financial performance indicators during the year were as follows:



2023

2022

£ £

Gross profit 2,622,655 4,009,055

EBITDA 405,850 1,935,991

Turnover per volume 688 599


YORKSHIRE PLYWOOD LIMITED (REGISTERED NUMBER: 01977248)

STRATEGIC REPORT
for the Year Ended 30 March 2023


The directors believe that the key risks facing the company include:

o continued uncertainty due to the economic environment within the UK and import markets;
o unpredictable supply availability and cost price impacts of raw materials; and
o uncertain consumer demand

In managing the business the directors have established controls to enable them to respond to and mitigate the impact of such risks.

ON BEHALF OF THE BOARD:





J J Aylward - Director


28 March 2024

YORKSHIRE PLYWOOD LIMITED (REGISTERED NUMBER: 01977248)

REPORT OF THE DIRECTORS
for the Year Ended 30 March 2023


The directors present their report with the financial statements of the company for the year ended 30 March 2023.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of the manufacture and distribution of wood-based panel products.

DIVIDENDS
The total distribution of dividends for the year ended 30 March 2023 will be £ 355,500 .

FUTURE DEVELOPMENTS
The directors intend to continue developing and extending the customer base of the company.

DIRECTORS
The directors shown below have held office during the whole of the period from 31 March 2022 to the date of this report.

J J Aylward
I C Thomson

FINANCIAL INSTRUMENTS
The directors have reviewed the financial risk management objectives and policies of the company.

The company's principal financial instruments comprise trade debtors, trade creditors, bank loans and overdrafts, and hire purchase agreements. The main purpose of these instruments is to raise funds to finance the company's operations.

The company's approach to managing risks applicable to the financial instruments is shown below.

Trade debtors are managed in respect of credit and cash flow risk by policies concerning the credit offered to customers and the regular monitoring of amounts outstanding for both time and credit limits.

Trade creditors liquidity risk is managed by ensuring sufficient funds are available to meet amounts due.

In respect of bank loans and overdrafts, these loans are from financial institutions. The interest rate on the loans is variable, but the monthly repayments are fixed.

Currency risk is restricted to the short term settlement of trading balances with customers and suppliers.

The company is a lessee in respect of finance leased assets. The monthly repayments on finance lease agreements are fixed and liquidity risk is managed by ensuring sufficient funds are available to meet amounts due.


YORKSHIRE PLYWOOD LIMITED (REGISTERED NUMBER: 01977248)

REPORT OF THE DIRECTORS
for the Year Ended 30 March 2023

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

ON BEHALF OF THE BOARD:





J J Aylward - Director


28 March 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
YORKSHIRE PLYWOOD LIMITED


Qualified Opinion
We have audited the financial statements of Yorkshire Plywood Limited (the 'company') for the year ended 30 March 2023 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion, except for the possible effects of the matter described in the basis for qualified opinion section of our report, the financial statements:
-Give a true and fair view of the state of the company's affairs as at 31 March 2023 and of the company's loss for the year then ended;
-Have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-Have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for qualified opinion
Post year end the paper stock records were accidentally disposed of before our audit work was completed. Whilst our work on the records that are available has raised no issues, we were unable to satisfy ourselves by alternative means concerning the inventory items held at 31 March 2023 that had missing records. Inventory is included in the balance sheet at £10,649,066. Consequently, we were unable to determine whether any adjustment to this amount was necessary. In addition, were any adjustment to the inventory balance to be required, the strategic report would also need to be amended.

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our qualified opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Key audit matters
Except for the matter described in the basis for qualified opinion section, we have determined that there are no key audit matters to be communicated in our report.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
YORKSHIRE PLYWOOD LIMITED


Other information
The other information comprises the information included in the annual report, other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated.

If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves.

If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. As described in the basis for qualified opinion section of our report, we were unable to satisfy ourselves concerning the inventory quantities of £10,649,066 held at 31 March 2023. We have concluded that where the other information refers to the inventory balance or related balances such as cost of sales, it may be materially misstated for the same reason.

