Company registration number 04803507 (England and Wales)
YORKSHIRE CRISP COMPANY LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 NOVEMBER 2022
PAGES FOR FILING WITH REGISTRAR
YORKSHIRE CRISP COMPANY LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
YORKSHIRE CRISP COMPANY LIMITED
BALANCE SHEET
AS AT
29 NOVEMBER 2022
29 November 2022
- 1 -
2022
2021
Notes
£
£
£
£
Fixed assets
Tangible assets
3
64,929
56,207
Current assets
Stocks
321,060
281,012
Debtors
4
639,693
577,216
Cash at bank and in hand
33,697
35,539
994,450
893,767
Creditors: amounts falling due within one year
5
(774,940)
(537,910)
Net current assets
219,510
355,857
Total assets less current liabilities
284,439
412,064
Creditors: amounts falling due after more than one year
6
(1,425,401)
(1,496,227)
Net liabilities
(1,140,962)
(1,084,163)
Capital and reserves
Called up share capital
7
50,000
50,000
Profit and loss reserves
(1,190,962)
(1,134,163)
Total equity
(1,140,962)
(1,084,163)
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 29 November 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his 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.
The financial statements were approved and signed by the director and authorised for issue on 23 April 2024
A B Turner
Director
YORKSHIRE CRISP COMPANY LIMITED
BALANCE SHEET (CONTINUED)
AS AT
29 NOVEMBER 2022
29 November 2022
- 2 -
Company Registration No. 04803507
YORKSHIRE CRISP COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 NOVEMBER 2022
- 3 -
1
Accounting policies
Company information
Yorkshire Crisp Company Limited is a private company limited by shares incorporated in England and Wales. The registered office is 2A Waleswood Industrial Estate, Wales Bar, Sheffield, S26 5PY.
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 are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
The financial statements have been prepared on the going concern basis, which assumes that the company will continue in operational existence for the foreseeable future. The accounts show negative shareholders' funds of £1,140,962 (2021: £1,084,163).
However, the director, his family member, a company connected with the director and a pension scheme in which the director is a member have made loans to the company which at the year end amounted to £1,389,746 (2021: £1,450,945). Their intention is to leave these funds in the company for the foreseeable future and to provide further finance if required. These are recognised in creditors due > 1 year in these financial statements.
Following eighteen years of production the Yorkshire Crisp brand is firmly established in the national market place and the packaging in drums remains unique. The company has seen a 42% increase in revenues in 2022 to £2,648,323 (2021: £1,864,470). Growth in revenues is expected in the foreseeable future. The director believes, in light of this there is a bright outlook for the future and that it is appropriate for the financial statements to be prepared on a going concern basis.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
YORKSHIRE CRISP COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 NOVEMBER 2022
1
Accounting policies
(Continued)
- 4 -
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:
Leasehold improvements
20% straight line
Plant and machinery
20% - 33.33% straight line
Fixtures, fittings & equipment
25% straight line
Motor vehicles
25% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.5
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss.
1.6
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.
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.
1.7
Cash at bank and in hand
Cash at bank and in hand are basic financial assets and include cash in hand, deposits held at call with banks and other short-term liquid investments with original maturities of three months or less.
1.8
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
YORKSHIRE CRISP COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 NOVEMBER 2022
1
Accounting policies
(Continued)
- 5 -
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.9
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.10
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
1.11
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
1.12
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
Grants received in relation to the government’s Coronavirus Job Retention Scheme have been recognised within other operating income. The grant is accounted for on the accruals basis once the related payroll return has been submitted.
YORKSHIRE CRISP COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 NOVEMBER 2022
- 6 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2022
2021
Number
Number
Total
20
20
3
Tangible fixed assets
Leasehold improvements
Plant and machinery
Fixtures, fittings & equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 30 November 2021
75,802
463,149
14,955
9,800
563,706
Additions
25,872
14,687
40,559
Disposals
(17,170)
(4,900)
(22,070)
At 29 November 2022
75,802
471,851
29,642
4,900
582,195
Depreciation and impairment
At 30 November 2021
55,873
430,149
11,677
9,800
507,499
Depreciation charged in the year
6,760
20,616
4,461
31,837
Eliminated in respect of disposals
(17,170)
(4,900)
(22,070)
At 29 November 2022
62,633
433,595
16,138
4,900
517,266
Carrying amount
At 29 November 2022
13,169
38,256
13,504
64,929
At 29 November 2021
19,929
33,000
3,278
56,207
4
Debtors
2022
2021
Amounts falling due within one year:
£
£
Trade debtors
506,380
488,481
Other debtors
133,313
88,735
639,693
577,216
YORKSHIRE CRISP COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 NOVEMBER 2022
- 7 -
5
Creditors: amounts falling due within one year
2022
2021
£
£
Trade creditors
400,064
350,066
Taxation and social security
101,985
73,654
Other creditors
272,891
114,190
774,940
537,910
Included within other creditors are advances against invoices of £236,070 (2021: £87,531). The advances against invoices are secured by way of a first legal charge over trade debtors.
6
Creditors: amounts falling due after more than one year
2022
2021
£
£
Other creditors
1,425,401
1,496,227
7
Called up share capital
2022
2021
2022
2021
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
50,000
50,000
50,000
50,000
8
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2022
2021
£
£
52,551
109,879