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REGISTERED NUMBER: 11341931 (England and Wales)















Group Strategic Report, Report of the Director and

Consolidated Financial Statements for the Year Ended 31 May 2024

for

Yip & Sons Limited

Yip & Sons Limited (Registered number: 11341931)






Contents of the Consolidated Financial Statements
for the Year Ended 31 May 2024




Page

Company Information 1

Group Strategic Report 2

Report of the Director 3

Report of the Independent Auditors 5

Consolidated Income Statement 8

Consolidated Other Comprehensive Income 9

Consolidated Balance Sheet 10

Company Balance Sheet 12

Consolidated Statement of Changes in Equity 13

Company Statement of Changes in Equity 14

Consolidated Cash Flow Statement 15

Notes to the Consolidated Cash Flow Statement 16

Notes to the Consolidated Financial Statements 18


Yip & Sons Limited

Company Information
for the Year Ended 31 May 2024







DIRECTOR: Mrs D Fong Ching Yip





REGISTERED OFFICE: Treasure House, Greenside Way
Greengate Industrial Estate
Chadderton
Oldham
Greater Manchester
M24 1SW





REGISTERED NUMBER: 11341931 (England and Wales)





AUDITORS: Lucas Reis Ltd
Chartered Accountants
Lansdowne House
85 Buxton Road
Stockport
Cheshire
SK2 6LR

Yip & Sons Limited (Registered number: 11341931)

Group Strategic Report
for the Year Ended 31 May 2024

The director presents her strategic report of the company and the group for the year ended 31 May 2024.

The results for the year and financial position of the company and group are shown in the annexed financial statements.

The principal activities of the group in the year under review were that of wholesale and retail food distribution, karaoke bar and property landlords.

During the year the turnover remained at £24.2m and the gross profit margin decreased from 21.0% to 18.8%.

The group made an operating profit of £892,806 (2023 £989,389). The movement is mainly due to a lower gross profit percentage in the wholesale and retail food distribution business.

The director considers the main risks for the following year to be the continuing recessionary and inflationary market pressures in the UK economy and, in particular, in the retail trade; together with increased competition from multiple retail and wholesale chains.

The director remains satisfied that the group has sufficient resources, both financial and non-financial to exploit growth opportunities as they arise and deal with any uncertainty in the market.

ON BEHALF OF THE BOARD:





Mrs D Fong Ching Yip - Director


13 February 2025

Yip & Sons Limited (Registered number: 11341931)

Report of the Director
for the Year Ended 31 May 2024

The director presents her report with the financial statements of the company and the group for the year ended 31 May 2024.

DIVIDENDS
An interim dividend of £6.64 per share was paid on 31 May 2024. The director recommends that no final dividend be paid.

The total distribution of dividends for the year ended 31 May 2024 will be £ 84,000 .

DIRECTOR
Mrs D Fong Ching Yip held office during the whole of the period from 1 June 2023 to the date of this report.

STATEMENT OF DIRECTOR'S RESPONSIBILITIES
The director is responsible for preparing the Group Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless she is satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the director is 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 director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable her to ensure that the financial statements comply with the Companies Act 2006. She is also responsible for safeguarding the assets of the company and the group 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 director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and she has taken all the steps that she ought to have taken as a director in order to make herself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

Yip & Sons Limited (Registered number: 11341931)

Report of the Director
for the Year Ended 31 May 2024


AUDITORS
The auditors, Lucas Reis Ltd, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:




Mrs D Fong Ching Yip - Director


13 February 2025

Report of the Independent Auditors to the Members of
Yip & Sons Limited

Opinion
We have audited the financial statements of Yip & Sons Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 May 2024 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated 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 group's and of the parent company affairs as at 31 May 2024 and of the group's 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 group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report.

Other information
The director is responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Director, 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.

Report of the Independent Auditors to the Members of
Yip & Sons Limited


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 Group Strategic Report and the Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Group Strategic Report and the Report of the Director have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Director.

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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of director's remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of director
As explained more fully in the Statement of Director's Responsibilities set out on page three, the director is 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 director determines 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 director is responsible for assessing the group's and the parent 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 director either intends to liquidate the group or the parent company or to cease operations, or has no realistic alternative but to do so.

