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GROUP STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2024

FOR

YARDGATE LIMITED

YARDGATE LIMITED (REGISTERED NUMBER: 04412547)






CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS
For The Year Ended 31 October 2024




Page

Company Information 1

Group Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 5

Consolidated Statement of Comprehensive Income 8

Consolidated Balance Sheet 9

Company Balance Sheet 10

Consolidated Statement of Changes in Equity 11

Company Statement of Changes in Equity 12

Consolidated Cash Flow Statement 13

Notes to the Consolidated Cash Flow Statement 14

Notes to the Consolidated Financial Statements 15


YARDGATE LIMITED

COMPANY INFORMATION
For The Year Ended 31 October 2024







DIRECTORS: Mr C R Toomer
Mr R P Toomer
Mr J C Toomer





SECRETARY: Mrs E A Toomer





REGISTERED OFFICE: Unit 1, St Stephens Court
15 - 17 St Stephens Road
Bournemouth
Dorset
BH2 6LA





REGISTERED NUMBER: 04412547 (England and Wales)





AUDITORS: Schofields
Chartered Accountants and Statutory Auditors
Unit 1, St Stephens Court
15-17 St Stephens Road
Bournemouth
Dorset
BH2 6LA

YARDGATE LIMITED (REGISTERED NUMBER: 04412547)

GROUP STRATEGIC REPORT
For The Year Ended 31 October 2024

The directors present their strategic report of the company and the group for the year ended 31 October 2024.

REVIEW OF BUSINESS
The key financial highlights of the group are as follows:

2024 2023 2022
£ £ £

Turnover 11,572,250 11,448,965 11,397,142
Gross profit 2,693,294 2,370,238 2,593,669
Profit on ordinary activities before taxation 736,445 670,360 1,135,894

% % %
Turnover growth 0.72 0.81 40.41
Gross profit margin 23.27 20.63 22.76

In September 2023, we expanded our operations by acquiring an additional unit on Batten Road, adjacent to our existing premises. This strategic investment was made to support future growth and enhance our overall capacity. The new facility became fully operational in January 2024 and has since played a key role in streamlining our processes, enabling us to better meet and exceed our client expectations.

Our commitment to quality remains at the forefront of everything we do. In recognition of this, we were proud to achieve ISO 9001 accreditation in September 2024 - a testament to our dedication to maintaining the highest standards in quality assurance and continuous improvement.

PRINCIPAL RISKS AND UNCERTAINTIES
The board considers risk management an important aspect in developing the business, allowing management to make informed decisions and be adequately prepared for uncertainties and eventualities that may come in the way of progress and growth. The principal risks and uncertainties of the group are identified are as follows:

Economic risk
The board continually monitors economic risk whereby negative economic market conditions may affect the group's operations. This is extremely prevalent in the current economy which in recent times has seen Brexit, Covid-19 and the war in Ukraine, resulting in high inflation and a rise in raw materials, energy prices and production costs.

The impact of economic conditions are carefully managed through close engagement with our supply chain to safeguard the business from input price inflation.

Compliance risk
The board recognises the potentially hazardous industry in which the group operates whereby accidents could result in reputational damage and financial loss. We are therefore committed to the ongoing process of meeting the highest health and safety standards through continually investing in PPE, providing initial and ongoing training to all workers, and promoting a safety culture that creates a safe and efficient working environment for all.

Operational risk
Our ethos is to produce steel work that exceeds all of our clients expectations and are proud to have a long standing reputation within the industry. Failure to continually meet these high standards could result in reputational damage, financial loss and loss of future custom.

