Company registration number 01898999 (England and Wales)
York Holdings Limited
Annual Report And Financial Statements
For The Year Ended 31 July 2024
YORK HOLDINGS LIMITED
York Holdings Limited
COMPANY INFORMATION
Directors
Mr G T Hall
Mrs C A Attwood
Mrs V J Ray
Mr C B Hall
Secretary
Mrs G M Jackson
Company number
01898999
Registered office
c/o Yorkshire Sheeting Insulation Services Limited
Green Lane Trading Estate
Clifton
York
YO30 5PY
Auditor
Azets Audit Services Limited
Triune Court
Monks Cross Drive
York
YO32 9GZ
YORK HOLDINGS LIMITED
York Holdings Limited
CONTENTS
Page
Strategic report
1
Directors' report
2
Directors' responsibilities statement
3
Independent auditor's report
4 - 6
Statement of comprehensive income
7
Balance sheet
8
Statement of changes in equity
9
Notes to the financial statements
10 - 23
YORK HOLDINGS LIMITED
York Holdings 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 aim and principal activity of the company continued to be that of a holding company for its subsidiary Yorkshire Sheeting & Insulation Services Limited (“YSIS”).
The directors are happy with the results generated by the group which the company heads. The company’s results, as set out on page 7, show the consistent year on year performance of the company, which is in line with the expectation of the directors.
Principal risks and uncertainties
The company has no significant risks or uncertainties other than those arising from its wholly owned subsidiary YSIS, as would be expected for a holding company.
Development and performance
The company continues to seek to invest cash retained from profits of the trading company in fixed assets to increase its property portfolio to diversify its income streams.
Key performance indicators
As the company does not have any trade, the directors do not consider there to be any Key Performance Indicators except for cash £3,167,475 (2023 - £5,163,681). The cash position is reduced due to the disposal of properties at Market Value to a company under common control, and a change to remuneration strategy to reduce surplus cash whilst ensuring the level of cash remaining is still strong.
Like any non-trading holding company, operations are very straightforward and so 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, nor does it retain exposure to any credit, liquidity or other risks at the year end that the directors view as anything but trivial.
The directors have no plans for reorganisation or change in the near future, and remain cautious but optimistic in light of the company’s position and macro-economic factors. There are no post balance sheet events relevant to the reading of the financial statements.
Mr G T Hall
Director
8 April 2025
YORK HOLDINGS LIMITED
York Holdings Limited
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 JULY 2024
- 2 -
The directors present their annual report and financial statements for the year ended 31 July 2024.
Principal activities
The turnover of the company is comprised of management charges to subsidiary undertakings to recharge administrative expenses incurred on their behalf and also income from rental properties.
Due to the nature of the company's activities, the risks faced by the company are minimal. Trading is with group companies only and thus mitigating any operational risk.
Results and dividends
The results for the year are set out on page 7.
Ordinary dividends were paid amounting to £nil (2023 - £470,708). The directors do not recommend payment of a final dividend.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
Mr D G Heath
(Retired 31 March 2024)
Mr G T Hall
Mrs C A Attwood
Mrs V J Ray
Mr C B Hall
Market value of land and buildings
The directors consider that the value of freehold land and buildings is not significantly different from book value.
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
YORK HOLDINGS LIMITED
York Holdings Limited
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 JULY 2024
- 3 -
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:
select suitable accounting policies and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
YORK HOLDINGS LIMITED
York Holdings Limited
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF YORK HOLDINGS LIMITED
- 4 -
Opinion
We have audited the financial statements of York Holdings 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:
give a true and fair view of the state of the company's affairs as at 31 July 2024 and of its loss 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 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.
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.
YORK HOLDINGS LIMITED
York Holdings Limited
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF YORK HOLDINGS LIMITED
- 5 -
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:
adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the 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.
