REGISTERED NUMBER: |
Strategic Report, Report of the Directors and |
Financial Statements for the Year Ended 30 November 2023 |
for |
YUILL & DODDS LIMITED |
REGISTERED NUMBER: |
Strategic Report, Report of the Directors and |
Financial Statements for the Year Ended 30 November 2023 |
for |
YUILL & DODDS LIMITED |
YUILL & DODDS LIMITED (REGISTERED NUMBER: SC088529) |
Contents of the Financial Statements |
for the Year Ended 30 November 2023 |
Page |
Company Information | 1 |
Strategic Report | 2 |
Report of the Directors | 4 |
Report of the Independent Auditors | 6 |
Income Statement | 9 |
Other Comprehensive Income | 10 |
Balance Sheet | 11 |
Statement of Changes in Equity | 12 |
Cash Flow Statement | 13 |
Notes to the Cash Flow Statement | 14 |
Notes to the Financial Statements | 15 |
YUILL & DODDS LIMITED |
Company Information |
for the Year Ended 30 November 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
SENIOR STATUTORY AUDITOR: |
AUDITORS: |
Statutory Auditor |
29 Brandon Street |
Hamilton |
ML3 6DA |
SOLICITORS: |
50 George Square |
Glasgow |
G2 1EH |
YUILL & DODDS LIMITED (REGISTERED NUMBER: SC088529) |
Strategic Report |
for the Year Ended 30 November 2023 |
The directors present their strategic report for the year ended 30 November 2023. |
REVIEW OF BUSINESS |
In the opinion of directors the company has had an improved trading period, albeit with pressure on margins and difficult market conditions that have affected everyone operating in this industry. The result was a profit after taxation of £198,935 (2022 - £261,521). |
Some other financial KPI's are set out in the table below to show the performance of the company over the trading period. |
Year to 30 November 2023 |
Year to 30 November 2022 |
Turnover | £17,685,187 | £17,220,425 |
Profit/(Loss) after taxation | £178,922 | £261,521 |
Gross Profit | £3,404,579 | £2,684,767 |
Gross Profit %age | 19.25% | 15.59% |
Turnover per employee (Driver) | £245,628 | £249,571 |
Shareholders' funds amount to £1,122,138 (2022 - £1,120,216). We are confident that the company has sufficient reserves to finance the anticipated levels of activity in the future. |
Turnover for the year ended November 2024 is likely to remain consistent and the board continues to apply tight control of margins generated and monitor overhead and secure further long term contracts. |
Ongoing commercial planning within our long-term strategic framework continues to be a key factor in our commercial success. We are currently achieving 95-99% of customer monitored KPI's and this consistent operational performance has cemented strong working relationships with our customers. This is evident from our order book which reflects between 67% to 75% of our customers renewing contracts between 1 to 3 years on a rolling basis, which augurs well in our strategy to attain automatic supplier selection from our customer base. |
PRINCIPAL RISKS AND UNCERTAINTIES |
The company operates in the road haulage industry and is therefore subject to the rise and falls within this industry in general. The market remains competitive, however the directors are confident that the high level of service given to customers and the company's reputation will ensure that it will remain a strong contender in this industry. |
The company's main credit risk relates to debtors. The company is not turnover driven and has expanded its customer base. Payment histories and credit ratings of all customers are monitored closely. |
The directors recognise their overall responsibility for the company's systems and internal control. The controls are designed to manage, as opposed to completely eliminate, risk. The company monitors cash flow as part of its day to day procedures. |
YUILL & DODDS LIMITED (REGISTERED NUMBER: SC088529) |
Strategic Report |
for the Year Ended 30 November 2023 |
GOING CONCERN |
In adopting the going concern basis for preparing the financial statements, the directors have considered the issues impacting the company during the period, as outlined in the strategic report. |
Although the net current liabilities position within the financial statements has increased from £1,391,415 to £2,178,756, the company has continued to meet its liabilities as they fall due whilst operating within facilities agreed with its bank. This has continued post year end. |
The directors have reviewed trading conditions since the year end which show growth in customer contracts, along with improving results. Based on cash flow forecasts and operating budgets prepared, the directors fully believe that the company will continue to generate sufficient cash to meet its working capital requirements for at least the next 12 months, whilst continuing to work within agreed bank facilities. The company's bankers have continued to support the company since the year end and indications are that this support will continue. |
