MAKE IT YORK LTD
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
Company registration number 09308493 (England and Wales)
MAKE IT YORK LTD
CONTENTS
Page
Statement of financial position
1
Notes to the financial statements
2 - 12
MAKE IT YORK LTD
STATEMENT OF FINANCIAL POSITION
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Non-current assets
Property, plant and equipment
4
107,511
121,846
Current assets
Inventories
16,931
12,729
Trade and other receivables
5
518,901
171,966
Cash and cash equivalents
678,669
604,120
1,214,501
788,815
Creditors: amounts falling due within one year
6
(1,077,379)
(929,976)
Net current assets/(liabilities)
137,122
(141,161)
Total assets less current liabilities
244,633
(19,315)
Non-current liabilities
7
(54,420)
Provisions for liabilities
(18,582)
(20,344)
Net assets excluding pension surplus/(deficit)
226,051
(94,079)
Defined benefit pension surplus/(deficit)
8
59,000
Net assets/(liabilities)
285,051
(94,079)
Capital and reserves
Called up share capital
1
1
Retained earnings
285,050
(94,080)
Total equity
285,051
(94,079)
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The directors of the company have elected not to include a copy of the income statement within the financial statements.true
The financial statements were approved by the board of directors and authorised for issue on 26 September 2024 and are signed on its behalf by:
Mr M J Fordyce
Director
Company registration number 09308493 (England and Wales)
MAKE IT YORK LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -
1
Accounting policies
Company information
Make It York Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 21 Parliament Street, York, YO1 8SG.
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
Going concern
Make it York Limited depends on its existing bank facilities and cash resources to meet its day to day working capital requirements. Current forecasts indicate that the company expects to be able to operate within these facilities for the whole of the foreseeable future. Accordingly, the directors believe it is appropriate to prepare the financial statements on the going concern basis.
1.3
Revenue
Revenue 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.
1.4
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
Amortisation 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:
Other Intangible assets
3 to 4 years straight line
1.5
Property, plant and equipment
Property, plant and equipment are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
MAKE IT YORK LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 3 -
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:
Fixtures and fittings
33.33% and 10% straight line and 25% reducing balance
Computers
33.33% straight line
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.
1.6
Impairment of non-current 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.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.7
Inventories
Inventories are stated at the lower of cost and estimated selling price less costs to complete and sell, after making allowance for obsolete and slow moving items.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of inventories 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.
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.
MAKE IT YORK LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 4 -
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 trade and other receivables and cash and bank balances, 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.
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 trade and other payables, 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 payables 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 payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
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.
MAKE IT YORK LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 5 -
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.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. 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 income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
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 non-current 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.
The cost of providing benefits under defined benefit plans is determined separately for each plan using the projected unit credit method, and is based on actuarial advice.
The change in the net defined benefit liability arising from employee service during the year is recognised as an employee cost. The cost of plan introductions, benefit changes, settlements and curtailments are recognised as an expense in measuring profit or loss in the period in which they arise.
The net interest element is determined by multiplying the net defined benefit liability by the discount rate, taking into account any changes in the net defined benefit liability during the period as a result of contribution and benefit payments. The net interest is recognised in profit or loss as other finance revenue or cost.
Remeasurement changes comprise actuarial gains and losses, the effect of the asset ceiling and the return on the net defined benefit liability excluding amounts included in net interest. These are recognised immediately in other comprehensive income in the period in which they occur and are not reclassified to profit and loss in subsequent periods.
The net defined benefit pension asset or liability in the balance sheet comprises the total for each plan of the present value of the defined benefit obligation (using a discount rate based on high quality corporate bonds), less the fair value of plan assets out of which the obligations are to be settled directly. Fair value is based on market price information, and in the case of quoted securities is the published bid price. The value of a net pension benefit asset is limited to the amount that may be recovered either through reduced contributions or agreed refunds from the scheme.
