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REGISTERED NUMBER: SC088529 (Scotland)















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: B A Yuill
Mrs K L Kerr
J Waddell


REGISTERED OFFICE: Unit 6
Whistleberry Park Industrial Estate
Hamilton
ML3 0ED


REGISTERED NUMBER: SC088529 (Scotland)


SENIOR STATUTORY AUDITOR: Robert Pollock BA CA


AUDITORS: Sharles Audit Limited
Statutory Auditor
29 Brandon Street
Hamilton
ML3 6DA


SOLICITORS: Anderson Strathern
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:





B A Yuill - Director


29 November 2024

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 £590 per share on the Ordinary B, C, D & E £1 shares was paid on 30 November 2023. The directors recommend that no final dividend be paid on these shares.

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 £ 177,000 .

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

B A Yuill
Mrs K L Kerr
J Waddell

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:





B A Yuill - Director


29 November 2024

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.




Robert Pollock BA CA (Senior Statutory Auditor)
for and on behalf of Sharles Audit Limited
Statutory Auditor
29 Brandon Street
Hamilton
ML3 6DA

29 November 2024

YUILL & DODDS LIMITED (REGISTERED NUMBER: SC088529)

Income Statement
for the Year Ended 30 November 2023

2023 2022
Notes £    £   

TURNOVER 17,685,187 17,220,425

Cost of sales 14,280,608 14,535,658
GROSS PROFIT 3,404,579 2,684,767

Administrative expenses 3,052,361 2,250,402
352,218 434,365

Other operating income 34,629 42,078
OPERATING PROFIT 5 386,847 476,443

Interest receivable and similar income 83 7
386,930 476,450

Interest payable and similar expenses 6 319,580 150,675
PROFIT BEFORE TAXATION 67,350 325,775

Tax on profit 7 (111,572 ) 64,254
PROFIT FOR THE FINANCIAL YEAR 178,922 261,521

YUILL & DODDS LIMITED (REGISTERED NUMBER: SC088529)

Other Comprehensive Income
for the Year Ended 30 November 2023

2023 2022
Notes £    £   

PROFIT FOR THE YEAR 178,922 261,521


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

178,922

261,521

YUILL & DODDS LIMITED (REGISTERED NUMBER: SC088529)

Balance Sheet
30 November 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 9 6,538,251 5,482,907

CURRENT ASSETS
Stocks 10 155,828 151,225
Debtors 11 4,690,317 4,244,359
Cash at bank and in hand 66,598 416,403
4,912,743 4,811,987
CREDITORS
Amounts falling due within one year 12 7,091,499 6,203,402
NET CURRENT LIABILITIES (2,178,756 ) (1,391,415 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

4,359,495

4,091,492

CREDITORS
Amounts falling due after more than one
year

13

(3,227,130

)

(2,849,477

)

PROVISIONS FOR LIABILITIES 17 (10,227 ) (121,799 )
NET ASSETS 1,122,138 1,120,216

CAPITAL AND RESERVES
Called up share capital 18 971,223 971,223
Capital redemption reserve 19 9,177 9,177
Retained earnings 19 141,738 139,816
SHAREHOLDERS' FUNDS 1,122,138 1,120,216

The financial statements were approved by the Board of Directors and authorised for issue on 29 November 2024 and were signed on its behalf by:




B A Yuill - Director



Mrs K L Kerr - Director


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 971,223 101,295 9,177 1,081,695

Changes in equity
Dividends - (223,000 ) - (223,000 )
Total comprehensive income - 261,521 - 261,521
Balance at 30 November 2022 971,223 139,816 9,177 1,120,216

Changes in equity
Dividends - (177,000 ) - (177,000 )
Total comprehensive income - 178,922 - 178,922
Balance at 30 November 2023 971,223 141,738 9,177 1,122,138

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 1,579,179 1,575,688
Interest paid (4,250 ) (12,146 )
Interest element of hire purchase and finance
lease rental payments paid

(315,330

)

(138,529

)
Tax paid (13,334 ) (72,353 )
Net cash from operating activities 1,246,265 1,352,660

Cash flows from investing activities
Purchase of tangible fixed assets (2,459,782 ) (3,187,702 )
Sale of tangible fixed assets 258,992 834,834
Interest received 83 7
Net cash from investing activities (2,200,707 ) (2,352,861 )

Cash flows from financing activities
Loan repayments in year (56,084 ) (53,492 )
New HP/FL contracts in year 2,320,183 2,738,948
Capital repayments in year (1,523,488 ) (1,133,575 )
Amount introduced by directors 177,000 223,000
Amount withdrawn by directors (135,974 ) (135,489 )
Equity dividends paid (177,000 ) (223,000 )
Net cash from financing activities 604,637 1,416,392

(Decrease)/increase in cash and cash equivalents (349,805 ) 416,191
Cash and cash equivalents at beginning of
year

2

416,403

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 67,350 325,775
Depreciation charges 1,226,100 822,579
Profit on disposal of fixed assets (80,653 ) (339,795 )
Finance costs 319,580 150,675
Finance income (83 ) (7 )
1,532,294 959,227
Increase in stocks (4,603 ) (4,735 )
(Increase)/decrease in trade and other debtors (473,650 ) 1,061,547
Increase/(decrease) in trade and other creditors 525,138 (440,351 )
Cash generated from operations 1,579,179 1,575,688

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 (349,805 ) 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 private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. There were no material departures from that standard.