The directors therefore believe that the financial statements should be prepared on a going concern basis. The financial statements do not include any adjustments that would arise should the finance facilities available to the company not continue at expected levels. |
ON BEHALF OF THE BOARD: |
YUILL & DODDS LIMITED (REGISTERED NUMBER: SC088529) |
Report of the Directors |
for the Year Ended 30 November 2023 |
The directors present their report with the financial statements of the company for the year ended 30 November 2023. |
PRINCIPAL ACTIVITY |
The principal activity of the company in the year under review was that of road haulage consisting of bulk movements for the waste industry, tipping and general haulage. |
DIVIDENDS |
An interim dividend of £ |
No interim dividend was paid on the Ordinary A £1 shares. The directors recommend that no final dividend be paid on these shares. |
The total distribution of dividends for the year ended 30 November 2023 will be £ |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 December 2022 to the date of this report. |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
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. |
YUILL & DODDS LIMITED (REGISTERED NUMBER: SC088529) |
Report of the Directors |
for the Year Ended 30 November 2023 |
AUDITORS |
The auditors, Sharles Audit Limited, have indicated their willingness to be reappointed for another term and appropriate arrangements have been put in place for them to be deemed reappointed as auditors in the absence of an Annual General Meeting. |
ON BEHALF OF THE BOARD: |
Report of the Independent Auditors to the Members of |
Yuill & Dodds Limited |
Opinion |
We have audited the financial statements of Yuill & Dodds Limited (the 'company') for the year ended 30 November 2023 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, 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 30 November 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 |
We draw attention to Note 3 in the financial statements which describes the material uncertainty relating to going concern. The financial statements show net current liabilities of £2,178,756 which could result in a short term cashflow issue. Despite this the company has continued to meet its liabilities as they fall due post year end and the directors believe that they will generate sufficient cash and maintain agreed banking facilities to meet their cashflow requirements during the next 12 months. Our opinion is not modified in respect of this matter. |
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 |
Yuill & Dodds 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 Statement of Directors' Responsibilities 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: |
The aims of our audit are to identify and assess the risks of material misstatement of the financial statements as a result of fraud or error, to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement as a result of fraud or error and to respond appropriately to those risks. As a result of the inherent limitations of an audit, there is an unavoidable risk that material misstatements in the financial statements may not be detected, even though the audit is properly planned and performed in accordance with ISAs (UK). |
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures include the following: |
- | We obtained an understanding of the legal and regulatory frameworks applicable to the company and the sector in which they operate. We determined that the following laws and regulations were most significant: the Companies Act 2006 and UK corporate tax laws. |
- | We obtained an understanding of how the company complies with those legal and regulatory frameworks by making inquiries of management. We undertook a review of legal fees for any evidence of non-compliance. |
- | We assessed the susceptibility of the company financial statements to material misstatement, including how fraud might occur. Audit procedures performed by the audit team included: |
- | identifying and documenting the controls management has in place to prevent and detect fraud and error; |
- | understanding how those charged with governance considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting process; |
- | challenging assumptions and judgements made by management in its significant accounting estimates; |
