Company registration number 00977986 (England and Wales)
Yorkshire Sheeting And Insulation Services Limited
Annual Report And Financial Statements
For The Year Ended 31 July 2024
YORKSHIRE SHEETING AND INSULATION SERVICES LIMITED
Yorkshire Sheeting And Insulation Services Limited
COMPANY INFORMATION
Directors
Mr G T Hall
Mr S M Long
Secretary
Mrs G M Jackson
Company number
00977986
Registered office
Green Lane Trading Estate
Clifton
York
YO30 5PY
Auditor
Azets Audit Services Limited
Triune Court
Monks Cross Drive
York
YO32 9GZ
YORKSHIRE SHEETING AND INSULATION SERVICES LIMITED
Yorkshire Sheeting And Insulation Services Limited
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3
Directors' responsibilities statement
4
Independent auditor's report
5 - 7
Statement of comprehensive income
8
Balance sheet
9
Statement of changes in equity
10
Notes to the financial statements
11 - 20
YORKSHIRE SHEETING AND INSULATION SERVICES LIMITED
Yorkshire Sheeting And Insulation Services Limited
STRATEGIC REPORT
FOR THE YEAR ENDED 31 JULY 2024
- 1 -

The directors present the strategic report for the year ended 31 July 2024.

Review of the business

The directors are pleased with the performance of the business over the last financial year despite a downturn in both turnover and profit.

We have continued to secure the majority of our workload through repeat business, strengthening our relationship with our clients, we have continued our philosophy to broaden our client base with new relationships being formed with new main contractors.

We have seen the rates for both materials and labour plateau giving greater stability in offering fixed prices and giving much needed cost certainty allowing the team to manage the contracts with more accurate financial control.

We have experienced a fall in demand over the last financial year along with smaller or multiple unit schemes becoming more popular, but we feel optimistic over the next financial year we will see demand increase.

Principal risks and uncertainties

Although we have seen material and labour costs stabilise and fall in some instances, the overall cost to build still high has resulted in many schemes being delayed resulting in a shortfall of work across the sector, this continued with high energy costs and the cost of living crisis is continuing to create uncertainty and delaying projects from coming to fruition.

Development and performance

Our business model and strategy remain unchanged for the forthcoming year as we look to maintain our current workforce and standing in the industry, as mentioned earlier we will continue to expand our client base and continue to strengthen our working relationships with our current client base.

The directors despite the concerns stated above are confident that over the course of the year many projects will come back on stream and with the continued support of our key supply chain members we will experience a steady improvement in demand for our services.

Key performance indicators

The directors consider that profit before tax £763,518 (2023 - £3,307,617), net current assets £1,647,346 (2023 - £1,873,893), and trade debtors days 69.4 days; (2023 – 76.9 days) continue to be key performance indicators for the company.

 

The company’s results for the year are lower than the director’s expectations, but the net current assets continue to provide a solid foundation for future activities. Debtor days have fallen due to closer monitoring of payment terms and more robust procedures for ensuing payments are received on time.

 

Due to the nature of the company’s operations, the directors do not make use of any other key performance indicators on a daily, monthly or annual basis, and accordingly have not presented any further details.

Other information and explanations

The company does not actively use complex financial instruments as part of its financial risk management. It is exposed to the usual credit risk and cash flow associated with selling on credit and manages this through credit control procedures. The nature of its financial instruments means that they are not subject to a price risk or liquidity risk.

YORKSHIRE SHEETING AND INSULATION SERVICES LIMITED
Yorkshire Sheeting And Insulation Services Limited
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 2 -

On behalf of the board

Mr S M Long
Director
8 April 2025
YORKSHIRE SHEETING AND INSULATION SERVICES LIMITED
Yorkshire Sheeting And Insulation Services Limited
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 JULY 2024
- 3 -

The directors present their annual report and financial statements for the year ended 31 July 2024.

Principal activities

The principal activities of the company continued to be that of industrial roofing and cladding contractors and contractors of suspended ceilings.

Results and dividends

The results for the year are set out on page 8.

An interim ordinary dividend was paid amounting to £nil (2023 - £470,708). A final dividend was paid amounting to £720,000 (2023 - £4,000,000).

