Company Registration No. 02214834 (England and Wales)
YATES & CO. LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
30 JUNE 2023
30 June 2023
PAGES FOR FILING WITH REGISTRAR
PM+M Solutions for Business LLP
Chartered Accountants
New Century House
Greenbank Technology Park
Challenge Way
Blackburn
Lancashire
BB1 5QB
YATES & CO. LIMITED
COMPANY INFORMATION
Directors
C J Yates
K J Yates
B J Yates
M E Evans
Secretary
C Atkinson
Company number
02214834
Registered office
Unit 10b
Salthill Industrial Estate
Lincoln Way
Clitheroe
Lancashire
BB7 1QD
Accountants
PM+M Solutions for Business LLP
New Century House
Greenbank Technology Park
Challenge Way
Blackburn
Lancashire
BB1 5QB
YATES & CO. LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
YATES & CO. LIMITED
BALANCE SHEET
AS AT
30 JUNE 2023
30 June 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
426,446
284,516
Current assets
Stocks
1,148,403
1,023,528
Debtors
4
2,547,176
1,993,109
Cash at bank and in hand
75,756
168,005
3,771,335
3,184,642
Creditors: amounts falling due within one year
5
(2,885,622)
(2,395,478)
Net current assets
885,713
789,164
Total assets less current liabilities
1,312,159
1,073,680
Creditors: amounts falling due after more than one year
6
(261,729)
(299,214)
Provisions for liabilities
(83,720)
(55,125)
Net assets
966,710
719,341
Capital and reserves
Called up share capital
550
550
Capital redemption reserve
450
450
Profit and loss reserves
965,710
718,341
Total equity
966,710
719,341

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 June 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.

The financial statements were approved by the board of directors and authorised for issue on 12 March 2024 and are signed on its behalf by:
B J Yates
Director
Company Registration No. 02214834
YATES & CO. LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
- 2 -
1
Accounting policies
Company information

Yates & Co. Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 10b, Salthill Industrial Estate, Lincoln Way, Clitheroe, Lancashire, BB7 1QD.

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
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.

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:

Leasehold improvements
Plant and equipment
15% reducing balance
Fixtures and fittings
15% reducing balance
Motor vehicles
25% reducing balance

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.

1.4
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 cost and replacement cost, adjusted where applicable for any loss of service potential.

YATES & CO. LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 3 -

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
Cash at bank and in hand

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.6
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 measured at cost.

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 recognised at cost.

 

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.

1.7
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

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.

YATES & CO. LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 4 -
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.

1.8
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.

 

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

 

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

1.9
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.10
Leases

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.

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.

1.11
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

YATES & CO. LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 5 -
2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
14
14
3
Tangible fixed assets
Leasehold improvements
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 July 2022
16,040
85,313
55,316
659,013
815,682
Additions
58,990
1,836
3,250
209,868
273,944
Disposals
-
0
-
0
-
0
(173,805)
(173,805)
At 30 June 2023
75,030
87,149
58,566
695,076
915,821
Depreciation and impairment
At 1 July 2022
5,347
74,042
48,276
403,501
531,166
Depreciation charged in the year
20,578
1,828
1,536
98,927
122,869
Eliminated in respect of disposals
-
0
-
0
-
0
(164,660)
(164,660)
At 30 June 2023
25,925
75,870
49,812
337,768
489,375
Carrying amount
At 30 June 2023
49,105
11,279
8,754
357,308
426,446
At 30 June 2022
10,693
11,271
7,040
255,512
284,516
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
1,577,919
1,215,721
Corporation tax recoverable
162,774
127,574
Amounts owed by group undertakings
276,074
232,292
Other debtors
521,009
410,522
Prepayments and accrued income
9,400
7,000
2,547,176
1,993,109
YATES & CO. LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 6 -
5
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loan and overdrafts
60,020
60,000
Obligations under finance leases
85,554
26,005
Trade creditors
1,163,123
1,150,106
Corporation tax
141,839
113,449
Other taxation and social security
256,898
178,872
Other creditors
1,100,673
826,574
Accruals and deferred income
77,515
40,472
2,885,622
2,395,478

The bank loan is secured by the UK Government under the CBILS loan scheme.

 

Obligations under finance lease and hire purchase contracts are secured on the assets to which they relate.

 

Other creditors includes a balance of £1,051,345 (2022 - £758,518 ) relating to invoice discounting finance which is secured on the company's trade debtors.

6
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loan
120,000
180,000
Obligations under finance leases
112,519
65,858
Other creditors
29,210
53,356
261,729
299,214

The bank loan is secured by the UK Government under the CBILS loan scheme.

 

Obligations under finance lease and hire purchase contracts are secured on the assets to which they relate.

7
Directors' transactions

During the year, the company advanced amounts of £181,073 to a director. Repayments of £157,000 were made against this. As at the year end, the director owed a balance of £431,117 (2022 - £407,044). The maximum outstanding during the year was £538,619. The loan is interest free and repayable on demand.

 

In addition, the company advanced £94,243 to another director. Repayments of £22,458 were made and the balance owing a year end was £71,785. The loan is interest free and repayable on demand.

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