In our commitment to quality assurance, we hold a number of accreditation as follows:

Certificate of Factory Production Control (FPC) BS EN 1090-1: 2009 + A1: 2011
Welding Certificate BS EN 1090-2: 2018
Welding Quality Management System to BS EN ISO 3834-3
Weld procedures to BS EN 288-3
Welders qualified to BS EN ISO 9606-1


YARDGATE LIMITED (REGISTERED NUMBER: 04412547)

GROUP STRATEGIC REPORT
For The Year Ended 31 October 2024

PRINCIPAL RISKS AND UNCERTAINTIES (CONTINUED)
Financial risk
The group's operations expose it to a variety of financial risks that include the effects of credit risk and interest rate fluctuations on company debt.

Bad debt on sales invoices raised detrimentally effects the cash flow and ultimate profitability of the group. This is mitigated through knowing our customers, continually determining their credit worthiness and setting appropriate credit limits. The impact of bad debt is further mitigated through our extensive order book with a low level of customer concentration.

Fluctuating interest rates can potentially give the group uncertainty over the amount of debt servicing cash payments. We have reduced our exposure to the rise in short-term interest rates through borrowing at a fixed rate of interest on the majority of group debt.

ON BEHALF OF THE BOARD:





Mr R P Toomer - Director


12 May 2025

YARDGATE LIMITED (REGISTERED NUMBER: 04412547)

REPORT OF THE DIRECTORS
For The Year Ended 31 October 2024

The directors present their report with the financial statements of the company and the group for the year ended 31 October 2024.

DIVIDENDS
The total distribution of dividends for the year ended 31 October 2024 will be £ 481,985 .

FUTURE DEVELOPMENTS
We are constantly looking to refine processing, automate and introduce time saving technology. Through this continual investment in our infrastructure, machinery and staff, it has enabled the group to continue its exponential growth whilst maintaining the deliverance of projects to the highest standard.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 November 2023 to the date of this report.

Mr C R Toomer
Mr R P Toomer
Mr J C Toomer

FINANCIAL INSTRUMENTS
The group's principal financial instruments comprise of cash, trade debtors, trade creditors and bank borrowing. Key financial risk management objectives and policies arising from these financial instruments have been included in the strategic report.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors 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 the group 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;
- 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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

AUDITORS
The auditors, Schofields, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





Mr R P Toomer - Director


12 May 2025

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
YARDGATE LIMITED

Opinion
We have audited the financial statements of Yardgate Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 October 2024 which comprise the Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the group's and of the parent company affairs as at 31 October 2024 and of the group's profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group 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 the 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.

Other information
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether 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 the audit:
- the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

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 its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept 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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
YARDGATE LIMITED


Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page four, 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 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 group's and 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 group or the parent company or to cease operations, or have no realistic alternative but to do so.

Auditors' 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 a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

An understanding of the legal and regulatory framework the group operates in was obtained through discussions with directors and other management in addition to our general industry and sector experience. The most significant laws and regulations identified, being those that have a direct effect on material amounts and disclosures in the financial statements, are FRS 102, Companies Act 2006 and HM Revenue & Customs (HMRC) Tax Legislation.

We also considered other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the group's ability to operate, or to avoid material penalty. These included the requirements of the various Health and Safety Regulations.

Audit procedures were performed to obtain sufficient evidence regarding compliance. These procedures include making enquiries to directors and other management in addition to the inspection of applicable regulatory and legal correspondence. Financial statement disclosures were reviewed and tested to supporting documentation.

Enquiries were also made to the directors and other management to assess the group's internal control environment and their policies and procedures on fraud risk. The group's systems and controls were documented, and audit procedures were designed to test these controls. Further, the risk of management override of controls was addressed through testing journal entries and other adjustments for appropriateness. The judgements made in making accounting estimates were assessed for any indication of potential bias, and the business rationale of significant transactions outside the normal course of the business was evaluated.

We have properly planned and performed the audit in accordance with auditing standards and all members of the engagement team have the appropriate competence and capabilities to identify or recognise non-compliance with laws and regulations. However, the inherent nature of the audit, and the limited procedures performed, means there is an unavoidable risk that some irregularities may have gone undetected. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
YARDGATE LIMITED


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors 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.




