REGISTERED NUMBER: |
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2023 |
FOR |
YORK ASSOCIATES INTERNATIONAL LIMITED |
REGISTERED NUMBER: |
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2023 |
FOR |
YORK ASSOCIATES INTERNATIONAL LIMITED |
YORK ASSOCIATES INTERNATIONAL LIMITED (REGISTERED NUMBER: 04943654) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST DECEMBER 2023 |
Page |
Company Information | 1 |
Statement of Financial Position | 2 |
Notes to the Financial Statements | 3 |
YORK ASSOCIATES INTERNATIONAL LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31ST DECEMBER 2023 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
SENIOR STATUTORY AUDITOR: |
AUDITORS: |
Chartered Accountants & Statutory |
Auditors |
Strelley Hall, Main Street |
Strelley, Nottingham |
NG8 6PE |
YORK ASSOCIATES INTERNATIONAL LIMITED (REGISTERED NUMBER: 04943654) |
STATEMENT OF FINANCIAL POSITION |
31ST DECEMBER 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
Tangible assets | 5 |
Investments | 6 |
CURRENT ASSETS |
Debtors | 7 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 8 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 9 | ( |
) | ( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Share premium |
Other reserves |
Capital contribution reserves |
Retained earnings |
SHAREHOLDERS' FUNDS |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
YORK ASSOCIATES INTERNATIONAL LIMITED (REGISTERED NUMBER: 04943654) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST DECEMBER 2023 |
1. | STATUTORY INFORMATION |
York Associates International Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. |
Income is recognised when the right to consideration becomes due. |
Goodwill and intangible fixed assets |
Goodwill amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows: |
- Goodwill from transfer of Partnership on 31/12/2003 - 20 years straight line basis. |
From the date of transition to FRS102 Section 1A 9 years remained and it was not considered that any change was required to the amortisation policy. |
- Goodwill from purchase of an existing trade on 29/04/2016 is amortised over 10 years on a straight line basis. This is considered a reasonable estimate of useful life by the board. |
Goodwill and Intangible assets are measured at cost. After initial recognition, Goodwill and Intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment. |
Deferred consideration for the purchase of goodwill which has not yet been paid has been estimated and included in the overall Goodwill value. |
Business combinations, the value of the separate elements have only been included to the extent that they can be reliably valued. |
Tangible fixed assets |
Improvements to property | - |
Fixtures and fittings | - |
Computer equipment | - |
The tangible fixed assets are originally recognised at cost, the residual values and useful economic lives are reviewed at the end of each accounting period. |
Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
Treatment of loans from group undertakings |
Loans received from the parent company have been recognised at the present value of the cash flows using a market rate of interest of 9%. |
The difference between the initial carrying amount of the loan and the amount repayable is included within the Capital contribution reserve which is included within equity. |
Each year the effective interest is included within the profit & loss accounts and the amount is written off as a transfer between capital contribution reserve and profit and loss reserve to match the unwinding discount passing through the profit & loss reserve. |
YORK ASSOCIATES INTERNATIONAL LIMITED (REGISTERED NUMBER: 04943654) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST DECEMBER 2023 |
2. | ACCOUNTING POLICIES - continued |
Current and deferred 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 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 statement of financial position date. |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
Presentation currency |
The accounts are presented in GBP. |
Operating lease agreements |
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profits on a straight line basis over the period of the lease. |
Going concern |
The directors have reviewed the current sales position of the Company and continue to pursue new business revenue streams. Revenue projections support the existing business model and the Directors are confident and firmly believe that the Company will continue to meet all its financial obligations in the foreseeable future. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | INTANGIBLE FIXED ASSETS |
Goodwill |
£ |
COST |
At 1st January 2023 |
and 31st December 2023 |
AMORTISATION |
At 1st January 2023 |
Charge for year |
At 31st December 2023 |
NET BOOK VALUE |
At 31st December 2023 |
At 31st December 2022 |
YORK ASSOCIATES INTERNATIONAL LIMITED (REGISTERED NUMBER: 04943654) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST DECEMBER 2023 |
5. | TANGIBLE FIXED ASSETS |
Improvements | Fixtures |
to | and | Computer |
property | fittings | equipment | Totals |
£ | £ | £ | £ |
COST |
At 1st January 2023 |
Additions |
At 31st December 2023 |
DEPRECIATION |
At 1st January 2023 |
Charge for year |
At 31st December 2023 |
NET BOOK VALUE |
At 31st December 2023 |
At 31st December 2022 |
6. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
£ |
COST |
At 1st January 2023 |
and 31st December 2023 |
NET BOOK VALUE |
At 31st December 2023 |
At 31st December 2022 |
7. | DEBTORS |
2023 | 2022 |
£ | £ |
Amounts falling due within one year: |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
Amounts falling due after more than one year: |
Other debtors |
Aggregate amounts |
YORK ASSOCIATES INTERNATIONAL LIMITED (REGISTERED NUMBER: 04943654) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST DECEMBER 2023 |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans and overdrafts (see note 10) |
Trade creditors |
Amounts owed to group undertakings |
Taxation and social security |
Other creditors |
9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans (see note 10) |
10. | LOANS |
An analysis of the maturity of loans is given below: |
2023 | 2022 |
£ | £ |
Amounts falling due within one year or on demand: |
Bank loans |
R Dignen loan account | - | 15,000 |
Amounts falling due between two and five years: |
Bank loans - 2-5 years |
Bank loans represent bounce back loans secured by the government. |
11. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
2023 | 2022 |
£ | £ |
Within one year |
12. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
13. | CONTINGENT LIABILITIES |
The company is in the process of negotiating a lease renewal. As part of those negotiations, it is possible that the company may need to fund the cost of certain dilapidations to the building they currently occupy and have done so for many years. |
The stage of the negotiations and information available is not sufficiently advanced to be able to assess the potential liability with any degree of accuracy or reliability. In the directors opinion the range of potential outcomes are between £30,000 and £140,000; the upper figure being based on a landlords estimate obtained 3 years ago which estimate is considered excessive by the Directors. |
YORK ASSOCIATES INTERNATIONAL LIMITED (REGISTERED NUMBER: 04943654) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST DECEMBER 2023 |
14. | RELATED PARTY DISCLOSURES |
Claret Holdings Limited |
Majority shareholder of York Associates International Ltd |
Claret Holdings Limited granted an unsecured, interest-free loan to York Associates International Ltd: |
The net present value of the balance outstanding at the year end date is £Nil (2022: £27,664) and is included within amounts owed to group undertakings (see note 8 and 9). |
Repayments made in the year totalled £30,155 (2022: £Nil). |
The Loan was repaid in full in 2023. |
A loan was made to Claret Holdings Limited in the year of £23,596, no interest has been charged and the loan will be repaid within 12 months and is included within amounts owed from group undertakings. |
Purchases of £40,298 (2022: £40,698) were made with fellow group companies. The amount outstanding as at the year end and included within amounts owed to group undertakings was £36,413 (2022: £Nil). There is no interest due on these amounts and they are repayable on demand. |
The parent undertaking of the smallest group which prepares consolidated financial statements which include the results of York Associates International Limited is Claret Holdings Limited. Its registered office address is: |
ESE Building |
Paceville Avenue |
St Julians |
Malta |
15. | TRANSACTIONS WITH DIRECTORS |
At the balance sheet date, the Directors owed £3,371 to the company. No interest has been charged in respect of this loan which is repayable on demand and is presented within debtors due within one year. |
In 2022 the company owed £22,576 to directors. No interest was charged to the company in respect of this loan which has now been repaid in full and was presented within creditors due within one year. |