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
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Freehold property - 10% on cost and 5% on cost
Plant and machinery - 15% on reducing balance
Fixtures and fittings - 15% on reducing balance
Motor vehicles - 20% on reducing balance

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 4,272,667 3,788,617
Social security costs 393,002 374,650
Other pension costs 70,433 64,894
4,736,102 4,228,161

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
94 91

2023 2022
£    £   
Directors' remuneration 107,533 90,617

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 1,520,310 1,688,159
Depreciation - owned assets 143,422 134,571
Depreciation - assets on hire purchase contracts and finance leases 1,082,677 688,008
Profit on disposal of fixed assets (80,653 ) (339,795 )
Auditors' remuneration 8,000 7,000

6. INTEREST PAYABLE AND SIMILAR EXPENSES
2023 2022
£    £   
Other interest and charges - 112
Loan interest 4,250 12,034
Hire purchase 235,817 98,889
Leasing 79,513 39,640
319,580 150,675

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 (111,572 ) 64,254
Tax on profit (111,572 ) 64,254

8. DIVIDENDS
2023 2022
£    £   
Ordinary B, C, D & E shares of £1 each
Interim 177,000 223,000

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 801,773 286,565 155,070 7,749,244 8,992,652
Additions 11,504 29,869 12,689 2,405,720 2,459,782
Disposals - - - (478,535 ) (478,535 )
At 30 November 2023 813,277 316,434 167,759 9,676,429 10,973,899
DEPRECIATION
At 1 December 2022 185,591 214,674 122,439 2,987,041 3,509,745
Charge for year 37,105 14,669 6,650 1,167,675 1,226,099
Eliminated on disposal - - - (300,196 ) (300,196 )
At 30 November 2023 222,696 229,343 129,089 3,854,520 4,435,648
NET BOOK VALUE
At 30 November 2023 590,581 87,091 38,670 5,821,909 6,538,251
At 30 November 2022 616,182 71,891 32,631 4,762,203 5,482,907

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 138,188 51,420 5,707,614 5,897,222
Additions - 9,985 2,312,138 2,322,123
Disposals - - (70,000 ) (70,000 )
Transfer to ownership - (40,670 ) (799,489 ) (840,159 )
At 30 November 2023 138,188 20,735 7,150,263 7,309,186
DEPRECIATION
At 1 December 2022 576 17,517 1,442,429 1,460,522
Charge for year 6,909 5,988 1,069,780 1,082,677
Eliminated on disposal - - (8,544 ) (8,544 )
Transfer to ownership - (16,688 ) (553,495 ) (570,183 )
At 30 November 2023 7,485 6,817 1,950,170 1,964,472
NET BOOK VALUE
At 30 November 2023 130,703 13,918 5,200,093 5,344,714
At 30 November 2022 137,612 33,903 4,265,185 4,436,700

10. STOCKS
2023 2022
£    £   
Stocks 155,828 151,225

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 3,366,024 2,881,928
Other debtors 454,206 531,788
Directors' loan accounts 153,917 194,943
Tax 68,616 55,282
Prepayments and accrued income 647,554 580,418
4,690,317 4,244,359

12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Other loans (see note 14) 58,799 56,083
Hire purchase contracts and finance leases (see note 15)
1,515,406

1,155,163
Trade creditors 1,893,816 1,775,391
Social security and other taxes 115,291 92,306
VAT 235,378 250,319
Other creditors 713,693 714,268
Factor advance 2,410,536 1,973,494
Accrued expenses 148,580 186,378
7,091,499 6,203,402

13. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Other loans (see note 14) 20,226 79,025
Hire purchase contracts and finance leases (see note 15)
3,206,904

2,770,452
3,227,130 2,849,477

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 58,799 56,083

Amounts falling due between one and two years:
Other loans - 1-2 years 20,226 58,799

Amounts falling due between two and five years:
Other loans - 2-5 years - 20,226

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 1,500,755 1,032,567 335,203 346,440
Between one and five years 2,952,647 2,232,574 616,432 834,056
4,453,402 3,265,141 951,635 1,180,496

Finance charges repayable:
Within one year 258,582 157,910 61,970 65,934
Between one and five years 296,396 200,849 65,779 95,329
554,978 358,759 127,749 161,263

Net obligations repayable:
Within one year 1,242,173 874,657 273,233 280,506
Between one and five years 2,656,251 2,031,725 550,653 738,727
3,898,424 2,906,382 823,886 1,019,233

Non-cancellable operating leases
2023 2022
£    £   
Within one year 291,580 435,471
Between one and five years 224,173 349,860
515,753 785,331

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
7,132,846 5,899,109

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 121,799
Provided during year (111,572 )
Balance at 30 November 2023 10,227

18. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
970,823 Ordinary A £1 970,823 970,823
400 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 139,816 9,177 148,993
Profit for the year 178,922 178,922
Dividends (177,000 ) (177,000 )
At 30 November 2023 141,738 9,177 150,915

20. CAPITAL COMMITMENTS
2023 2022
£    £   
Contracted but not provided for in the
financial statements - 78,000

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.