Registration number:
for the Year Ended
YB Fixings Ltd
Contents
Company Information |
|
Strategic Report |
|
Directors' Report |
|
Statement of Directors' Responsibilities |
|
Independent Auditor's Report |
|
Profit and Loss Account |
|
Balance Sheet |
|
Statement of Changes in Equity |
|
Statement of Cash Flows |
|
Notes to the Financial Statements |
YB Fixings Ltd
Company Information
Directors |
R A Hudson J S Samuelson J Dock |
Company secretary |
R A Hudson |
Registered office |
|
Auditors |
|
YB Fixings Ltd
Strategic Report for the Year Ended 31 December 2024
The directors present their strategic report for the year ended 31 December 2024.
Principal activity
The principal activity of the company is that of the supply of pneumatic fastening systems, providing a wide range of fixings, fasteners, and high-quality tooling for various applications.
Fair review of the business
YB Fixings Ltd is committed to delivering high-quality fastening solutions to the construction and industrial sectors, with a mission to enhance structural integrity and support sustainable building practices.
YB experienced steady revenue in 2024, although there was a decline compared to 2023, reflecting broader trends in the UK's construction industry following the inauguration of a new government.
Our strategic objectives for 2024 are to expand our market presence, innovate our product offerings, and enhance customer satisfaction.
Despite facing industry-wide challenges, we are enthusiastic about our strategic direction and committed to fostering innovation and excellence. YB Fixings Ltd remains dedicated to improving our product range, incorporating cutting-edge technology to meet the evolving needs of our customers. Our focus on digital transformation will streamline operations, enhance efficiency, and drive customer satisfaction.
By forging strategic partnerships, we aim to expand our market footprint and increase our influence within the construction and industrial sectors. Sustainability is a core component of our strategy, guiding our efforts to contribute positively to environmental stewardship and sustainable building practices.
Our recently launched flooring division, YB FLOOR MASTER®, has been met with enthusiastic market feedback, demonstrating the potential for growth and diversification. We are poised to explore emerging markets and seize new opportunities, ensuring our continued success and competitive edge.
Through ongoing investment in people development and IT system improvements, we are confident in our ability to navigate future challenges and capitalize on opportunities. Our commitment to excellence will drive long-term success for our stakeholders and positively impact the industry.
Key performance indicators
The directors consider the key financial performance indicators (KPIs) when assessing the performance of the company.
Sales amounted to £15,729,892, representing a 4.7% decrease compared to 2023. This decline reflects broader challenges faced across the construction sector.
The directors also consider non-financial KPIs such as Supplier Performance, Return to Base Performance of Tools, Order Fulfilment and Despatch Performance.
YB Fixings Ltd. follows a robust governance structure, with a board of directors overseeing strategic decisions. We are committed to compliance with all relevant laws and regulations, including data protection and environmental standards.
Principal risks and uncertainties
YB Fixings Ltd
Strategic Report for the Year Ended 31 December 2024
Key business risks and uncertainties affecting the company are considered to relate to the continuing uncertainty within the economy and housing market confidence.
The principal risks facing YB Fixings Ltd. include market competition, supply chain disruptions, and regulatory changes.
YB continues to maintain its strong relationships with customers and suppliers.
Liquidity Risk
To ensure liquidity and secure funds for ongoing operations and future growth, the company utilizes a facility with its ultimate parent company as part of the group's cash pooling arrangement.
Geopolitical Tensions
Geopolitical tensions underscored the need to adopt a strategic and adaptive foreign policy to leverage emerging opportunities while mitigating potential risks.
2024 highlighted the interconnected nature of global events and their impact on the UK's geopolitical stance.
Geopolitical tensions, like trade disputes and conflicts, can disrupt global trade and supply chains. These uncertainties may lead to higher tariffs and restricted market access, forcing companies to find new suppliers and adapt to changing conditions.
YB is flexible in adapting business models to changing geopolitical dynamics.
Credit Risk
The primary credit risk stems from offering credit terms to customers, which carries the risk of non-payment. To mitigate this risk, we closely manage the Sales Ledger and insure our trade debts against non-payment.
