REGISTERED NUMBER: |
Strategic Report, Report of the Directors and |
Financial Statements for the Year Ended 31 October 2023 |
for |
Claydon Yield-O-Meter Limited |
REGISTERED NUMBER: |
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: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
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: |
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. |
Other changes in directors holding office are as follows: |
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: |
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. |
for and on behalf of |
Lake House |
Market Hill |
Royston |
Hertfordshire |
SG8 9JN |
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 |
Cost of sales |
GROSS PROFIT |
Administrative expenses |
2,211,487 | 2,061,284 |
Other operating income |
OPERATING PROFIT | 5 |
Interest receivable and similar income |
2,235,160 | 2,069,231 |
Interest payable and similar expenses | 6 |
PROFIT BEFORE TAXATION |
Tax on profit | 7 |
PROFIT FOR THE FINANCIAL YEAR |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
Prior year adjustment | 9 |
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 |
Investments | 11 |
CURRENT ASSETS |
Stocks | 12 |
Debtors | 13 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 14 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
15 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 19 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 20 |
Retained earnings | 21 | 5,871,016 |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the Board of Directors and authorised for issue on |
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 |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 31 October 2022 |
Prior year adjustment | - |
As restated |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 31 October 2023 |
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 |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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 |
Improvements to property | - |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
Computer equipment | - |
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 |
Europe |
Oceania | 4,044 | - |
4. | EMPLOYEES AND DIRECTORS |
Period |
1.12.21 |
Year Ended | to |
31.10.23 | 31.10.22 |
as restated |
£ | £ |
Wages and salaries |
Social security costs |
Other pension costs |
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 |
Period |
1.12.21 |
Year Ended | to |
31.10.23 | 31.10.22 |
as restated |
£ | £ |
Directors' remuneration |
Directors' pension contributions to money purchase schemes |
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 |
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 |
Other operating leases |
Depreciation - owned assets |
Depreciation - assets on hire purchase contracts |
Profit on disposal of fixed assets | ( |
) |
Auditors' remuneration |
Foreign exchange differences | ( |
) | ( |
) |
6. | INTEREST PAYABLE AND SIMILAR EXPENSES |
Period |
1.12.21 |
Year Ended | to |
31.10.23 | 31.10.22 |
as restated |
£ | £ |
Bank loan interest |
HMRC interest |
Hire purchase |
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 |
Deferred tax |
Tax on profit |
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 |
Profit multiplied by the standard rate of corporation tax in the UK of (2022 - |
Effects of: |
Expenses not deductible for tax purposes |
Capital allowances in excess of depreciation | ( |
) | ( |
) |
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 |
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 |
Additions |
Disposals | ( |
) |
At 31 October 2023 |
DEPRECIATION |
At 1 November 2022 |
Charge for year |
Eliminated on disposal | ( |
) |
At 31 October 2023 |
NET BOOK VALUE |
At 31 October 2023 |
At 31 October 2022 |
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 |
Additions |
Disposals | ( |
) | ( |
) |
At 31 October 2023 |
DEPRECIATION |
At 1 November 2022 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 31 October 2023 |
NET BOOK VALUE |
At 31 October 2023 |
At 31 October 2022 |
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Motor |
vehicles |
£ |
COST |
Additions |
At 31 October 2023 |
DEPRECIATION |
Charge for year |
At 31 October 2023 |
NET BOOK VALUE |
At 31 October 2023 |
11. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
£ |
COST |
At 1 November 2022 |
and 31 October 2023 |
NET BOOK VALUE |
At 31 October 2023 |
At 31 October 2022 |
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: |
Registered office: 18 Rue Gambetta, 95880 Enghien-Les-Bains, France |
Nature of business: |
% |
Class of shares: | holding |
12. | STOCKS |
31.10.23 | 31.10.22 |
as restated |
£ | £ |
Raw materials |
Work-in-progress |
Finished goods |
13. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.10.23 | 31.10.22 |
as restated |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
Prepayments and accrued income |
14. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.10.23 | 31.10.22 |
as restated |
£ | £ |
Bank loans and overdrafts (see note 16) |
Hire purchase contracts (see note 17) |
Trade creditors |
Tax |
Social security and other taxes |
Other creditors |
Directors' current accounts | 369,286 | 327,860 |
Accruals & deferred income |
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) |
Hire purchase contracts (see note 17) |
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 |
Amounts falling due between two and five years: |
Bank loans - 2-5 years |
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 |
Between one and five years |
Non-cancellable operating | leases |
31.10.23 | 31.10.22 |
as restated |
£ | £ |
Within one year |
Between one and five years |
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 |
Hire purchase contracts | 108,323 | - |
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 |
Other provisions | 221,291 | 212,619 |
Deferred | Warranty |
tax | provision |
£ | £ |
Balance at 1 November 2022 |
Provided during year |
Balance at 31 October 2023 |
20. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.10.23 | 31.10.22 |
value: | as restated |
£ | £ |
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 |
Prior year adjustment |
Profit for the year |
Dividends | ( |
) |
At 31 October 2023 |
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 |
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. |