Report of the Independent Auditors to the Members of
Yip & Sons Limited


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:

We considered the nature of the company's industry and its control environment, and reviewed the company's policies and procedures relating to fraud and compliance with laws and regulations and enquired with management. We obtained an understanding of the legal and regulatory frameworks that the company operates in and identified key laws and regulations.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission, or misrepresentation.

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.

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.




Sarah Reis FCA, ATII (Senior Statutory Auditor)
Lucas Reis Ltd Lucas Reis Ltd
Chartered Accountants
Lansdowne House
85 Buxton Road
Stockport
Cheshire
SK2 6LR

13 February 2025

Yip & Sons Limited (Registered number: 11341931)

Consolidated Income Statement
for the Year Ended 31 May 2024

31.5.24 31.5.23
Notes £    £    £    £   

TURNOVER 3 24,201,621 24,190,437

Cost of sales 19,664,847 19,112,583
GROSS PROFIT 4,536,774 5,077,854

Distribution costs 10,411 27,323
Administrative expenses 3,800,115 4,121,142
3,810,526 4,148,465
726,248 929,389

Other operating income 166,558 60,000
OPERATING PROFIT 5 892,806 989,389

Interest receivable and similar income 227 123
893,033 989,512

Interest payable and similar expenses 6 187,650 130,559
PROFIT BEFORE TAXATION 705,383 858,953

Tax on profit 7 267,239 190,438
PROFIT FOR THE FINANCIAL
YEAR

438,144

668,515
Profit attributable to:
Owners of the parent 418,377 642,934
Non-controlling interests 19,767 25,581
438,144 668,515

Yip & Sons Limited (Registered number: 11341931)

Consolidated Other Comprehensive Income
for the Year Ended 31 May 2024

31.5.24 31.5.23
Notes £    £   

PROFIT FOR THE YEAR 438,144 668,515


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE
INCOME FOR THE YEAR

438,144

668,515

Total comprehensive income attributable to:
Owners of the parent 418,377 642,934
Non-controlling interests 19,767 25,581
438,144 668,515

Yip & Sons Limited (Registered number: 11341931)

Consolidated Balance Sheet
31 May 2024

31.5.24 31.5.23
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 10 - -
Tangible assets 11 3,893,923 3,656,039
Investments 12 50 100
Investment property 13 4,122,707 4,122,707
8,016,680 7,778,846

CURRENT ASSETS
Stocks 14 2,330,434 2,405,149
Debtors 15 3,684,089 3,019,163
Cash at bank and in hand 246,063 503,409
6,260,586 5,927,721
CREDITORS
Amounts falling due within one year 16 4,377,791 4,516,619
NET CURRENT ASSETS 1,882,795 1,411,102
TOTAL ASSETS LESS CURRENT
LIABILITIES

9,899,475

9,189,948

CREDITORS
Amounts falling due after more than one
year

17

(1,588,252

)

(1,370,179

)

PROVISIONS FOR LIABILITIES 20 (288,936 ) (139,626 )
NET ASSETS 8,022,287 7,680,143

Yip & Sons Limited (Registered number: 11341931)

Consolidated Balance Sheet - continued
31 May 2024

31.5.24 31.5.23
Notes £    £    £    £   
CAPITAL AND RESERVES
Called up share capital 21 12,650 12,650
Revaluation reserve 22 1,387,645 1,425,103
Retained earnings 22 6,364,517 5,992,682
SHAREHOLDERS' FUNDS 7,764,812 7,430,435

NON-CONTROLLING INTERESTS 23 257,475 249,708
TOTAL EQUITY 8,022,287 7,680,143


The financial statements were approved by the director and authorised for issue on 13 February 2025 and were signed by:





Mrs D Fong Ching Yip - Director


Yip & Sons Limited (Registered number: 11341931)

Company Balance Sheet
31 May 2024

31.5.24 31.5.23
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 10 - -
Tangible assets 11 - -
Investments 12 527,740 527,740
Investment property 13 - -
527,740 527,740

CREDITORS
Amounts falling due within one year 16 90 90
NET CURRENT LIABILITIES (90 ) (90 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

527,650

527,650

CREDITORS
Amounts falling due after more than one
year

17

515,000

515,000
NET ASSETS 12,650 12,650

CAPITAL AND RESERVES
Called up share capital 21 12,650 12,650
SHAREHOLDERS' FUNDS 12,650 12,650

