Company registration number 10344304 (England and Wales)
YORKSHIRE SHEETING GROUP LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
YORKSHIRE SHEETING GROUP LIMITED
COMPANY INFORMATION
Directors
Mr G T Hall
Mrs C A Attwood
Mrs V J Ray
Company number
10344304
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 GROUP LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3
Directors' responsibilities statement
4
Independent auditor's report
5 - 7
Group statement of comprehensive income
8
Group balance sheet
9
Company balance sheet
10
Group statement of changes in equity
11
Company statement of changes in equity
12
Group statement of cash flows
13
Notes to the financial statements
14 - 30
YORKSHIRE SHEETING GROUP 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 remains 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 loss before tax (£3,316,669) (2023 - profit before tax £3,002,169), net current assets £4,971,238 (2023 - £6,313,612), and trade debtors days of 69.4 days; (2023 – 76.9) continue to be key performance indicators for the group.
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. The profit/loss before tax is reduced due a change to remuneration strategy to reduce surplus cash in the parent company whilst ensuring the level of cash remaining is still strong. The parent company also disposed of properties in the year.
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 group 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 GROUP LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 2 -
Mr G T Hall
Director
8 April 2025
YORKSHIRE SHEETING GROUP 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 activity of the company and group 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.
No interim dividends were paid during the year. The directors do not recommend payment of a final dividend.
It is proposed that the retained loss of £2,394,180, be taken to reserves.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
Mr G T Hall
Mrs C A Attwood
Mr D G Heath
(Resigned 31 March 2024)
Mrs V J Ray
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 auditor of the company 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 auditor of the company is aware of that information.
On behalf of the board
Mr G T Hall
Director
8 April 2025
YORKSHIRE SHEETING GROUP 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 group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:
select suitable accounting policies and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent;
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the group and company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and 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 group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
YORKSHIRE SHEETING GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF YORKSHIRE SHEETING GROUP LIMITED
- 5 -
Opinion
We have audited the financial statements of Yorkshire Sheeting Group Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 July 2024 which comprise the Group Statement of Comprehensive Income, the Group Balance Sheet, the Company Balance Sheet, the Group Statement of Changes in Equity, the Company Statement of Changes in Equity, the Group 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 FRS 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 group's and the parent company's affairs as at 31 July 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.
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 group and parent 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 group's and parent 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.
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:
the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
YORKSHIRE SHEETING GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF YORKSHIRE SHEETING GROUP LIMITED
- 6 -
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and their 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:
adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent company 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 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 parent 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 parent 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 GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF YORKSHIRE SHEETING GROUP 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:
Enquiry of management and those charged with governance around actual and potential litigation and claims as well as actual, suspected and alleged fraud;
Reviewing minutes of meetings of those charged with governance;
Assessing the extent of compliance with the laws and regulations considered to have a direct material effect on the financial statements or the operations of the entity through enquiry and inspection;
Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;
Performing audit work over the risk of management bias and override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for indicators of potential bias.
Performing audit work over the timing and recognition of revenue and in particular whether it has been recorded in the correct accounting period.
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.
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 GROUP LIMITED
GROUP 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
(11,211,783)
(23,267,569)
Gross profit
2,840,235
6,796,416
Administrative expenses
(6,401,465)
(3,798,119)
Other operating income
229,729
155,291
Operating (loss)/profit
4
(3,331,501)
3,153,588
Interest receivable and similar income
8
29,373
25,351
Interest payable and similar expenses
9
(25,270)
(10,145)
Amounts written off investments
10
10,729
(166,625)
(Loss)/profit before taxation
(3,316,669)
3,002,169
Tax on (loss)/profit
11
922,489
(727,404)
Total comprehensive income for the financial year
(2,394,180)
2,274,765
Total comprehensive income for the year is all attributable to the owners of the parent company
The group statement of comprehensive income has been prepared on the basis that all operations are continuing operations.
