Registered number
04549558
YORKSHIRE HOIST LIMITED
Filleted Accounts
31 December 2023
YORKSHIRE HOIST LIMITED
Registered number: 04549558
Balance Sheet
as at 31 December 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 1,969,079 1,960,981
Current assets
Debtors 4 1,704,691 1,590,755
Cash at bank and in hand 19,604 222,778
1,724,295 1,813,533
Creditors: amounts falling due within one year 5 (698,474) (382,075)
Net current assets 1,025,821 1,431,458
Total assets less current liabilities 2,994,900 3,392,439
Creditors: amounts falling due after more than one year 6 (408,615) (594,882)
Provisions for liabilities (478,798) (293,401)
Net assets 2,107,487 2,504,156
Capital and reserves
Called up share capital 100 100
Profit and loss account 2,107,387 2,504,056
Shareholders' funds 2,107,487 2,504,156
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
E Jones
Director
Approved by the board on 17 June 2024
YORKSHIRE HOIST LIMITED
Notes to the Accounts
for the year ended 31 December 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset over its expected useful life, as follows:
Leasehold land and buildings over the lease term
Plant and machinery 10-25% reducing balance
Motor vehicles 25% reducing balance
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 19 20
3 Tangible fixed assets
Leasehold improvements Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 January 2023 45,003 3,282,317 35,496 3,362,816
Additions - 207,851 15,180 223,031
Disposals - - (35,496) (35,496)
At 31 December 2023 45,003 3,490,168 15,180 3,550,351
Depreciation
At 1 January 2023 17,401 1,352,613 31,821 1,401,835
Charge for the year 4,500 202,963 3,795 211,258
On disposals - - (31,821) (31,821)
At 31 December 2023 21,901 1,555,576 3,795 1,581,272
Net book value
At 31 December 2023 23,102 1,934,592 11,385 1,969,079
At 31 December 2022 27,602 1,929,704 3,675 1,960,981
4 Debtors 2023 2022
£ £
Trade debtors 272,543 315,169
Amounts owed by group undertakings and undertakings in which the company has a participating interest 1,420,687 1,214,675
Other debtors 11,461 60,911
1,704,691 1,590,755
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 105,635 -
Obligations under finance lease and hire purchase contracts 193,143 193,931
Trade creditors 211,096 164,031
Amounts owed to group undertakings and undertakings in which the company has a participating interest 144,000 -
Taxation and social security costs 22,500 9,030
Other creditors 22,100 15,083
698,474 382,075
6 Creditors: amounts falling due after one year 2023 2022
£ £
Obligations under finance lease and hire purchase contracts 408,615 594,882
7 Loans 2023 2022
£ £
Creditors include:
Instalments falling due for payment after more than five years - 11,912
8 Other financial commitments 2023 2022
£ £
Total future minimum payments under non-cancellable operating leases 242,000 286,000
9 Controlling party
Thoughout the year the company was controlled by E Jones, director, due to his control of Hoist Specialist Services Limited, the parent company of Yorkshire Hoist Limited.
10 Other information
YORKSHIRE HOIST LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
Unit 4
Maud Street
Bradford
West Yorkshire
BD3 9RW
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