Currency
The business pays its suppliers in Euros and US Dollars as well as Sterling. As such exchange fluctuations can have an effect on the company’s results.
Conclusion
In summary, YB Fixings Ltd. has made significant strides in achieving its strategic objectives and is well-positioned for future growth. We remain focused on innovation and customer satisfaction as key drivers of our success.
Approved and authorised by the
......................................... |
YB Fixings Ltd
Directors' Report for the Year Ended 31 December 2024
The directors present their report and the financial statements for the year ended 31 December 2024.
Directors of the company
The directors who held office during the year were as follows:
Disclosure of information to the auditors
Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.
Approved and authorised by the
......................................... |
YB Fixings Ltd
Statement of Directors' Responsibilities
The directors acknowledge their responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have 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 directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
• |
select suitable accounting policies and apply them consistently; |
• |
make judgements and accounting estimates that are reasonable and prudent; |
• |
state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and |
• |
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
YB Fixings Ltd
Independent Auditor's Report to the Members of YB Fixings Ltd
Opinion
We have audited the financial statements of YB Fixings Ltd (the 'company') for the year ended 31 December 2024, which comprise the Profit and Loss Account, Balance Sheet, Statement of Changes in Equity, Statement of Cash Flows, and 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 company's affairs as at 31 December 2024 and of its 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 auditor responsibilities for the audit of the financial statements section of our report. We are independent of the company 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 company's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other information
The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report 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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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.
Opinion on other matter 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 Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
• |
the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements. |
YB Fixings Ltd
Independent Auditor's Report to the Members of YB Fixings Ltd
Matters on which we are required to report by exception
In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and the Directors' Report.
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, or returns adequate for our audit have not been received from branches not visited by us; or |
• | the financial statements are not in agreement with the accounting records and returns; or |
• | certain disclosures of directors' remuneration specified by law are not made; or |
• | we have not received all the information and explanations we require for our audit. |
Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities [set out on page 5], the directors are 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 directors determine is 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 directors are responsible for assessing the 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 directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor 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 an auditor’s report 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:
YB Fixings Ltd
Independent Auditor's Report to the Members of YB Fixings Ltd
Detecting irregularities, including fraud
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. As such, we have considered:
• the nature of the industry and sector, control environment and business performance including the company’s remuneration policy, bonus levels, and performance targets;
• the company’s own assessment, including assessments made by key management, of the risks that irregularities may occur either as a result of fraud or error;
• any matters we identified having reviewed the company’s policies and procedures relating to:
- identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance;
- detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud; and
- the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations;
• the matters discussed amongst the audit engagement team.
As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in the areas in which management is required to exercise significant judgement, such as the disclosure of adjusting items. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override.
We also obtained an understanding of the legal and regulatory framework that the company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context were the Companies Act, tax legislation and regulations concerning importing and exporting to and from the UK.
There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
YB Fixings Ltd
Independent Auditor's Report to the Members of YB Fixings Ltd
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 an auditor’s report 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.
......................................
For and on behalf of
2 Old Bath Road
Berkshire
RG14 1QL
YB Fixings Ltd
Profit and Loss Account for the Year Ended 31 December 2024
Note |
2024 |
2023 |
|
Turnover |
|
|
|
Cost of sales |
( |
( |
|
Gross profit |
|
|
|
Administrative expenses |
( |
( |
|
Other operating income |
|
|
|
Operating profit |
2,065,339 |
2,366,444 |
|
Interest payable and similar expenses |
( |
( |
|
Profit before tax |
|
|
|
Tax on profit |
( |
( |
|
Profit for the financial year |
|
|
The above results were derived from continuing operations.
The company has no recognised gains or losses for the year other than the results above.
