Company registration number 09145056 (England and Wales)
YARLESTRE LIMITED
(FORMERLY THIRSK FURNITURE PROPERTIES LTD)
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
YARLESTRE LIMITED
(FORMERLY THIRSK FURNITURE PROPERTIES LTD)
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
YARLESTRE LIMITED
(FORMERLY THIRSK FURNITURE PROPERTIES LTD)
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investment property
3
525,000
465,000
Current assets
Debtors
4
250
314
Cash at bank and in hand
97,745
158,464
97,995
158,778
Creditors: amounts falling due within one year
5
(7,851)
(25,081)
Net current assets
90,144
133,697
Total assets less current liabilities
615,144
598,697
Provisions for liabilities
(51,281)
(36,281)
Net assets
563,863
562,416
Capital and reserves
Called up share capital
10
10
Profit and loss reserves
563,853
562,406
Total equity
563,863
562,416

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 31 March 2024 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 1 August 2024 and are signed on its behalf by:
Mr C Blair
Mr J Bailey
Director
Director
Company registration number 09145056 (England and Wales)
YARLESTRE LIMITED
(FORMERLY THIRSK FURNITURE PROPERTIES LTD)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -
1
Accounting policies
Company information

Yarlestre Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit B Johnson Way, Thirsk Industrial Park, York Road, Thirsk, North Yorkshire, YO7 3TE.

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, modified to include investment properties at fair value. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover represents rental income (net of VAT) from investment properties. All rents are accounted for when receivable.

1.3
Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in the profit and loss account.

1.4
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 transaction price including transaction costs, less any impairment.

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 and loans from fellow group companies, are initially recognised at transaction price. Financial liabilities classified as payable within one year are not amortised.

1.5
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

YARLESTRE LIMITED
(FORMERLY THIRSK FURNITURE PROPERTIES LTD)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 3 -
1.6
Taxation

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

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.

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.

 

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.

1.7
Retirement benefits

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

1.8
Leases

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.

1.9

Operating lease income

Rents receivable under operating leases are recognised in the profit and loss account on a straight line basis over the lease term.

2
Employees

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

2024
2023
Number
Number
Total
2
2
3
Investment property
2024
£
Fair value
At 1 April 2023
465,000
Additions
56,908
Revaluations
3,092
At 31 March 2024
525,000
YARLESTRE LIMITED
(FORMERLY THIRSK FURNITURE PROPERTIES LTD)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
3
Investment property
(Continued)
- 4 -

The fair value of the investment property has been arrived at on the basis of a valuation carried out by the directors at the balance sheet date. The valuation was made on a rental yield basis with reference to market evidence of transaction prices and rental yields for similar properties in the area.

 

All investment properties are held for use in operating leases.

4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
250
314
5
Creditors: amounts falling due within one year
2024
2023
£
£
Taxation and social security
3,080
20,384
Other creditors
4,771
4,697
7,851
25,081
6
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2024
2023
£
£
20,059
31,522
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