- | identifying and testing journal entries, in particular any journal entries posted for large or unusual amounts; |
- | assessing the extent of compliance with relevant laws and regulations; and |
- | sample testing of transactions and balances. |
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. |
Report of the Independent Auditors to the Members of |
Yuill & Dodds 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 |
Statutory Auditor |
29 Brandon Street |
Hamilton |
ML3 6DA |
YUILL & DODDS LIMITED (REGISTERED NUMBER: SC088529) |
Income Statement |
for the Year Ended 30 November 2023 |
2023 | 2022 |
Notes | £ | £ |
TURNOVER |
Cost of sales |
GROSS PROFIT |
Administrative expenses |
352,218 | 434,365 |
Other operating income |
OPERATING PROFIT | 5 |
Interest receivable and similar income |
386,930 | 476,450 |
Interest payable and similar expenses | 6 |
PROFIT BEFORE TAXATION |
Tax on profit | 7 | ( |
) |
PROFIT FOR THE FINANCIAL YEAR |
YUILL & DODDS LIMITED (REGISTERED NUMBER: SC088529) |
Other Comprehensive Income |
for the Year Ended 30 November 2023 |
2023 | 2022 |
Notes | £ | £ |
PROFIT FOR THE YEAR |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
YUILL & DODDS LIMITED (REGISTERED NUMBER: SC088529) |
Balance Sheet |
30 November 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 9 |
CURRENT ASSETS |
Stocks | 10 |
Debtors | 11 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 12 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
13 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 17 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 18 |
Capital redemption reserve | 19 |
Retained earnings | 19 |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the Board of Directors and authorised for issue on |
YUILL & DODDS LIMITED (REGISTERED NUMBER: SC088529) |
Statement of Changes in Equity |
for the Year Ended 30 November 2023 |
Called up | Capital |
share | Retained | redemption | Total |
capital | earnings | reserve | equity |
£ | £ | £ | £ |
Balance at 1 December 2021 |
Changes in equity |
Dividends | - | ( |
) | - | ( |
) |
Total comprehensive income | - |
Balance at 30 November 2022 |
Changes in equity |
Dividends | - | ( |
) | - | ( |
) |
Total comprehensive income | - |
Balance at 30 November 2023 |
YUILL & DODDS LIMITED (REGISTERED NUMBER: SC088529) |
Cash Flow Statement |
for the Year Ended 30 November 2023 |
2023 | 2022 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 |
Interest paid | ( |
) | ( |
) |
Interest element of hire purchase and finance lease rental payments paid |
( |
) |
( |
) |
Tax paid | ( |
) | ( |
) |
Net cash from operating activities |
Cash flows from investing activities |
Purchase of tangible fixed assets | ( |
) | ( |
) |
Sale of tangible fixed assets |
Interest received |
Net cash from investing activities | ( |
) | ( |
) |
Cash flows from financing activities |
Loan repayments in year | ( |
) | ( |
) |
New HP/FL contracts in year | 2,320,183 | 2,738,948 |
Capital repayments in year | ( |
) | ( |
) |
Amount introduced by directors | 177,000 | 223,000 |
Amount withdrawn by directors | (135,974 | ) | (135,489 | ) |
Equity dividends paid | ( |
) | ( |
) |
Net cash from financing activities |
(Decrease)/increase in cash and cash equivalents | ( |
) |
Cash and cash equivalents at beginning of year |
2 |
212 |
Cash and cash equivalents at end of year | 2 | 66,598 | 416,403 |
YUILL & DODDS LIMITED (REGISTERED NUMBER: SC088529) |
Notes to the Cash Flow Statement |
for the Year Ended 30 November 2023 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
2023 | 2022 |
£ | £ |
Profit before taxation |
Depreciation charges |
Profit on disposal of fixed assets | ( |
) | ( |
) |
Finance costs | 319,580 | 150,675 |
Finance income | (83 | ) | (7 | ) |
1,532,294 | 959,227 |
Increase in stocks | ( |
) | ( |
) |
(Increase)/decrease in trade and other debtors | ( |
) |
Increase/(decrease) in trade and other creditors | ( |
) |
Cash generated from operations |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
Year ended 30 November 2023 |
30.11.23 | 1.12.22 |
£ | £ |
Cash and cash equivalents | 66,598 | 416,403 |
Year ended 30 November 2022 |
30.11.22 | 1.12.21 |
£ | £ |
Cash and cash equivalents | 416,403 | 212 |
3. | ANALYSIS OF CHANGES IN NET DEBT |
At 1.12.22 | Cash flow | At 30.11.23 |
£ | £ | £ |
Net cash |
Cash at bank and in hand | 416,403 | (349,805 | ) | 66,598 |
416,403 | ( |
) | 66,598 |
Debt |
Hire purchase and finance leases | (3,925,615 | ) | (796,695 | ) | (4,722,310 | ) |
Debts falling due within 1 year | (56,083 | ) | (2,716 | ) | (58,799 | ) |
Debts falling due after 1 year | (79,025 | ) | 58,799 | (20,226 | ) |
