REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 29 June 2024 |
for |
Yarmouth Stores,Limited(The) |
REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 29 June 2024 |
for |
Yarmouth Stores,Limited(The) |
Yarmouth Stores,Limited(The) (Registered number: 00055930) |
Contents of the Financial Statements |
for the Year Ended 29 June 2024 |
Page |
Balance Sheet | 1 |
Notes to the Financial Statements | 3 |
Yarmouth Stores,Limited(The) (Registered number: 00055930) |
Balance Sheet |
29 June 2024 |
2024 | 2023 |
Notes | £ | £ |
Assets |
Fixed assets |
Tangible assets | 5 |
Current assets |
Stocks |
Debtors | 6 |
Investments | 7 |
Cash at bank and in hand |
Capital, reserves and liabilities |
Capital and reserves |
Called up share capital |
Revaluation reserve | 8 |
Other reserves |
Retained earnings | ( |
) | ( |
) |
( |
) | ( |
) |
Creditors |
Amounts falling due within one year | 9 |
Amounts falling due after more than one year |
10 |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
Yarmouth Stores,Limited(The) (Registered number: 00055930) |
Balance Sheet - continued |
29 June 2024 |
The financial statements were approved by the Board of Directors and authorised for issue on |
Yarmouth Stores,Limited(The) (Registered number: 00055930) |
Notes to the Financial Statements |
for the Year Ended 29 June 2024 |
1. | Statutory information |
Yarmouth Stores,Limited(The) is a |
Registered number: |
Registered office: |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | Statement of compliance |
3. | Accounting policies |
Basis of preparing the financial statements |
Critical accounting judgements and key sources of estimation uncertainty |
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Stocks |
Stocks are stated at the lower of cost and net realisable value. Cost is computed on a first in first out basis. The cost of work in progress and finished goods includes all production overheads and depreciation and the attributable proportion of indirect overheads based on normal level of activity. Net realisable value is based on estimated selling price less the estimated cost of disposal. |
Yarmouth Stores,Limited(The) (Registered number: 00055930) |
Notes to the Financial Statements - continued |
for the Year Ended 29 June 2024 |
3. | Accounting policies - continued |
Financial instruments |
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. |
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. |
Debt instruments are subsequently measured at amortised cost. |
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. |
Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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. |
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. |
Going concern |
The financial statements have been prepared on a going concern basis, despite reporting a loss for the year. The directors continue to provide financial support to the company by the way of directors loan accounts and loan finance. |
Consolidation |
The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprises a small group. |
Yarmouth Stores,Limited(The) (Registered number: 00055930) |
Notes to the Financial Statements - continued |
for the Year Ended 29 June 2024 |
3. | Accounting policies - continued |
Tangible assets |
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. |
Freehold and leasehold properties are carried at revalued amounts and are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. |
An increase in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income and accumulated equity, expect to the extent it reverses a revaluation decrease of the same asset previously recongnised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recongnised in other comprehensive income to the extent of any previously recongnised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit and loss. |
Depreciation |
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:- |
Long leasehold property - over period of the lease |
Plant and machinery - 20% straight line |
Fixtures and fittings - 20% straight line |
Motor vehicles - 20% straight line |
4. | Employees and directors |
The average number of employees during the year was |
Yarmouth Stores,Limited(The) (Registered number: 00055930) |
Notes to the Financial Statements - continued |
for the Year Ended 29 June 2024 |
5. | Tangible fixed assets |
Freehold | Long | Plant and |
property | leasehold | machinery |
£ | £ | £ |
Cost |
At 30 June 2023 |
Additions |
Disposals | ( |
) | ( |
) |
At 29 June 2024 |
Depreciation |
At 30 June 2023 |
Charge for year |
Eliminated on disposal | ( |
) |
At 29 June 2024 |
Net book value |
At 29 June 2024 |
At 29 June 2023 |
Fixtures |
and | Motor |
fittings | vehicles | Totals |
£ | £ | £ |
Cost |
At 30 June 2023 |
Additions |
Disposals | ( |
) |
At 29 June 2024 |
Depreciation |
At 30 June 2023 |
Charge for year |
Eliminated on disposal | ( |
) |
At 29 June 2024 |
Net book value |
At 29 June 2024 |
At 29 June 2023 |
All of the company's freehold and long leasehold properties were valued in prior years by professional valuers and were revalued to fair value at 31 January 2018. The directors do not consider that a tax charge will arise on disposal at the carrying value due to the length of time the properties have been held and the availability of reliefs and allowances. |
Yarmouth Stores,Limited(The) (Registered number: 00055930) |
Notes to the Financial Statements - continued |
for the Year Ended 29 June 2024 |
6. | Debtors: amounts falling due within one year |
2024 | 2023 |
£ | £ |
Trade debtors |
Other debtors |
7. | Current asset investments |
2024 | 2023 |
£ | £ |
Investments in group undertakings | 1 | 1 |
8. | Reserves |
Revaluation |
reserve |
£ |
At 30 June 2023 |
and 29 June 2024 |
Profit and loss account - This reserve records distributable retained earnings and accumulated losses. |
9. | Creditors: amounts falling due within one year |
2024 | 2023 |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Amounts owed to associates | 93,578 | 97,250 |
Taxation and social security |
Other creditors |
10. | Creditors: amounts falling due after more than one year |
2024 | 2023 |
£ | £ |
Bank loans |
Included in other creditors is a loan which is secured by a fixed and floating charge over the assets of the company. |
11. | Related party disclosures |
During the year, the company disposed of a freehold property to a company under common control. The company also disposed of a leasehold to a company under common control. Both transactions were completed at market rate. There was no balanced outstanding at the year end. |