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REGISTERED NUMBER: 01576479 (England and Wales)
















Strategic Report, Report of the Directors and

Financial Statements for the Year Ended 31 October 2023

for

Claydon Yield-O-Meter Limited

Claydon Yield-O-Meter Limited (Registered number: 01576479)






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




Page

Company Information 1

Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 6

Statement of Comprehensive Income 9

Balance Sheet 10

Statement of Changes in Equity 11

Notes to the Financial Statements 12


Claydon Yield-O-Meter Limited

Company Information
for the Year Ended 31 October 2023







DIRECTORS: J Claydon
D Claydon
S Claydon
O Claydon





SECRETARY: D Claydon





REGISTERED OFFICE: Gaines Hall
Attleton Green
Wickhambrook
Newmarket
Suffolk
CB8 8YA





REGISTERED NUMBER: 01576479 (England and Wales)





AUDITORS: Hardcastle Burton LLP
Lake House
Market Hill
Royston
Hertfordshire
SG8 9JN

Claydon Yield-O-Meter Limited (Registered number: 01576479)

Strategic Report
for the Year Ended 31 October 2023

The directors present their strategic report for the year ended 31 October 2023.

REVIEW OF BUSINESS
The directors are pleased with the results of the company. The company reports another record-breaking level of turnover and profits.

The directors consider the key performance indicators to be as follows:

2023 2022
£'000000 £'000000
Turnover 13,512 10,753
Gross profit 4,828 3,797
Net profit 2,164 2,022
Net assets 6,343 5,871


The company has had two very strong years, both 2023 and 2022 have been record-breaking, despite the significant challenges around component and labour supply. The business' main revenue generation came from the sale of its Hybrid Trailed Drills to its European customer base and Hybrid Mounted Drills to the UK, with supplementary income from Straw Harrow, TerraStar and Terrablade products. The business also had a very strong trade for spare parts during the period too, with many dealers being prepared to take a stock of spare parts due to the shortages in the market.

Given the circumstances, the directors are satisfied with the progress made during the year, especially when you take into consideration the turbulent post Covid environment with challenges for both the supply of components and labour in a way nobody has seen in decades.

During this period the business was developing, and finally launched in October 2023, the New Evolution Mounted Drill which has replaced the Mounted Hybrid Drill. The market has responded fantastically to the introduction of this model update and sales have been very strong. In addition to this, front hopper and toolbar versions of this machine have been developed and launched in 2024.

Management are focused on continued product development and identifying new products and markets in which to trade.

PRINCIPAL RISKS AND UNCERTAINTIES
During the course of its business the company is exposed to relatively low levels of financial risks which are dealt with in the next paragraph. Other risks include but are not limited to the failure to comply with legislative and regulatory requirements including environmental and litigation failures, business continuity and the actions of customers and competitors. The company has implemented risk controls and loss mitigation plans but cannot give absolute assurance that such procedures will be effective in identifying or controlling each of the operational risks faced by the company.


Claydon Yield-O-Meter Limited (Registered number: 01576479)

Strategic Report
for the Year Ended 31 October 2023

FINANCIAL RISK MANAGEMENT POLICIES
The overall aim of the company financial risk management policy is to minimise potential adverse effects on financial performance and net assets. In the course of the business, the company is exposed primarily to foreign exchange risk, liquidity risk and credit risk. Interest rate is not considered significant as the company does not have any liabilities that accrue significant interest and interest income on bank deposits is not material.

The company manages the principal financial risk within policies and operating parameters approved by the Board of Directors. The company does not enter into speculative transactions.

i) Foreign currency risk
The company operates domestically and overseas. The company does hedge certain cash flows when the directors believe this to be appropriate.

ii) Liquidity risk
The company's policy on liquidity risk is to ensure that sufficient cash is available to fund on-going operations without the need to carry significant net debt. Where appropriate financing can be negotiated, assets may be purchased under finance lease agreement. The extent of this financing is not considered material.

iii) Credit risk
Credit risk arises on financial instruments such as trade receivables. Policies and procedures exist to ensure that
customers have an appropriate credit history. Machinery is generally not released to customers until payment is received in full. Overall, the company considers that it is not exposed to a significant amount of credit risk.

