Company registration number 07077701 (England and Wales)
YEOMANS BRICKWORK LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
PAGES FOR FILING WITH REGISTRAR
YEOMANS BRICKWORK LTD
CONTENTS
Page
Balance sheet
1 - 2
Statement of changes in equity
3
Notes to the financial statements
4 - 8
YEOMANS BRICKWORK LTD
BALANCE SHEET
AS AT
30 NOVEMBER 2023
30 November 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
5
9,968
10,377
Investment property
6
207,500
210,000
217,468
220,377
Current assets
Debtors
7
12,497
13,307
Creditors: amounts falling due within one year
8
(102,044)
(98,175)
Net current liabilities
(89,547)
(84,868)
Total assets less current liabilities
127,921
135,509
Creditors: amounts falling due after more than one year
9
(20,978)
(21,330)
Provisions for liabilities
(19,560)
(21,507)
Net assets
87,383
92,672
Capital and reserves
Called up share capital
2
2
Revaluation reserve
86,774
87,935
Profit and loss reserves
607
4,735
Total equity
87,383
92,672
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30th November 2023.
The members have not required the company to obtain an audit of its financial statements for the year ended 30th November 2023 in accordance with Section 476 of the Companies Act 2006
The directors acknowledge their responsibilities for:
(a) ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b) preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.
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.
YEOMANS BRICKWORK LTD
BALANCE SHEET (CONTINUED)
AS AT
30 NOVEMBER 2023
30 November 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 28 August 2024 and are signed on its behalf by:
Mr J J Yeomans
Director
Company registration number 07077701 (England and Wales)
YEOMANS BRICKWORK LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 3 -
Share capital
Revaluation reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 December 2021
2
63,595
21,738
85,335
Period ended 30 November 2022:
Profit and total comprehensive income
-
-
22,337
22,337
Dividends
-
-
(15,000)
(15,000)
Other movements
-
24,340
(24,340)
-
Balance at 30 November 2022
2
87,935
4,735
92,672
Period ended 30 November 2023:
Profit and total comprehensive income
-
-
4,711
4,711
Dividends
-
-
(10,000)
(10,000)
Other movements
-
(1,161)
1,161
-
Balance at 30 November 2023
2
86,774
607
87,383
YEOMANS BRICKWORK LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 4 -
1
Accounting policies
Company information
Yeomans Brickwork Ltd is a private company limited by shares incorporated in England and Wales. The registered office and registered number can be found on the Company Information page.
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 on a going concern basis under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is the amount derived from the sale of goods and services falling within the company's ordinary activities(excluding Value Added Tax).
Sales are billed to customers on a regular basis to reflect the stage of completion of the work at that point.
Rental income from operating leases is recognised on a straight line basis over the term of the lease.
1.3
Intangible fixed assets - goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2009, is being amortised evenly over its estimated useful life of ten years.
1.4
Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Equipment
15% on reducing balance
Computers
33% on cost
Motor vehicles
25% on reducing balance
1.5
Investment property
Investment properties are included at fair value. Gains and losses are recognised in the Income Statement and included within the fair value reserve. Deferred taxation is provided on these gains at the rate expected to apply when the properties are sold or at the rate applicable at the balance sheet date.
YEOMANS BRICKWORK LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
1
Accounting policies
(Continued)
- 5 -
1.6
Financial instruments
The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable and loans to related parties.
Financial assets, are assessed for indicators of impairment at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Profit and Loss Account.
For financial assets carried at amortised cost, the amount of the impairment loss is measured as the difference between the asset's carrying amount and the present value of estimated future cash flows, discounted at the financial asset's original effective interest rate.
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between the asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount the company would receive for the asset if it was sold at the balance sheet date.
1.7
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.
Current tax
Current or deferred taxation assets and liabilities are not discounted.
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.
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.
1.8
Leases
Rentals under operating leases are charged to profit or loss on a straight line basis over the period of the lease.
2
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the reported amounts of assets and liabilities as at the reporting date and the amounts reported for turnover and expenses during the period. The nature of estimating means that actual outcomes could differ from the original estimates.
The principal accounting policies and the judgements and estimates that have the most significant effect on amounts recognised in the financial statements are as stated above.
YEOMANS BRICKWORK LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 6 -
3
Employees
The average number of employees during the year (including directors) was:
2023
2022
Number
Number
Total
2
2
4
Intangible fixed assets
Goodwill
£
Cost
At 1 December 2022 and 30 November 2023
20,000
Amortisation and impairment
At 1 December 2022 and 30 November 2023
20,000
Carrying amount
At 30 November 2023
At 30 November 2022
5
Tangible fixed assets
Equipment
Computers
Motor vehicles
Total
£
£
£
£
Cost
At 1 December 2022
1,981
472
25,596
28,050
Additions
2,788
2,788
At 30 November 2023
1,981
472
28,384
30,838
Depreciation and impairment
At 1 December 2022
1,032
472
16,168
17,672
Depreciation charged in the year
144
3,054
3,198
At 30 November 2023
1,176
472
19,222
20,870
Carrying amount
At 30 November 2023
805
9,163
9,968
At 30 November 2022
949
9,428
10,377
YEOMANS BRICKWORK LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 7 -
6
Investment property
2023
£
Fair value
At 1 December 2022
210,000
Revaluations
(2,500)
At 30 November 2023
207,500
Cost or valuation at 30th November 2023 is represented by:
£
Valuation in 2016 77,576
Valuation in 2022 30,050
Valuation in 2023 (2,500)
Cost 102,374
207,500
If investment properties were stated on an historical cost basis rather than a fair value basis, the amounts would have been included as follows:
2023
2022
£
£
Cost
102,374
102,374
Accumulated depreciation
-
-
Carrying amount
102,374
102,374
Investment property was valued on an open market basis on 30th November 2023 by the directors.
7
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
619
5,018
Other debtors
11,878
8,289
12,497
13,307
YEOMANS BRICKWORK LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 8 -
8
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
6,990
12,486
Corporation tax
1,219
11,872
Other creditors
93,835
73,817
102,044
98,175
9
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
20,978
21,330
10
Loans and overdrafts
2023
2022
£
£
Bank loans
25,331
29,330
Bank overdrafts
2,637
4,486
27,968
33,816
Payable within one year
6,990
12,486
Payable after one year
20,978
21,330
The bank loan consists of a six year Bounce bank loan maturing July 2026 with a 12 month repayment holiday period. Interest is fixed at 2.5% per annum with the initial 12 months interest covered by a government grant.
11
Directors' advances, credits and guarantees
The total aggregated credits from directors during the period was £18,561 (2022: £22,551) and the balance outstanding to directors at the year end was £77,138 (2022: £67,231).
The above loans from directors are unsecured, interest free and repayable on demand.
12
Related party disclosures
During the year, total dividends of £10,000 were paid to the directors.