Company registration number 09560263 (England and Wales)
YAREAL UK LIMITED
GROUP ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
PAGES FOR FILING WITH REGISTRAR
YAREAL UK LIMITED
CONTENTS
Page
Group balance sheet
1 - 2
Company balance sheet
3
Group statement of changes in equity
4
Company statement of changes in equity
5
Notes to the financial statements
6 - 23
YAREAL UK LIMITED
GROUP BALANCE SHEET
AS AT 31 DECEMBER 2024
31 December 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
5
663,266
712,216
Tangible assets
6
59,821,586
60,603,867
Investment property
7
4,252,039
3,804,004
Investments
8
3,001
3,001
64,739,892
65,123,088
Current assets
Stocks
7,768,127
7,693,207
Debtors
10
5,101,258
4,378,261
Cash at bank and in hand
738,318
938,843
13,607,703
13,010,311
Creditors: amounts falling due within one year
11
(4,589,413)
(1,840,392)
Net current assets
9,018,290
11,169,919
Total assets less current liabilities
73,758,182
76,293,007
Creditors: amounts falling due after more than one year
12
(22,268)
(52,486)
Provisions for liabilities
(1,445,780)
(1,775,920)
Net assets
72,290,134
74,464,601
Capital and reserves
Called up share capital
14
55,424
55,424
Share premium account
81,879,982
81,879,982
Revaluation reserve
4,510,873
4,299,227
Profit and loss reserves
(14,156,145)
(11,770,032)
Total equity
72,290,134
74,464,601
YAREAL UK LIMITED
GROUP BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2024
31 December 2024
- 2 -

The directors of the group have elected not to include a copy of the profit and loss account within the financial statements.

These financial statements have been prepared in accordance with the provisions applicable to groups and companies subject to the small companies regime.

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 J B Unsworth
Ms V M Newman
Director
Director
Company registration number 09560263 (England and Wales)
YAREAL UK LIMITED
COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2024
31 December 2024
- 3 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
6
480,384
535,084
Investments
8
74,027,673
29,164,667
74,508,057
29,699,751
Current assets
Debtors
10
1,832,773
46,118,591
Cash at bank and in hand
55,518
129,430
1,888,291
46,248,021
Creditors: amounts falling due within one year
11
(2,676,305)
(116,986)
Net current (liabilities)/assets
(788,014)
46,131,035
Total assets less current liabilities
73,720,043
75,830,786
Provisions for liabilities
(20,183)
(20,363)
Net assets
73,699,860
75,810,423
Capital and reserves
Called up share capital
14
55,424
55,424
Share premium account
81,879,982
81,879,982
Profit and loss reserves
(8,235,546)
(6,124,983)
Total equity
73,699,860
75,810,423

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s loss for the year was £2,110,564 (2023 - £4,007,743 loss).

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

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 J B Unsworth
Ms V M Newman
Director
Director
Company registration number 09560263 (England and Wales)
YAREAL UK LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 4 -
Share capital
Share premium account
Revaluation reserve
Profit and loss reserves
Total
£
£
£
£
£
Balance at 1 January 2023
55,424
81,879,982
2,990,694
(8,664,921)
76,261,179
Year ended 31 December 2023:
Loss for the year
-
-
-
(2,078,009)
(2,078,009)
Other comprehensive income:
Revaluation of tangible fixed assets
-
-
422,251
-
422,251
Tax relating to other comprehensive income
-
-
(140,820)
-
0
(140,820)
Total comprehensive income
-
-
281,431
(2,078,009)
(1,796,578)
Transfers
-
-
1,027,102
(1,027,102)
-
Balance at 31 December 2023
55,424
81,879,982
4,299,227
(11,770,032)
74,464,601
Year ended 31 December 2024:
Loss for the year
-
-
-
(2,364,060)
(2,364,060)
Other comprehensive income:
Revaluation of tangible fixed assets and intangible assets
-
-
119,652
-
119,652
Tax relating to other comprehensive income
-
-
69,941
-
0
69,941
Total comprehensive income
-
-
189,593
(2,364,060)
(2,174,467)
Transfers
-
-
22,053
(22,053)
-
Balance at 31 December 2024
55,424
81,879,982
4,510,873
(14,156,145)
72,290,134
YAREAL UK LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 5 -
Share capital
Share premium account
Profit and loss reserves
Total
£
£
£
£
Balance at 1 January 2023
55,424
81,879,982
(2,117,240)
79,818,166
Year ended 31 December 2023:
Loss and total comprehensive income for the year
-
-
(4,007,743)
(4,007,743)
Balance at 31 December 2023
55,424
81,879,982
(6,124,983)
75,810,423
Year ended 31 December 2024:
Profit and total comprehensive income
-
-
(2,110,563)
(2,110,563)
Balance at 31 December 2024
55,424
81,879,982
(8,235,546)
73,699,860
YAREAL UK LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 6 -
1
Accounting policies
Company information

Yareal UK Limited (“the company”) is a private limited company by shares, domiciled and incorporated in England and Wales. The registered office is Third Floor, 20 Old Bailey, London, EC4M 7AN. The head office address is 17 Salop Road, Oswestry, SY11 2NR.

