Registration number:
Yeoman (South West) Limited
for the
Year Ended 31 January 2024
Yeoman (South West) Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
Yeoman (South West) Limited
Company Information
Directors |
P Durston Mrs L Robinson P Jones |
Company secretary |
Mrs L Robinson |
Registered office |
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Accountants |
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Yeoman (South West) Limited
(Registration number: 05024573)
Balance Sheet as at 31 January 2024
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2024 |
2023 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
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Provisions for liabilities |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Retained earnings |
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Shareholders' funds |
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For the financial year ending 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Yeoman (South West) Limited
(Registration number: 05024573)
Balance Sheet as at 31 January 2024
Directors' responsibilities:
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.
Approved and authorised by the
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Yeoman (South West) Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
The presentational currency of these accounts is pound sterling (£).
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
Yeoman (South West) Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024
2 |
Accounting policies (continued) |
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Plant and machinery |
15% Reducing balance |
Fixtures and fittings |
15% Reducing balance |
Motor vehicles |
25% Reducing balance |
Computer Equipment |
33% Straight Line, 25% Reducing balance |
Yeoman (South West) Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024
2 |
Accounting policies (continued) |
Stock and work in progress
Stock and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
Cost includes all direct expenditure and an appropriate proportion of fixed and variable overheads.
Stock is valued on a first in, first out basis.
Goodwill
Goodwill, being the amount paid in connection with the acquisition of the business in 2004, was fully amortised evenly over its estimated useful life of ten years.
Defined contribution pension obligation
The company operates a defined contribution pension scheme. Contributions payable to the company’s pension scheme are charged to the profit and loss account in the period to which they relate.
Financial instruments
Classification
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Yeoman (South West) Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024
Profit before tax |
Arrived at after charging/(crediting)
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2023 |
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Depreciation expense |
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Intangible assets |
Goodwill |
Total |
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Cost or valuation |
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At 1 February 2023 |
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At 31 January 2024 |
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Amortisation |
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At 1 February 2023 |
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At 31 January 2024 |
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Carrying amount |
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At 31 January 2024 |
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Yeoman (South West) Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024
Tangible assets |
Fixtures, fittings and computer equipment |
Motor vehicles |
Plant and machinery |
Total |
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Cost or valuation |
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At 1 February 2023 |
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Additions |
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At 31 January 2024 |
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Depreciation |
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At 1 February 2023 |
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Charge for the year |
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At 31 January 2024 |
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Carrying amount |
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At 31 January 2024 |
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At 31 January 2023 |
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Stocks |
2024 |
2023 |
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Stocks |
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Yeoman (South West) Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024
Debtors |
Current |
2024 |
2023 |
Trade debtors |
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Prepayments |
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Other debtors |
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Creditors |
Creditors: amounts falling due within one year
Note |
2024 |
2023 |
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Due within one year |
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Loans and borrowings |
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Trade creditors |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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Creditors: amounts falling due after more than one year
Note |
2024 |
2023 |
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Due after one year |
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Loans and borrowings |
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Yeoman (South West) Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024
Related party transactions |
Transactions with directors |
2024 |
At 1 February 2023 |
Advances to director |
Repayments by director |
At 31 January 2024 |
P Jones |
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Directors Loan Account |
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P Durston |
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P Durston |
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Mrs L Robinson |
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L Robinson |
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2023 |
At 1 February 2022 |
Advances to director |
Repayments by director |
At 31 January 2023 |
P Jones |
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Directors Loan Account |
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P Durston |
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P Durston |
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Mrs L Robinson |
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L Robinson |
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Interest has been paid at the official rate on the overdrawn position as required. No section S455 has been provided as the loan has been repaid within 9 months of the year end.