Mr I M Legg FCCA ACA (Senior Statutory Auditor)
for and on behalf of Schofields
Chartered Accountants and Statutory Auditors
Unit 1, St Stephens Court
15-17 St Stephens Road
Bournemouth
Dorset
BH2 6LA

12 May 2025

YARDGATE LIMITED (REGISTERED NUMBER: 04412547)

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
For The Year Ended 31 October 2024

2024 2023
Notes £    £   

TURNOVER 3 11,572,250 11,488,965

Cost of sales 8,878,956 9,118,727
GROSS PROFIT 2,693,294 2,370,238

Administrative expenses 1,779,271 1,633,591
914,023 736,647

Other operating income - 52,000
OPERATING PROFIT 5 914,023 788,647

Interest receivable and similar income 13,435 11,306
927,458 799,953

Interest payable and similar expenses 6 191,013 129,593
PROFIT BEFORE TAXATION 736,445 670,360

Tax on profit 7 205,575 155,827
PROFIT FOR THE FINANCIAL YEAR 530,870 514,533

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR
THE YEAR

530,870

514,533

Profit attributable to:
Owners of the parent 530,870 514,533

Total comprehensive income attributable to:
Owners of the parent 530,870 514,533

YARDGATE LIMITED (REGISTERED NUMBER: 04412547)

CONSOLIDATED BALANCE SHEET
31 October 2024

2024 2023
Notes £    £    £   
FIXED ASSETS
Tangible assets 10 6,708,127 6,695,353
Investments 11 - -
6,708,127 6,695,353

CURRENT ASSETS
Stocks 12 222,588 116,556
Debtors 13 3,655,000 3,923,458
Cash at bank and in hand 960,635 861,690
4,838,223 4,901,704
CREDITORS
Amounts falling due within one year 14 3,094,776 2,832,515
NET CURRENT ASSETS 1,743,447 2,069,189
TOTAL ASSETS LESS CURRENT
LIABILITIES

8,451,574

8,764,542

CREDITORS
Amounts falling due after more than one year 15 (1,617,692 ) (1,993,464 )

PROVISIONS FOR LIABILITIES 19 (652,046 ) (638,127 )
NET ASSETS 6,181,836 6,132,951

CAPITAL AND RESERVES
Called up share capital 20 15,000 15,000
Retained earnings 21 6,166,836 6,117,951
SHAREHOLDERS' FUNDS 6,181,836 6,132,951

The financial statements were approved by the Board of Directors and authorised for issue on 12 May 2025 and were signed on its behalf by:





Mr R P Toomer - Director


YARDGATE LIMITED (REGISTERED NUMBER: 04412547)

COMPANY BALANCE SHEET
31 October 2024

2024 2023
Notes £    £    £   
FIXED ASSETS
Tangible assets 10 4,133,438 4,169,225
Investments 11 165,150 165,150
4,298,588 4,334,375

CURRENT ASSETS
Debtors 13 2,129,994 1,882,253
Cash at bank 360,461 433,510
2,490,455 2,315,763
CREDITORS
Amounts falling due within one year 14 299,059 294,996
NET CURRENT ASSETS 2,191,396 2,020,767
TOTAL ASSETS LESS CURRENT
LIABILITIES

6,489,984

6,355,142

CREDITORS
Amounts falling due after more than one year 15 (872,845 ) (911,804 )

PROVISIONS FOR LIABILITIES 19 (17,941 ) (18,568 )
NET ASSETS 5,599,198 5,424,770

CAPITAL AND RESERVES
Called up share capital 20 15,000 15,000
Share premium 21 121,500 121,500
Retained earnings 21 5,462,698 5,288,270
SHAREHOLDERS' FUNDS 5,599,198 5,424,770

Company's profit for the financial year 656,413 462,410

The financial statements were approved by the Board of Directors and authorised for issue on 12 May 2025 and were signed on its behalf by:





Mr R P Toomer - Director


YARDGATE LIMITED (REGISTERED NUMBER: 04412547)

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
For The Year Ended 31 October 2024

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 November 2022 15,000 5,933,197 5,948,197

Changes in equity
Dividends - (329,779 ) (329,779 )
Total comprehensive income - 514,533 514,533
Balance at 31 October 2023 15,000 6,117,951 6,132,951

Changes in equity
Dividends - (481,985 ) (481,985 )
Total comprehensive income - 530,870 530,870
Balance at 31 October 2024 15,000 6,166,836 6,181,836

YARDGATE LIMITED (REGISTERED NUMBER: 04412547)

COMPANY STATEMENT OF CHANGES IN EQUITY
For The Year Ended 31 October 2024

Called up
share Retained Share Total
capital earnings premium equity
£    £    £    £   
Balance at 1 November 2022 15,000 5,155,639 121,500 5,292,139

Changes in equity
Dividends - (329,779 ) - (329,779 )
Total comprehensive income - 462,410 - 462,410
Balance at 31 October 2023 15,000 5,288,270 121,500 5,424,770

Changes in equity
Dividends - (481,985 ) - (481,985 )
Total comprehensive income - 656,413 - 656,413
Balance at 31 October 2024 15,000 5,462,698 121,500 5,599,198

YARDGATE LIMITED (REGISTERED NUMBER: 04412547)

CONSOLIDATED CASH FLOW STATEMENT
For The Year Ended 31 October 2024

2024 2023
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 1,500,643 1,563,910
Interest paid (191,013 ) (129,593 )
Tax (paid)/repaid (68,879 ) (164,844 )
Net cash from operating activities 1,240,751 1,269,473

Cash flows from investing activities
Purchase of tangible fixed assets (203,663 ) (1,462,569 )
Interest received 13,435 11,306
Net cash from investing activities (190,228 ) (1,451,263 )

Cash flows from financing activities
New bank loans in year - 911,250
Bank loan repayments in year (171,802 ) (164,205 )
HP capital repayments in year (395,061 ) (427,134 )
Introduced/(withdrawn) by directors - 52,331
Amount withdrawn by directors (74,002 ) -
Introduced by related parties 171,272 54,774
Equity dividends paid (481,985 ) (329,779 )
Net cash from financing activities (951,578 ) 97,237

Increase/(decrease) in cash and cash equivalents 98,945 (84,553 )
Cash and cash equivalents at beginning of year 2 861,690 946,243

Cash and cash equivalents at end of year 2 960,635 861,690

YARDGATE LIMITED (REGISTERED NUMBER: 04412547)

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT
For The Year Ended 31 October 2024

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

2024 2023
£    £   
Profit before taxation 736,445 670,360
Depreciation charges 440,889 391,618
Finance costs 191,013 129,593
Finance income (13,435 ) (11,306 )
1,354,912 1,180,265
(Increase)/decrease in stocks (106,032 ) 173,146
Decrease/(increase) in trade and other debtors 342,828 (435,706 )
(Decrease)/increase in trade and other creditors (91,065 ) 646,205
Cash generated from operations 1,500,643 1,563,910

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 October 2024
31/10/24 1/11/23
£    £   
Cash and cash equivalents 960,635 861,690
Year ended 31 October 2023
31/10/23 1/11/22
£    £   
Cash and cash equivalents 861,690 946,243


3. ANALYSIS OF CHANGES IN NET DEBT

Other
non-cash
At 1/11/23 Cash flow changes At 31/10/24
£    £    £    £   
Net cash
Cash at bank
and in hand 861,690 98,945 960,635
861,690 98,945 960,635
Debt
Finance leases (1,265,915 ) 395,061 - (1,120,854 )
Debts falling due
within 1 year (169,848 ) 557 - (169,291 )
Debts falling due
after 1 year (1,089,673 ) 171,245 - (918,428 )
(2,525,436 ) 566,863 - (2,208,573 )
Total (1,663,746 ) 665,808 - (1,247,938 )

YARDGATE LIMITED (REGISTERED NUMBER: 04412547)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For The Year Ended 31 October 2024

1. STATUTORY INFORMATION

Yardgate Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Financial Reporting Standard 102 - reduced disclosure exemptions
The group has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

the requirement of paragraph 33.7.