Opinions on other matters prescribed by the Companies Act 2006
Except for the possible effects of the matter described in the basis for qualified opinion section of our report, in our opinion, based on the work undertaken in the course of the audit:
-The information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
-The strategic report and the directors' report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception
Except for the matter described in the basis for qualified opinion section of our report, in the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report. Arising solely from the limitation on the scope of our work relating to inventory, referred to above:

- We have not obtained all the information and explanations that we considered necessary for the purpose of our audit; and
- We were unable to determine whether adequate accounting records have been kept.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page five, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
YORKSHIRE PLYWOOD LIMITED


Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in The risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

The primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and management.

However, in identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following:

- The nature of the industry and sector, control environment and business performance;

- We also obtained an understanding of the legal and regulatory frameworks that the company operates in and determined that the most significant are those that relate to the reporting framework, FRS 102, the Companies Act 2006 and the relevant tax laws and regulations in the UK. In addition, we concluded that there are certain significant laws and regulations which may have an effect on the determination of the amounts and disclosures in the financial statements, relating in majority to general health and safety and employee matters;

- We reviewed results of our enquiries of management about their own identification and assessment of the risks of irregularities; and assessed how the entity identifies, evaluates and complies with laws and regulations and whether management were aware of any instances of non-compliance. We corroborated our enquiries through our review of board minutes and consideration of the results of our audit procedures across the company;

- We also considered how the entity detects and responds to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud, and;

- We considered the controls that the company has established to address risks identified, or that otherwise prevent, deter and detect fraud; and how management monitors those controls

- The internal controls established to mitigate risks of non-compliance with laws and regulations were also investigated.

- We also considered the existence of performance targets and their potential influence on management to manage earnings.

- Where the risk was considered to be higher, we performed audit procedures to address each identified fraud risk.

- These procedures were designed to provide reasonable assurance that the financial statements were free from fraud or error.

- We reviewed financial statement disclosures and performed testing to supporting documentation to assess compliance with applicable laws and regulations.


REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
YORKSHIRE PLYWOOD LIMITED

- We also tested the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business. There was a focus on manual journals and journals indicating large or unusual transactions; enquiries of company management; and challenging the assumptions and judgements made by management by reviewing third party evidence wherever possible.

- The results of our procedures did not identify any instances or irregularities, including fraud.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Elizabeth Blanchard BA(Hons) BFP ACA PGCE (Senior Statutory Auditor)
for and on behalf of Sowerby
Chartered Accountants and Statutory Auditors
Beckside Court
Annie Reed Road
Beverley
East Yorkshire
HU17 0LF

28 March 2024

YORKSHIRE PLYWOOD LIMITED (REGISTERED NUMBER: 01977248)

INCOME STATEMENT
for the Year Ended 30 March 2023

2023 2022
Notes £    £   

TURNOVER 3 34,883,729 36,976,542

Cost of sales 32,261,074 32,967,487
GROSS PROFIT 2,622,655 4,009,055

Administrative expenses 2,337,067 2,157,017
285,588 1,852,038

Other operating income 20,465 27,767
OPERATING PROFIT 5 306,053 1,879,805

Interest receivable and similar income - 30
306,053 1,879,835

Interest payable and similar expenses 6 373,654 202,104
(LOSS)/PROFIT BEFORE TAXATION (67,601 ) 1,677,731

Tax on (loss)/profit 7 37,262 331,806
(LOSS)/PROFIT FOR THE FINANCIAL
YEAR

(104,863

)

1,345,925

YORKSHIRE PLYWOOD LIMITED (REGISTERED NUMBER: 01977248)

OTHER COMPREHENSIVE INCOME
for the Year Ended 30 March 2023

2023 2022
Notes £    £   

(LOSS)/PROFIT FOR THE YEAR (104,863 ) 1,345,925


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR
THE YEAR

(104,863

)

1,345,925

YORKSHIRE PLYWOOD LIMITED (REGISTERED NUMBER: 01977248)

BALANCE SHEET
30 March 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 10 208 208
Tangible assets 11 649,800 584,444
650,008 584,652

CURRENT ASSETS
Stocks 12 10,649,066 13,792,667
Debtors 13 7,883,568 8,055,295
Cash at bank and in hand 27,229 246
18,559,863 21,848,208
CREDITORS
Amounts falling due within one year 14 16,514,343 19,125,654
NET CURRENT ASSETS 2,045,520 2,722,554
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,695,528