YORKSHIRE SHEETING GROUP LIMITED
GROUP BALANCE SHEET
- 9 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
13
242,744
246,608
Investment property
14
1,521,520
2,676,661
Investments
15
685
166,040
1,764,949
3,089,309
Current assets
Debtors
18
4,776,763
7,618,406
Cash at bank and in hand
3,169,477
5,165,685
7,946,240
12,784,091
Creditors: amounts falling due within one year
19
(2,975,002)
(6,470,479)
Net current assets
4,971,238
6,313,612
Total assets less current liabilities
6,736,187
9,402,921
Creditors: amounts falling due after more than one year
20
(88,857)
(361,411)
Net assets
6,647,330
9,041,510
Capital and reserves
Called up share capital
24
7,998
7,998
Revaluation reserve
15,785
16,037
Other reserves
2
2
Profit and loss reserves
6,623,545
9,017,473
Total equity
6,647,330
9,041,510
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:
08 April 2025
Mr G T Hall
Director
Company registration number 10344304 (England and Wales)
YORKSHIRE SHEETING GROUP LIMITED
COMPANY BALANCE SHEET
AS AT 31 JULY 2024
31 July 2024
- 10 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
15
7,998
7,998
Current assets
Debtors
18
140,156
Creditors: amounts falling due within one year
19
-
(140,156)
Net current assets
Net assets
7,998
7,998
Capital and reserves
Called up share capital
24
7,998
7,998
As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £0 (2023 - £470,708 profit).
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:
08 April 2025
Mr G T Hall
Director
Company registration number 10344304 (England and Wales)
YORKSHIRE SHEETING GROUP LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JULY 2024
- 11 -
Share capital
Revaluation reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 August 2022
7,998
16,289
2
7,213,164
7,237,453
Year ended 31 July 2023:
Profit and total comprehensive income
-
-
-
2,274,765
2,274,765
Dividends
12
-
-
-
(470,708)
(470,708)
Transfers
-
(252)
-
252
-
Balance at 31 July 2023
7,998
16,037
2
9,017,473
9,041,510
Year ended 31 July 2024:
Loss and total comprehensive income
-
-
-
(2,394,180)
(2,394,180)
Transfers
-
(252)
-
252
-
Balance at 31 July 2024
7,998
15,785
2
6,623,545
6,647,330
YORKSHIRE SHEETING GROUP LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JULY 2024
- 12 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 August 2022
7,998
7,998
Year ended 31 July 2023:
Profit and total comprehensive income for the year
-
470,708
470,708
Dividends
12
-
(470,708)
(470,708)
Balance at 31 July 2023
7,998
-
7,998
Year ended 31 July 2024:
Profit and total comprehensive income
-
-
Balance at 31 July 2024
7,998
-
7,998
YORKSHIRE SHEETING GROUP LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 JULY 2024
- 13 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash (absorbed by)/generated from operations
28
(2,401,108)
4,561,489
Interest paid
(24,672)
(10,145)
Income taxes paid
(863,390)
(115,967)
Net cash (outflow)/inflow from operating activities
(3,289,170)
4,435,377
Investing activities
Purchase of tangible fixed assets
(4,845)
(1,614)
Proceeds from disposal of tangible fixed assets
-
4,800
Purchase of investment property
-
(70,046)
Proceeds from disposal of investment property
1,106,606
-
Purchase of investments
-
(17)
Proceeds from disposal of investments
181,682
102,478
Interest received
26,893
20,746
Dividends received
2,480
4,605
Net cash generated from investing activities
1,312,816
60,952
Financing activities
Repayment of borrowings
(19,854)
(706,041)
Dividends paid to equity shareholders
(470,708)
Net cash used in financing activities
(19,854)
(1,176,749)
Net (decrease)/increase in cash and cash equivalents
(1,996,208)
3,319,580
Cash and cash equivalents at beginning of year
5,165,685
1,846,105
Cash and cash equivalents at end of year
3,169,477
5,165,685
YORKSHIRE SHEETING GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
- 14 -
1
Accounting policies
Company information
Yorkshire Sheeting Group Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Green Lane Trading Estate, Clifton, York, YO30 5PY.
The group consists of Yorkshire Sheeting Group Limited and all of its subsidiaries.
