Company No: SC031736 (Scotland)

Contents

• Balance Sheet
• Notes to the Financial Statements

	Note	2024		2023
		£		£
Fixed assets
Tangible assets	3	593,471		425,244
Investments	4	1		1
		593,472		425,245
Current assets
Stocks		713,611		687,424
Debtors	5	935,517		894,039
Cash at bank and in hand		370,514		181,869
		2,019,642		1,763,332
Creditors: amounts falling due within one year	6	( 835,081)		( 855,930)
Net current assets		1,184,561		907,402
Total assets less current liabilities		1,778,033		1,332,647
Creditors: amounts falling due after more than one year	7	( 173,584)		( 11,118)
Provision for liabilities		( 42,008)		0
Net assets		1,562,441		1,321,529
Capital and reserves
Called-up share capital	8	212,150		212,150
Profit and loss account		1,350,291		1,109,379
Total shareholders' funds		1,562,441		1,321,529

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 financial statements for the financial year in accordance with section 476;
• The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Profit and Loss Account has not been delivered.

These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of William Yule & Son Limited (registered number: SC031736) were approved and authorised for issue by the Board of Directors on 27 March 2025. They were signed on its behalf by:

M I Patterson Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

William Yule & Son Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the Company's registered office is 8 Park Road, Kirkcaldy, KY1 3ER, United Kingdom.

The financial statements have been prepared under the historical cost convention, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the company and rounded to the nearest £.

Turnover

Turnover represents amounts receivable for the supply of wholesale foodstuff goods net of VAT.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Employee benefits

Short term benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Defined contribution schemes
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are charged to the profit and loss account in the year they are payable.

The defined benefit scheme, which the company was a member of, was wound up during the year ended 31 December 2023.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost or valuation of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings	40 years straight line
Plant and machinery etc.	3 - 10 years straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Leases

The Company as lessee
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Non-financial assets
At each balance sheet date, the company reviews its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. Cost is calculated using the FIFO (first-in, first-out) method.

At each reporting date, an assessment is made for impairment.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs.

Basic financial liabilities
Basic financial liabilities, including creditors, are initially recognised at transaction price.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

2. Employees

	2024		2023
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	42		40

3. Tangible assets

	Land and buildings		Plant and machinery etc.		Total
	£		£		£
Cost
At 01 January 2024	115,000		1,247,956		1,362,956
Additions	0		350,753		350,753
Disposals	0		( 166,013)		( 166,013)
At 31 December 2024	115,000		1,432,696		1,547,696
Accumulated depreciation
At 01 January 2024	89,125		848,587		937,712
Charge for the financial year	2,875		170,892		173,767
Disposals	0		( 157,254)		( 157,254)
At 31 December 2024	92,000		862,225		954,225
Net book value
At 31 December 2024	23,000		570,471		593,471
At 31 December 2023	25,875		399,369		425,244

4. Fixed asset investments

	2024		2023
	£		£
Other investments and loans	1		1

5. Debtors

	2024		2023
	£		£
Trade debtors	818,254		763,371
Other debtors	117,263		130,668
	935,517		894,039

6. Creditors: amounts falling due within one year

	2024		2023
	£		£
Trade creditors	580,530		562,217
Other taxation and social security	33,427		27,267
Obligations under finance leases and hire purchase contracts	42,586		11,783
Other creditors	178,538		254,663
	835,081		855,930

Included in creditors is £42,586 (2023 - £11,783) of finance lease obligations which are secured over the assets to which they relate.

7. Creditors: amounts falling due after more than one year

	2024		2023
	£		£
Obligations under finance leases and hire purchase contracts	173,584		11,118

Included in other creditors is £173,584 (2023 - £11,118) of finance lease and Hire Purchase contract obligations which are secured over the assets to which they relate.

8. Called-up share capital

	2024		2023
	£		£
Allotted, called-up and fully-paid
12,150 Ordinary shares of £ 1.00 each	12,150		12,150
200,000 Redeemable Preference Shares shares of £ 1.00 each	200,000		200,000
	212,150		212,150

9. Related party transactions

Other related party transactions

	2024		2023
	£		£
Key management personnel	5,000		99,000

The above loan from the directors is interest free and has no fixed terms of repayment.