YB Fixings Ltd
(Registration number: SC075801)
Balance Sheet as at 31 December 2024
Note |
2024 |
2023 |
|
Fixed assets |
|||
Tangible assets |
|
|
|
Investments |
|
|
|
|
|
||
Current assets |
|||
Stocks |
|
|
|
Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current assets |
|
|
|
Total assets less current liabilities |
|
|
|
Provisions for liabilities |
( |
( |
|
Net assets |
|
|
|
Capital and reserves |
|||
Called up share capital |
42,500 |
42,500 |
|
Capital redemption reserve |
7,500 |
7,500 |
|
Retained earnings |
3,914,676 |
6,410,435 |
|
Shareholders' funds |
3,964,676 |
6,460,435 |
Approved and authorised by the
......................................... |
YB Fixings Ltd
Statement of Changes in Equity for the Year Ended 31 December 2024
Share capital |
Capital redemption reserve |
Retained earnings |
Total |
|
At 1 January 2023 |
|
|
|
|
Profit for the year |
- |
- |
|
|
Dividends |
- |
- |
( |
( |
At 31 December 2023 |
42,500 |
7,500 |
6,410,435 |
6,460,435 |
Share capital |
Capital redemption reserve |
Retained earnings |
Total |
|
At 1 January 2024 |
|
|
|
|
Profit for the year |
- |
- |
|
|
Dividends |
- |
- |
( |
( |
At 31 December 2024 |
|
|
|
|
YB Fixings Ltd
Statement of Cash Flows for the Year Ended 31 December 2024
Note |
2024 |
2023 |
|
Cash flows from operating activities |
|||
Profit for the year |
|
|
|
Adjustments to cash flows from non-cash items |
|||
Depreciation and amortisation |
|
|
|
Loss/(profit) on disposal of tangible assets |
|
( |
|
Finance costs |
|
|
|
Income tax expense |
|
|
|
|
|
||
Working capital adjustments |
|||
(Increase)/decrease in stocks |
( |
|
|
Decrease/(increase) in trade debtors |
|
( |
|
(Decrease)/increase in trade creditors |
( |
|
|
Cash generated from operations |
|
|
|
Income taxes paid |
( |
( |
|
Net cash flow from operating activities |
|
|
|
Cash flows from investing activities |
|||
Acquisitions of tangible assets |
( |
( |
|
Proceeds from sale of tangible assets |
( |
|
|
Net cash flows from investing activities |
( |
( |
|
Cash flows from financing activities |
|||
Interest paid |
( |
( |
|
Dividends paid |
( |
( |
|
Net cash flows from financing activities |
( |
( |
|
Net decrease in cash and cash equivalents |
( |
( |
|
Cash and cash equivalents at 1 January |
( |
|
|
Cash and cash equivalents at 31 December |
(2,413,183) |
(31,737) |
YB Fixings Ltd
Notes to the Financial Statements for the Year Ended 31 December 2024
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
The principal place of business is:
Thistle House
Radway Road
Swindon
Wiltshire
SN3 4ND
These financial statements were authorised for issue by the
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 were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland and the Companies Act 2006'.
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.
Preparation of consolidated financial statements
The financial statements contain information about YB Fixings Ltd as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under section 400 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it and its subsidiary undertaking are included by full consolidation in the consolidated financial statements of its parent, Indutrade AB, Raseborgsgatan 9, BOX 6044, SE-164 06 Kista, Sweden.
Going concern
The financial statements have been prepared on a going concern basis.
YB Fixings Ltd
Notes to the Financial Statements for the Year Ended 31 December 2024
Key sources of estimation uncertainty
Stock provision, the directors have considered a stock provision for slow and obsolete stock based on the value of stock lines that have not been sold within the last 12 months at the period end date. The carrying amount is £425,768 (2023 -£514,171).
Free on loan tools stock, the directors have considered the value of tools provided to customers under a free on loan agreement to be valued at cost and written off over a 5 year period. The carrying amount is £552,002 (2023 -£561,745).
Bad debt provision, the directors have determined an appropriate provision for bad debts by assessing the recoverability of all balances on a balance by balance basis. The carrying amount is £7,757 (2023 -£21,812).
Dilapidation provision, the directors have determined an appropriate provision for dilapidations by assessing the probable future obligations expected to exist at the end of the property lease. The carrying amount is £50,000 (2023 -£50,000).
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.
Turnover is recognised when the goods are despatched as this is when control of the goods has transferred to the customer.