YORK HOLDINGS LIMITED
York Holdings Limited
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF YORK HOLDINGS LIMITED
- 6 -
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 company 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
YORK HOLDINGS LIMITED
York Holdings Limited
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 JULY 2024
- 7 -
2024
2023
Notes
£
£
Turnover
3
381,691
799,230
Cost of sales
(102,515)
(4,519)
Gross profit
279,176
794,711
Administrative expenses
(4,606,820)
(1,096,081)
Other operating income
228,167
151,041
Operating loss
4
(4,099,477)
(150,329)
Interest receivable and similar income
6
749,373
4,496,059
Interest payable and similar expenses
8
(17,112)
(10,145)
Amounts written off investments
7
10,729
(166,625)
(Loss)/profit before taxation
(3,356,487)
4,168,960
Tax on (loss)/profit
9
(25)
Total comprehensive income for the financial year
(3,356,487)
4,168,935
YORK HOLDINGS LIMITED
York Holdings Limited
BALANCE SHEET
- 8 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
11
11,044
11,208
Investment properties
12
1,786,520
2,941,661
Investments
13
785
166,140
1,798,349
3,119,009
Current assets
Debtors
15
170,201
611,209
Cash at bank and in hand
3,167,475
5,163,681
3,337,676
5,774,890
Creditors: amounts falling due within one year
17
(933,784)
(1,335,171)
Net current assets
2,403,892
4,439,719
Total assets less current liabilities
4,202,241
7,558,728
Capital and reserves
Called up share capital
19
7,998
7,998
Capital redemption reserve
2
2
Profit and loss reserves
20
4,194,241
7,550,728
Total equity
4,202,241
7,558,728
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. 01898999
YORK HOLDINGS LIMITED
York Holdings Limited
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JULY 2024
- 9 -
Share capital
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 August 2022
7,998
2
3,852,501
3,860,501
Year ended 31 July 2023:
Profit and total comprehensive income for the year
-
-
4,168,935
4,168,935
Dividends
10
-
-
(470,708)
(470,708)
Balance at 31 July 2023
7,998
2
7,550,728
7,558,728
Year ended 31 July 2024:
Loss and total comprehensive income for the year
-
-
(3,356,487)
(3,356,487)
Balance at 31 July 2024
7,998
2
4,194,241
4,202,241
YORK HOLDINGS LIMITED
York Holdings Limited
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
- 10 -
1
Accounting policies
Company information
York Holdings Limited is a private company limited by shares incorporated in England and Wales. The registered office is c/o Yorkshire Sheeting Insulation Services Limited, 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, 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.
On the grounds that the company's results are consolidated into its parent, as disclosed in note 22 the company has taken advantage of certain exemptions conferred by section 1.11 of FRS 102 as follows:
Exemption from presenting a statement of cashflows as a primary note to the financial statements, as otherwise required by section 7 of FRS 102;
Exemption from presenting an analysis of the company's financial instruments as otherwise required by sections 11.39 to 11.48A and 12.26 to 12.29A of FRS 102.
Section 33 ‘Related Party Disclosures’ – Compensation for key management personnel.
York Holdings Limited is a wholly owned subsidiary of Yorkshire Sheeting Group Limited and the results of York Holdings Limited are included in the consolidated financial statements of Yorkshire Sheeting Group Limited. The registered office of Yorkshire Sheeting Group Limited is Green Lane Trading Estate, Clifton, York, YO30 6PY.
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 management charges, net of VAT.
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.
1.4
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.
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:
Plant and machinery
25% Reducing balance
Fixtures, fittings and equipment
33.33% Reducing balance
YORK HOLDINGS LIMITED
York Holdings Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
1
Accounting policies
(Continued)
- 11 -
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.5
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.
1.6
Fixed asset investments
Interests 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 profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
1.7
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset 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.
1.8
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.
1.9
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.
YORK HOLDINGS LIMITED
York Holdings Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
1
Accounting policies
(Continued)
- 12 -
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.
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.
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.
YORK HOLDINGS LIMITED
York Holdings Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
1
Accounting policies
(Continued)
- 13 -
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 company’s contractual obligations expire or are discharged or cancelled.
1.10
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.
1.11
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.
The company is exempt from corporation tax, it being a company not carrying on a business for the purposes of making a profit.
