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Registration number: 05666580

M R Yeo & Son Limited

Annual report and Unaudited Financial Statements

for the Year Ended 31 December 2024

 

M R Yeo & Son Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 8

 

M R Yeo & Son Limited

Company Information

Directors

Mr M R Yeo

Mrs C D Yeo

Company secretary

Mrs C D Yeo

Registered office

Yeostone House
Eastacombe
Tawstock
Barnstaple
Devon
EX31 3PA

Accountants

Rural Accounts Ltd
AccountantsThe Myrtles
Rumsam Road
Barnstaple
Devon
EX32 9ER

 

M R Yeo & Son Limited

(Registration number: 05666580)
Balance Sheet as at 31 December 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

173,014

120,300

Current assets

 

Stocks

5

500

500

Debtors

6

17,942

33,650

Cash at bank and in hand

 

1,084,834

917,290

 

1,103,276

951,440

Creditors: Amounts falling due within one year

7

(199,638)

(241,710)

Net current assets

 

903,638

709,730

Net assets

 

1,076,652

830,030

Capital and reserves

 

Called up share capital

8

100

100

Retained earnings

1,076,552

829,930

Shareholders' funds

 

1,076,652

830,030

For the financial year ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 20 February 2025 and signed on its behalf by:
 

.........................................
Mr M R Yeo
Director

 

M R Yeo & Son Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Yeostone House
Eastacombe
Tawstock
Barnstaple
Devon
EX31 3PA
England

These financial statements were authorised for issue by the Board on 20 February 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

M R Yeo & Son Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

20% on reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

M R Yeo & Son Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 7 (2023 - 7).

 

M R Yeo & Son Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 January 2024

224,269

224,269

Additions

88,661

88,661

Disposals

(5,497)

(5,497)

At 31 December 2024

307,433

307,433

Depreciation

At 1 January 2024

103,969

103,969

Charge for the year

30,450

30,450

At 31 December 2024

134,419

134,419

Carrying amount

At 31 December 2024

173,014

173,014

At 31 December 2023

120,300

120,300

5

Stocks

2024
£

2023
£

Other inventories

500

500

 

M R Yeo & Son Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

6

Debtors

Current

2024
£

2023
£

Trade debtors

11,026

26,330

Prepayments

6,916

7,320

 

17,942

33,650

7

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

22,507

51,029

Taxation and social security

91,338

79,656

Accruals and deferred income

3,500

3,330

Other creditors

82,293

107,695

199,638

241,710

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary of £1 each

100

100

100

100

       
 

M R Yeo & Son Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

9

Dividends

Interim dividends paid

   

2024
£

 

2023
£

Interim dividend of £800.00 (2023 - £810.00) per each Ordinary

 

80,000

 

81,000