REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 30 November 2023 |
for |
Yorkshire Laser and Fabrications Limited |
REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 30 November 2023 |
for |
Yorkshire Laser and Fabrications Limited |
Yorkshire Laser and Fabrications Limited (Registered number: 04974461) |
Contents of the Financial Statements |
for the Year Ended 30 November 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
Yorkshire Laser and Fabrications Limited |
Company Information |
for the Year Ended 30 November 2023 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
3 Park Square |
Leeds |
LS1 2NE |
Yorkshire Laser and Fabrications Limited (Registered number: 04974461) |
Balance Sheet |
30 November 2023 |
30.11.23 | 30.11.22 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Stocks |
Debtors | 5 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
7 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 9 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 10 |
Retained earnings | 11 |
SHAREHOLDERS' FUNDS |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
Yorkshire Laser and Fabrications Limited (Registered number: 04974461) |
Balance Sheet - continued |
30 November 2023 |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
Yorkshire Laser and Fabrications Limited (Registered number: 04974461) |
Notes to the Financial Statements |
for the Year Ended 30 November 2023 |
1. | STATUTORY INFORMATION |
Yorkshire Laser and Fabrications Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Tangible fixed assets |
Improvements to property | - |
Plant and machinery | - |
Motor vehicles | - |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Work in progress is valued at the lower of cost and net realisable value. |
Cost includes all direct expenditure and an appropriate proportion of fixed and variable overheads including an allowance for attributable profit accrued to date. |
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. |
Yorkshire Laser and Fabrications Limited (Registered number: 04974461) |
Notes to the Financial Statements - continued |
for the Year Ended 30 November 2023 |
2. | ACCOUNTING POLICIES - continued |
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. |
Amounts recoverable on contracts |
Amounts recoverable on contracts represents revenue receivable from customers on contracts in progress at the balance-sheet date. The valuation of amounts recoverable on contracts is adjusted to take up profit to date in accordance with the accounting policy for profit recognition. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | TANGIBLE FIXED ASSETS |
Improvements |
to | Plant and | Motor |
property | machinery | 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 |
Yorkshire Laser and Fabrications Limited (Registered number: 04974461) |
Notes to the Financial Statements - continued |
for the Year Ended 30 November 2023 |
4. | TANGIBLE FIXED ASSETS - continued |
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Plant and | Motor |
machinery | 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 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.11.23 | 30.11.22 |
£ | £ |
Trade debtors |
Taxation |
Prepayments |
Amount due from group undertaking | 106,367 | - |
Included in trade debtors are debts against which an invoice discounting loan has been advanced These trade debts act as security against the sum so advanced and disclosed in note 9 to the financial statements. |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.11.23 | 30.11.22 |
£ | £ |
Hire purchase contracts |
Trade creditors |
Corporation tax |
Social security and other taxes |
Other creditors and accruals |
Invoice discounting loan | 515,223 | 847,746 |
Included in creditors - amounts falling due within one year is an amount due to the debt financiers totalling £515,223 (2022: £847,746). This sum is secured against approved trade debtors disclosed in note 8 to the financial statements. |
Yorkshire Laser and Fabrications Limited (Registered number: 04974461) |
Notes to the Financial Statements - continued |
for the Year Ended 30 November 2023 |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
30.11.23 | 30.11.22 |
£ | £ |
Bank loan |
Hire purchase contracts |
The bank loan represents a loan under HM Government Coronavirus Business Interruption Loan Scheme. |
8. | SECURED DEBTS |
The following secured debts are included within creditors: |
30.11.23 | 30.11.22 |
£ | £ |
Hire purchase contracts | 1,235,969 | 1,541,545 |
Bank loan | 111,970 | 159,091 |
Invoice discounting loan | 515,223 | 847,746 |
The hire purchase creditors are secured on the assets to which they relate. |
The invoice discounting loan is secured against approved trade debtors. |
The bank loan is secured under the general debenture held over the company's assets. |
9. | PROVISIONS FOR LIABILITIES |
30.11.23 | 30.11.22 |
£ | £ |
Deferred tax | 593,325 | 489,670 |
Deferred |
tax |
£ |
Balance at 1 December 2022 |
Provided during year |
Balance at 30 November 2023 |
10. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 30.11.23 | 30.11.22 |
value: | £ | £ |
Ordinary | £1 | 100 | 100 |
Yorkshire Laser and Fabrications Limited (Registered number: 04974461) |
Notes to the Financial Statements - continued |
for the Year Ended 30 November 2023 |
11. | RESERVES |
Retained |
earnings |
£ |
At 1 December 2022 |
Profit for the year |
At 30 November 2023 |
12. | RELATED PARTY DISCLOSURES |
During the year the company paid rents totalling £54,000 (2022: £54,148) to YLF Property Limited. |
During the year the company paid insurance of £2,860 (2022: £3,431) to YLF Property Limited. |
Included in trade creditors is an amount due to YLF Property Limited of £13,900 (2022: £11,306). |
At 30 November 2023 the company was owed £106,367 (2022: £Nil) by YLF Property Limited. |
YLF Property Limited is the parent undertaking of the company. |
13. | ULTIMATE CONTROL |
The company is under the ultimate control of the directors, G E Orford and M Orford. |
14. | ULTIMATE PARENT UNDERTAKING |
The ultimate parent undertaking is YLF Property Limited. |