Basis of consolidation
The consolidated financial statements incorporate those of Yardgate Limited and its subsidiary Toomers Limited, and are prepared as of the same reporting date with uniform accounting policies.

All intragroup balances and transactions, including income, expenses and dividends, are eliminated in full. The non-controlling interest is measured and presented separately from the interest of the owners of the parent company.

Significant judgements and estimates
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenue and expenses during the year. However the nature of estimation means the actual outcomes could differ from those involving estimates. The company constantly re-evaluates these significant factors and makes adjustments where facts and circumstances dictate.

The directors have made the following judgements and estimates deemed applicable to the financial statements:

Fixed asset depreciation policies
Depreciation is provided at differing rates in order to write off each asset over its estimated useful life. At each reporting date, management review several factors, such as changes in market prices, to ensure the depreciable amount of an asset is allocated over its estimated useful life.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Freehold property - 2% on cost
Plant and machinery - 15% on cost and 10% on cost
Fixtures and fittings - 20% on reducing balance
Motor vehicles - 25% on reducing balance

Stocks
Stock and work in progress is valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving items.
Cost includes all direct expenditure and an appropriate proportion of fixed and variable overheads.

YARDGATE LIMITED (REGISTERED NUMBER: 04412547)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
For The Year Ended 31 October 2024

2. ACCOUNTING POLICIES - continued

Financial instruments
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts.

Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.

Short term creditors are measured at transaction price (which is usually the invoice price).

Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Pension costs and other post-retirement benefits
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

3. TURNOVER

Rental income for the year totalled £13,046 (2023 - £18,658), the remaining turnover is attributable to the principal activity of the group.

4. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 3,304,785 2,975,123
Social security costs 351,811 314,698
Other pension costs 97,255 75,153
3,753,851 3,364,974

YARDGATE LIMITED (REGISTERED NUMBER: 04412547)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
For The Year Ended 31 October 2024

4. EMPLOYEES AND DIRECTORS - continued

The average number of employees during the year was as follows:
2024 2023

Production 70 64
Administration 7 7
77 71

2024 2023
£    £   
Directors' remuneration 107,500 107,500
Directors' pension contributions to money purchase schemes 2,000 2,000

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 1 1

5. OPERATING PROFIT

The operating profit is stated after charging:

2024 2023
£    £   
Depreciation - owned assets 202,333 176,822
Depreciation - assets on hire purchase contracts 238,556 214,796
Auditors' remuneration 15,410 14,700

6. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Bank loan interest 86,294 35,925
Hire purchase interest 104,719 93,668
191,013 129,593

7. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2024 2023
£    £   
Current tax:
UK corporation tax 191,656 68,879

Deferred tax 13,919 86,948
Tax on profit 205,575 155,827

UK corporation tax has been charged at 25 % (2023 - 22.34 %).

YARDGATE LIMITED (REGISTERED NUMBER: 04412547)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
For The Year Ended 31 October 2024

7. TAXATION - continued

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2024 2023
£    £   
Profit before tax 736,445 670,360
Profit multiplied by the standard rate of corporation tax in the UK of 25 % (2023 -
22.339 %)

184,111

149,752

Effects of:
Expenses not deductible for tax purposes 10,768 6,177
Capital allowances in excess of depreciation - (9,356 )
Depreciation in excess of capital allowances 10,696 -
Deferred tax rate differential - 9,254
Total tax charge 205,575 155,827

UK corporation tax has been charged at 25% (2023 - 22.339%). Deferred tax has been charged at 25% (2023 - 25%).