3,307,206

CREDITORS
Amounts falling due after more than one year 15 (510,623 ) (719,321 )

PROVISIONS FOR LIABILITIES 19 (147,377 ) (89,994 )
NET ASSETS 2,037,528 2,497,891

CAPITAL AND RESERVES
Called up share capital 20 20,100 20,100
Retained earnings 21 2,017,428 2,477,791
SHAREHOLDERS' FUNDS 2,037,528 2,497,891

The financial statements were approved by the Board of Directors and authorised for issue on 28 March 2024 and were signed on its behalf by:





J J Aylward - Director


YORKSHIRE PLYWOOD LIMITED (REGISTERED NUMBER: 01977248)

STATEMENT OF CHANGES IN EQUITY
for the Year Ended 30 March 2023

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 31 March 2021 20,100 1,371,866 1,391,966

Changes in equity
Dividends - (240,000 ) (240,000 )
Total comprehensive income - 1,345,925 1,345,925
Balance at 30 March 2022 20,100 2,477,791 2,497,891

Changes in equity
Dividends - (355,500 ) (355,500 )
Total comprehensive income - (104,863 ) (104,863 )
Balance at 30 March 2023 20,100 2,017,428 2,037,528

YORKSHIRE PLYWOOD LIMITED (REGISTERED NUMBER: 01977248)

CASH FLOW STATEMENT
for the Year Ended 30 March 2023

2023 2022
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 3,330,389 (2,766,885 )
Interest paid (363,027 ) (163,686 )
Interest element of hire purchase payments paid (10,627 ) (3,714 )
Tax paid (397,684 ) (65,450 )
Net cash from operating activities 2,559,051 (2,999,735 )

Cash flows from investing activities
Purchase of tangible fixed assets (100,153 ) (91,619 )
Interest received - 30
Net cash from investing activities (100,153 ) (91,589 )

Cash flows from financing activities
New loans in year 5,673,530 5,650,399
Loan repayments in year (6,112,317 ) (5,281,526 )
Movement in other loans (1,697,848 ) 2,924,431
Capital repayments in year (84,946 ) (60,696 )
Amount introduced by directors 158,459 331,961
Amount withdrawn by directors (288,521 ) (462,607 )
Net cash from financing activities (2,351,643 ) 3,101,962

Increase in cash and cash equivalents 107,255 10,638
Cash and cash equivalents at beginning of
year

2

(263,739

)

(274,377

)

Cash and cash equivalents at end of year 2 (156,484 ) (263,739 )

YORKSHIRE PLYWOOD LIMITED (REGISTERED NUMBER: 01977248)

NOTES TO THE CASH FLOW STATEMENT
for the Year Ended 30 March 2023


1. RECONCILIATION OF (LOSS)/PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS
2023 2022
£    £   
(Loss)/profit before taxation (67,601 ) 1,677,731
Depreciation charges 99,797 56,156
Finance costs 373,654 202,104
Finance income - (30 )
405,850 1,935,961
Decrease/(increase) in stocks 3,094,365 (6,638,751 )
Decrease/(increase) in trade and other debtors 114,289 (663,678 )
(Decrease)/increase in trade and other creditors (284,115 ) 2,599,583
Cash generated from operations 3,330,389 (2,766,885 )

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 30 March 2023
30/3/23 31/3/22
£    £   
Cash and cash equivalents 27,229 246
Bank overdrafts (183,713 ) (263,985 )
(156,484 ) (263,739 )
Year ended 30 March 2022
30/3/22 31/3/21
£    £   
Cash and cash equivalents 246 5,263
Bank overdrafts (263,985 ) (279,640 )
(263,739 ) (274,377 )


YORKSHIRE PLYWOOD LIMITED (REGISTERED NUMBER: 01977248)

NOTES TO THE CASH FLOW STATEMENT
for the Year Ended 30 March 2023


3. ANALYSIS OF CHANGES IN NET DEBT

Other
non-cash
At 31/3/22 Cash flow changes At 30/3/23
£    £    £    £   
Net cash
Cash at bank
and in hand 246 26,983 27,229
Bank overdrafts (263,985 ) 80,272 (183,713 )
(263,739 ) 107,255 (156,484 )
Debt
Finance leases (99,493 ) 84,946 (65,000 ) (79,547 )
Debts falling due
within 1 year (9,769,300 ) 1,818,875 - (7,950,425 )
Debts falling due
after 1 year (691,681 ) 198,996 - (492,685 )
(10,560,474 ) 2,102,817 (65,000 ) (8,522,657 )
Total (10,824,213 ) 2,210,072 (65,000 ) (8,679,141 )