Foreign currency transactions and balances
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
Tax
The tax expense for the period comprises current tax payable.
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 |
Equipment and fittings |
20% on cost |
Motor Vehicles |
20% on cost |
YB Fixings Ltd
Notes to the Financial Statements for the Year Ended 31 December 2024
Business combinations
Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.
Investments
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.
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.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell, after making due allowance for obsolete and slow moving items.
The cost of stock is measured using the first-in first-out basis.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Provisions
Provisions are recognised when the company has an obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.
YB Fixings Ltd
Notes to the Financial Statements for the Year Ended 31 December 2024
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
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.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Turnover |
The analysis of the company's Turnover for the year from continuing operations is as follows:
2024 |
2023 |
|
Sale of goods |
|
|
Other operating income |
The analysis of the company's other operating income for the year is as follows:
2024 |
2023 |
|
Miscellaneous other operating income |
|
|
YB Fixings Ltd
Notes to the Financial Statements for the Year Ended 31 December 2024
Other gains and losses |
The analysis of the company's other gains and losses for the year is as follows:
2024 |
2023 |
|
(Loss)/gain on disposal of Tangible assets |
( |
|
Operating profit |
Arrived at after charging/(crediting)
2024 |
2023 |
|
Depreciation expense |
|
|
Foreign exchange losses |
|
|
Operating lease expense - property |
|
|
Loss/(profit) on disposal of property, plant and equipment |
|
( |
Interest payable and similar expenses |
2024 |
2023 |
|
Interest expense on other finance liabilities |
|
|
Foreign exchange gains |
|
|
|
|
Staff costs |
The aggregate payroll costs (including directors' remuneration) were as follows:
2024 |
2023 |
|
Wages and salaries |
|
|
Social security costs |
|
|
Pension costs, defined contribution scheme |
|
|
Other employee expense |
|
|
|
|
The average number of persons employed by the company (including directors) during the year, analysed by category was as follows:
YB Fixings Ltd
Notes to the Financial Statements for the Year Ended 31 December 2024
2024 |
2023 |
|
Warehouse and sales |
|
|
Office and management |
|
|
|
|
Directors' remuneration |
The directors' remuneration for the year was as follows:
2024 |
2023 |
|
Remuneration |
|
|
Contributions paid to money purchase schemes |
|
|
127,317 |
117,350 |
During the year the number of directors who were receiving benefits and share incentives was as follows:
2024 |
2023 |
|
Accruing benefits under money purchase pension scheme |
|
|
Auditors' remuneration |
2024 |
2023 |
|
Audit of the financial statements |
|
|
Taxation |
Tax charged/(credited) in the profit and loss account
2024 |
2023 |
|
Current taxation |
||
UK corporation tax |
|
|
The tax on profit before tax for the year is the same as the standard rate of corporation tax in the UK (2023 - the same as the standard rate of corporation tax in the UK) of
The differences are reconciled below:
YB Fixings Ltd
Notes to the Financial Statements for the Year Ended 31 December 2024
2024 |
2023 |
|
Profit before tax |
|
|
Corporation tax at standard rate |
|
|
Tax increase/(decrease) from effect of capital allowances and depreciation |
|
( |
Effect of revenues exempt from taxation |
( |
- |
Effect of expense not deductible in determining taxable profit (tax loss) |
|
|
Tax (decrease)/increase from other tax effects |
( |
|
Total tax charge |
|
|
Deferred tax
Deferred tax assets and liabilities
2024 |
Asset |
Liability |
Accelerated tax depreciation |
|
- |
|
- |