YORK HOLDINGS LIMITED
York Holdings Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
1
Accounting policies
(Continued)
- 14 -
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.
1.12
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.
1.13
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.14
Leases
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.
Investment property valuations
As required by FRS 102, the investment property is revalued to fair value at each period end. The directors have made use of external specialists to obtain a market valuation to ensure the value is suitable, however there remains inherent uncertainty.
YORK HOLDINGS LIMITED
York Holdings Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 15 -
3
Turnover and other revenue
An analysis of the company's turnover is as follows:
2024
2023
£
£
Turnover analysed by class of business
Management charges
381,691
799,230
2024
2023
£
£
Turnover analysed by geographical market
United Kingdom
381,691
799,230
2024
2023
£
£
Other revenue
Interest income
26,893
20,746
Dividends received
722,480
4,475,313
Rental income arising from investment properties
228,167
151,041
4
Operating loss
2024
2023
Operating loss for the year is stated after charging/(crediting):
£
£
Fees payable to the company's auditor for the audit of the company's financial statements
8,100
7,500
Depreciation of owned tangible fixed assets
4,942
6,083
Loss/(profit) on disposal of tangible fixed assets
67
(4,474)
Loss on disposal of investment property
42,937
5
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Directors
5
5
5
5
YORK HOLDINGS LIMITED
York Holdings Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
5
Employees
(Continued)
- 16 -
Their aggregate remuneration comprised:
2024
2023
£
£
Wages and salaries
3,790,991
861,108
Social security costs
524,984
115,241
Pension costs
194,000
80,000
4,509,975
1,056,349
6
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 excluding fixed asset investments
29,373
25,351
Income from fixed asset investments
Income from shares in group undertakings
720,000
4,470,708
Total income
749,373
4,496,059
2024
2023
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
26,893
20,746
Dividends from financial assets measured at fair value through profit or loss
2,480
4,605
7
Amounts written off investments
2024
2023
£
£
Fair value losses on financial instruments
Change in value of 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)
YORK HOLDINGS LIMITED
York Holdings Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 17 -
8
Interest payable and similar expenses
2024
2023
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
16,514
8,959
Other finance costs:
Finance costs for financial instruments measured at fair value through profit or loss
598
1,186
17,112
10,145
9
Taxation
2024
2023
£
£
Current tax
Adjustments in respect of prior periods
25
The actual 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
(3,356,487)
4,168,960
Expected tax (credit)/charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 21.00%)
(839,122)
875,482
Tax effect of expenses that are not deductible in determining taxable profit
19,499
Tax effect of income not taxable in determining taxable profit
(180,000)
(939,816)
Change in unrecognised deferred tax assets
885,779
Group relief
124,022
29,042
Permanent capital allowances in excess of depreciation
(7,515)
Effect of revaluations of investments
(4,082)
34,991
Under/(over) provided in prior years
25
Other
1,419
301
Taxation charge for the year
-
25
10
Dividends
2024
2023
£
£
Interim paid
470,708
YORK HOLDINGS LIMITED
York Holdings Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 18 -
11
Tangible fixed assets
Plant and machinery
Fixtures, fittings and equipment
Total
£
£
£
Cost
At 1 August 2023
4,928
74,929
79,857
Additions
4,845
4,845
Disposals
(3,542)
(3,542)
At 31 July 2024
4,928
76,232
81,160
Depreciation and impairment
At 1 August 2023
4,727
63,922
68,649
Depreciation charged in the year
51
4,891
4,942
Eliminated in respect of disposals
(3,475)
(3,475)
At 31 July 2024
4,778
65,338
70,116
Carrying amount
At 31 July 2024
150
10,894
11,044
At 31 July 2023
201
11,007
11,208
12
Investment property
2024
£
Fair value
At 1 August 2023
2,941,661
Disposals
(1,149,543)
Net gains or losses through fair value adjustments
(5,598)
At 31 July 2024
1,786,520
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 27 September 2023 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.