 

The group consists of Yareal UK Limited and all of its subsidiaries.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

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 £.

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.

1.2
Business combinations

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.

1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Yareal UK Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

 

All financial statements are made up to 31 December 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.

The group profit and loss account includes the results of Yareal Humby Limited and Yareal Llanforda Limited from incorporation.

YAREAL UK LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 7 -
1.4
Going concern

At 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. The group has the support of its ultimate parent and thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.5
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

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

1.6
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 5 years.

 

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

1.7
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation 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:

Entitlements
5 years
Shooting rights
see below
YAREAL UK LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 8 -

Costs directly attributable to the purchase of the shooting rights are amortised over 5 years. However, shooting rights are held under the revaluation model and are carried at a revalued amount, being their fair value (market value) at the reporting end date. As the shooting rights are revalued to their fair value each year, they are not amortised. This departs from a requirement of the Companies Act 2006 which requires all intangible assets to be amortised, this departure from the provisions of the Act is required in order to achieve a fair presentation. Management has concluded that the financial statements present fairly the entity's financial position and financial performance.

 

Revaluation gains and losses are recognised in other comprehensive income and accumulated in equity, except to the extent that a revaluation gain reverses a revaluation loss previously recognised in profit or loss or a revaluation loss exceeds the accumulated revaluation gains recognised in equity; such gains and losses are recognised in profit or loss.

1.8
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
0-2% Straight line
Plant and equipment
20% Straight line
Fixtures and fittings
20% Straight line
Computers
20% Straight line
Motor vehicles
20% Straight line

Freehold land is not depreciated. Freehold properties are assessed on an individual basis and are either depreciated at 2% straight line or not depreciated as they are recognised on a revaluation basis instead. The land and buildings which are not depreciated, depart from the requirement in the Companies Act 2006 for all fixed assets to be depreciated. This departure from the Act is required in order to achieve a fair presentation. Management has concluded that the financial statements present fairly the entity's financial position and financial performance.

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.

1.9
Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in the profit and loss account.

Due to its restatement to fair value at each reporting date as required under FRS 102, investment property is not depreciated. This departs from a requirement of the Companies Act 2006 which requires all fixed assets to be depreciated. This departure from the provisions of the Act is required in order to achieve a fair presentation. Management has concluded that the financial statements present fairly the entity's financial position and financial performance.

YAREAL UK LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 9 -
1.10
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.

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.

1.11
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.

 

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

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.

1.12
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. The exception to this being agricultural produce which is measured at fair value less costs to sell at the point of harvest. This valuation is considered to represent its net realisable value.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

YAREAL UK LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 10 -
1.13
Cash and cash equivalents

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.

1.14
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.

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.

YAREAL UK LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 11 -
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, loans from fellow group companies and preference shares that are classified as debt, 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.

1.15
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.

1.16
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.

YAREAL UK LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 12 -
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.

1.17
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.

1.18
Retirement benefits

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

1.19
Leases

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

 

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

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.

1.20
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

YAREAL UK LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 13 -
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.

3
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
Total
37
33
37
33
4
Directors' remuneration
2024
2023
£
£
Remuneration paid to directors
49,000
40,000
YAREAL UK LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 14 -
5
Intangible fixed assets
Group
Goodwill
Other
Shooting rights
Total
£
£
£
£
Cost or valuation
At 1 January 2024
1,350,000
288,393
662,607
2,301,000
Revaluation
-
0
-
0
5,000
5,000
At 31 December 2024
1,350,000
288,393
667,607
2,306,000
Amortisation and impairment
At 1 January 2024
1,300,000
282,267
6,517
1,588,784
Amortisation charged for the year
50,000
3,950
-
0
53,950
At 31 December 2024
1,350,000
286,217
6,517
1,642,734
Carrying amount
At 31 December 2024
-
0
2,176
661,090
663,266
At 31 December 2023
50,000
6,126
656,090
712,216

Shooting rights with a carrying amount of £661,090 were revalued at 31 December 2024 by Knight Frank, independent chartered valuers not connected with the group, on the basis of market value.

