Company Registration No. 03326406 (England and Wales)
Young's Extract Supplies Limited
Financial statements
for the year ended 31 December 2023
Pages for filing with the registrar
Young's Extract Supplies Limited
Contents
Page
Statement of financial position
1
Notes to the financial statements
2 - 10
Young's Extract Supplies Limited
Statement of financial position
As at 31 December 2023
31 December 2023
1
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
5
758,133
8,254
Investments
6
1
1
758,134
8,255
Current assets
Stocks
777,148
816,443
Debtors
7
1,457,129
1,572,021
Cash at bank and in hand
588,623
254,673
2,822,900
2,643,137
Creditors: amounts falling due within one year
8
(1,316,028)
(1,434,927)
Net current assets
1,506,872
1,208,210
Total assets less current liabilities
2,265,006
1,216,465
Creditors: amounts falling due after more than one year
9
(471,897)
-
0
Net assets
1,793,109
1,216,465
Capital and reserves
Called up share capital
9,600
9,600
Profit and loss reserves
1,783,509
1,206,865
Total equity
1,793,109
1,216,465

The directors of the company have elected not to include a copy of the income statement within the financial statements.true

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 10 September 2024 and are signed on its behalf by:
Victor Gaeta
Director
Company Registration No. 03326406
Young's Extract Supplies Limited
Notes to the financial statements
For the year ended 31 December 2023
2
1
Accounting policies
Company information

Young's Extract Supplies Limited is a private company limited by shares incorporated in England and Wales. The registered office is Lincoln Road, Cressex Business Park, High Wycombe, Buckinghamshire, HP12 3RH.

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. The principal accounting policies adopted are set out below.

1.2
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.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.3
Intangible fixed assets - goodwill

Goodwill arising on the acquisition of trade and assets represents the excess of the fair value of the consideration over the fair value of the identifiable assets and liabilities acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 5 years.

 

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

Young's Extract Supplies Limited
Notes to the financial statements (continued)
For the year ended 31 December 2023
1
Accounting policies (continued)
3
1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold property
- 2% on cost
Improvements to leasehold property
- over life of lease
Plant and machinery
- 25% - 33% on cost
Motor vehicles
- 25% on cost

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.

1.5
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.6
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

1.7
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to net realisable value.

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.

Young's Extract Supplies Limited
Notes to the financial statements (continued)
For the year ended 31 December 2023
1
Accounting policies (continued)
4
1.8
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 current liabilities.

1.9
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's statement of financial position 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, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Trade debtors, loans and other receivables that have fixed or determinable payments that are not quoted in an active market are classified as 'loans and receivables'. Loans and receivables are measured at amortised cost using the effective interest method, 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, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

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.

Young's Extract Supplies Limited
Notes to the financial statements (continued)
For the year ended 31 December 2023
1
Accounting policies (continued)
5
1.10
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.

1.11
Taxation

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

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement 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 is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events that result in an obligation to pay more tax in the future or a right to pay less tax in the future have occurred at the balance sheet date.

1.12
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.13
Retirement benefits

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

1.14
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 except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

1.15
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

Young's Extract Supplies Limited
Notes to the financial statements (continued)
For the year ended 31 December 2023
6
2
Critical accounting judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Provision for obsolete stock

Provision is made for obsolete and slow moving stock based on detailed records of stock movements in

the year and provision is made for items where there have been no sales over a suitable period. The

company’s management monitor the stock holdings closely to ensure that obsolete or slow moving

stock is quickly identified and provided for in the financial statements.

3
Employees

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

2023
2022
Number
Number
Total
22
23
4
Intangible fixed assets
Goodwill
£
Cost
At 1 January 2023 and 31 December 2023
147,970
Amortisation and impairment
At 1 January 2023 and 31 December 2023
147,970
Carrying amount
At 31 December 2023
-
0
At 31 December 2022
-
0

Goodwill is amortised over a useful life of 5 years.

Young's Extract Supplies Limited
Notes to the financial statements (continued)
For the year ended 31 December 2023
7
5
Tangible fixed assets
Freehold property
Improvements to leasehold property
Plant and Machinery
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 January 2023
-
0
14,441
287,046
22,199
323,686
Additions
735,548
-
0
24,761
-
0
760,309
Disposals
-
0
-
0
(6,800)
(22,199)
(28,999)
At 31 December 2023
735,548
14,441
305,007
-
0
1,054,996
Depreciation and impairment
At 1 January 2023
-
0
14,441
278,792
22,199
315,432
Depreciation charged in the year
6,252
-
0
4,178
-
0
10,430
Eliminated in respect of disposals
-
0
-
0
(6,800)
(22,199)
(28,999)
At 31 December 2023
6,252
14,441
276,170
-
0
296,863
Carrying amount
At 31 December 2023
729,296
-
0
28,837
-
0
758,133
At 31 December 2022
-
0
-
0
8,254
-
0
8,254
6
Fixed asset investments
2023
2022
£
£
Shares in group undertakings and participating interests
1
1

 

7
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
1,193,092
1,140,836
Amounts owed by group undertakings
3,077
151,122
Other debtors
260,960
280,063
1,457,129
1,572,021
Young's Extract Supplies Limited
Notes to the financial statements (continued)
For the year ended 31 December 2023
8
8
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
79,009
29,165
Trade creditors
750,395
972,997
Amounts owed to group undertakings
140,058
174,853
Corporation tax
154,467
87,319
Other taxation and social security
51,884
68,331
Other creditors
140,215
102,262
1,316,028
1,434,927
9
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
471,897
-
0
10
Loans and overdrafts
2023
2022
£
£
Bank loans
489,833
-
0
Bank overdrafts
61,073
29,165
550,906
29,165
Payable within one year
79,009
29,165
Payable after one year
471,897
-
0

The bank overdraft is secured by fixed and floating charges over assets of the company.

 

The bank loan relates to a mortgage held on Sutton House, Helsinki Road, Kingston Upon Hull and is secured by a fixed charge over any tangible assets kept at the property as well as a full title deed guarantee. This amount has been split between current and non-current.

11
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Young's Extract Supplies Limited
Notes to the financial statements (continued)
For the year ended 31 December 2023
11
Audit report information (continued)
9
Senior Statutory Auditor:
Sheryl Davis
Statutory Auditors:
Saffery LLP
Date of audit report:
10 September 2024
12
Financial commitments, guarantees and contingent liabilities

A guarantee exists between group companies in respect of loans held by the parent company.

13
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:

2023
2022
£
£
437,828
677,867
14
Related party transactions
Transactions with related parties

During the year the company entered into the following transactions with related parties:

Sales
Sales
2023
2022
£
£
Companies in which Victor Gaeta is director and shareholder
438,578
480,977

The company is exempt from disclosing transactions with group companies on the grounds that consolidated financial statements are prepared by the immediate parent company.

The following amounts were outstanding at the reporting end date:

2023
2022
Amounts owed by related parties
£
£
Companies in which Victor Gaeta is director and shareholder
66,096
102,796
15
Directors' transactions

As at 31 December 2023, a balance of £nil was owed by directors (2022 - £375).

Young's Extract Supplies Limited
Notes to the financial statements (continued)
For the year ended 31 December 2023
10
16
Parent company

The ultimate parent company is Vectaire Limited, a company registered in England and Wales. The parent company's registered office is Lincoln Road, Cressex Business Park, High Wycombe, Buckinghamshire, HP12 3RH.

 

Vectaire Limited prepares group financial statements and copies can be obtained from Companies

House, Crown Way, Cardiff, CF14 3UZ.

 

The ultimate controlling party is Victor Gaeta by virtue of his shareholding within the parent company.

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