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mr A Thompson
(Resigned 31 March 2025)
Mr G T Hall
Mr S M Long
Auditor

The auditor, Azets Audit Services Limited, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

On behalf of the board
Mr G T Hall
Director
8 April 2025
YORKSHIRE SHEETING AND INSULATION SERVICES LIMITED
Yorkshire Sheeting And Insulation Services Limited
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 JULY 2024
- 4 -

The directors are responsible 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:

 

 

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.

YORKSHIRE SHEETING AND INSULATION SERVICES LIMITED
Yorkshire Sheeting And Insulation Services Limited
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF YORKSHIRE SHEETING AND INSULATION SERVICES LIMITED
- 5 -
Opinion

We have audited the financial statements of Yorkshire Sheeting and Insulation Services Limited (the 'company') for the year ended 31 July 2024 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity and notes to the financial statements, including 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:

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's 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 directors' 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 financial statements are 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 other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. 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. 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 course of 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.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

YORKSHIRE SHEETING AND INSULATION SERVICES LIMITED
Yorkshire Sheeting And Insulation Services Limited
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF YORKSHIRE SHEETING AND INSULATION SERVICES LIMITED
- 6 -
Matters on which we are required to report by exception

In the light of the 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 or the directors' report.

 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, 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's 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.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

YORKSHIRE SHEETING AND INSULATION SERVICES LIMITED
Yorkshire Sheeting And Insulation Services Limited
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF YORKSHIRE SHEETING AND INSULATION SERVICES LIMITED
- 7 -

Extent to which the audit was considered capable of 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 and on the Financial Reporting Council’s website, to detect material misstatements in respect of irregularities, including fraud.

 

We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework.  Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion.  This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.

 

In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:

 

 

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 of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

 

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.

Martin Davey
Senior Statutory Auditor
For and on behalf of Azets Audit Services Limited
22 April 2025
Chartered Accountants
Statutory Auditor
Triune Court
Monks Cross Drive
York
YO32 9GZ
YORKSHIRE SHEETING AND INSULATION SERVICES LIMITED
Yorkshire Sheeting And Insulation Services Limited
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 JULY 2024
- 8 -
2024
2023
Notes
£
£
Turnover
3
14,052,018
30,063,985
Cost of sales
(11,109,268)
(23,263,050)
Gross profit
2,942,750
6,800,935
Administrative expenses
(2,172,636)
(3,497,568)
Other operating income
1,562
4,250
Operating profit
4
771,676
3,307,617
Interest payable and similar expenses
6
(8,158)
-
0
Profit before taxation
763,518
3,307,617
Tax on profit
7
2,489
(727,379)
Comprehensive income for the year
766,007
2,580,238

The statement of comprehensive income has been prepared on the basis that all operations are continuing operations.

YORKSHIRE SHEETING AND INSULATION SERVICES LIMITED
Yorkshire Sheeting And Insulation Services Limited
BALANCE SHEET
AS AT
31 JULY 2024
31 July 2024
- 9 -
2024
2023
Notes
£
£
£
£
Current assets
Debtors falling due after one year
9
81,580
353,638
Debtors falling due within one year
9
4,324,487
7,712,656
Cash at bank and in hand
2,002
2,004
4,408,069
8,068,298
Creditors: amounts falling due within one year
10
(2,760,723)
(6,194,405)
Net current assets
1,647,346
1,873,893
Creditors: amounts falling due after more than one year
11
(88,857)
(361,411)
Net assets
1,558,489
1,512,482
Capital and reserves
Called up share capital
13
94
94
Capital redemption reserve
1
1
Profit and loss reserves
1,558,394
1,512,387
Total equity
1,558,489
1,512,482
The financial statements were approved by the board of directors and authorised for issue on 8 April 2025 and are signed on its behalf by:
Mr G T Hall
Director
Company Registration No. 00977986
YORKSHIRE SHEETING AND INSULATION SERVICES LIMITED
Yorkshire Sheeting And Insulation Services Limited
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JULY 2024
- 10 -
Share capital
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 August 2022
94
1
3,402,857
3,402,952
Year ended 31 July 2023:
Profit and total comprehensive income for the year
-
-
2,580,238
2,580,238
Dividends
8
-
-
(4,470,708)
(4,470,708)
Balance at 31 July 2023
94
1
1,512,387
1,512,482
Year ended 31 July 2024:
Profit and total comprehensive income for the year
-
-
766,007
766,007
Dividends
8
-
-
(720,000)
(720,000)
Balance at 31 July 2024
94
1
1,558,394
1,558,489
YORKSHIRE SHEETING AND INSULATION SERVICES LIMITED
Yorkshire Sheeting And Insulation Services Limited
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
- 11 -
1
Accounting policies
Company information

Yorkshire Sheeting and Insulation Services Limited is a private company limited by shares incorporated in England and Wales. The registered office is Green Lane Trading Estate, Clifton, York, YO30 5PY.

