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Registered number: 06005593
Yorke Finance Limited
Unaudited Financial Statements
For The Year Ended 31 July 2024
Dawes Accountants Limited
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 06005593
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 5 13,789 9,645
Investments 6 44,917 43,045
58,706 52,690
CURRENT ASSETS
Stocks 7 400 400
Debtors 8 22,612 16,331
Cash at bank and in hand 173,570 207,622
196,582 224,353
Creditors: Amounts Falling Due Within One Year 9 (35,480 ) (63,180 )
NET CURRENT ASSETS (LIABILITIES) 161,102 161,173
TOTAL ASSETS LESS CURRENT LIABILITIES 219,808 213,863
Creditors: Amounts Falling Due After More Than One Year 10 (8,682 ) (16,682 )
PROVISIONS FOR LIABILITIES
Provisions For Charges (11,362 ) (11,615 )
Deferred Taxation 11 (1,090 ) (520 )
NET ASSETS 198,674 185,046
CAPITAL AND RESERVES
Called up share capital 12 100 100
Profit and Loss Account 198,574 184,946
SHAREHOLDERS' FUNDS 198,674 185,046
Page 1
Page 2
For the year ending 31 July 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mrs Karen Cooper
Director
11/02/2025
The notes on pages 3 to 6 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Yorke Finance Limited is a private company, limited by shares, incorporated in England & Wales, registered number 06005593 . The registered office is 2 Newcomen Road, Dartmouth, TQ6 9AF.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss account over its estimated economic life of 10 years.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Leasehold 10% straight line
Plant & Machinery 20% reducing balance
Fixtures & Fittings 20% straight line
2.5. Stocks and Work in Progress
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 stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.6. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.
Page 3
Page 4
3. Average Number of Employees
Average number of employees, including directors, during the year was: 4 (2023: 2)
4 2
4. Intangible Assets
Goodwill
£
Cost
As at 1 August 2023 30,000
As at 31 July 2024 30,000
Amortisation
As at 1 August 2023 30,000
As at 31 July 2024 30,000
Net Book Value
As at 31 July 2024 -
As at 1 August 2023 -
5. Tangible Assets
Land & Property
Leasehold Plant & Machinery Fixtures & Fittings Total
£ £ £ £
Cost
As at 1 August 2023 6,750 1,195 41,992 49,937
Additions - - 7,969 7,969
Disposals - - (1,097 ) (1,097 )
As at 31 July 2024 6,750 1,195 48,864 56,809
Depreciation
As at 1 August 2023 6,750 430 33,112 40,292
Provided during the period - 153 3,672 3,825
Disposals - - (1,097 ) (1,097 )
As at 31 July 2024 6,750 583 35,687 43,020
Net Book Value
As at 31 July 2024 - 612 13,177 13,789
As at 1 August 2023 - 765 8,880 9,645
Page 4
Page 5
6. Investments
Unlisted
£
Cost
As at 1 August 2023 43,045
Revaluations 1,872
As at 31 July 2024 44,917
Provision
As at 1 August 2023 -
As at 31 July 2024 -
Net Book Value
As at 31 July 2024 44,917
As at 1 August 2023 43,045
7. Stocks
2024 2023
£ £
Materials 400 400
8. Debtors
2024 2023
£ £
Due within one year
Prepayments and accrued income 2,157 596
Other debtors 20,455 15,735
22,612 16,331
9. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 2,327 4,788
Bank loans and overdrafts 8,000 8,000
Corporation tax 24,331 37,406
Other taxes and social security 578 854
Other creditors 75 6,016
Pension Liability 94 85
Director's loan account 75 6,031
35,480 63,180
10. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 8,682 16,682
Page 5
Page 6
11. Deferred Taxation
The provision for deferred tax is made up as follows:
2024 2023
£ £
Other timing differences 1,090 520
12. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
13. Other Commitments
The total of future minimum lease payments under non-cancellable operating leases are as following:
2024 2023
£ £
Not later than one year 11,783 -
Later than one year and not later than five years 42,000 -
Later than five years 3,500 -
57,283 -
Commitments included above are for lease of property and office equipment.
Page 6