YORKSHIRE PLYWOOD LIMITED (REGISTERED NUMBER: 01977248)

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 30 March 2023


1. STATUTORY INFORMATION

Yorkshire Plywood Limited is a private company limited by shares and incorporated and domiciled in England. It has its registered office and principal place of business at 228 Leads Road, Hull, England, HU7 0DF.

The principal activity of the company throughout the year has continued to be the manufacture and distribution of wood-based panel products.

The presentational currency of the financial statements is Pound Sterling (£).

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The directors believe that the development, performance, and business position is fairly reflected within the Strategic Report.

Going Concern
Having regard to liquidity risk, current market conditions and other factors affecting the company including , current economic impacts, the use of the going concern basis of accounting is appropriate as, in the opinion of the directors, there are no material uncertainties related to events or conditions that may cast significant doubt about the ability of the company to continue as a going concern.

As of 31 March 2023, the company had net assets of £2,037,528 a reduction from the 2022 position of £2,497,891 and net current assets of £2,045,520 (2021: £2,722,554), with one of the main reasons for this being the strategic build up and reduction of stock. The financial statements have been prepared on a going concern basis.

The company's financial forecasts, taking into consideration the current environment and the initial increased debt servicing required, show that the company's cashflow gives the company the ability to continue to operate for the foreseeable future. In the near future the company will have reduced their debt servicing as the bank loans mature over the next few years (see note 16). The company's overdraft and lending facilities were renewed with the bank in November 2023 and the company continues to trade within its thresholds. The company has the support of the directors and its bankers and whilst performance is expected to reduce in the coming year as older, expensive stock is sold into the market place, the directors do not believe this will impact the liquidity of the business.

The directors are confident about the future position of the company and prepare these accounts on a going concern basis with the understanding that the directors and shareholders will offer financial support to the company if required for a period of not less than twelve months from the date of these financial statements.

Based on these facts and the current financial position, forecasts and cash flows of the company, the directors have concluded it is appropriate for the financial statements to be prepared on a going concern basis.

YORKSHIRE PLYWOOD LIMITED (REGISTERED NUMBER: 01977248)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 30 March 2023


2. ACCOUNTING POLICIES - continued

Significant judgements and estimates
In the application of the company's accounting policies management is required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying 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 if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

No key sources of estimation uncertainty are noted by management that have a significant effect on the amounts recognised in the financial statements.

Turnover
Turnover is the amount derived from ordinary activities, measured at the fair value of the consideration received or receivable. Turnover excludes value added tax and trade discounts.

Turnover from the sale of goods is recognised at the point of sale.

All sales are recognised at the point which the company has fulfilled its contractual obligations and the risks and rewards attached to the product, have been transferred to the customer.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Improvements to property - 10% on reducing balance
Plant and machinery - 10% on reducing balance
Fixtures and fittings - 10% on reducing balance
Motor vehicles - 25% on a reducing balance basis

Tangible fixed assets are held under the historical cost model. A prior revaluation was taken as deemed cost upon transition to Financial Reporting Standard 102.

If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. Impairment loss is recognised as an expense immediately.

Where an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, to the extent that the increased carrying amount does not exceed the carrying amount that would have been determined (net of depreciation) had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised as income immediately.

Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell, after making, due allowance for obsolete and slow moving items. 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. Stock is calculated on the first in first out basis.

In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacture/completion.

YORKSHIRE PLYWOOD LIMITED (REGISTERED NUMBER: 01977248)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 30 March 2023


2. ACCOUNTING POLICIES - continued

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies
The financial statements are presented in Sterling, which is also the functional currency of the company. Transactions in currencies other than the functional currency of the company are recorded at the rate of exchange on the date the transaction occurred. Monetary items denominated in other currencies are translated at the rate prevailing at the end of the reporting period. All differences are taken to the profit and loss. Non-monetary items that are measured at historic cost in a foreign currency are not translated.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

YORKSHIRE PLYWOOD LIMITED (REGISTERED NUMBER: 01977248)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 30 March 2023


2. ACCOUNTING POLICIES - continued

Trade and other debtors
Trade and other debtors are initially recognised at the transaction price and thereafter stated at amortised cost using the effective interest method, less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such case the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. In the balance sheet, bank overdrafts are shown within borrowings or current liabilities.