OUTLOOK AHEAD
The company continues its strategy for growth, looking for further opportunities for growth.

ON BEHALF OF THE BOARD:





J Claydon - Director


31 October 2024

Claydon Yield-O-Meter Limited (Registered number: 01576479)

Report of the Directors
for the Year Ended 31 October 2023

The directors present their report with the financial statements of the company for the year ended 31 October 2023.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of the manufacture and sale of specialised agricultural machinery to the farming industry.

DIVIDENDS
The total distribution of dividends for the period ended 31 October 2023 is £1,176,000 (2022: £140,000)

DIRECTORS
The directors shown below have held office during the whole of the period from 1 November 2022 to the date of this report.

J Claydon
D Claydon
S Claydon
O Claydon

Other changes in directors holding office are as follows:

F Claydon ceased to be a director after 31 October 2023 but prior to the date of this report.

DIRECTORS' RESPONSIBILITIES STATEMENT
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

Claydon Yield-O-Meter Limited (Registered number: 01576479)

Report of the Directors
for the Year Ended 31 October 2023


AUDITORS
The auditors, Hardcastle Burton LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





J Claydon - Director


31 October 2024

Report of the Independent Auditors to the Members of
Claydon Yield-O-Meter Limited

Opinion
We have audited the financial statements of Claydon Yield-O-Meter Limited (the 'company') for the year ended 31 October 2023 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
_
In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 31 October 2023 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of
Claydon Yield-O-Meter Limited


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Directors' Responsibilities Statement set out on page four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Our approach was as follows:-

We obtained an understanding of the legal and regulatory frameworks that are applicable to the company and determined that the most significant frameworks which are directly relevant to specific assertions in the financial statements are those that related to the reporting framework (FRS 102 and Companies Act 2006).

We obtained an understanding to how the company is complying with those frameworks by making enquiries of management and those responsible for legal and compliance procedures. We corroborated our enquiries through correspondence with management and a review of any correspondence received from regulatory bodies.

We assessed the susceptivity of the company's financial statements to material misstatement, including how fraud might occur by meeting with management from various parts of the business to understand the systems and controls of the company.

Based on our understanding we designed our audit procedures to identify non-compliance with such laws and regulations identified in the paragraphs above. Our procedures involved; journal entry testing; focusing on manual journals and journals indicating large or unusual transactions based on our understanding of the business; enquiries of management and focused testing in relation to revenue and management override.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Other matters which we are required to address
The financial statements of Claydon Yield-O-Meter Limited for the year ended 31 October 2022 were unaudited.

Report of the Independent Auditors to the Members of
Claydon Yield-O-Meter Limited


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Kristi Johnson ACA FCCA CTA (Senior Statutory Auditor)
for and on behalf of Hardcastle Burton LLP
Lake House
Market Hill
Royston
Hertfordshire
SG8 9JN

31 October 2024

Claydon Yield-O-Meter Limited (Registered number: 01576479)

Statement of Comprehensive
Income
for the Year Ended 31 October 2023

Period
1.12.21
Year Ended to
31.10.23 31.10.22
as restated
Notes £    £   

TURNOVER 3 13,511,658 10,752,569

Cost of sales 8,683,901 6,955,239
GROSS PROFIT 4,827,757 3,797,330

Administrative expenses 2,616,270 1,736,046
2,211,487 2,061,284

Other operating income 17,694 7,829
OPERATING PROFIT 5 2,229,181 2,069,113

Interest receivable and similar income 5,979 118
2,235,160 2,069,231

Interest payable and similar expenses 6 70,962 46,798
PROFIT BEFORE TAXATION 2,164,198 2,022,433

Tax on profit 7 516,284 381,141
PROFIT FOR THE FINANCIAL YEAR 1,647,914 1,641,292

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

1,647,914

1,641,292
Prior year adjustment 9 60,967
TOTAL COMPREHENSIVE INCOME
SINCE LAST ANNUAL REPORT

1,708,881

Claydon Yield-O-Meter Limited (Registered number: 01576479)