1.14
Leases
MAKE IT YORK LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 6 -
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.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
49
46
3
Intangible fixed assets
Other
£
Cost
At 1 April 2023 and 31 March 2024
178,771
Amortisation and impairment
At 1 April 2023 and 31 March 2024
178,771
Carrying amount
At 31 March 2024
At 31 March 2023
4
Property, plant and equipment
Fixtures and fittings
Computers
Total
£
£
£
Cost
At 1 April 2023
168,181
32,025
200,206
Additions
13,792
13,792
At 31 March 2024
181,973
32,025
213,998
Depreciation and impairment
At 1 April 2023
57,198
21,162
78,360
Depreciation charged in the year
23,320
4,807
28,127
At 31 March 2024
80,518
25,969
106,487
Carrying amount
At 31 March 2024
101,455
6,056
107,511
At 31 March 2023
110,983
10,863
121,846
MAKE IT YORK LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 7 -
5
Trade and other receivables
2024
2023
Amounts falling due within one year:
£
£
Trade receivables
341,756
147,456
Other receivables
162,395
24,510
504,151
171,966
Deferred tax asset
14,750
518,901
171,966
6
Creditors: amounts falling due within one year
2024
2023
£
£
Trade payables
167,446
416,006
Taxation and social security
64,372
51,162
Other payables
845,561
462,808
1,077,379
929,976
7
Non-current liabilities
2024
2023
£
£
Trade payables
54,420
8
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
78,970
77,438
The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.
MAKE IT YORK LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
8
Retirement benefit schemes
(Continued)
- 8 -
Defined benefit schemes
Introduction
The disclosures relate to the funded liabilities within the North Yorkshire Pension Fund (the “Fund”) which is part of the Local Government Pension Scheme (the “LGPS”).
The LGPS is a funded defined benefit plan with benefits earned up to 31st March 2014 being linked to final salary. Benefits after 31st March 2014 are based on a Career Average Revalued Earnings scheme, details of the benefits earned over the period covered by this disclosure are set out in ‘The Local Government Pension Scheme Regulations 2013’ (as amended) and ‘The Local Government Pension Scheme (Transitional Provisions, Savings and Amendment) Regulations 2014’ (as amended).
Funding/Governance Arrangements of the LGPS
The funded nature of the LGPS requires participating employers and its employees to pay contributions into the Fund, calculated at a level intended to balance the pension liabilities with the investment assets. Information on the framework for calculating contributions to be paid is set out in LGPS Regulations 2013 and the Fund’s Funding Strategy Statement. The last actuarial valuation was at 31st March 2022 and the contributions to be paid until 31st March 2024 resulting from that valuation are set out in the Fund’s Rates and Adjustment Certificate.
The Fund Administering Authority, North Yorkshire County Council, is responsible for the governance of the Fund.
Assets
The assets allocated to the Employer in the Fund are notional and are assumed to be invested in line with the investments of the Fund for the purposes of calculation the return over the accounting period. The Fund holds a significant proportion of its assets in liquid investments. As a consequence there will be no significant restriction on realising assets if a large payment is required to be paid from the Fund in relation to an employer’s liabilities. The assets are invested in a diversified spread of investments and the approximate split of assets for the Fund as a whole (based on data supplied by the Administering Authority) is shown in the disclosures.
The Administering Authority may invest a small proportion of the Fund’s investments in the assets of some of the employers participating in the Fund if it forms part of their balanced investment strategy.
The FRS102 balance sheet is showing a net pensions asset before consideration of a surplus under paragraph 28 of FRS102. This states that an entity shall recognise a plan surplus as a defined benefit plan asset only to the extent that it is able to recover the surplus either through reduced contributions of through refunds from the plan. The amount not recognised on this basis is £165,000.
MAKE IT YORK LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
8
Retirement benefit schemes
(Continued)
- 9 -
Risks Associated with the Fund in relation to Accounting
Asset volatility
The liabilities used for accounting purposes are calculated using a discount rate set with reference to corporate bond yields at the accounting date. If assets underperform this yield this will create a deficit in the accounts. The Fund holds a significant proportion of growth assets which while expected to outperform corporate bonds in the long term creates volatility and risk in the short term in relation to the accounting figures.
Changes in Bond Yield
A decrease in corporate bond yields will increase the value placed on the liabilities for accounting purposes although this will be marginally offset by the increase in the assets as a result (to the extend the Fund invests in corporate bonds).
Inflation Risk
The majority of the pension liabilities are linked to either pay or price inflation. Higher inflation expectations will lead to a higher liability value.