Trade and other creditors

Trade and other creditors are initially recognised at the transaction price and are thereafter stated at amortised cost using the effective interest method unless the effect of discounting would be immaterial, in which case they are stated at cost.

Impairment of financial assets

Financial assets, are assessed for indicators of impairment at the end of each reporting period. Financial assets are considered to be impaired when there is objective evidence that, as a result of one or more events that have occurred after the initial recognition of the financial asset, the estimated future cash flows of the investment have been affected.

Interest bearing borrowings

Interest-bearing borrowings are recognised initially at fair value less attributable transaction costs. Subsequent to initial recognition, interest-bearing borrowings are stated at amortised cost with any difference between the amount initially recognised and redemption value being recognised in the statement of comprehensive income over the period of the borrowings, together with any interest and fees payable, using the effective interest method.

Related parties

For the purposes of these financial statements, a party is considered to be related to the company if:

(i) the party has the ability, directly or indirectly, through one or more intermediaries, to control the company or exercise significant influence over the company in making financial and operating policy decisions, or has joint control over the company;

(ii) the company and the party are subject to common control;

(iii) the party is an associate of the company or a joint venture in which the company is a venture

(iv) the party is a member of key management personnel of the company or the company's parent, or a close family member of such an individual, or is an entity under the control, joint control or significant influence of such individuals;

(v) the party is a close family member of a party referred to in (i) or is an entity under the control, joint control or significant influence of such individuals; or

(vi) the party is a post-employment benefit plan which is for the benefit of employees of the company or of any entity that is a related party of the company.

YORKSHIRE PLYWOOD LIMITED (REGISTERED NUMBER: 01977248)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 30 March 2023


2. ACCOUNTING POLICIES - continued

(vii) the party, or any member of a group of which it is part, provides key management personnel services to the company or its parent.

Close family members of an individual are those family members who may be expected to influence, or be influenced by, that individual in their dealings with the entity.

3. TURNOVER

The turnover and loss (2022 - profit) before taxation are attributable to the one principal activity of the company.

An analysis of turnover by geographical market is given below:

2023 2022
£    £   
United Kingdom 34,148,862 36,267,171
Europe 734,867 709,371
34,883,729 36,976,542

4. EMPLOYEES AND DIRECTORS
2023 2022
£    £   
Wages and salaries 1,719,716 1,549,689
Social security costs 175,046 146,344
Other pension costs 90,286 76,982
1,985,048 1,773,015

The average number of employees during the year was as follows:
2023 2022

Management / administration 7 9
Factory / workshop 48 44
55 53

2023 2022
£    £   
Directors' remuneration - -

YORKSHIRE PLYWOOD LIMITED (REGISTERED NUMBER: 01977248)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 30 March 2023


5. OPERATING PROFIT

The operating profit is stated after charging:

2023 2022
£    £   
Hire of plant and machinery 55,944 65,339
Other operating leases 285,173 392,007
Depreciation - owned assets 49,951 26,242
Depreciation - assets on hire purchase contracts 49,846 29,915
Auditors' remuneration 24,500 24,500

6. INTEREST PAYABLE AND SIMILAR EXPENSES
2023 2022
£    £   
Bank interest 14,132 -
Bank loan interest 145,415 91,390
Corporation Tax interest paid 1,009 -
Vat assessment interest 111,471 -
Loan 91,000 107,000
Hire purchase 10,627 3,714
373,654 202,104

7. TAXATION

Analysis of the tax charge
The tax charge on the loss for the year was as follows:
2023 2022
£    £   
Current tax:
UK corporation tax (20,121 ) 331,806

Deferred tax 57,383 -
Tax on (loss)/profit 37,262 331,806

YORKSHIRE PLYWOOD LIMITED (REGISTERED NUMBER: 01977248)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 30 March 2023


7. TAXATION - continued

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2023 2022
£    £   
(Loss)/profit before tax (67,601 ) 1,677,731
(Loss)/profit multiplied by the standard rate of corporation tax in the UK of 19%
(2022 - 19%)

(12,844

)

318,769

Effects of:
Expenses not deductible for tax purposes 28,782 4,513
Capital allowances in excess of depreciation (13,039 ) (14,496 )
Deferred tax 57,383 -
Prior year adjustment (23,020 ) 23,020
Total tax charge 37,262 331,806

Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. In the year to 31 March 2023, deferred tax is charged at 25% (2022 - 25%).

