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Registration number: 05024573

Yeoman (South West) Limited

Unaudited Financial Statements

for the Year Ended 31 January 2024

 

Yeoman (South West) Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

Yeoman (South West) Limited

Company Information

Directors

P Durston

Mrs L Robinson

P Jones

Company secretary

Mrs L Robinson

Registered office

34 Boulevard
Weston-super-Mare
Somerset
BS23 1NF

Accountants

Four Fifty Partnership
Chartered Accountants
34 Boulevard
Weston-super-Mare
Somerset
BS23 1NF

 

Yeoman (South West) Limited

(Registration number: 05024573)
Balance Sheet as at 31 January 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

6

7,362

9,574

Current assets

 

Stocks

7

6,450

6,000

Debtors

8

51,003

59,637

Cash at bank and in hand

 

5,042

2,000

 

62,495

67,637

Creditors: Amounts falling due within one year

9

(62,390)

(63,443)

Net current assets

 

105

4,194

Total assets less current liabilities

 

7,467

13,768

Creditors: Amounts falling due after more than one year

9

(6,846)

(10,863)

Provisions for liabilities

(383)

(1,867)

Net assets

 

238

1,038

Capital and reserves

 

Called up share capital

20

20

Retained earnings

218

1,018

Shareholders' funds

 

238

1,038

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:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

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 Board on 31 October 2024 and signed on its behalf by:
 

.........................................
Mrs L Robinson
Company secretary and director

 

Yeoman (South West) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

2

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
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as either financial assets, liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company, after deducting all liabilities.
 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 5 (2023 - 6).

 

Yeoman (South West) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

4

Profit before tax

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

2,577

3,411

5

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 February 2023

3,250

3,250

At 31 January 2024

3,250

3,250

Amortisation

At 1 February 2023

3,250

3,250

At 31 January 2024

3,250

3,250

Carrying amount

At 31 January 2024

-

-

 

Yeoman (South West) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

6

Tangible assets

Fixtures, fittings and computer equipment
 £

Motor vehicles
 £

Plant and machinery
 £

Total
£

Cost or valuation

At 1 February 2023

2,743

25,328

7,323

35,394

Additions

365

-

-

365

At 31 January 2024

3,108

25,328

7,323

35,759

Depreciation

At 1 February 2023

2,453

16,422

6,945

25,820

Charge for the year

293

2,227

57

2,577

At 31 January 2024

2,746

18,649

7,002

28,397

Carrying amount

At 31 January 2024

362

6,679

321

7,362

At 31 January 2023

290

8,906

378

9,574

7

Stocks

2024
£

2023
£

Stocks

6,450

6,000

 

Yeoman (South West) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

8

Debtors

Current

2024
£

2023
£

Trade debtors

26,151

34,802

Prepayments

557

486

Other debtors

24,295

24,349

 

51,003

59,637

9

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

17,766

23,376

Trade creditors

 

5,361

7,636

Taxation and social security

 

33,123

29,382

Accruals and deferred income

 

3,049

2,783

Other creditors

 

3,091

266

 

62,390

63,443

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

6,846

10,863

 

Yeoman (South West) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

10

Related party transactions

Transactions with directors

2024

At 1 February 2023
£

Advances to director
£

Repayments by director
£

At 31 January 2024
£

P Jones

Directors Loan Account

14,260

33,875

(35,158)

12,977

P Durston

P Durston

5,044

28,567

(29,046)

4,566

Mrs L Robinson

L Robinson

1,552

21,450

(19,744)

3,258

2023

At 1 February 2022
£

Advances to director
£

Repayments by director
£

At 31 January 2023
£

P Jones

Directors Loan Account

10,578

20,048

(16,366)

14,260

P Durston

P Durston

(2,924)

23,846

(15,877)

5,044

Mrs L Robinson

L Robinson

(4,526)

13,889

(7,812)

1,552

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.