Company's profit for the financial year 84,000 76,000

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the director and authorised for issue on 13 February 2025 and were signed by:





Mrs D Fong Ching Yip - Director


Yip & Sons Limited (Registered number: 11341931)

Consolidated Statement of Changes in Equity
for the Year Ended 31 May 2024

Called up
share Retained Revaluation
capital earnings reserve
£    £    £   
Balance at 1 June 2022 12,650 5,361,690 1,462,561

Changes in equity
Add'nal shares in subsidiary - 26,600 -
Dividends - (76,000 ) -
Total comprehensive income - 680,392 (37,458 )
Balance at 31 May 2023 12,650 5,992,682 1,425,103

Changes in equity
Dividends - (84,000 ) -
Total comprehensive income - 455,835 (37,458 )
Balance at 31 May 2024 12,650 6,364,517 1,387,645
Non-controlling Total
Total interests equity
£    £    £   
Balance at 1 June 2022 6,836,901 297,727 7,134,628

Changes in equity
Add'nal shares in subsidiary 26,600 (61,600 ) (35,000 )
Dividends (76,000 ) (12,000 ) (88,000 )
Total comprehensive income 642,934 25,581 668,515
Balance at 31 May 2023 7,430,435 249,708 7,680,143

Changes in equity
Dividends (84,000 ) (12,000 ) (96,000 )
Total comprehensive income 418,377 19,767 438,144
Balance at 31 May 2024 7,764,812 257,475 8,022,287

Yip & Sons Limited (Registered number: 11341931)

Company Statement of Changes in Equity
for the Year Ended 31 May 2024

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 June 2022 12,650 - 12,650

Changes in equity
Dividends - (76,000 ) (76,000 )
Total comprehensive income - 76,000 76,000
Balance at 31 May 2023 12,650 - 12,650

Changes in equity
Dividends - (84,000 ) (84,000 )
Total comprehensive income - 84,000 84,000
Balance at 31 May 2024 12,650 - 12,650

Yip & Sons Limited (Registered number: 11341931)

Consolidated Cash Flow Statement
for the Year Ended 31 May 2024

31.5.24 31.5.23
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 249,585 2,257,577
Interest paid (183,651 ) (131,502 )
Interest element of hire purchase
payments paid

(1,203

)

-
Tax paid (152,666 ) (180,050 )
Net cash from operating activities (87,935 ) 1,946,025

Cash flows from investing activities
Purchase of tangible fixed assets (170,785 ) (267,464 )
Sale of tangible fixed assets 5,000 -
New loans to associates (59,279 ) (680,667 )
Repayment of loans by associates 2,400 30,000
New loans from associates 52,002 -
Repayments of loans to associates (15,324 ) -
Interest received 227 123
Net cash from investing activities (185,759 ) (918,008 )

Cash flows from financing activities
New loans in year - 250,000
Loan repayments in year (272,257 ) (367,894 )
Capital repayments in year (7,598 ) -
Amount introduced by directors 60,000 53,335
Amount withdrawn by directors (209,702 ) (358,353 )
Dividends paid to NCI (12,000 ) (12,000 )
Equity dividends paid (84,000 ) (76,000 )
Net cash from financing activities (525,557 ) (510,912 )

(Decrease)/increase in cash and cash equivalents (799,251 ) 517,105
Cash and cash equivalents at
beginning of year

2

76,738

(440,367

)

Cash and cash equivalents at end of
year

2

(722,513

)

76,738

Yip & Sons Limited (Registered number: 11341931)

Notes to the Consolidated Cash Flow Statement
for the Year Ended 31 May 2024

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS

31.5.24 31.5.23
£    £   
Profit before taxation 705,383 858,953
Depreciation charges 388,649 259,772
Profit on disposal of fixed assets (5,000 ) -
Government grants - (53,593 )
Finance costs 187,650 130,559
Finance income (227 ) (123 )
1,276,455 1,195,568
Decrease/(increase) in stocks 74,715 (40,482 )
Increase in trade and other debtors (608,046 ) (141,897 )
(Decrease)/increase in trade and other creditors (493,539 ) 1,244,388
Cash generated from operations 249,585 2,257,577

