2023-06-012024-05-312024-05-31false08302023Bingham Yates 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Bingham Yates Limited

Registered Number
08302023
(England and Wales)

Unaudited Financial Statements for the Year ended
31 May 2024

Bingham Yates Limited
Company Information
for the year from 1 June 2023 to 31 May 2024

Director

WALTERS, Christopher John

Registered Address

38 Victoria Place
Carlisle
CA1 1EX

Registered Number

08302023 (England and Wales)
Bingham Yates Limited
Statement of Financial Position
31 May 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Tangible assets513,80117,251
13,80117,251
Current assets
Debtors617,01143,706
Cash at bank and on hand166,038230,183
183,049273,889
Creditors amounts falling due within one year7(87,691)(90,588)
Net current assets (liabilities)95,358183,301
Total assets less current liabilities109,159200,552
Provisions for liabilities8-(1,000)
Net assets109,159199,552
Capital and reserves
Called up share capital100100
Profit and loss account109,059199,452
Shareholders' funds109,159199,552
The financial statements were approved and authorised for issue by the Director on 9 August 2024, and are signed on its behalf by:
WALTERS, Christopher John
Director
Registered Company No. 08302023
Bingham Yates Limited
Notes to the Financial Statements
for the year ended 31 May 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Basis of preparation
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
Functional and presentation currency
The financial statements are presented in sterling and this is the functional currency of the company.
Turnover policy
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 rendering of services. 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.
Defined contribution pension plan
The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further obligation. Contributions to defined contribution plans are expensed in the period to which they relate. Amounts not paid are shown in other creditors in the Statement of Financial Position. The assets of the plan are held separately from the company in independently administered funds.
Current taxation
Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax
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.
Intangible assets
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost or valuation less depreciation. The assets’ residual values, useful lives and depreciation methods are reviewed and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposal are determined by comparing the proceeds with the carrying amount and are recognised in the Income Statement. Depreciation is provided on all tangible fixed assets as follows:

Reducing balance (%)
Vehicles20
Office Equipment20
Trade and other 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.
Trade and other 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.
Financial instruments
The company enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
2.Average number of employees

20242023
Average number of employees during the year14
3.Intangible assets

Goodwill

Total

££
Cost or valuation
At 01 June 2327,00027,000
At 31 May 2427,00027,000
Amortisation and impairment
At 01 June 2327,00027,000
At 31 May 2427,00027,000
Net book value
At 31 May 24--
At 31 May 23--
4.Useful life of intangible assets
Intangible assets are not permitted to have an indefinite life and must be amortised over their estimated useful life. The estimated useful life of Goodwill has been set at 5 years and the asset has been amortised on a straight line basis over that period.
5.Tangible fixed assets

Vehicles

Office Equipment

Total

£££
Cost or valuation
At 01 June 2321,84530,47952,324
At 31 May 2421,84530,47952,324
Depreciation and impairment
At 01 June 237,86427,20935,073
Charge for year2,7966543,450
At 31 May 2410,66027,86338,523
Net book value
At 31 May 2411,1852,61613,801
At 31 May 2313,9813,27017,251
6.Debtors: amounts due within one year

2024

2023

££
Trade debtors / trade receivables6,59235,655
Other debtors7,962-
Prepayments and accrued income2,4578,051
Total17,01143,706
7.Creditors: amounts due within one year

2024

2023

££
Taxation and social security22419,418
Other creditors82,18664,755
Accrued liabilities and deferred income5,2816,415
Total87,69190,588
8.Provisions for liabilities
The provision for deferred tax arises from the fair value adjustment on tangible fixed assets.

2024

2023

££
Net deferred tax liability (asset)-1,000
Total-1,000
9.Off-balance sheet arrangements
The pension cost charge represents contributions payable by the company to the fund amounted to £55,862 (2023 £36,400).
10.Related party transactions
During the year the director had a loan account with the company. At the balance sheet date the company owed the director £82,186 (2023 £64,755). The loan is unsecured, interest free and repayable on demand.