Balance Sheet
31 October 2023

31.10.23 31.10.22
as restated
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 10 1,937,788 1,834,914
Investments 11 62,500 62,500
2,000,288 1,897,414

CURRENT ASSETS
Stocks 12 5,756,236 3,980,762
Debtors 13 1,362,561 1,127,921
Cash at bank and in hand 1,211,306 2,649,279
8,330,103 7,757,962
CREDITORS
Amounts falling due within one year 14 2,305,058 2,093,394
NET CURRENT ASSETS 6,025,045 5,664,568
TOTAL ASSETS LESS CURRENT
LIABILITIES

8,025,333

7,561,982

CREDITORS
Amounts falling due after more than one
year

15

(1,356,182

)

(1,411,645

)

PROVISIONS FOR LIABILITIES 19 (326,121 ) (279,221 )
NET ASSETS 6,343,030 5,871,116

CAPITAL AND RESERVES
Called up share capital 20 100 100
Retained earnings 21 6,342,930 5,871,016
SHAREHOLDERS' FUNDS 6,343,030 5,871,116

The financial statements were approved by the Board of Directors and authorised for issue on 31 October 2024 and were signed on its behalf by:





J Claydon - Director


Claydon Yield-O-Meter Limited (Registered number: 01576479)

Statement of Changes in Equity
for the Year Ended 31 October 2023

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 December 2021 100 4,369,724 4,369,824

Changes in equity
Dividends - (140,000 ) (140,000 )
Total comprehensive income - 1,580,325 1,580,325
Balance at 31 October 2022 100 5,810,049 5,810,149
Prior year adjustment - 60,967 60,967
As restated 100 5,871,016 5,871,116

Changes in equity
Dividends - (1,176,000 ) (1,176,000 )
Total comprehensive income - 1,647,914 1,647,914
Balance at 31 October 2023 100 6,342,930 6,343,030

Claydon Yield-O-Meter Limited (Registered number: 01576479)

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

1. STATUTORY INFORMATION

Claydon Yield-O-Meter 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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Financial Reporting Standard 102 - reduced disclosure exemptions
The company has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

the requirements of Section 7 Statement of Cash Flows.

Preparation of consolidated financial statements
The financial statements contain information about Claydon Yield-O-Meter Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 400 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it and its subsidiary undertaking are included by full consolidation in the consolidated financial statements of its parent, Claydon Family Holdings Limited, Lake House, Market Hill, Royston, Hertfordshire, SG8 9JN.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Significant judgements and estimates
The preparation of the financial statements requires management to make judgements, estimates and assumptions that effect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. The nature of estimation means that actual outcomes could differ from those estimates. The following judgements have had a significant effect on amounts recognised in the financial statements:

a) The warranty provision included in the accounts is estimated on a monthly basis using the total revenue of wholegood stock and historical warranty cost data. The current years' warranty expense is compared to the previous years' provision to aid management in applying the most appropriate rate possible.

b) The annual depreciation charge for all assets is sensitive to changes in the estimated useful economic
lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually.

c) A stock provision is made for slow moving stock. Where the stock provision does not adequately write down the value of certain parts and machines an additional provision is made.

Turnover
Turnover is stated net of VAT and trade discounts. Turnover from the sale of goods is recognised when the goods are physically delivered to the customer. Where payments are received from customers in advance of the delivery of goods, the amounts are recorded as deferred income and included as part of creditors due within one year.

Claydon Yield-O-Meter Limited (Registered number: 01576479)

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

2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Improvements to property - No depreciation
Plant and machinery - 33% on reducing balance, 25% on cost, 25% on reducing balance, 12% on cost and 5% on cost
Fixtures and fittings - 33% on cost, 25% on reducing balance and 20% on cost
Motor vehicles - 25% on cost and 25% on reducing balance
Computer equipment - 50% on cost and 33% on reducing balance

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.

No depreciation is provided on freehold property and improvements to property. This is due to the residual value of the buildings being considered to be not less than current net book value having regard to them being self-built and receiving continued refurbishment works as required in forthcoming years.

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Stocks
Stocks 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 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.