(4,060,723 | ) | (740,612 | ) | (4,801,335 | ) |
Total | (3,644,320 | ) | (1,090,417 | ) | (4,734,737 | ) |
YUILL & DODDS LIMITED (REGISTERED NUMBER: SC088529) |
Notes to the Financial Statements |
for the Year Ended 30 November 2023 |
1. | STATUTORY INFORMATION |
Yuill & Dodds Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | STATEMENT OF COMPLIANCE |
3. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The financial statements have been prepared under the historical cost convention. |
In adopting the going concern basis for preparing the financial statements, the directors have considered the issues impacting the company during the period, as outlined in the strategic report. |
Although the net current liabilities position within the financial statements has increased from £1,391,415 to £2,178,756, the company has continued to meet its liabilities as they fall due whilst operating within facilities agreed with its bank. This has continued post year end. |
The directors have reviewed trading conditions since the year end which show growth in customer contracts, along with improving results. Based on cash flow forecasts and operating budgets prepared, the directors fully believe that the company will continue to generate sufficient cash to meet its working capital requirements for at least the next 12 months, whilst continuing to work within agreed bank facilities. The company's bankers have continued to support the company since the year end and indications are that this support will continue. |
The directors therefore believe that the financial statements should be prepared on a going concern basis. The financial statements do not include any adjustments that would arise should the finance facilities available to the company not continue at expected levels. |
Turnover |
Turnover is derived from haulage services supplied by the company. |
Turnover is measured at the fair value of haulage services supplied, net of discounts and excluding value added tax, and is recognised at the point that the company obtains the right to consideration. |
YUILL & DODDS LIMITED (REGISTERED NUMBER: SC088529) |
Notes to the Financial Statements - continued |
for the Year Ended 30 November 2023 |
3. | ACCOUNTING POLICIES - continued |
Tangible fixed assets |
Freehold property | - |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
Tangible fixed assets held for the companies own use are stated at cost less accumulated depreciation and accumulated impairment loss. |
At each balance sheet date, the company reviews the carrying amounts of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss. Where it is not possible to estimate the recoverable amount of the asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs. |
Expenditure of £1,000 or more on individual tangible fixed assets is capitalised at cost. Expenditure on assets below this threshold is charged directly to the income statement in the period it is incurred unless part of an overall project. |
Stocks |
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell (net realisable value). Costs, which comprise direct production costs, are based on the method appropriate to the type of inventory class, but usually on a first-in-first-out basis. Overheads are charged to the income statement as incurred. Net realisable value is based on the estimated selling price less any estimated completion or selling costs. |
When stocks are sold, the carrying amount of those stocks is recognised as an expense in the period in which the related revenue is recognised. The amount of any write-down of stocks to net realisable value and all losses of stocks are recognised as an expense in the period in which the write-down or loss occurs. The amount of any reversal of any write-down of stocks is recognised as a reduction in the amounts of stocks recognised as an expense in the period in which the reversal occurs. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the 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. |
YUILL & DODDS LIMITED (REGISTERED NUMBER: SC088529) |
Notes to the Financial Statements - continued |
for the Year Ended 30 November 2023 |
3. | ACCOUNTING POLICIES - continued |
Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation in each period. |
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to the income statement on a straight line basis. |
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. |
Factor advances |
Factor advances received against trade debtors are presented separately under current liabilities as the company bears any losses arising from the irrecoverability of these debts. |
4. | EMPLOYEES AND DIRECTORS |