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 31 May 2024
31.5.24 1.6.23
£    £   
Cash and cash equivalents 246,063 503,409
Bank overdrafts (968,576 ) (426,671 )
(722,513 ) 76,738
Year ended 31 May 2023
31.5.23 1.6.22
£    £   
Cash and cash equivalents 503,409 748,326
Bank overdrafts (426,671 ) (1,188,693 )
76,738 (440,367 )


Yip & Sons Limited (Registered number: 11341931)

Notes to the Consolidated Cash Flow Statement
for the Year Ended 31 May 2024

3. ANALYSIS OF CHANGES IN NET DEBT

Other
non-cash
At 1.6.23 Cash flow changes At 31.5.24
£    £    £    £   
Net cash
Cash at bank
and in hand 503,409 (257,346 ) 246,063
Bank overdrafts (426,671 ) (541,905 ) (968,576 )
76,738 (799,251 ) (722,513 )
Debt
Finance leases - 7,598 - (448,149 )
Debts falling due
within 1 year (396,926 ) 133,333 - (263,593 )
Debts falling due
after 1 year (1,370,179 ) 138,924 - (1,231,255 )
(1,767,105 ) 279,855 - (1,942,997 )
Total (1,690,367 ) (519,396 ) - (2,665,510 )

Yip & Sons Limited (Registered number: 11341931)

Notes to the Consolidated Financial Statements
for the Year Ended 31 May 2024

1. STATUTORY INFORMATION

Yip & Sons Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
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. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Basis of consolidation
The group financial statements consolidate the financial statements of the company and its subsidiary undertakings drawn up to 31 May each year.

Associates
Investments in associates are recognised initially in the consolidated statement of financial position at the transaction price, and subsequently adjusted to reflect the group's share of total comprehensive income and equity of associate, less any impairment. If the group's share of losses exceeds the interest in associate, additional losses are recognised only to the extent that legal or constructive obligations exist to make payments on behalf of the associate.

Yip & Sons Limited (Registered number: 11341931)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 May 2024

2. ACCOUNTING POLICIES - continued

Significant judgements and estimates
In applying the company and group accounting policies, the directors are required to make judgements, estimates and assumptions in determining the carrying amounts of assets and liabilities. The director's judgements, estimates and assumptions are based on the best and most reliable evidence available at the time when the decisions are made, and are based on historical experience and other factors considered to be applicable. Due to the inherent subjectivity involved in making such judgements, estimates and assumptions, the actual results and outcomes may differ.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised, if the revision affects only that period, or in the period of the revision and future periods, if the revision affects both current and future periods.

Key sources of estimation uncertainty

The key assumptions concerning the future, and other key sources of estimation uncertainty, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are disclosed below.

Assessing indicators of impairment
In assessing whether there have been any indicators of impairment to assets, the directors have considered both external and internal sources of information such as market conditions and experience of recoverability. There have been no indicators of impairments identified during the current financial year.

Tangible fixed assets
Tangible fixed assets are depreciated over their useful economic lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2021, is being amortised evenly over its estimated useful life of three years.

On 1 February 2021 the group increased its holding in Chi Land Limited from 50% of the ordinary shares to 75% of the ordinary shares. This resulted in negative goodwill arising. The directors considered the period over which they expected economic benefits to derive from this acquisition and have amortised it evenly over this period. The goodwill has now been fully amortised.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Yip & Sons Limited (Registered number: 11341931)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 May 2024

2. 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 - 2% on cost
Plant and machinery - 20% on reducing balance and 10% on cost
Fixtures and fittings - 20% on reducing balance and 15% on reducing balance
Motor vehicles - 25% on reducing balance

Freehold properties are carried at their revalued amounts, being fair value at the date of valuation less subsequent depreciation and impairment losses. Revaluations are performed by professional qualified valuers with sufficient regularity to ensure that the carrying amounts do not differ materially from those that would be determined using fair values at the end of each reporting period. Any accumulated depreciation at the date of revaluation is eliminated against the gross carrying amount of the assets and the net amount is restated to the revalued amount of the asset.