8. DIVIDENDS
2023 2022
£    £   
Ordinary shares of £1 each
Interim 117,000 138,000
Ordinary B shares of £1 each
Interim 238,500 102,000
355,500 240,000

9. PRIOR YEAR ADJUSTMENT

In the current year the directors have been made aware that the covid relief for rent provided became due in the year ended March 2022. Due to complications surrounding invoice receipt this was not accounted for in the original March 2022 results. The directors have therefore taken the decision to restate the figures to March 2022.

Trade Creditors have therefore increased by £145,388. With rental expense and VAT creditor both being debited to the amount of £121,157 and £24,231 respectively.

In the current year the directors have also reviewed the policy in relation to wage cost classification considering that including wage costs in cost of sales for production staff gives a more consistent view of gross margin. This has been applied retrospectively to the prior year meaning that cost of sales has increased and overheads have decreased by £1,138,988. This has no impact on overall profitability.

YORKSHIRE PLYWOOD LIMITED (REGISTERED NUMBER: 01977248)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 30 March 2023


10. INTANGIBLE FIXED ASSETS
Patents
and
licences
£   
COST
At 31 March 2022
and 30 March 2023 208
NET BOOK VALUE
At 30 March 2023 208
At 30 March 2022 208

11. TANGIBLE FIXED ASSETS
Improvements Fixtures
to Plant and and Motor
property machinery fittings vehicles Totals
£    £    £    £    £   
COST
At 31 March 2022 57,914 711,424 125,100 334,346 1,228,784
Additions - 120,153 - 45,000 165,153
At 30 March 2023 57,914 831,577 125,100 379,346 1,393,937
DEPRECIATION
At 31 March 2022 1,605 384,926 97,003 160,806 644,340
Charge for year 3,335 39,039 2,809 54,614 99,797
At 30 March 2023 4,940 423,965 99,812 215,420 744,137
NET BOOK VALUE
At 30 March 2023 52,974 407,612 25,288 163,926 649,800
At 30 March 2022 56,309 326,498 28,097 173,540 584,444

YORKSHIRE PLYWOOD LIMITED (REGISTERED NUMBER: 01977248)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 30 March 2023


11. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and Motor
machinery vehicles Totals
£    £    £   
COST
At 31 March 2022 20,800 149,976 170,776
Additions 61,000 45,000 106,000
At 30 March 2023 81,800 194,976 276,776
DEPRECIATION
At 31 March 2022 2,386 29,416 31,802
Charge for year 6,416 43,430 49,846
Transfer to ownership - (8,190 ) (8,190 )
At 30 March 2023 8,802 64,656 73,458
NET BOOK VALUE
At 30 March 2023 72,998 130,320 203,318
At 30 March 2022 18,414 120,560 138,974

12. STOCKS
2023 2022
£    £   
Stocks 10,649,066 13,792,667

13. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 7,479,419 7,743,568
Other debtors 1,000 1,000
Directors' current accounts 253,289 310,727
Prepayments 149,860 -
7,883,568 8,055,295

YORKSHIRE PLYWOOD LIMITED (REGISTERED NUMBER: 01977248)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 30 March 2023


14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Loans and overdrafts (see note 16) 2,259,154 2,460,453
Other loans (see note 16) 5,874,984 7,572,832
Hire purchase contracts (see note 17) 61,609 71,853
Trade creditors 4,494,678 8,336,881
Tax (20,121 ) 397,684
Social security and other taxes 41,162 43,840
VAT 3,730,650 176,757
Accrued expenses 72,227 65,354
16,514,343 19,125,654

15. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans (see note 16) 492,685 691,681
Hire purchase contracts (see note 17) 17,938 27,640
510,623 719,321

16. LOANS

An analysis of the maturity of loans is given below:

2023 2022
£    £   
Amounts falling due within one year or on demand:
Bank overdrafts 183,713 263,985
Loans 2,075,441 2,196,468
Other loans 5,874,984 7,572,832
8,134,138 10,033,285

Amounts falling due between two and five years:
Loans - 2-5 years 492,685 691,681

YORKSHIRE PLYWOOD LIMITED (REGISTERED NUMBER: 01977248)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 30 March 2023


16. LOANS - continued

Bank loans are repayable by fixed monthly instalments.