If revalued assets were stated on an historical cost basis rather than a fair value basis, the total amounts included would have been as follows:

Group
Company
2024
2023
2024
2023
£
£
£
£
Cost
376,670
376,670
-
-
Accumulated amortisation
-
-
-
-
Carrying value
376,670
376,670
-
-
YAREAL UK LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 15 -
6
Tangible fixed assets
Group
Freehold land and buildings
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
£
Cost or valuation
At 1 January 2024
58,560,120
5,102,895
167,975
19,364
186,583
64,036,937
Additions
553,120
397,912
735
973
4,250
956,990
Disposals
(180,000)
(204,280)
-
0
-
0
(29,008)
(413,288)
Revaluation
(189,528)
-
0
-
0
-
0
-
0
(189,528)
Transfer to investment property where fair value becomes available
(483,536)
-
-
-
-
(483,536)
At 31 December 2024
58,260,176
5,296,527
168,710
20,337
161,825
63,907,575
Depreciation and impairment
At 1 January 2024
331,550
2,899,838
97,996
16,220
87,466
3,433,070
Depreciation charged in the year
57,415
769,885
22,190
1,275
31,024
881,789
Eliminated in respect of disposals
-
0
(201,923)
-
0
-
0
(26,947)
(228,870)
At 31 December 2024
388,965
3,467,800
120,186
17,495
91,543
4,085,989
Carrying amount
At 31 December 2024
57,871,211
1,828,727
48,524
2,842
70,282
59,821,586
At 31 December 2023
58,228,570
2,203,057
69,979
3,144
99,117
60,603,867
YAREAL UK LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
6
Tangible fixed assets
(Continued)
- 16 -
Company
Freehold land and buildings
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
Cost or valuation
At 1 January 2024
532,061
49,018
19,364
479
600,922
Additions
-
0
-
0
973
-
0
973
Revaluation
(50,000)
-
0
-
0
-
0
(50,000)
At 31 December 2024
482,061
49,018
20,337
479
551,895
Depreciation and impairment
At 1 January 2024
5,737
43,402
16,220
479
65,838
Depreciation charged in the year
1,040
3,358
1,275
-
0
5,673
At 31 December 2024
6,777
46,760
17,495
479
71,511
Carrying amount
At 31 December 2024
475,284
2,258
2,842
-
0
480,384
At 31 December 2023
526,324
5,616
3,144
-
0
535,084

Out of the total carrying amount of £1,828,727 (2023 - £2,203,057), plant and machinery with a carrying amount of £175,627 (2023 - £690,381) have been pledged to secure borrowings of the group. The group is not allowed to pledge these assets as security for other borrowings or to sell them to another entity. The company had no assets pledged as security for the current or prior year.

For the group, out of the total carrying amount of £57,871,211, land and buildings with a carrying amount of £50,837,860 were revalued at 31 December 2024 by Knight Frank, independent chartered valuers not connected with the group on the basis of market value. The valuation conforms to International Valuation Standards and was based on recent market transactions on arm's length terms for similar properties.

 

For the company, out of the total carrying amount of £475,284, land and buildings with a carrying amount of £430,000 were revalued at 31 December 2024 by Knight Frank, independent valuers not connected with the company on the basis of market value. The valuation conforms to International Valuation Standards and was based on recent market transactions on arm's length terms for similar properties.

YAREAL UK LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
6
Tangible fixed assets
(Continued)
- 17 -

For the assets that are carried at their revalued amount, if these assets were measured using the cost model, the carrying amounts would be as follows:

2024
2023
£
£
Group
Cost
47,729,096
48,159,801
Company
Cost
888,177
888,177
Carrying value
888,177
888,177
7
Investment property
Group
Company
2024
2024
£
£
Fair value
At 1 January 2024 and 31 December 2024
3,804,003
-
Additions
75,528
-
Transfers
483,536
-
Revaluations
(111,028)
-
At 31 December 2024
4,252,039
-

Investment property comprises various UK properties. The fair value of the investment property has been arrived at on the basis of a valuation carried out at 31 December 2024 by Knight Frank Chartered Surveyors, who are not connected with the group. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.

8
Fixed asset investments
Group
Company
2024
2023
2024
2023
£
£
£
£
Shares in group undertakings and participating interests
-
-
74,027,673
29,164,667
Other investments other than loans
3,001
3,001
-
-
Fixed asset investments not carried at market value

Investments are held at cost less impairment as they are not publically traded, and therefore their market value cannot be measured reliably.