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, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:
Section 4 ‘Statement of Financial Position’ – Reconciliation of the opening and closing number of shares;
Section 7 ‘Statement of Cash Flows’ – Presentation of a statement of cash flow and related notes and disclosures;
Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues’ – Carrying amounts, interest income/expense and net gains/losses for each category of financial instrument; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;
Section 33 ‘Related Party Disclosures’ – Compensation for key management personnel.
The company has applied section 33.1A of FRS 102 permitting it to not disclose related party transactions with wholly owned group companies.
The group has applied the principles of merger accounting in consolidating the results, as control was only acquired by Yorkshire Sheeting Group Limited via a share-for-share exchange on 22 November 2016. Merger accounting requires that the results of the group are presented as if the group has always been in its present form and does not require a re-evaluation of fair values as at the point of acquisition. Accordingly, a merger reserve exists which represents the difference between the net assets of the group as at that date and the retained profits recognised by the group as at that date.
1.2
Basis of consolidation
In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.
YORKSHIRE SHEETING GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
1
Accounting policies
(Continued)
- 15 -
The consolidated financial statements incorporate those of Yorkshire Sheeting Group Limited and all of its subsidiaries (ie entities that the group controls through its power to govern the financial and operating policies so as to obtain economic benefits). Subsidiaries acquired during the year are consolidated using the purchase method. Their results are incorporated from the date that control passes.
All financial statements are made up to 31 July 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.
All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.
1.3
Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the group 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.
1.4
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.
1.5
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold land and buildings
2% Straight line
Plant and machinery
25% Reducing balance
Fixtures, fittings and equipment
33.3% Reducing balance
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 recognised in the profit and loss account.
1.6
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is measured using the fair value model and stated at its fair value as at the reporting end date.
Where fair value cannot be achieved without undue cost or effort, investment property is accounted for as tangible fixed assets.
YORKSHIRE SHEETING GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
1
Accounting policies
(Continued)
- 16 -
1.7
Fixed asset investments
Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.
In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in the profit or loss.
A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
1.8
Impairment of fixed assets
At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible 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). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.9
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 revenue is recognised to the extent of contract costs incurred where it is probable that they will be recoverable. Contract costs are recognised as expenses in the period in which they are incurred. When costs incurred in securing a contract are recognised as an expense in the period in which they are incurred, they are not included in contract costs if the contract is obtained in a subsequent period.
YORKSHIRE SHEETING GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
1
Accounting policies
(Continued)
- 17 -
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.
Bank interest accruing on capital borrowed to fund the production of long term contracts is carried forward within long term contract balances.
1.10
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.
1.11
Financial instruments
The group 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 group's balance sheet when the group becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset and 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.
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 publicly 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.
YORKSHIRE SHEETING GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
1
Accounting policies
(Continued)
- 18 -
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 group 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 group 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.
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 through 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 group's contractual obligations expire or are discharged or cancelled.
YORKSHIRE SHEETING GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
1
Accounting policies
(Continued)
- 19 -
1.12
Equity instruments
Equity instruments issued by the group 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 group.
1.13
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 group’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 if, and only if, there is 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.
1.14
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.
1.15
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.16
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 leased 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.