Bank loans comprise:


Maturity date20232022
££

CBILs bank loan2027546,667722,482
Funding circle CBILs2026163,931205,531
Import bank loans20241,631,3941,716,870
Pension loan202452,511243,266
LDF Finance 2024173,621-

2,568,1242,888,149

Other loans relate in full to Invoice Financing facilities and are as such not included above.

17. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2023 2022
£    £   
Net obligations repayable:
Within one year 61,609 71,853
Between one and five years 17,938 27,640
79,547 99,493

Non-cancellable operating leases
2023 2022
£    £   
Within one year 235,000 235,000
Between one and five years 587,500 822,500
822,500 1,057,500

YORKSHIRE PLYWOOD LIMITED (REGISTERED NUMBER: 01977248)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 30 March 2023


18. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank overdrafts 183,713 263,985
Bank loans 2,568,126 2,888,149
Other loans 5,874,984 7,572,832
Hire purchase contracts 79,547 99,493
8,706,370 10,824,459

The overdraft is secured against trade debtors and tangible fixed assets. The bank hold a debenture including fixed charge over all present freehold and leasehold property, first fixed charge over book and other debts, chattels, goodwill and uncalled capital. They also hold the first floating charge over all assets.

Hire purchase liabilities are secured over the assets to which they relate.

Other loans being the Invoice financing facility has security over trade debts whilst the bank have a fixed and floating charge over all assets of the company

Interest rates in relation to loans are as follows:

CBILS bank - 3.49% interest over base rate
Funding Circle CBILS - 10.1% interest over base rate
Import bank loan - various rates
Pension loan - 10% interest over base rate
LDF Finance - 14% interest

19. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax 147,377 89,994

Deferred
tax
£   
Balance at 31 March 2022 89,994
Provided during year 57,383
Balance at 30 March 2023 147,377

YORKSHIRE PLYWOOD LIMITED (REGISTERED NUMBER: 01977248)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 30 March 2023


20. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
20,000 Ordinary £1 20,000 20,000
100 Ordinary B £1 100 100
20,100 20,100

The holders of ordinary shares are entitled to receive dividends as declared from time to time and are entitled to one vote per share at meetings of the company. All ordinary shares rank equally with regard to the company's residual assets.

The B shares have no rights to assets on the winding-up of the company and are not full voting shares.

21. RESERVES
Retained
earnings
£   

At 31 March 2022 2,477,791
Deficit for the year (104,863 )
Dividends (355,500 )
At 30 March 2023 2,017,428

22. CONTINGENT LIABILITIES

HSBC provide a guarantee dated 2 August 2021 in relation to a trade supplier for a total of 900,000 Euro.

YORKSHIRE PLYWOOD LIMITED (REGISTERED NUMBER: 01977248)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 30 March 2023


23. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

Directors' transactions

Included in other debtors are advances or credits that have been granted by the company to its directors.


DescriptionOpeningAmountsAmountsClosing
balanceadvancedrepaidbalance
£   £   £   £   

Director's advances and credits(310,728)(288,520)345,958(253,290)
(310,728)(288,520)345,958(253,290)




The loans are repayable on demand.

Two of the directors of the company provided a personal guarantee as security for part of the present and future liabilities with the companies bankers.

24. RELATED PARTY DISCLOSURES

Entities over which the entity has control, joint control or significant influence
2023 2022
£    £   
Purchases 1,521,359 1,369,424

Other related parties
2023 2022
£    £   
Loan due to / (from) trust of which the company directors are trustees 52,511 243,266
Rent paid for lease of building owned by pension scheme 235,000 235,000

25. ULTIMATE CONTROLLING PARTY

The controlling party is J J Aylward.