Any revaluation increase in the carrying amount of freehold properties is recognised in other comprehensive income and included in a revaluation reserve in equity, except to the extent that it reverses a revaluation decrease of the same asset previously recognised in profit or loss, in which case the increase is credited to profit and loss to the extent of the decrease previously expended. Decreases that offset previous increases of the same asset are charged in other comprehensive income and debited against the revaluation reserve in equity; decreases exceeding the balance in revaluation reserve relating to an asset are recognised in profit or loss. Each year the difference between the depreciation based on the revalued carrying amount of the asset recognised in profit or loss and depreciation based on the asset's original cost is transferred from revaluation reserve to retained earnings.

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated 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.


Yip & Sons Limited (Registered number: 11341931)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 May 2024

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

Going concern
The consolidated financial statements for the year ended 31 May 2024 have been prepared on a going concern basis, as after making appropriate enquiries, the director has a reasonable expectation that the group and the company have adequate resources to continue in operational existence for the foreseeable future.

Grants received
Grants received relating to tangible fixed assets are treated as a deferred credit and are released to the profit and loss account in equal instalments over the estimated useful economic life of the assets concerned. Other grants are credited to the profit and loss account as the related expenditure is incurred.

Yip & Sons Limited (Registered number: 11341931)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 May 2024

3. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the group.

An analysis of turnover by geographical market is given below:

31.5.24 31.5.23
£    £   
United Kingdom 24,201,621 24,190,437
24,201,621 24,190,437

4. EMPLOYEES AND DIRECTORS
31.5.24 31.5.23
£    £   
Wages and salaries 2,156,064 2,425,690
Social security costs 176,108 168,092
Other pension costs 60,092 60,886
2,392,264 2,654,668

The average number of employees during the year was as follows:
31.5.24 31.5.23

Selling and administration 95 106

31.5.24 31.5.23
£    £   
Director's remuneration 87,600 85,600

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 2 1

5. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

31.5.24 31.5.23
£    £   
Hire of plant and machinery 26,274 32,408
Depreciation - owned assets 357,013 329,976
Depreciation - assets on hire purchase contracts 31,635 -
Profit on disposal of fixed assets (5,000 ) -
Goodwill amortisation - (70,203 )
Auditors' remuneration 37,990 35,484

Yip & Sons Limited (Registered number: 11341931)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 May 2024

6. INTEREST PAYABLE AND SIMILAR EXPENSES
31.5.24 31.5.23
£    £   
Bank interest 35,943 9,065
Bank loan interest 150,504 121,494
Hire purchase 1,203 -
187,650 130,559

7. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
31.5.24 31.5.23
£    £   
Current tax:
UK corporation tax 117,929 152,666

Deferred tax 149,310 37,772
Tax on profit 267,239 190,438

8. INDIVIDUAL INCOME STATEMENT

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.


9. DIVIDENDS
31.5.24 31.5.23
£    £   
Ordinary shares of £1 each
Interim 84,000 76,000

Yip & Sons Limited (Registered number: 11341931)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 May 2024

10. INTANGIBLE FIXED ASSETS

Group
Goodwill
£   
COST
At 1 June 2023
and 31 May 2024 (210,609 )
AMORTISATION
At 1 June 2023
and 31 May 2024 (210,609 )
NET BOOK VALUE
At 31 May 2024 -
At 31 May 2023 -

11. TANGIBLE FIXED ASSETS

Group
Fixtures
Freehold Plant and and Motor
property machinery fittings vehicles Totals
£    £    £    £    £   
COST OR VALUATION
At 1 June 2023 2,950,000 2,787,956 1,475,465 291,162 7,504,583
Additions - - - 626,532 626,532
At 31 May 2024 2,950,000 2,787,956 1,475,465 917,694 8,131,115
DEPRECIATION
At 1 June 2023 295,000 2,110,252 1,388,115 55,177 3,848,544
Charge for year 59,000 204,548 14,029 111,071 388,648
At 31 May 2024 354,000 2,314,800 1,402,144 166,248 4,237,192
NET BOOK VALUE
At 31 May 2024 2,596,000 473,156 73,321 751,446 3,893,923
At 31 May 2023 2,655,000 677,704 87,350 235,985 3,656,039

Yip & Sons Limited (Registered number: 11341931)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 May 2024

11. TANGIBLE FIXED ASSETS - continued

Group

Cost or valuation at 31 May 2024 is represented by:

Fixtures
Freehold Plant and and Motor
property machinery fittings vehicles Totals
£    £    £    £    £   
Valuation in 2008 754,477 - - - 754,477
Valuation in 2016 (170,000 ) - - - (170,000 )
Valuation in 2018 320,000 - - - 320,000
Cost 2,045,523 2,787,956 1,475,465 917,694 7,226,638
2,950,000 2,787,956 1,475,465 917,694 8,131,115

If freehold property had not been revalued it would have been included at the following historical cost:

31.5.24 31.5.23
£    £   
Cost 2,045,523 2,045,523
Aggregate depreciation 1,165,558 1,001,918

The freehold property was valued on an open market basis on 29 May 2018 by Eddisons Taylors .