2023 |
Asset |
Liability |
Accelerated tax depreciation |
|
- |
|
- |
YB Fixings Ltd
Notes to the Financial Statements for the Year Ended 31 December 2024
Tangible assets |
Equipment and fittings |
Motor vehicles |
Total |
|
Cost or valuation |
|||
At 1 January 2024 |
|
|
|
Additions |
|
- |
|
Disposals |
( |
- |
( |
At 31 December 2024 |
|
|
|
Depreciation |
|||
At 1 January 2024 |
|
|
|
Charge for the year |
|
|
|
Eliminated on disposal |
( |
- |
( |
At 31 December 2024 |
|
|
|
Carrying amount |
|||
At 31 December 2024 |
|
|
|
At 31 December 2023 |
|
|
|
Investments |
2024 |
2023 |
|
Investments in subsidiaries |
|
|
Subsidiaries |
£ |
Cost or valuation |
|
At 1 January 2024 |
|
Provision |
|
Carrying amount |
|
At 31 December 2024 |
|
At 31 December 2023 |
|
Details of undertakings
Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:
YB Fixings Ltd
Notes to the Financial Statements for the Year Ended 31 December 2024
Undertaking |
Registered office |
Holding |
Proportion of voting rights and shares held |
|
2024 |
2023 |
|||
Subsidiary undertakings |
||||
|
6 Kyle Road, Irvine Industrial Estate, Irvine, Ayrshire, KA12 8JS Scotland |
|
|
|
Subsidiary undertakings |
Young Black Limited The principal activity of Young Black Limited is |
Stocks |
2024 |
2023 |
|
Other inventories |
|
|
Free on loan tool stock was written down by £218,615 (2023: £220,938) and recognised in cost of sales in accordance with the accounting policy.
Debtors |
Current |
Note |
2024 |
2023 |
Trade debtors |
|
|
|
Other debtors |
|
|
|
Prepayments |
|
|
|
Deferred tax assets |
|
|
|
|
|
Cash and cash equivalents |
2024 |
2023 |
|
Cash on hand |
|
|
Cash at bank |
|
|
|
|
|
Bank overdrafts |
( |
( |
Cash and cash equivalents in statement of cash flows |
(2,413,183) |
(31,737) |
YB Fixings Ltd
Notes to the Financial Statements for the Year Ended 31 December 2024
Creditors |
Note |
2024 |
2023 |
|
Due within one year |
|||
Loans and borrowings |
|
|
|
Trade creditors |
|
|
|
Social security and other taxes |
|
|
|
Other payables |
|
|
|
Accruals |
|
|
|
Income tax liability |
276,878 |
- |
|
|
|
Provisions for liabilities |
Other provisions |
Total |
|
At 1 January 2024 |
|
|
At 31 December 2024 |
|
|
|
The provision of £50,000 relates to dilapidations that may exist at the end of the property lease in 2028.
Pension and other schemes |
Defined contribution pension scheme
The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £
YB Fixings Ltd
Notes to the Financial Statements for the Year Ended 31 December 2024
Share capital |
Allotted, called up and fully paid shares
2024 |
2023 |
|||
No. |
£ |
No. |
£ |
|
|
|
42,500 |
|
42,500 |
Loans and borrowings |
Current loans and borrowings
2024 |
2023 |
|
Bank overdrafts |
|
|
Obligations under leases and hire purchase contracts |
Operating leases
The total of future minimum lease payments is as follows:
2024 |
2023 |
|
Not later than one year |
|
|
Later than one year and not later than five years |
|
|
|
|
On 21 June 2017 the company renewed their existing property lease for a further 10 years, to commence in March 2018.
Dividends |
Interim dividends paid
2024 |
2023 |
|||
Interim dividend of £ |
|
|
||
Contingent liabilities |
HMRC Duty Deferment Guarantee of £250,000 provided by Handelsbanken.
YB Fixings Ltd
Notes to the Financial Statements for the Year Ended 31 December 2024
Related party transactions |
Income and receivables from related parties
2024 |
Associates |
Recharge of costs |
|
|
2023 |
Associates |
Sale of goods |
|
|
Expenditure with and payables to related parties
2024 |
Associates |
Purchases |
|
Rendering of services |
|
|
|
|
2023 |
Associates |
Purchases |
|
|
Loans to related parties
2023 |
Associates |
Total |
At start of period |
|
|
Impairment |
( |
( |
At end of period |
- |
- |
|
Parent and ultimate parent undertaking |
The company's immediate parent is
The ultimate parent is
These financial statements are available upon request from https://www.indutrade.com/investors- -media/reports- -presentations/