The assets are not perfectly correlated with inflation meaning that an increase in inflation will increase the deficit.
Life Expectancy
The majority of the Fund’s obligations are to provide benefits for the life of the member following retirement, so increases in life expectancy will result in an increase in the liabilities.
Exiting Employers
Employers who leave the Fund (or their guarantor) may have to make an exit payment to meet any shortfall in assets against their pension liabilities. If the employer (or guarantor) is not able to meet this exit payment the liability may in certain circumstances fall on other employers in the Fund.
Further the assets at exit in respect of ‘orphan liabilities’ may, in retrospect, not be sufficient to meet the liabilities. This risk may fall on other employers. ‘Orphan liabilities’ are currently a small proportion of the overall liabilities in the Fund.
2024
2023
Key assumptions
%
%
Discount rate
4.7
4.6
Expected rate of increase of pensions in payment
2.6
2.6
Expected rate of salary increases
3.85
3.85
MAKE IT YORK LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
8
Retirement benefit schemes
(Continued)
- 10 -
Mortality assumptions
2024
2023
Assumed life expectations on retirement at age 65:
Years
Years
Retiring today
- Males
22.1
22.6
- Females
24.6
25
Retiring in 20 years
- Males
23
23.5
- Females
25.6
26
2024
2023
Amounts recognised in the income statement
£
£
Current service cost
9,000
12,000
Net interest on net defined benefit liability/(asset)
7,000
-
Restriction on net interest income credited to the income statement
(7,000)
-
Total costs
9,000
12,000
2024
2023
Amounts taken to other comprehensive income
£
£
Actual return on scheme assets
(33,000)
-
Less: calculated interest element
33,000
-
Return on scheme assets excluding interest income
-
-
Actuarial changes related to obligations
(21,000)
(67,000)
Other gains and losses
(50,000)
(95,000)
Effect of changes in the amount of surplus that is not recognised
6,000
152,000
Total costs/(income)
(65,000)
(10,000)
The amounts included in the statement of financial position arising from the company's obligations in respect of defined benefit plans are as follows:
2024
2023
£
£
Present value of defined benefit obligations
733,000
712,000
Fair value of plan assets
(957,000)
(864,000)
Surplus in scheme
(224,000)
(152,000)
Restriction on scheme assets
165,000
152,000
Total (asset)/liability recognised
(59,000)
-
MAKE IT YORK LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
8
Retirement benefit schemes
(Continued)
- 11 -
2024
Movements in the present value of defined benefit obligations
£
Liabilities at 1 April 2023
712,000
Current service cost
9,000
Benefits paid
(2,000)
Contributions from scheme members
2,000
Actuarial gains and losses
(21,000)
Interest cost
33,000
At 31 March 2024
733,000
2024
The defined benefit obligations arise from plans funded as follows:
£
Wholly unfunded obligations
-
Wholly or partly funded obligations
733,000
733,000
2024
Movements in the fair value of plan assets
£
Fair value of assets at 1 April 2023
864,000
Interest income
40,000
Benefits paid
(2,000)
Contributions by the employer
3,000
Contributions by scheme members
2,000
Other
50,000
At 31 March 2024
957,000
The actual return on plan assets was £90,000 (2023 - £115,000).
2024
2023
Fair value of plan assets at the reporting period end
£
£
Equity instruments
451,000
451,000
Debt instruments
188,000
157,000
Property
58,000
55,000
Other
260,000
201,000
957,000
864,000
MAKE IT YORK LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 12 -
9
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.
Senior Statutory Auditor:
Nigel Everard
Statutory Auditor:
Hunter Gee Holroyd
Date of audit report:
18 October 2024
10
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
£
£
132,500
11
Related party transactions
Transactions with related parties
During the year the company entered into the following transactions with related parties:
The company sold goods and services to City of York Council, the sole shareholder of Make It York Ltd, during the year to the value of £33,504 (2023 £72,991).
The company also received £586,000 (2023 £586,000) in service level agreement funding from City of Council.
The company purchased goods and services from City of York Council during the year to the value of £713,757 (2023 £881,625). At the year end the balance outstanding in respect of these transactions was £36,762 (2023 £249,056.
All transactions were conducted under normal commercial terms.
The controlling party is City of York Council.
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