YORKSHIRE SHEETING GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 20 -
2
Judgements and key sources of estimation uncertainty
In the application of the group’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 note 1.4 and 1.9 on which there is a key judgment 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
2024
2023
£
£
Turnover analysed by class of business
Roof and cladding contract income
14,052,018
30,063,985
2024
2023
£
£
Turnover analysed by geographical market
United Kingdom
14,052,018
30,063,985
2024
2023
£
£
Other revenue
Interest income
26,893
20,746
Dividends received
2,480
4,605
Rental income arising from investment properties
228,167
151,041
4
Operating (loss)/profit
2024
2023
£
£
Operating (loss)/profit for the year is stated after charging/(crediting):
Depreciation of owned tangible fixed assets
8,642
9,783
Loss/(profit) on disposal of tangible fixed assets
67
(4,474)
Loss on disposal of investment property
42,937
Operating lease charges
57,960
43,730
YORKSHIRE SHEETING GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 21 -
5
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
8,100
7,500
Audit of the financial statements of the company's subsidiaries
10,800
10,000
18,900
17,500
6
Employees
The average monthly number of persons (including directors) employed by the group and company during the year was:
Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
Directors
4
4
4
4
Cost of sales
12
12
-
-
Administration
6
6
-
-
Total
22
22
4
4
Their aggregate remuneration comprised:
Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
4,879,642
2,777,939
Social security costs
663,966
362,437
-
-
Pension costs
238,340
158,508
5,781,948
3,298,884
7
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
3,718,992
888,408
Company pension contributions to defined contribution schemes
194,000
80,000
3,912,992
968,408
YORKSHIRE SHEETING GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
7
Directors' remuneration
(Continued)
- 22 -
Remuneration disclosed above includes the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
1,180,745
761,808
Company pension contributions to defined contribution schemes
194,000
-
The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 2 (2023 - 2)
8
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
26,893
20,746
Other income from investments
Dividends received
2,480
4,605
Total income
29,373
25,351
2024
2023
Investment income includes the following:
£
£
Dividends from financial assets measured at fair value through profit or loss
2,480
4,605
9
Interest payable and similar expenses
2024
2023
£
£
Interest on bank overdrafts and loans
16,514
8,959
Finance costs for financial instruments measured at fair value through profit or loss
598
1,186
Other interest
8,158
-
Total finance costs
25,270
10,145
YORKSHIRE SHEETING GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 23 -
10
Amounts written off investments
2024
2023
£
£
Fair value gains/(losses) on financial instruments
Gain on financial assets held at fair value through profit or loss
-
6,903
Other gains/(losses)
Gain on disposal of financial assets held at fair value through profit or loss
16,327
-
Changes in the fair value of investment properties
(5,598)
(173,528)
10,729
(166,625)
11
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
727,379
Adjustments in respect of prior periods
(2,489)
25
Total current tax
(2,489)
727,404
Deferred tax
Origination and reversal of timing differences
(920,000)
Total tax (credit)/charge
(922,489)
727,404
The actual (credit)/charge for the year can be reconciled to the expected (credit)/charge for the year based on the profit or loss and the standard rate of tax as follows:
2024
2023
£
£
(Loss)/profit before taxation
(3,316,669)
3,002,169
Expected tax (credit)/charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 21.00%)
(829,167)
630,455
Tax effect of expenses that are not deductible in determining taxable profit
20,827
61,821
Change in unrecognised deferred tax assets
(102,407)
Permanent capital allowances in excess of depreciation
(7,515)
Effect of revaluations of investments
(4,082)
34,991
Under/(over) provided in prior years
(2,489)
25
Other
2,344
112
Taxation (credit)/charge
(922,489)
727,404
YORKSHIRE SHEETING GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 24 -
12
Dividends
2024
2023
Recognised as distributions to equity holders:
£
£
Interim paid
-
470,708
13
Tangible fixed assets
Group
Freehold land and buildings
Plant and machinery
Fixtures, fittings and equipment
Total
£
£
£
£
Cost
At 1 August 2023
265,000
4,928
74,929
344,857
Additions
4,845
4,845
Disposals
(3,542)
(3,542)
At 31 July 2024
265,000
4,928
76,232
346,160
Depreciation and impairment
At 1 August 2023
29,600
4,727
63,922
98,249
Depreciation charged in the year
3,700
51
4,891
8,642
Eliminated in respect of disposals
(3,475)
(3,475)
At 31 July 2024
33,300
4,778
65,338
103,416
Carrying amount
At 31 July 2024
231,700
150
10,894
242,744
At 31 July 2023
235,400
201
11,007
246,608
The company had no tangible fixed assets at 31 July 2024 or 31 July 2023.
14
Investment property
Group
Company
2024
2024
£
£
Fair value
At 1 August 2023
2,676,661
-
Disposals
(1,149,543)
-
Net gains or losses through fair value adjustments
(5,598)
-
At 31 July 2024
1,521,520
-
The fair value of the investment properties brought forward have been arrived at on the basis of valuations carried out by McBeath Property Consultancy, who are not connected with the company. The valuations were made on an open market value basis by reference to market evidence of transaction prices for similar properties. The valuations were performed on 26 August 2022 but the directors believe that at 31 July 2024, there has been no material changes to the market value since the date of valuation. Additions both in the year and prior year were acquired at market value.