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST OR VALUATION
Additions 506,162
At 31 May 2024 506,162
DEPRECIATION
Charge for year 31,635
At 31 May 2024 31,635
NET BOOK VALUE
At 31 May 2024 474,527

Yip & Sons Limited (Registered number: 11341931)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 May 2024

12. FIXED ASSET INVESTMENTS

Group
Shares in
group
undertakings
£   
COST
At 1 June 2023 100
Impairments (50 )
At 31 May 2024 50
NET BOOK VALUE
At 31 May 2024 50
At 31 May 2023 100
Company
Shares in
group
undertakings
£   
COST
At 1 June 2023
and 31 May 2024 527,740
NET BOOK VALUE
At 31 May 2024 527,740
At 31 May 2023 527,740

The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiaries

Chi Yip Holdings Limited
Registered office: England & Wales
Nature of business: Property landlords
%
Class of shares: holding
Ordinary shares 100.00

Chi Yip Group Limited
Registered office: England & Wales
Nature of business: Retail and wholesale food distributors
%
Class of shares: holding
Ordinary shares 100.00

Yip & Sons Limited (Registered number: 11341931)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 May 2024

12. FIXED ASSET INVESTMENTS - continued

Ocean Treasure Restaurant Limited
Registered office: England & Wales
Nature of business: Letting of its business and equipment
%
Class of shares: holding
Ordinary shares 100.00

Music Box Karaoke Limited
Registered office: England & Wales
Nature of business: Karaoke bar
%
Class of shares: holding
Ordinary shares 100.00

Chi Land Limited
Registered office: England & Wales
Nature of business: Property landlords
%
Class of shares: holding
Ordinary shares 80.00

Treasure Land Limited
Registered office: England & Wales
Nature of business: Property owners and landlord
%
Class of shares: holding
Ordinary shares 100.00

Associated companies

Hello Oriental Limited
Registered office: England & Wales
Nature of business: Wholesale and retail sale of food
%
Class of shares: holding
Ordinary shares 50.00

Hello Oriental (Oxford Rd) Limited
Registered office: England & Wales
Nature of business: Retail sales of food and beverages.
%
Class of shares: holding
Ordinary shares 50.00


Yip & Sons Limited (Registered number: 11341931)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 May 2024

13. INVESTMENT PROPERTY

Group
Total
£   
FAIR VALUE
At 1 June 2023
and 31 May 2024 4,122,707
NET BOOK VALUE
At 31 May 2024 4,122,707
At 31 May 2023 4,122,707

Fair value at 31 May 2024 is represented by:
£   
Valuation in 2009 304,181
Cost 3,818,526
4,122,707

If investment property had not been revalued it would have been included at the following historical cost:

31.5.24 31.5.23
£    £   
Cost 3,818,526 3,818,526

Investment property was valued on an open market basis on 31 May 2024 by the directors .

14. STOCKS

Group
31.5.24 31.5.23
£    £   
Finished goods 2,330,434 2,405,149

Yip & Sons Limited (Registered number: 11341931)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 May 2024

15. DEBTORS

Group
31.5.24 31.5.23
£    £   
Amounts falling due within one year:
Trade debtors 1,239,753 655,479
Other debtors 179,768 160,719
VAT 68,090 -
Prepayments and accrued income 152,078 206,165
1,639,689 1,022,363