1.1
Accounting convention

These financial statements have been prepared in accordance with The Financial Reporting Standard applicable in the UK and Republic of Ireland (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £1.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

On the grounds that the company's results are consolidated into its parent, as disclosed in note 16 the company has taken advantage of certain exemptions conferred by section 1.11 of FRS 102 as follows:

 

The ultimate parent company is Yorkshire Sheeting Group Limited, which is the smallest and largest group into which these financial statements are consolidated. c/o Yorkshire Sheeting Insulation Services Limited, Green Lane Trading Estate, Clifton, York, YO30 5PY is York Holdings Limited's registered office .

1.2
Going concern

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover represents amounts receivable for goods and services net of VAT and trade discounts.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

Rental income represents amounts receivable in respect of the rent of properties, net of VAT, and is recognised on an accrued straight line basis over the period of occupation.

YORKSHIRE SHEETING AND INSULATION SERVICES LIMITED
Yorkshire Sheeting And Insulation Services Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
1
Accounting policies
(Continued)
- 12 -
1.4
Construction contracts

Where the outcome of a construction contract can be estimated reliably, revenue and costs are recognised by reference to the stage of completion of the contract activity at the reporting end date. Variations in contract work, claims and incentive payments are included to the extent that the amount can be measured reliably and its receipt is considered probable.

 

When it is probable that total contract costs will exceed total contract turnover, the expected loss is recognised as an expense immediately.

 

Where the outcome of a construction contract cannot be estimated reliably, contract costs are recognised as expenses in the period in which they are incurred and contract revenue is recognised to the extent of contract costs incurred where it is probable that they will be recoverable.

The “percentage of completion method” is used to determine the appropriate amount to recognise in a given period. The stage of completion is measured by the proportion of contract costs incurred for work performed to date compared to the estimated total contract costs. Costs incurred in the year in connection with future activity on a contract are excluded from contract costs in determining the stage of completion. These costs are presented as stocks, prepayments or other assets depending on their nature, and provided it is probable they will be recovered.

1.5
Cash at bank and in hand

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.6
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention 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 and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

YORKSHIRE SHEETING AND INSULATION SERVICES LIMITED
Yorkshire Sheeting And Insulation Services Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
1
Accounting policies
(Continued)
- 13 -
Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publically traded and whose fair values cannot be measured reliably are measured at cost less impairment.

 

Trade debtors, loans and other receivables that have fixed or determinable payments that are not quoted in an active market are classified as 'loans and receivables'. Loans and receivables are measured at amortised cost using the effective interest method, less any impairment.

 

Interest is recognised by applying the effective interest rate, except for short-term receivables when the recognition of interest would be immaterial. The effective interest method is a method of calculating the amortised cost of a debt instrument and of allocating the interest income over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash receipts through the expected life of the debt instrument to the net carrying amount on initial recognition.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

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.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans and loans from fellow group companies are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

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. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

YORKSHIRE SHEETING AND INSULATION SERVICES LIMITED
Yorkshire Sheeting And Insulation Services Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
1
Accounting policies
(Continued)
- 14 -
Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value though profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.7
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.8
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

YORKSHIRE SHEETING AND INSULATION SERVICES LIMITED
Yorkshire Sheeting And Insulation Services Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
1
Accounting policies
(Continued)
- 15 -
1.9
Employee 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 immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.10
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.11
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

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 where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Recognition of profit on long term contracts

The company undertakes a number of contracts which run over an extended period on which revenue and profits are recognised as disclosed in notes 1.3 and 1.4 on which there is a key judgement as to the stage of completion. This stage is identified by reference to the total costs attributable to a contract, with budgets being created at the outset based on management experience.