YORKSHIRE SHEETING GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
14
Investment property
(Continued)
- 25 -
If investment properties were stated on an historical cost basis rather than a fair value basis, the amounts would have been included as follows:
Group
Company
2024
2023
2024
2023
£
£
£
£
Cost
1,569,117
2,850,162
-
-
Accumulated depreciation
(101,632)
(125,874)
-
-
Carrying amount
1,467,485
2,724,288
-
-
15
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
16
7,998
7,998
Listed investments
685
166,040
685
166,040
7,998
7,998
Fixed asset investments revalued
Listed investments are carried at their open market value as at the balance sheet date. The historic cost cost of investments as at the year end was £685 (2023 - £237,678)
Movements in fixed asset investments
Group
Investments
£
Cost or valuation
At 1 August 2023
166,040
Additions
15
Dividend income
2,665
Fee charges
(597)
Disposals
(167,438)
At 31 July 2024
685
Carrying amount
At 31 July 2024
685
At 31 July 2023
166,040
YORKSHIRE SHEETING GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
15
Fixed asset investments
(Continued)
- 26 -
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 August 2023 and 31 July 2024
7,998
Carrying amount
At 31 July 2024
7,998
At 31 July 2023
7,998
16
Subsidiaries
Details of the company's subsidiaries at 31 July 2024 are as follows:
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Indirect
Richardson Rice Trailers Limited
England and Wales
Ordinary
0
100.00
York Holdings Limited
England and Wales
Ordinary
100.00
-
Yorkshire Landscape Design Limited
England and Wales
Ordinary
0
100.00
Yorkshire Sheeting and Insulation Services Limited
England and Wales
Ordinary
0
100.00
All of the above subsidiary companies have the same registered address as noted on the company information page in these financial statements.
17
Financial instruments
Group
Company
2024
2023
2024
2023
£
£
£
£
Instruments measured at fair value through profit or loss
685
166,040
-
-
YORKSHIRE SHEETING GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 27 -
18
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
2,675,087
6,337,200
Corporation tax recoverable
138,500
Amounts owed by group undertakings
-
-
-
140,156
Other debtors
621,143
889,527
Prepayments and accrued income
340,453
38,041
3,775,183
7,264,768
-
140,156
Amounts falling due after more than one year:
Trade debtors
81,580
353,638
Deferred tax asset (note 22)
920,000
1,001,580
353,638
-
-
Total debtors
4,776,763
7,618,406
-
140,156
19
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Other borrowings
21
70,721
89,977
Payments received on account
70,425
391,272
Trade creditors
1,524,682
2,991,164
Corporation tax payable
727,379
Other taxation and social security
66,921
73,044
-
-
Other creditors
114,100
140,542
140,156
Accruals and deferred income
1,128,153
2,057,101
2,975,002
6,470,479
140,156
20
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
£
£
£
£
Accruals and deferred income
88,857
361,411
Included within other borrowings due after more than one year is £70,721 (2023 - £70,721) due to Richardson Trailer Sales Limited, a dormant company whose directors are also directors of Yorkshire Sheeting Group Limited.
YORKSHIRE SHEETING GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 28 -
21
Loans and overdrafts
Group
Company
2024
2023
2024
2023
£
£
£
£
Other loans
70,721
89,977
Payable within one year
70,721
89,977
Included within other borrowings is £70,721 (2023 - £70,721) due to Richardson Trailer Sales Limited, a dormant company whose directors are also directors of Yorkshire Sheeting Group Limited.
22
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:
Assets
Assets
2024
2023
Group
£
£
Tax losses
920,000
-
The company has no deferred tax assets or liabilities.
Group
Company
2024
2024
Movements in the year:
£
£
Asset at 1 August 2023
-
-
Credit to profit or loss
(920,000)
-
Asset at 31 July 2024
(920,000)
-
23
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
238,340
158,508
A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.