Amounts falling due after more than one year:
Other debtors 2,044,400 1,996,800

Aggregate amounts 3,684,089 3,019,163

16. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
31.5.24 31.5.23 31.5.24 31.5.23
£    £    £    £   
Bank loans and overdrafts (see note 18) 1,232,169 823,597 - -
Hire purchase contracts (see note 19) 91,152 - - -
Trade creditors 2,062,220 2,468,304 - -
Amounts owed to group undertakings - - 90 90
Tax 117,929 152,666 - -
Social security and other taxes 43,282 95,470 - -
VAT - 50,589 - -
Other creditors 366,076 329,374 - -
Directors' current accounts 308,250 457,952 - -
Directors' loan accounts 4,582 4,582 - -
Accruals and deferred income 152,131 134,085 - -
4,377,791 4,516,619 90 90

Yip & Sons Limited (Registered number: 11341931)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 May 2024

17. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR

Group Company
31.5.24 31.5.23 31.5.24 31.5.23
£    £    £    £   
Bank loans (see note 18) 1,231,255 1,370,179 - -
Hire purchase contracts (see note 19) 356,997 - - -
Amounts owed to group undertakings - - 515,000 515,000
1,588,252 1,370,179 515,000 515,000

18. LOANS

An analysis of the maturity of loans is given below:

Group
31.5.24 31.5.23
£    £   
Amounts falling due within one year or on demand:
Bank overdrafts 968,576 426,671
Bank loans - less than 1 yr 263,593 396,926
1,232,169 823,597
Amounts falling due between one and two years:
Bank loans - 1-2 years 180,260 263,593
Amounts falling due between two and five years:
Bank loan 2-5 years 1,050,995 1,106,586

Yip & Sons Limited (Registered number: 11341931)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 May 2024

19. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Hire purchase contracts
31.5.24 31.5.23
£    £   
Gross obligations repayable:
Within one year 105,588 -
Between one and five years 413,553 -
519,141 -

Finance charges repayable:
Within one year 14,436 -
Between one and five years 56,556 -
70,992 -

Net obligations repayable:
Within one year 91,152 -
Between one and five years 356,997 -
448,149 -

Group
Non-cancellable operating leases
31.5.24 31.5.23
£    £   
Within one year 30,472 29,387
Between one and five years 62,756 48,531
93,228 77,918

20. PROVISIONS FOR LIABILITIES

Group
31.5.24 31.5.23
£    £   
Deferred tax 288,936 139,626

Yip & Sons Limited (Registered number: 11341931)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 May 2024

20. PROVISIONS FOR LIABILITIES - continued

Group
Deferred
tax
£   
Balance at 1 June 2023 139,626
Provided during year 149,310
Balance at 31 May 2024 288,936

21. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.5.24 31.5.23
value: £    £   
12,650 Ordinary £1 12,650 12,650

22. RESERVES

Group
Retained Revaluation
earnings reserve Totals
£    £    £   

At 1 June 2023 5,992,682 1,425,103 7,417,785
Profit for the year 418,377 418,377
Dividends (84,000 ) (84,000 )
Profit and loss transfer 37,458 (37,458 ) -
At 31 May 2024 6,364,517 1,387,645 7,752,162


23. NON-CONTROLLING INTERESTS

The non-controlling interests relate to minority shareholdings held by third parties in Chi Land Limited, whose financial results are included within the consolidated financial statements of Yip and Sons Limited. The total non-controlling interests at 31 May 2024 amounted to £257,475 (£249,708 at 31.05.23).

Yip & Sons Limited (Registered number: 11341931)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 May 2024

24. RELATED PARTY DISCLOSURES

Hello Oriental (Oxford Road) Limited
A company in which the group has a 50% interest.
The group has advanced loans of £1,559,946 (2023 £1,402,400) to Hello Oriental (Oxford Road) Limited. This loan is repayable on demand and is included in other debtors.

OT Restaurant Limited
A company which is owned by Mrs DFC Yip's son.
The group has received loans of £234,676 (2023 £250,000) from OT Restaurant Limited. This loan is repayable on demand and is included in other creditors.

Chi Yip (Altrincham) Limited
A company which is owned by Mrs DFC Yip's son.
The group has advanced loans of £600,000 (2023 £550,000) to Chi Yip (Altrincham) Limited. This loan is repayable on demand and is included in other debtors.

K2 Karaoke Limited
A company which is owned by Mrs DFC Yip's daughter.
The group has received loans of £51,953 (2023 £nil) from K2 Karaoke Limited. This loan is repayable on demand and is included in other creditors.