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REGISTERED NUMBER: 05439412 (England and Wales)







Unaudited Financial Statements

for the Year Ended 31 October 2023

for

P Yates Limited

P Yates Limited (Registered number: 05439412)






Contents of the Financial Statements
for the Year Ended 31 October 2023




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


P Yates Limited

Company Information
for the Year Ended 31 October 2023







DIRECTORS: P R Yates
Mrs I M Yates
W D Andrews





REGISTERED OFFICE: Suite 1
Liberty House
South Liberty Lane
Bristol
BS3 2ST





REGISTERED NUMBER: 05439412 (England and Wales)





ACCOUNTANTS: Stanley Joseph Limited
Chartered Accountants
Suite 1
Liberty House
South Liberty Lane
Bristol
BS3 2ST

P Yates Limited (Registered number: 05439412)

Statement of Financial Position
31 October 2023

31.10.23 31.10.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 9,951 88,498

CURRENT ASSETS
Stocks 640,147 394,285
Debtors 5 13,597 127,401
Cash at bank 10,502 156,150
664,246 677,836
CREDITORS
Amounts falling due within one year 6 479,822 736,244
NET CURRENT ASSETS/(LIABILITIES) 184,424 (58,408 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

194,375

30,090

CREDITORS
Amounts falling due after more than one
year

7

(187,837

)

(26,667

)

PROVISIONS FOR LIABILITIES (2,488 ) (2,223 )
NET ASSETS 4,050 1,200

P Yates Limited (Registered number: 05439412)

Statement of Financial Position - continued
31 October 2023

31.10.23 31.10.22
Notes £    £    £    £   
CAPITAL AND RESERVES
Called up share capital 1,200 1,200
Retained earnings 2,850 -
4,050 1,200

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 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 financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

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 21 October 2024 and were signed on its behalf by:





W D Andrews - Director


P Yates Limited (Registered number: 05439412)

Notes to the Financial Statements
for the Year Ended 31 October 2023

1. STATUTORY INFORMATION

P Yates Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover represents the amounts receivable, excluding VAT and trade discounts, by the company for goods and services provided during the period. All transactions arose in the United Kingdom.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 2% on cost
Fixtures and fittings - 25% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 33% on cost

Stocks
Work in progress is valued at the lower of cost and net realisable value.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

P Yates Limited (Registered number: 05439412)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2023

2. ACCOUNTING POLICIES - continued

Financial instruments
The company only enters into basic financial instruments that result in the recognition of financial assets and liabilities like cash and bank balances, trade debtors and creditors, bank overdrafts, finance leases and hire purchase contracts.

A financial asset or financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments.

Debt instruments are subsequently measured at amortised cost.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in the profit and loss immediately.

Any reversals of impairment are recognised in the profit and loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

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
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.

P Yates Limited (Registered number: 05439412)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2023

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2022 - 6 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Freehold and Motor Computer
property fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 November 2022 80,000 2,674 42,830 12,448 137,952
Additions - - - 1,852 1,852
Reclassification/transfer (80,000 ) - - - (80,000 )
At 31 October 2023 - 2,674 42,830 14,300 59,804
DEPRECIATION
At 1 November 2022 3,200 1,170 32,711 12,373 49,454
Charge for year - 376 2,530 693 3,599
Reclassification/transfer (3,200 ) - - - (3,200 )
At 31 October 2023 - 1,546 35,241 13,066 49,853
NET BOOK VALUE
At 31 October 2023 - 1,128 7,589 1,234 9,951
At 31 October 2022 76,800 1,504 10,119 75 88,498

P Yates Limited (Registered number: 05439412)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2023

4. TANGIBLE FIXED ASSETS - continued

During the year the company obtained planning permission to convert the freehold office into residential units, so the asset has been transferred to purchases and work in progress at the year end.

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.10.23 31.10.22
£    £   
Amounts owed by associates 6 15,778
Other debtors 13,591 111,623
13,597 127,401

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.10.23 31.10.22
£    £   
Bank loans and overdrafts 22,750 10,000
Trade creditors 2,133 50,187
Taxation and social security 5,373 4,548
Other creditors 449,566 671,509
479,822 736,244

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.10.23 31.10.22
£    £   
Bank loans 187,837 26,667

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 122,188 -

8. RELATED PARTY DISCLOSURES

During the year, total dividends of £3,000 were paid to the directors .

P Yates Limited (Registered number: 05439412)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2023

8. RELATED PARTY DISCLOSURES - continued

During the period the company entered into the following transactions with the directors:

P Yates:

2023 2022

Capital introduced/(withdrawn) (55,669 ) (25,846 )

At the balance sheet date the amount due to the director was £68,485 (2022 - £124,154).


I Yates:

2023 2022

Capital introduced/(withdrawn) (26,157 ) 75,465

At the balance sheet date the amount due to the director was £49,308 (2022 - £75,465).


W Andrews:

2023 2022

Capital introduced/(withdrawn) (28,226 ) (31,714 )

Sales to director 97,653 32,000

At the balance sheet date the amount due to the director was £Nil (2022 - £28,226)


PYL Brook Road Limited:
A company owned by the directors
2023 2022

Sales to related company - 823,104

At the balance sheet date the amount due from the related company was £Nil (2022 - £Nil)

PYL Bath Road Limited:
A company owned by the directors
2023 2022

Short term loan to related company 84,216 (84,222 )


P Yates Limited (Registered number: 05439412)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2023

8. RELATED PARTY DISCLOSURES - continued
Sales to company 610.988 -

At the balance sheet date the amount due to the related company was £6 (2022 - Due from the company £15,778)