YORKSHIRE SHEETING GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 29 -
24
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
A Ordinary of £1 each
2,666
2,666
2,666
2,666
B Ordinary of £1 each
2,666
2,666
2,666
2,666
C Ordinary of £1 each
2,666
2,666
2,666
2,666
7,998
7,998
7,998
7,998
All ordinary shares have equal voting rights and rank pari-passu.
25
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 group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
Group
Company
2024
2023
2024
2023
£
£
£
£
Within one year
40,470
33,023
-
-
Between two and five years
66,341
14,901
-
-
106,811
47,924
-
-
26
Related party transactions
Transactions with related parties
Investment property with a cost of £1,149,543 was disposed to Moatfield Investments Limited, a company under common control.
The following amounts were outstanding at the reporting end date:
Amounts due to related parties
2024
2023
£
£
Group
Other related parties
19,256
19,256
27
Controlling party
The directors are of the opinion that the company and group has no ultimate controlling party.
YORKSHIRE SHEETING GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 30 -
28
Cash (absorbed by)/generated from group operations
2024
2023
£
£
(Loss)/profit for the year after tax
(2,394,180)
2,274,765
Adjustments for:
Taxation (credited)/charged
(922,489)
727,404
Finance costs
25,270
10,145
Investment income
(29,373)
(25,351)
Loss/(gain) on disposal of tangible fixed assets
67
(4,474)
Loss on disposal of investment property
42,937
Fair value loss on investment properties
5,598
173,528
Depreciation and impairment of tangible fixed assets
8,642
9,783
Other gains and losses
(16,327)
(6,903)
Movements in working capital:
Decrease in debtors
3,900,143
49,042
(Decrease)/increase in creditors
(3,021,396)
1,353,550
Cash (absorbed by)/generated from operations
(2,401,108)
4,561,489
29
Analysis of changes in net funds - group
1 August 2023
Cash flows
31 July 2024
£
£
£
Cash at bank and in hand
5,165,685
(1,996,208)
3,169,477
Borrowings excluding overdrafts
(89,977)
19,256
(70,721)
5,075,708
(1,976,952)
3,098,756
2024-07-312023-08-01falsefalseCCH SoftwareCCH Accounts Production 2025.100Mr G T HallMrs C A AttwoodMr D G HeathMrs V J Rayfalse10344304bus:Consolidated2023-08-012024-07-31103443042023-08-012024-07-3110344304bus:Director12023-08-012024-07-3110344304bus:Director22023-08-012024-07-3110344304bus:Director42023-08-012024-07-3110344304bus:Director32023-08-012024-07-3110344304bus:RegisteredOffice2023-08-012024-07-3110344304bus:Consolidated2024-07-31103443042024-07-3110344304bus:Consolidated2022-08-012023-07-31103443042022-08-012023-07-3110344304bus:Consolidated2023-07-3110344304core:LandBuildingscore:OwnedOrFreeholdAssetsbus:Consolidated2024-07-3110344304core:PlantMachinerybus:Consolidated2024-07-3110344304core:FurnitureFittingsbus:Consolidated2024-07-3110344304core:LandBuildingscore:OwnedOrFreeholdAssetsbus:Consolidated2023-07-3110344304core:PlantMachinerybus:Consolidated2023-07-3110344304core:FurnitureFittingsbus:Consolidated2023-07-31103443042023-07-3110344304core:ShareCapitalbus:Consolidated2024-07-3110344304core:ShareCapitalbus:Consolidated2023-07-3110344304core:RevaluationReservebus:Consolidated2024-07-3110344304core:RevaluationReservebus:Consolidated2023-07-3110344304core:OtherMiscellaneousReservebus:Consolidated2024-07-3110344304core:OtherMiscellaneousReservebus:Consolidated2023-07-3110344304core:RetainedEarningsAccumulatedLossesbus:Consolidated2023-07-3110