A stock provision is provided in the accounts against the total valuation of parts stock on a monthly basis. If this provision does not adequately write down the value of certain parts to the correct value, an additional impairment is included in the accounts to ensure that all line items are held at the lower of cost and net realisable value. The rate of this provision is reviewed by management as appropriate.

Financial instruments
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' 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.

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.

Basic financial liabilities
Basic financial liabilities, including creditors and loans 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.

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.


Claydon Yield-O-Meter Limited (Registered number: 01576479)

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

2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, 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 balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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 balance sheet 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.

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.

Comparatives
The comparative period figures are for the 11 month period ended 31 October 2022. The reason for this change of reporting period was to align the year end with the parent company.

Claydon Yield-O-Meter Limited (Registered number: 01576479)

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

3. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

An analysis of turnover by geographical market is given below:

Period
1.12.21
Year Ended to
31.10.23 31.10.22
as restated
£    £   
United Kingdom 5,419,554 4,449,272
Europe 8,088,060 6,303,297
Oceania 4,044 -
13,511,658 10,752,569

4. EMPLOYEES AND DIRECTORS
Period
1.12.21
Year Ended to
31.10.23 31.10.22
as restated
£    £   
Wages and salaries 2,269,597 1,731,012
Social security costs 221,285 174,262
Other pension costs 121,971 36,164
2,612,853 1,941,438

The average number of employees during the year was as follows:
Period
1.12.21
Year Ended to
31.10.23 31.10.22
as restated

Management 2 2
Production 47 43
Administration 19 15
68 60

Period
1.12.21
Year Ended to
31.10.23 31.10.22
as restated
£    £   
Directors' remuneration 114,516 97,357
Directors' pension contributions to money purchase schemes 6,277 1,942

Claydon Yield-O-Meter Limited (Registered number: 01576479)

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

4. EMPLOYEES AND DIRECTORS - continued

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 2 2

5. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

Period
1.12.21
Year Ended to
31.10.23 31.10.22
as restated
£    £   
Hire of plant and machinery 18,074 16,648
Other operating leases 11,498 10,251
Depreciation - owned assets 123,612 82,334
Depreciation - assets on hire purchase contracts 3,962 11,314
Profit on disposal of fixed assets (1,407 ) -
Auditors' remuneration 22,645 -
Foreign exchange differences (170,588 ) (172,838 )

6. INTEREST PAYABLE AND SIMILAR EXPENSES
Period
1.12.21
Year Ended to
31.10.23 31.10.22
as restated
£    £   
Bank loan interest 70,226 44,235
HMRC interest - 2,563
Hire purchase 736 -
70,962 46,798

7. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
Period
1.12.21
Year Ended to
31.10.23 31.10.22
as restated
£    £   
Current tax:
UK corporation tax 478,056 361,000

Deferred tax 38,228 20,141
Tax on profit 516,284 381,141

Claydon Yield-O-Meter Limited (Registered number: 01576479)

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

7. TAXATION - continued

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

Period
1.12.21
Year Ended to
31.10.23 31.10.22
as restated
£    £   
Profit before tax 2,164,198 2,022,433
Profit multiplied by the standard rate of corporation tax in the UK of 25%
(2022 - 19%)

541,050

384,262

Effects of:
Expenses not deductible for tax purposes 18,080 25,191
Capital allowances in excess of depreciation (7,078 ) (48,453 )
Deferred tax expense due to change in timing differences - 20,141
Corporation tax expense due to change in tax rate (35,768 ) -
Total tax charge 516,284 381,141

8. DIVIDENDS
Period
1.12.21
Year Ended to
31.10.23 31.10.22
as restated
£    £   
Ordinary shares of £1 each
Interim 1,176,000 140,000

Claydon Yield-O-Meter Limited (Registered number: 01576479)

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

9. PRIOR YEAR ADJUSTMENT

A number of prior year adjustments have been made, the prior year balances have been restated for the below adjustments.

A reclassification error due to an investment in a French subsidiary being treated as a loan. Trade debtors in the prior year decreased by £62,500 and shares in group undertakings increased by £62,500.

There was also a reclassification error due to the warranty provision being treated and included within accruals and deferred income. The warranty provision has been reclassified to other provisions. Accruals and deferred income in the prior year decreased by £212,619 and other provisions increased by £212,619.

