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Company No: 03559064 (England and Wales)

YAMEL LIMITED

Unaudited Financial Statements
For the financial year ended 31 December 2023
Pages for filing with the registrar

YAMEL LIMITED

Unaudited Financial Statements

For the financial year ended 31 December 2023

Contents

YAMEL LIMITED

STATEMENT OF FINANCIAL POSITION

As at 31 December 2023
YAMEL LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 December 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 233,869 205,793
233,869 205,793
Current assets
Stocks 38,214 61,462
Debtors 4 359,389 278,015
Cash at bank and in hand 172,603 77,245
570,206 416,722
Creditors: amounts falling due within one year 5 ( 188,753) ( 96,735)
Net current assets 381,453 319,987
Total assets less current liabilities 615,322 525,780
Creditors: amounts falling due after more than one year 6 ( 16,666) ( 25,833)
Provision for liabilities 7 ( 36,969) ( 29,755)
Net assets 561,687 470,192
Capital and reserves
Called-up share capital 1,000 1,000
Profit and loss account 560,687 469,192
Total shareholder's funds 561,687 470,192

For the financial year ending 31 December 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The financial statements of Yamel Limited (registered number: 03559064) were approved and authorised for issue by the Director. They were signed on its behalf by:

A R D Le-May
Director

02 September 2024

YAMEL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
YAMEL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
1. Accounting policies

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.

General information and basis of accounting

Yamel 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 Unit 35 Concorde Road, Concorde Road, Norwich, NR6 6BE, England, 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 £.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Income Statement 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 Statement of Financial Position.

Finance costs

Finance costs are charged to the Income Statement over the term of the debt using the effective interest method so the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Taxation

Current tax
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 Statement of Financial Position date.

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 average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. 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.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings 50 years straight line
Vehicles 25 % reducing balance
Tools and equipment 25 % reducing balance
Office equipment 25 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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.

Borrowing costs

Borrowing costs that are directly attributable to acquisition, construction or production of qualifying assets, are capitalised as part of the cost of those assets. Capitalisation begins when both finance costs and expenditures for the asset are being incurred and activities that are necessary to get the asset ready for use are in progress. Capitalisation ceases when substantially all the activities that are necessary to get the asset ready for use are complete.

All other borrowing costs are recognised in profit or loss in the period in which they are incurred.

Leases

The Company as lessee
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 Income Statement 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.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Income Statement as described below.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

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.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Statement of Financial Position 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.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholder.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including the director 9 11

3. Tangible assets

Land and buildings Vehicles Tools and equipment Office equipment Total
£ £ £ £ £
Cost
At 01 January 2023 202,182 597,651 193,227 17,323 1,010,383
Additions 0 36,700 7,860 6,624 51,184
At 31 December 2023 202,182 634,351 201,087 23,947 1,061,567
Accumulated depreciation
At 01 January 2023 63,662 542,722 186,202 12,004 804,590
Charge for the financial year 4,044 13,732 2,903 2,429 23,108
At 31 December 2023 67,706 556,454 189,105 14,433 827,698
Net book value
At 31 December 2023 134,476 77,897 11,982 9,514 233,869
At 31 December 2022 138,520 54,929 7,025 5,319 205,793

4. Debtors

2023 2022
£ £
Trade debtors 69,226 73,298
Amounts owed by director 214,549 149,903
Prepayments 0 1,018
Corporation tax 75,614 53,796
359,389 278,015

5. Creditors: amounts falling due within one year

2023 2022
£ £
Bank loans 10,000 10,000
Trade creditors 90,225 35,329
Accruals 7,130 6,848
Taxation and social security 80,506 40,454
Other creditors 892 4,104
188,753 96,735

Secured creditors

The bank overdraft facility is secured by way of a legal charge over the freehold property of the Company.

6. Creditors: amounts falling due after more than one year

2023 2022
£ £
Bank loans 16,666 25,833

There are no amounts included above in respect of which any security has been given by the small entity.

7. Deferred tax

2023 2022
£ £
At the beginning of financial year ( 22,762) ( 17,572)
Charged to the Income Statement ( 14,207) ( 5,190)
At the end of financial year ( 36,969) ( 22,762)

The deferred taxation balance is made up as follows:

2023 2022
£ £
Accelerated capital allowances ( 37,027) ( 22,806)
Other timing differences 58 44
( 36,969) ( 22,762)

8. Financial commitments

Commitments

2023 2022
£ £
Total future minimum lease payments under non-cancellable operating lease 0 1,499

Pensions

The Company operates a defined contribution pension scheme for the director and employees. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to fund and amounted to £5,555 (2022 - £4,784) contributions totalling £nil (2022 - £nil) were payable to the fund at the balance sheet date.

9. Related party transactions

At the year end a director owed the Company £214,549 (2022 - £149,903) which is repayable on demand.

During the year the company paid rent of £10,000 (2022 - £10,000) to a director for use of commercial premises.