344304core:ShareCapital2024-07-3110344304core:ShareCapital2023-07-3110344304core:ShareCapitalbus:Consolidated2022-07-3110344304core:SharePremiumbus:Consolidated2022-07-3110344304core:RetainedEarningsAccumulatedLossesbus:Consolidated2022-07-3110344304core:RetainedEarningsAccumulatedLossesbus:Consolidated2024-07-3110344304core:ShareCapital2022-07-3110344304core:RetainedEarningsAccumulatedLosses2022-07-31103443042022-07-3110344304bus:Consolidated2022-07-3110344304core:LandBuildingscore:OwnedOrFreeholdAssets2023-08-012024-07-3110344304core:PlantMachinery2023-08-012024-07-3110344304core:FurnitureFittings2023-08-012024-07-3110344304core:UKTaxbus:Consolidated2023-08-012024-07-3110344304core:UKTaxbus:Consolidated2022-08-012023-07-3110344304bus:Consolidated12023-08-012024-07-3110344304bus:Consolidated12022-08-012023-07-3110344304bus:Consolidated22023-08-012024-07-3110344304bus:Consolidated22022-08-012023-07-3110344304bus:Consolidated32023-08-012024-07-3110344304bus:Consolidated32022-08-012023-07-3110344304core:LandBuildingscore:OwnedOrFreeholdAssetsbus:Consolidated2023-07-3110344304core:PlantMachinerybus:Consolidated2023-07-3110344304core:FurnitureFittingsbus:Consolidated2023-07-3110344304bus:Consolidated2023-07-3110344304core:LandBuildingscore:OwnedOrFreeholdAssetsbus:Consolidated2023-08-012024-07-3110344304core:PlantMachinerybus:Consolidated2023-08-012024-07-3110344304core:FurnitureFittingsbus:Consolidated2023-08-012024-07-3110344304core:ListedExchangeTradedbus:Consolidated2024-07-3110344304core:ListedExchangeTradedbus:Consolidated2023-07-3110344304core:ListedExchangeTraded2024-07-3110344304core:ListedExchangeTraded2023-07-3110344304core:Subsidiary12023-08-012024-07-3110344304core:Subsidiary22023-08-012024-07-3110344304core:Subsidiary32023-08-012024-07-3110344304core:Subsidiary42023-08-012024-07-3110344304core:Subsidiary112023-08-012024-07-3110344304core:Subsidiary222023-08-012024-07-3110344304core:Subsidiary332023-08-012024-07-3110344304core:Subsidiary442023-08-012024-07-3110344304core:Non-currentFinancialInstrumentsbus:Consolidated2024-07-3110344304core:Non-currentFinancialInstrumentsbus:Consolidated2023-07-3110344304core:Non-currentFinancialInstruments2024-07-3110344304core:Non-currentFinancialInstruments2023-07-3110344304core:CurrentFinancialInstruments2024-07-3110344304core:CurrentFinancialInstruments2023-07-3110344304core:CurrentFinancialInstrumentsbus:Consolidated2024-07-3110344304core:CurrentFinancialInstrumentsbus:Consolidated2023-07-3110344304core:CurrentFinancialInstrumentscore:WithinOneYearbus:Consolidated2024-07-3110344304core:CurrentFinancialInstrumentscore:WithinOneYearbus:Consolidated2023-07-3110344304core:CurrentFinancialInstrumentscore:WithinOneYear2024-07-3110344304core:CurrentFinancialInstrumentscore:WithinOneYear2023-07-3110344304core:Non-currentFinancialInstrumentscore:AfterOneYearbus:Consolidated2024-07-3110344304core:Non-currentFinancialInstrumentscore:AfterOneYearbus:Consolidated2023-07-3110344304core:Non-currentFinancialInstrumentscore:AfterOneYear2024-07-3110344304core:Non-currentFinancialInstrumentscore:AfterOneYear2023-07-3110344304core:WithinOneYearbus:Consolidated2024-07-3110344304core:WithinOneYearbus:Consolidated2023-07-3110344304bus:PrivateLimitedCompanyLtd2023-08-012024-07-3110344304bus:FRS1022023-08-012024-07-3110344304bus:Audited2023-08-012024-07-3110344304bus:ConsolidatedGroupCompanyAccounts2023-08-012024-07-3110344304bus:FullAccounts2023-08-012024-07-31xbrli:purexbrli:sharesiso4217:GBP