Company No:
Contents
Note | 2023 | 2022 | ||
£ | £ | |||
Fixed assets | ||||
Tangible assets | 3 |
|
|
|
151,261 | 168,177 | |||
Current assets | ||||
Stocks | 4 |
|
|
|
Cash at bank and in hand |
|
|
||
2,986 | 4,663 | |||
Creditors: amounts falling due within one year | 5 | (
|
(
|
|
Net current liabilities | (45,967) | (53,643) | ||
Total assets less current liabilities | 105,294 | 114,534 | ||
Creditors: amounts falling due after more than one year | 6 | (
|
(
|
|
Provision for liabilities | (
|
(
|
||
Net assets |
|
|
||
Capital and reserves | ||||
Called-up share capital |
|
|
||
Share premium account |
|
|
||
Revaluation reserve |
|
|
||
Capital redemption reserve |
|
|
||
Profit and loss account | (
|
(
|
||
Total shareholders' funds |
|
|
Director's responsibilities:
The financial statements of Loders (Yeovil) Limited (registered number:
A R Loder
Director |
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.
Loders (Yeovil) Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 5 Market Street, Crewkerne, TA18 7JP, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, 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 £.
The company has net current liabilities at the balance sheet date. The director will continue to support the company by providing a loan as is required in order to meet the liabilities of the company as they fall due. On this basis, the director considers it appropriate to prepare the financial statements on the going concern basis.
Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.
Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Profit and Loss Account in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.
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. Tax is recognised in the profit and loss account, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
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 tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date that are expected to apply when the timing differences reverse. Deferred tax assets and liabilities are not discounted.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit. Deferred tax liabilities are presented within provisions for liabilities on the balance sheet.
Land and buildings |
|
Leasehold improvements |
|
Plant and machinery |
|
Vehicles |
|
Fixtures and fittings |
|
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.
All other borrowing costs are recognised in profit or loss in the period in which they are incurred.
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Profit and Loss Account over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.
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.
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.
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.
Loans and borrowings
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in other operating income over the period in which the related costs are recognised, and timing differences are presented as other debtors or deferred income within the balance sheet. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).
When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.
2023 | 2022 | ||
Number | Number | ||
Monthly average number of persons employed by the Company during the year, including the director |
|
|
Land and buildings | Leasehold improve- ments |
Plant and machinery | Vehicles | Fixtures and fittings | Total | ||||||
£ | £ | £ | £ | £ | £ | ||||||
Cost | |||||||||||
At 01 November 2022 |
|
|
|
|
|
|
|||||
Additions |
|
|
|
|
|
|
|||||
Disposals |
|
|
(
|
(
|
(
|
(
|
|||||
At 31 October 2023 |
|
|
|
|
|
|
|||||
Accumulated depreciation | |||||||||||
At 01 November 2022 |
|
|
|
|
|
|
|||||
Charge for the financial year |
|
|
|
|
|
|
|||||
Disposals |
|
|
(
|
(
|
(
|
(
|
|||||
At 31 October 2023 |
|
|
|
|
|
|
|||||
Net book value | |||||||||||
At 31 October 2023 |
|
|
|
|
|
|
|||||
At 31 October 2022 |
|
|
|
|
|
|
Revaluation of tangible assets
The fair value of the company's freehold land and buildings was revalued on 24 February 2015 by an independent valuer. The valuation was conducted at current open market value. The fair value of the freehold land and buildings has not materially changed since this date.
Had this class of asset been measured on a historical cost basis, the carrying amount would have been £81,579 (2022 - £84,716). The depreciation on this historic cost is £75,289 (2022 - £72,152).
The deferred tax attributable to the freehold property revaluation has been considered and, due to indexation, no tax (2021 - £nil) has been provided in the financial statements.
2023 | 2022 | ||
£ | £ | ||
Stocks |
|
|
2023 | 2022 | ||
£ | £ | ||
Bank loans and overdrafts (secured) |
|
|
|
Trade creditors |
|
|
|
Corporation tax |
|
|
|
Other taxation and social security |
|
|
|
Other creditors |
|
|
|
|
|
2023 | 2022 | ||
£ | £ | ||
Bank loans (secured) |
|
|
|
Other creditors |
|
|
|
|
|