YORK HOLDINGS LIMITED
York Holdings Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
12
Investment property
(Continued)
- 19 -
If investment properties were stated on an historical cost basis rather than a fair value basis, the amounts would have been included as follows:
2024
2023
£
£
Cost
1,816,064
3,097,136
Accumulated depreciation
(241,868)
(262,771)
Carrying amount
1,574,196
2,834,365
13
Fixed asset investments
2024
2023
Notes
£
£
Investments in subsidiaries
23
100
100
Listed investments
685
166,040
785
166,140
Fixed asset investments revalued
Listed investments are carried at their open market value as at the balance sheet date. The historic cost of investments as at the year end was £685 (2023 - £237,678)
Movements in fixed asset investments
Shares in subsidiaries
Other investments
Total
£
£
£
Cost or valuation
At 1 August 2023
100
166,040
166,140
Additions
-
15
15
Dividend Income
-
2,665
2,665
Fee Charges
-
(597)
(597)
Disposals
-
(167,438)
(167,438)
At 31 July 2024
100
685
785
Carrying amount
At 31 July 2024
100
685
785
At 31 July 2023
100
166,040
166,140
YORK HOLDINGS LIMITED
York Holdings Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 20 -
14
Financial instruments
2024
2023
£
£
Carrying amount of financial assets
Financial instruments measured at cost less impairment
685
166,040
15
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
4,452
3,541
Other debtors
1,335
Prepayments and accrued income
164,414
607,668
170,201
611,209
16
Loans and overdrafts
2024
2023
£
£
Other loans
70,721
89,977
Payable within one year
70,721
89,977
The loans are unsecured and have no fixed date for repayment. The above includes a loan of £19,256 (2023- 19,256) with interest charged at 2%. Also 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.
17
Creditors: amounts falling due within one year
2024
2023
Notes
£
£
Other borrowings
16
70,721
89,977
Amounts owed to group undertakings
558,185
596,482
Taxation and social security
7,985
13,918
Other creditors
114,100
386
Accruals and deferred income
182,793
634,408
933,784
1,335,171
YORK HOLDINGS LIMITED
York Holdings Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 21 -
18
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
194,000
80,000
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.
19
Share capital
2024
2023
£
£
Ordinary share capital
Issued and fully paid
2,666 A Ordinary shares of £1 each
2,666
2,666
2,666 B Ordinary shares of £1 each
2,666
2,666
2,666 C Ordinary shares of £1 each
2,666
2,666
7,998
7,998
All ordinary shares have equal voting rights and rank pari-passu.
YORK HOLDINGS LIMITED
York Holdings Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 22 -
20
Profit and loss reserves
Included within retained earnings are unrealised losses of £29,544 (2023 - losses of £155,474) which relate to cumulative fair value gains made on investment properties, net of deferred tax provided thereon. As these gains are unrealised they are not permitted to be distributed to shareholders.
21
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 owed to related parties
2024
2023
£
£
Other related parties
19,256
19,256
19,256
19,256
The amount owed to related parties is repayable on demand.
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.
22
Ultimate controlling party
Yorkshire Sheeting Group Limited is the immediate parent undertaking and had a registered office of Green Lane Trading Estate, Clifton, York, YO30 5PY. Yorkshire Sheeting Group Limited is the smallest and largest group into which these financial statements are consolidated, and these group accounts can be obtained from its registered office.
The directors are of the opinion that the company has no ultimate controlling party.
23
Subsidiaries
These financial statements are separate company financial statements for York Holdings Limited.
Details of the company's subsidiaries at 31 July 2024 are as follows:
YORK HOLDINGS LIMITED
York Holdings Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
23
Subsidiaries
(Continued)
- 23 -
Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
Indirect
Richardson Rice Trailers Limited
England and Wales
Dormant
Ordinary
100.00
0
Yorkshire Sheeting and Insulation Services Limited
England and Wales
Industrial roofing and cladding contractors
Ordinary
100.00
0
All of the above subsidiary companies have the same registered address as noted on the company information page in these financial statements.
24
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
3,790,991
861,108
Company pension contributions to defined contribution schemes
194,000
80,000
3,984,991
941,108
Remuneration disclosed above include 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
114,000
-
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