2023 | 2022 |
£ | £ |
Wages and salaries |
Social security costs |
Other pension costs |
The average number of employees during the year was as follows: |
2023 | 2022 |
Management | 3 | 3 |
Administration | 10 | 10 |
Mechanics | 9 | 9 |
Drivers | 72 | 69 |
2023 | 2022 |
£ | £ |
Directors' remuneration |
YUILL & DODDS LIMITED (REGISTERED NUMBER: SC088529) |
Notes to the Financial Statements - continued |
for the Year Ended 30 November 2023 |
5. | OPERATING PROFIT |
The operating profit is stated after charging/(crediting): |
2023 | 2022 |
£ | £ |
Hire of plant and machinery |
Depreciation - owned assets |
Depreciation - assets on hire purchase contracts and finance leases |
Profit on disposal of fixed assets | ( |
) | ( |
) |
Auditors' remuneration |
6. | INTEREST PAYABLE AND SIMILAR EXPENSES |
2023 | 2022 |
£ | £ |
Other interest and charges |
Loan interest |
Hire purchase |
Leasing |
7. | TAXATION |
Analysis of the tax (credit)/charge |
The tax (credit)/charge on the profit for the year was as follows: |
2023 | 2022 |
£ | £ |
Deferred tax | ( |
) |
Tax on profit | ( |
) |
8. | DIVIDENDS |
2023 | 2022 |
£ | £ |
Ordinary B, C, D & E shares of £1 each |
Interim |
YUILL & DODDS LIMITED (REGISTERED NUMBER: SC088529) |
Notes to the Financial Statements - continued |
for the Year Ended 30 November 2023 |
9. | TANGIBLE FIXED ASSETS |
Fixtures |
Freehold | Plant and | and | Motor |
property | machinery | fittings | vehicles | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 December 2022 |
Additions |
Disposals | ( |
) | ( |
) |
At 30 November 2023 |
DEPRECIATION |
At 1 December 2022 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 30 November 2023 |
NET BOOK VALUE |
At 30 November 2023 |
At 30 November 2022 |
Fixed assets, included in the above, which are held under hire purchase contracts and finance leases are as follows: |
Freehold | Plant and | Motor |
property | machinery | vehicles | Totals |
£ | £ | £ | £ |
COST |
At 1 December 2022 |
Additions |
Disposals | ( |
) | ( |
) |
Transfer to ownership | - | (40,670 | ) | (799,489 | ) | (840,159 | ) |
At 30 November 2023 |
DEPRECIATION |
At 1 December 2022 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
Transfer to ownership | - | (16,688 | ) | (553,495 | ) | (570,183 | ) |
At 30 November 2023 |
NET BOOK VALUE |
At 30 November 2023 |
At 30 November 2022 |
10. | STOCKS |
2023 | 2022 |
£ | £ |
Stocks |
YUILL & DODDS LIMITED (REGISTERED NUMBER: SC088529) |
Notes to the Financial Statements - continued |
for the Year Ended 30 November 2023 |
11. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade debtors |
Other debtors |
Directors' loan accounts | 153,917 | 194,943 |
Tax |
Prepayments and accrued income |
12. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Other loans (see note 14) |
Hire purchase contracts and finance leases (see note 15) |
Trade creditors |
Social security and other taxes |
VAT | 235,378 | 250,319 |
Other creditors |
Factor advance | 2,410,536 | 1,973,494 |
Accrued expenses |
13. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2023 | 2022 |
£ | £ |
Other loans (see note 14) |
Hire purchase contracts and finance leases (see note 15) |
14. | LOANS |
An analysis of the maturity of loans is given below: |
2023 | 2022 |
£ | £ |
Amounts falling due within one year or on demand: |
Other loans |
Amounts falling due between one and two years: |
Other loans - 1-2 years | 20,226 |
Amounts falling due between two and five years: |
Other loans - 2-5 years |
YUILL & DODDS LIMITED (REGISTERED NUMBER: SC088529) |
Notes to the Financial Statements - continued |
for the Year Ended 30 November 2023 |
15. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Hire purchase contracts | Finance leases |
2023 | 2022 | 2023 | 2022 |
£ | £ | £ | £ |
Gross obligations repayable: |
Within one year |
Between one and five years |
Finance charges repayable: |
Within one year |
Between one and five years |
Net obligations repayable: |
Within one year |
Between one and five years |
Non-cancellable | operating leases |
2023 | 2022 |
£ | £ |
Within one year |
Between one and five years |
16. | SECURED DEBTS |
The following secured debts are included within creditors: |
2023 | 2022 |
£ | £ |
Hire purchase contracts and finance leases | 4,722,310 | 3,925,615 |
Factors current account | 2,410,536 | 1,973,494 |
Bank borrowings are secured by a bond and floating charge and assignations of life and pension policies of certain directors. |
Hire purchase and finance leases are secured over the assets concerned. |
The factors current account is secured against the trade debtors of the company. |