3
Turnover and other revenue

An analysis of the company's turnover is as follows:

2024
2023
£
£
Turnover
Roofing and cladding contract income
14,052,018
30,063,985
YORKSHIRE SHEETING AND INSULATION SERVICES LIMITED
Yorkshire Sheeting And Insulation Services Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
3
Turnover and other revenue
(Continued)
- 16 -
Turnover analysed by geographical market
2024
2023
£
£
United Kingdom
14,052,018
30,063,985
4
Operating profit
2024
2023
Operating profit for the year is stated after charging:
£
£
Fees payable to the company's auditor for the audit of the company's financial statements
10,800
10,000
Operating lease charges
57,960
43,730
5
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Directors
3
3
Administration
3
3
Cost of sales
12
12
Total
18
18

Their aggregate remuneration comprised:

2024
2023
£
£
Wages and salaries
1,088,651
1,916,831
Social security costs
138,982
247,196
Pension costs
44,340
78,508
1,271,973
2,242,535
6
Interest payable and similar expenses
2024
2023
£
£
Other finance costs:
Other interest
8,158
-
0
YORKSHIRE SHEETING AND INSULATION SERVICES LIMITED
Yorkshire Sheeting And Insulation Services Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 17 -
7
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
-
0
727,379
Adjustments in respect of prior periods
(2,489)
-
0
Total current tax
(2,489)
727,379

The actual (credit)/charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
Profit before taxation
763,518
3,307,617
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 21.00%)
190,880
694,600
Tax effect of expenses that are not deductible in determining taxable profit
1,328
61,821
Change in unrecognised deferred tax assets
(68,186)
-
0
Group relief
(124,022)
(29,042)
Under/(over) provided in prior years
(2,489)
-
0
Taxation (credit)/charge for the year
(2,489)
727,379
8
Dividends
2024
2023
£
£
Interim paid
720,000
4,470,708
9
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
2,670,635
6,333,659
Corporation tax recoverable
138,500
-
0
Amounts owed by group undertakings
558,185
456,326
Other debtors
619,808
889,527
Prepayments and accrued income
337,359
33,144
4,324,487
7,712,656
YORKSHIRE SHEETING AND INSULATION SERVICES LIMITED
Yorkshire Sheeting And Insulation Services Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
9
Debtors
(Continued)
- 18 -
2024
2023
Amounts falling due after more than one year:
£
£
Trade debtors
81,580
353,638
Total debtors
4,406,067
8,066,294
10
Creditors: amounts falling due within one year
2024
2023
£
£
Payments received on account
70,425
391,272
Trade creditors
1,524,682
2,991,164
Corporation tax
-
0
727,379
Other taxation and social security
58,936
59,126
Accruals and deferred income
1,106,680
2,025,464
2,760,723
6,194,405
11
Creditors: amounts falling due after more than one year
2024
2023
£
£
Accruals and deferred income
88,857
361,411
12
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
44,340
78,508

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

 

13
Share capital
2024
2023
£
£
Ordinary share capital
Issued and fully paid
94 Ordinary shares of £1 each
94
94

All ordinary shares have equal voting rights and rank pari-passu.

YORKSHIRE SHEETING AND INSULATION SERVICES LIMITED
Yorkshire Sheeting And Insulation Services Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 19 -
14
Operating lease commitments
Lessee

Operating lease payments represent rentals payable by the company for certain of its assets. Leases are negotiated for an average term of 2 years and rentals are fixed.

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

2024
2023
£
£
Within one year
40,470
33,023
Between two and five years
66,341
14,901
106,811
47,924
15
Related party transactions
Other information

The company has taken advantage of the exemption granted by section 33.1A of FRS 102, not to disclose related party transactions with wholly owned group companies.

16
Ultimate controlling party

The ultimate parent company is Yorkshire Sheeting Group Limited, a company registered in England and Wales.

 

The financial statements of the company are consolidated in the financial statements of Yorkshire Sheeting Group Limited. Copies of the financial statements are available from Yorkshire Sheeting Group Limited whose registered office is Green Lane Trading Estate, Clifton, York, YO30 5PY. Yorkshire Sheeting Group Limited is the smallest and largest group into which Yorkshire Sheeting and Insulation Services Limited is consolidated.

 

17
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
454,101
1,221,539
Company pension contributions to defined contribution schemes
26,200
60,459
480,301
1,281,998

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 2 (2023 - 2).

YORKSHIRE SHEETING AND INSULATION SERVICES LIMITED
Yorkshire Sheeting And Insulation Services Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
17
Directors' remuneration
(Continued)
- 20 -
Remuneration disclosed above include the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
238,573
625,261
Company pension contributions to defined contribution schemes
3,600
38,600
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