YAREAL UK LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
8
Fixed asset investments
(Continued)
- 18 -
Movements in fixed asset investments
Group
Investments
£
Cost or valuation
At 1 January 2024 and 31 December 2024
3,001
Carrying amount
At 31 December 2024
3,001
At 31 December 2023
3,001
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 January 2024
29,164,667
New shares issued at premium
46,941,840
At 31 December 2024
76,106,507
Impairment
At 1 January 2024
-
Impairment losses
2,078,834
At 31 December 2024
2,078,834
Carrying amount
At 31 December 2024
74,027,673
At 31 December 2023
29,164,667
9
Subsidiaries

Details of the company's subsidiaries at 31 December 2024 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Yareal Humby Limited
Third Floor, 20 Old Bailey, London, EC4M 7AN
Ordinary
100.00
Yareal Llanforda Limited
Third Floor, 20 Old Bailey, London, EC4M 7AN
Ordinary
100.00
YAREAL UK LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 19 -
10
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
3,317,132
2,842,910
932
-
0
Amounts owed by group
5,730
5,706
5,730
44,827,762
Other debtors
888,287
715,581
18,966
15,892
4,211,149
3,564,197
25,628
44,843,654
Amounts falling due after more than one year:
Deferred tax asset
890,109
814,064
1,807,145
1,274,937
Total debtors
5,101,258
4,378,261
1,832,773
46,118,591

 

11
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
£
£
£
£
Trade creditors
1,395,536
1,010,143
29,279
8,706
Amounts owed to group undertakings
2,537,089
-
0
2,537,089
-
0
Taxation and social security
49,100
47,736
49,100
47,736
Other creditors
607,688
782,513
60,837
60,544
4,589,413
1,840,392
2,676,305
116,986

Included within group other creditors is £32,227 (2023 - £211,342) relating to an outstanding hire purchase liability which is secured against fixed assets.

12
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Other creditors
22,268
52,486
-
0
-
0

Included within group other creditors is £22,268 (2023 - £52,486) relating to an outstanding hire purchase liability which is secured against fixed assets.

YAREAL UK LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 20 -
13
Finance lease obligations
Group
Company
2024
2023
2024
2023
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
32,227
211,342
-
0
-
0
In two to five years
22,268
52,486
-
0
-
0
54,495
263,828
-
-

Finance lease payments represent rentals payable by the company or group for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is two years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

14
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
55,424
55,424
55,424
55,424

All issued shares are ordinary shares and rank equally for voting, dividend and distribution purposes.

15
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Statutory Auditor:
Mitchell Charlesworth (Audit) Limited
Date of audit report:
10 April 2025
16
Related party transactions
Remuneration of key management personnel

The remuneration of key management personnel is as follows.

2024
2023
£
£
Aggregate compensation
316,162
291,799
Transactions with related parties
YAREAL UK LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
16
Related party transactions
(Continued)
- 21 -
Interest charge
2024
2023
£
£
Company
Interest on YURA loan
49,549
-
YAREAL UK LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
16
Related party transactions
(Continued)
- 22 -

The following amounts were outstanding at the reporting end date:

Amounts due to related parties
2024
2023
£
£
Company
Entities with control, joint control or significant influence over the company
2,537,089
-

The above amount relates to amounts due to YURA. The prior year balance relates to the final interest charges before the loan was converted into share capital, this was repaid shortly after the beginning of the year

 

Interest relates to interest payable on a loan held with the company's parent, YURA. Interest was charged at a rate of 3% per annum.

The following amounts were outstanding at the reporting end date:

Amounts due from related parties
2024
2023
Balance
Balance
£
£
Group
Other related parties
5,705
5,705
Company
Other related parties
5,705
5,705

The above amount is made up of various balances due from group companies, the split for the current and prior year are as follows:

Vittoria £2,252, Yafa £1,368 and YAM £2,085.

Other information

During the year there have been transactions between the group and Blodwell Farm, Mr R J Taylor's personal farm .

 

There have been electricity recharges made to Blodwell Farm totalling £90,603 (2023 - £215,916), sales of livestock toalling £2,350 (2023 - £2,250) and sales of maize and straw totaling £3,000 (2023 - £Nil). The balance outstanding at the year end was £96,253 which is included in trade debtors (2023 - £215,916). This balance is to be settled within nine months of the year end.

 

There have been charges made to Blodwell Farm for the supply of labour and other services totalling £259,613 (2023 - £157,758).

 

There have been monies collected by Blodwell Farm on behalf of Yareal Llanforda which total £3,251,171 (2023 - £3,035,560). A balance of £2,575,467 (2023 - £2,033,915) is outstanding at year end and is included in trade debtors.

 

The balances with Blodwell Farm outstanding at year end are to be settled within nine months of the year end.

 

YAREAL UK LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 23 -
17
Controlling party

The parent company of Yareal UK Limited is Yura International S.p.A, a company incorporated in Italy.

The following are the parents of the largest and smallest groups in which this company's results are consolidated:

Largest group
YAFA S.p.A.
Smallest group
Yareal UK Limited

The parent company of Yareal UK Limited is YURA International S.p.A. a company incorporated in Italy. The registered office for YURA International S.p.A is Corso Vittorio Emanuele II 72 - 10121 Torino.

 

The ultimate parent company of Yareal UK Limited is YAFA S.p.A. a company incorporated in Italy.

 

Copies of YAFA S.p.A. accounts can be obtained upon request in writing to the registered office of Yareal UK Limited.

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