The costs relating to warranty provisions was also found to be included as both a sale and cost of sale. Sales and cost of sales were therefore both overstated by £94,732. Both balances have been reduced accordingly.

An accrual for stock received not invoiced was overstated by £161,994. The prior year accruals have decreased by £161,994 and opening retained earnings have increased by £161,994.

The provision for slow-moving and obsolete stock had been understated by £86,726. The prior year closing stock has decreased by £86,726 and opening retained earnings have decreased by £86,726.

The above adjustments have increased the corporation tax liability in the prior year by £14,301. As a result the prior year corporation tax liability has increased by £14,301 and opening retained earnings have decreased by £14,301.

The total effect of prior year adjustments are as follows: Trade debtors decreased £62,500, shares in group undertakings increased £62,500, accruals decreased £374,613, provisions increased £212,619, stock decreased £86,726, tax liability increased £14,301 and retained earnings increased £60,967.

10. TANGIBLE FIXED ASSETS
Improvements Fixtures
to Plant and and
property machinery fittings
£    £    £   
COST
At 1 November 2022 1,490,764 1,010,501 56,781
Additions - 96,554 4,995
Disposals - (5,800 ) -
At 31 October 2023 1,490,764 1,101,255 61,776
DEPRECIATION
At 1 November 2022 - 729,737 41,560
Charge for year - 82,592 6,187
Eliminated on disposal - (5,793 ) -
At 31 October 2023 - 806,536 47,747
NET BOOK VALUE
At 31 October 2023 1,490,764 294,719 14,029
At 31 October 2022 1,490,764 280,764 15,221

Claydon Yield-O-Meter Limited (Registered number: 01576479)

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

10. TANGIBLE FIXED ASSETS - continued

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 November 2022 145,192 28,212 2,731,450
Additions 117,842 12,441 231,832
Disposals (10,700 ) - (16,500 )
At 31 October 2023 252,334 40,653 2,946,782
DEPRECIATION
At 1 November 2022 105,659 19,580 896,536
Charge for year 28,756 10,039 127,574
Eliminated on disposal (9,323 ) - (15,116 )
At 31 October 2023 125,092 29,619 1,008,994
NET BOOK VALUE
At 31 October 2023 127,242 11,034 1,937,788
At 31 October 2022 39,533 8,632 1,834,914

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
Additions 115,447
At 31 October 2023 115,447
DEPRECIATION
Charge for year 3,962
At 31 October 2023 3,962
NET BOOK VALUE
At 31 October 2023 111,485

11. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 November 2022
and 31 October 2023 62,500
NET BOOK VALUE
At 31 October 2023 62,500
At 31 October 2022 62,500

Claydon Yield-O-Meter Limited (Registered number: 01576479)

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

11. FIXED ASSET INVESTMENTS - continued

The company's investments at the Balance Sheet date in the share capital of companies include the following:

CLAYDON S.A.R.L
Registered office: 18 Rue Gambetta, 95880 Enghien-Les-Bains, France
Nature of business: Wholesale trade of agricultural equipment
%
Class of shares: holding
Ordinary 100.00

12. STOCKS
31.10.23 31.10.22
as restated
£    £   
Raw materials 4,486,245 2,849,020
Work-in-progress 597,511 379,971
Finished goods 672,480 751,771
5,756,236 3,980,762

13. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.10.23 31.10.22
as restated
£    £   
Trade debtors 567,805 689,632
Amounts owed by group undertakings 149,555 120
Other debtors 334,274 264,251
Prepayments and accrued income 310,927 173,918
1,362,561 1,127,921

14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.10.23 31.10.22
as restated
£    £   
Bank loans and overdrafts (see note 16) 136,140 133,125
Hire purchase contracts (see note 17) 27,647 -
Trade creditors 1,040,259 970,107
Tax 313,357 241,000
Social security and other taxes 66,242 64,588
Other creditors 150,787 94,493
Directors' current accounts 369,286 327,860
Accruals & deferred income 201,340 262,221
2,305,058 2,093,394

Claydon Yield-O-Meter Limited (Registered number: 01576479)

