Silverfin false false 31/12/2023 01/01/2023 31/12/2023 A R Patterson 01/07/2018 M A Patterson 01/01/1993 M I Patterson 01/02/1992 07 March 2024 The principal activity of the Company during the financial year was that of the supply of wholesale foodstuffs. SC031736 2023-12-31 SC031736 bus:Director1 2023-12-31 SC031736 bus:Director2 2023-12-31 SC031736 bus:Director3 2023-12-31 SC031736 2022-12-31 SC031736 core:CurrentFinancialInstruments 2023-12-31 SC031736 core:CurrentFinancialInstruments 2022-12-31 SC031736 core:Non-currentFinancialInstruments 2023-12-31 SC031736 core:Non-currentFinancialInstruments 2022-12-31 SC031736 core:ShareCapital 2023-12-31 SC031736 core:ShareCapital 2022-12-31 SC031736 core:RetainedEarningsAccumulatedLosses 2023-12-31 SC031736 core:RetainedEarningsAccumulatedLosses 2022-12-31 SC031736 core:LandBuildings 2022-12-31 SC031736 core:OtherPropertyPlantEquipment 2022-12-31 SC031736 core:LandBuildings 2023-12-31 SC031736 core:OtherPropertyPlantEquipment 2023-12-31 SC031736 bus:OrdinaryShareClass1 2023-12-31 SC031736 bus:PreferenceShareClass1 2023-12-31 SC031736 2023-01-01 2023-12-31 SC031736 bus:FilletedAccounts 2023-01-01 2023-12-31 SC031736 bus:SmallEntities 2023-01-01 2023-12-31 SC031736 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 SC031736 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 SC031736 bus:Director1 2023-01-01 2023-12-31 SC031736 bus:Director2 2023-01-01 2023-12-31 SC031736 bus:Director3 2023-01-01 2023-12-31 SC031736 core:LandBuildings core:TopRangeValue 2023-01-01 2023-12-31 SC031736 core:OtherPropertyPlantEquipment core:BottomRangeValue 2023-01-01 2023-12-31 SC031736 core:OtherPropertyPlantEquipment core:TopRangeValue 2023-01-01 2023-12-31 SC031736 2022-01-01 2022-12-31 SC031736 core:LandBuildings 2023-01-01 2023-12-31 SC031736 core:OtherPropertyPlantEquipment 2023-01-01 2023-12-31 SC031736 core:CurrentFinancialInstruments 2023-01-01 2023-12-31 SC031736 core:Non-currentFinancialInstruments 2023-01-01 2023-12-31 SC031736 bus:OrdinaryShareClass1 2023-01-01 2023-12-31 SC031736 bus:OrdinaryShareClass1 2022-01-01 2022-12-31 SC031736 bus:PreferenceShareClass1 2023-01-01 2023-12-31 SC031736 bus:PreferenceShareClass1 2022-01-01 2022-12-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: SC031736 (Scotland)

WILLIAM YULE & SON LIMITED

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH THE REGISTRAR

WILLIAM YULE & SON LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2023

Contents

WILLIAM YULE & SON LIMITED

BALANCE SHEET

AS AT 31 DECEMBER 2023
WILLIAM YULE & SON LIMITED

BALANCE SHEET (continued)

AS AT 31 DECEMBER 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 425,244 438,693
Investments 4 1 1
425,245 438,694
Current assets
Stocks 687,424 630,132
Debtors 5 894,039 713,344
Cash at bank and in hand 181,869 116,703
1,763,332 1,460,179
Creditors: amounts falling due within one year 6 ( 855,930) ( 860,408)
Net current assets 907,402 599,771
Total assets less current liabilities 1,332,647 1,038,465
Creditors: amounts falling due after more than one year 7 ( 11,118) ( 22,900)
Net assets 1,321,529 1,015,565
Capital and reserves
Called-up share capital 8 212,150 212,150
Profit and loss account 1,109,379 803,415
Total shareholders' funds 1,321,529 1,015,565

For the financial year ending 31 December 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of William Yule & Son Limited (registered number: SC031736) were approved and authorised for issue by the Board of Directors on 07 March 2024. They were signed on its behalf by:

M I Patterson
Director
WILLIAM YULE & SON LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2023
WILLIAM YULE & SON LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

William Yule & Son Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the Company's registered office is 8 Park Road, Kirkcaldy, KY1 3ER, United Kingdom.

The financial statements have been prepared under the historical cost convention, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the company and rounded to the nearest £.

Turnover

Turnover represents amounts receivable for the supply of wholesale foodstuff goods net of VAT.

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.

Employee benefits

Short term 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.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Defined contribution schemes
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are charged to the profit and loss account in the year they are payable.

The defined benefit scheme, which the company was a member of, was wound up during the year ended 31 December 2023.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost or valuation of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings 40 years straight line
Plant and machinery etc. 3 - 10 years 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.

Leases

The Company as lessee
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Non-financial assets
At each balance sheet date, the company reviews 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 (if any).

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes 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. Cost is calculated using the FIFO (first-in, first-out) method.

At each reporting date, an assessment is made for impairment.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either 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.

Basic financial liabilities
Basic financial liabilities, including creditors, are initially recognised at transaction price.

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.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 40 42

3. Tangible assets

Land and buildings Plant and machinery etc. Total
£ £ £
Cost
At 01 January 2023 115,000 1,159,495 1,274,495
Additions 0 162,200 162,200
Disposals 0 ( 73,739) ( 73,739)
At 31 December 2023 115,000 1,247,956 1,362,956
Accumulated depreciation
At 01 January 2023 86,250 749,552 835,802
Charge for the financial year 2,875 161,254 164,129
Disposals 0 ( 62,219) ( 62,219)
At 31 December 2023 89,125 848,587 937,712
Net book value
At 31 December 2023 25,875 399,369 425,244
At 31 December 2022 28,750 409,943 438,693

4. Fixed asset investments

2023 2022
£ £
Other investments and loans 1 1

5. Debtors

2023 2022
£ £
Trade debtors 763,371 627,831
Other debtors 130,668 85,513
894,039 713,344

6. Creditors: amounts falling due within one year

2023 2022
£ £
Trade creditors 562,217 534,299
Other taxation and social security 27,267 26,950
Obligations under finance leases and hire purchase contracts 11,783 11,433
Other creditors 254,663 287,726
855,930 860,408

Included in creditors is £11,783 (2022 - £11,443) of finance lease obligations which are secured over the assets to which they relate.

7. Creditors: amounts falling due after more than one year

2023 2022
£ £
Obligations under finance leases and hire purchase contracts 11,118 22,900

Included in creditors is £11,118 (2022 - £22,900) of finance lease obligations which are secured over the assets to which they relate.

8. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
12,150 Ordinary shares of £ 1.00 each 12,150 12,150
200,000 Redeemable Preference Shares shares of £ 1.00 each 200,000 200,000
212,150 212,150

9. Related party transactions

Other related party transactions

2023 2022
£ £
Key management personnel 99,000 150,000

The above loan from the directors is interest free and has no fixed terms of repayment.

10. Pension costs

Note that as of the balance sheet date, the pension scheme which the Company was a member of was wound up. All associated liabilities have been extinguished.