YUILL & DODDS LIMITED (REGISTERED NUMBER: SC088529) |
Notes to the Financial Statements - continued |
for the Year Ended 30 November 2023 |
17. | PROVISIONS FOR LIABILITIES |
2023 | 2022 |
£ | £ |
Deferred tax |
Deferred tax | 972,229 | 696,795 |
Unutilised tax losses | (962,002 | ) | (574,996 | ) |
10,227 | 121,799 |
Deferred |
tax |
£ |
Balance at 1 December 2022 |
Provided during year | ( |
) |
Balance at 30 November 2023 |
18. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary A | £1 | 970,823 | 970,823 |
Ordinary B, C, D & E | £1 | 400 | 400 |
971,223 | 971,223 |
The A Shares have full voting rights and are entitled to attend any members meetings or vote on any members resolutions of the company. Shares B,C,D & E have no voting rights. Dividends may be paid to the holders of one or more classes of shares to the exclusion of the other(s) or to all classes of shares, in each case at the same or differing rates, as determined by ordinary resolution or resolution of the directors. On winding up, the A Shares are to be repaid first, followed by the B shares, the C shares, the D shares and then the E Shares. The final surplus, if any, should be paid to holders of the A shares only. The shares are not redeemable shares. |
19. | RESERVES |
Capital |
Retained | redemption |
earnings | reserve | Totals |
£ | £ | £ |
At 1 December 2022 | 148,993 |
Profit for the year |
Dividends | ( |
) | ( |
) |
At 30 November 2023 | 150,915 |
20. | CAPITAL COMMITMENTS |
2023 | 2022 |
£ | £ |
Contracted but not provided for in the |
financial statements |
YUILL & DODDS LIMITED (REGISTERED NUMBER: SC088529) |
Notes to the Financial Statements - continued |
for the Year Ended 30 November 2023 |
21. | RELATED PARTY DISCLOSURES |
Mrs K L Kerr |
Director |
During the year, the director repaid £19,909 (2022 - £34,491) to the company. At the year end, Mrs K L Kerr owed £68,416 (2022 - £88,324) to the company. No interest was charged on outstanding amounts during this year or the previous year. |
B A Yuill |
Director |
During the year, the director repaid £21,118 (2022 - £53,021). At the year end, B A Yuill owed £85,501 (2022 - £106,619) to the company. No interest was charged on outstanding amounts during this year or the previous year. |
Brian & Ayrlie Yuill Limited |
A company in which B A Yuill is a director and shareholder |
During the year, the company invoiced goods and services totalling £840,656 (2022 - £870,350) to Brian & Ayrlie Yuill Limited. Brian & Ayrlie Yuill Limited invoiced the company £1,926,711 (2022 - £1,827,484) in respect of subcontractor work carried out. At the year end, Brian & Ayrlie Yuill Limited was owed £652,987 (2022 - £688,068) from the company. |
These transactions were conducted under normal commercial terms. No interest was charged on outstanding amounts during this year or the previous year. |
Karen Yuill Recovery Limited |
A company in which Mrs K L Kerr is a director and shareholder |
During the year, the company invoiced goods and services totalling £120,290 (2022 - £198,784) to Karen Yuill Recovery Limited. Karen Yuill Recovery Limited invoiced the company £17,410 (2022 - £17,248) in respect of vehicle recovery work carried out. At the year end, Karen Yuill Recovery Limited owed £403,486 (2022 - £446,464) to the company. |
These transactions were conducted under normal commercial terms. No interest was charged on outstanding amounts during this year or the previous year. |
South West Transport Limited |
A company in which B A Yuill and Mrs K L Kerr are directors and shareholders |
During the year, the company invoiced goods and services totalling £22,461 (2022 - £10,949) to South West Transport Limited. South West Transport Limited invoiced the company £45,542 (2022 - £45,458) in respect of vehicle hire provided. At the year end, South West Transport Limited was owed £34,506 from the company (2022 - South West Transport Limited owed £21,817 to the company). |
These transactions were conducted under normal commercial terms. No interest was charged on outstanding amounts during this year or the previous year. |
KYR Garage Services Limited |
A company in which Mrs K L Kerr is a director and shareholder |
During the year, the company invoiced goods and services totalling £nil (2022 - £4,065) to KYR Garage Services Limited. KYR Garage Services Limited invoiced the company £nil (2022 - £550) in respect of vehicle repair work carried out. At the year end, KYR Garage Services Limited owed £nil (2022 - £151) to the company. |
These transactions were conducted under normal commercial terms. No interest was charged on outstanding amounts during this year or the previous year. |