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

15. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.10.23 31.10.22
as restated
£    £   
Bank loans (see note 16) 1,275,506 1,411,645
Hire purchase contracts (see note 17) 80,676 -
1,356,182 1,411,645

16. LOANS

An analysis of the maturity of loans is given below:

31.10.23 31.10.22
as restated
£    £   
Amounts falling due within one year or on demand:
Bank loans 136,140 133,125

Amounts falling due between two and five years:
Bank loans - 2-5 years 576,959 576,959

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 698,547 834,686

17. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
31.10.23 31.10.22
as restated
£    £   
Net obligations repayable:
Within one year 27,647 -
Between one and five years 80,676 -
108,323 -

Non-cancellable operating leases
31.10.23 31.10.22
as restated
£    £   
Within one year 1,155 9,288
Between one and five years 2,722 3,877
3,877 13,165

Claydon Yield-O-Meter Limited (Registered number: 01576479)

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

18. SECURED DEBTS

The following secured debts are included within creditors:

31.10.23 31.10.22
as restated
£    £   
Bank loans 1,411,646 1,544,770
Hire purchase contracts 108,323 -
1,519,969 1,544,770

The company has a fixed rate basis term loan with Barclays Bank. The loan incurs a fixed interest rate of 3.57% per annum and is to be repaid over 10 years with 120 monthly instalments of £9,471.79 comprising interest and principal. The bank loan is secured by land owned by the parent company, Claydon Family Holdings Limited. A cross guarantee and debenture between Claydon Yield-O-Meter Limited and Claydon Family Holdings is in place.

The company also has a variable rate term loan with Barclays Bank. The interest is to be paid monthly by the company's Current Account and is calculated as 2% per annum above the base rate. The loan is to be repaid over 10 years with quarterly instalments of £12,509.46 comprising principal only.

The loans are secured against the land owned by the parent company. All charges are registered and viewable on Companies House.

Hire purchase liabilities are secured by the individual asset to which the hire purchase liabilities relate.

19. PROVISIONS FOR LIABILITIES
31.10.23 31.10.22
as restated
£    £   
Deferred tax
Accelerated capital allowances 104,830 66,602
Other provisions 221,291 212,619
326,121 279,221

Deferred Warranty
tax provision
£    £   
Balance at 1 November 2022 66,602 212,619
Provided during year 38,228 8,672
Balance at 31 October 2023 104,830 221,291

20. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.10.23 31.10.22
value: as restated
£    £   
100 Ordinary £1 100 100

The ordinary share capital has no restriction of rights.

Claydon Yield-O-Meter Limited (Registered number: 01576479)

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

21. RESERVES
Retained
earnings
£   

At 1 November 2022 5,810,049
Prior year adjustment 60,967
5,871,016
Profit for the year 1,647,914
Dividends (1,176,000 )
At 31 October 2023 6,342,930

22. PENSION COMMITMENTS

The pension cost charge represents contributions payable by the company to the fund and amounted to £121,970 (2022: £36,164). At the end of the year 31 October 2023 there was a balance of £30,511 (2022: £8,769) outstanding to be paid.

23. CAPITAL COMMITMENTS
31.10.23 31.10.22
as restated
£    £   
Contracted but not provided for in the
financial statements 369,470 -

24. RELATED PARTY DISCLOSURES

At the balance sheet date the directors of the company were owed a total of £369,286 (2022: £327,860) from the company. No interest is charged on the loans to directors. No interest is charged on the loans to directors and are repayable on demand.

25. PARENT AND ULTIMATE PARENT COMPANY AND CONTROLLING PARTY

The immediate and ultimate parent company is Claydon Family Holdings Limited, a company incorporated in England and Wales.

The registered office address for the parent company, Claydon Family Holdings Limited, is:

Lake House
Market Hill
Royston
Herts
SG8 9JN

The largest and smallest group of undertakings for which group accounts have been drawn up was that headed by Claydon Family Holdings Limited and copies are available from the Registrar of Companies (www.companieshouse.gov.uk).

26. PERSONAL GUARANTEE

J Claydon and F Claydon have provided personal guarantees to the value of £2.5m as security against the bank borrowings.