8. INDIVIDUAL STATEMENT OF COMPREHENSIVE INCOME

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.


9. DIVIDENDS
2024 2023
£    £   
Ordinary A shares of £1 each
Interim 181,985 179,779
Ordinary B shares of £1 each
Interim 300,000 150,000
481,985 329,779

10. TANGIBLE FIXED ASSETS

Group
Fixtures
Freehold Plant and and Motor
property machinery fittings vehicles Totals
£    £    £    £    £   
COST
At 1 November 2023 4,459,311 3,898,462 203,605 380,238 8,941,616
Additions - 385,724 2,059 65,880 453,663
At 31 October 2024 4,459,311 4,284,186 205,664 446,118 9,395,279
DEPRECIATION
At 1 November 2023 290,086 1,650,729 123,840 181,608 2,246,263
Charge for year 35,787 332,586 16,175 56,341 440,889
At 31 October 2024 325,873 1,983,315 140,015 237,949 2,687,152
NET BOOK VALUE
At 31 October 2024 4,133,438 2,300,871 65,649 208,169 6,708,127
At 31 October 2023 4,169,225 2,247,733 79,765 198,630 6,695,353

YARDGATE LIMITED (REGISTERED NUMBER: 04412547)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
For The Year Ended 31 October 2024

10. TANGIBLE FIXED ASSETS - continued

Group

The net book value of tangible fixed assets includes £ 1,724,028 (2023 - £ 1,712,584 ) in respect of assets held under hire purchase contracts.

Company
Freehold
property
£   
COST
At 1 November 2023
and 31 October 2024 4,459,311
DEPRECIATION
At 1 November 2023 290,086
Charge for year 35,787
At 31 October 2024 325,873
NET BOOK VALUE
At 31 October 2024 4,133,438
At 31 October 2023 4,169,225


11. FIXED ASSET INVESTMENTS

Company
Shares in
group
undertakings
£   
COST OR VALUATION
At 1 November 2023
and 31 October 2024 165,150
NET BOOK VALUE
At 31 October 2024 165,150
At 31 October 2023 165,150

Cost or valuation at 31 October 2024 is represented by:

Shares in
group
undertakings
£   
Cost 165,150

The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiary

Toomers Limited
Registered office: Unit 1, St Stephens Court, 15-17 St Stephens Road, Bournemouth, Dorset, BH2 6LA. Trading from Unit 5, Batten Road, Salisbury, SP5 3HU.
Nature of business: Steel fabrication
%
Class of shares: holding
Ordinary 100.00


YARDGATE LIMITED (REGISTERED NUMBER: 04412547)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
For The Year Ended 31 October 2024

12. STOCKS

Group
2024 2023
£    £   
Raw materials 62,854 42,834
Work-in-progress 159,734 73,722
222,588 116,556

13. DEBTORS

Group Company
2024 2023 2024 2023
£    £    £    £   
Amounts falling due within one year:
Trade debtors 2,130,306 2,230,959 2,520 -
Amounts owed by group undertakings - - 1,071,875 701,056
Amounts owed by associates 750,961 925,481 388,037 761,072
Other loan 146,123 142,875 146,123 142,875
Directors' loan accounts 227,575 161,933 227,575 161,933
Prepayments 294,712 357,842 188,541 10,949
3,549,677 3,819,090 2,024,671 1,777,885

Amounts falling due after more than one year:
Other debtors 105,323 104,368 105,323 104,368

Aggregate amounts 3,655,000 3,923,458 2,129,994 1,882,253

14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2024 2023 2024 2023
£    £    £    £   
Bank loans and overdrafts (see note 16) 169,291 169,848 37,004 44,000
Hire purchase contracts (see note 17) 421,590 362,124 - -
Trade creditors 1,507,813 1,552,952 450 -
Corporation tax 191,656 68,879 80,524 55,480
Social security and other taxes 289,983 343,112 15,146 13,817
Directors' loan accounts 154,288 162,648 154,288 162,648
Accrued expenses 360,155 172,952 11,647 19,051
3,094,776 2,832,515 299,059 294,996

15. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

Group Company
2024 2023 2024 2023
£    £    £    £   
Bank loans (see note 16) 918,428 1,089,673 872,845 911,804
Hire purchase contracts (see note 17) 699,264 903,791 - -
1,617,692 1,993,464 872,845 911,804

YARDGATE LIMITED (REGISTERED NUMBER: 04412547)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
For The Year Ended 31 October 2024

16. LOANS

An analysis of the maturity of loans is given below:

Group Company
2024 2023 2024 2023
£    £    £    £   
Amounts falling due within one year or on demand:
Bank loans 169,291 169,848 37,004 44,000
Amounts falling due between two and five years:
Bank loans 108,821 248,543 63,238 70,674
Amounts falling due in more than five years:
Repayable by instalments
Bank loans 809,607 841,130 809,607 841,130

Bank loan one is secured and repayable over 120 months at an interest rate of 2.5% over Bank of England base rate, maturing in June 2025.

Bank loan two is unsecured and repayable over 60 months at a fixed interest rate of 5%, maturing in January 2026.

Bank loan three is secured and repayable over 300 months at an interest rate of 2.76% over Bank of England base rate, maturing in August 2048.

17. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Hire purchase contracts
2024 2023
£    £   
Net obligations repayable:
Within one year 421,590 362,124
Between one and five years 699,264 903,791
1,120,854 1,265,915

Group
Non-cancellable operating leases
2024 2023
£    £   
Within one year 30,289 13,088
Between one and five years 54,423 25,706
In more than five years 1,386 -
86,098 38,794

18. SECURED DEBTS

The following secured debts are included within creditors:

Company
2024 2023
£    £   
Bank loans 909,849 955,804

The bank loan is secured by way of fixed and floating charges over all property and assets of the company.

YARDGATE LIMITED (REGISTERED NUMBER: 04412547)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
For The Year Ended 31 October 2024

19. PROVISIONS FOR LIABILITIES

Group Company
2024 2023 2024 2023
£    £    £    £   
Deferred tax 652,046 638,127 17,941 18,568

Group
Deferred
tax
£   
Balance at 1 November 2023 638,127
Provided during year 13,919
Balance at 31 October 2024 652,046

Company
Deferred
tax
£   
Balance at 1 November 2023 18,568
Provided during year (627 )
Balance at 31 October 2024 17,941

Deferred tax represents capital allowances in advance of depreciation

20. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
11,250 Ordinary A £1 11,250 11,250
3,750 Ordinary B £1 3,750 3,750
15,000 15,000

Each A and B share is entitled to one vote in any circumstances. Dividends may be voted on each share class independently. Each A and B share is entitled to participate in a distribution arising from winding up the company.

21. RESERVES

Group
Retained
earnings
£   

At 1 November 2023 6,117,951
Profit for the year 530,870
Dividends (481,985 )
At 31 October 2024 6,166,836

YARDGATE LIMITED (REGISTERED NUMBER: 04412547)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
For The Year Ended 31 October 2024

21. RESERVES - continued

Company
Retained Share
earnings premium Totals
£    £    £   

At 1 November 2023 5,288,270 121,500 5,409,770
Profit for the year 656,413 656,413
Dividends (481,985 ) (481,985 )
At 31 October 2024 5,462,698 121,500 5,584,198

Retained earnings represents cumulative profits and losses net of dividends and other adjustments.

The share premium reserve records the amount above the nominal value received for shares sold, less transaction costs.

22. PENSION COMMITMENTS

During the year the group operated a defined contribution workplace pension scheme on which employer contributions totalled £97,255 (2023 - £75,153).

23. CONTINGENT LIABILITIES

The subsidiary company, Toomers Limited, have provided a cross guarantee in respect of the bank loans held in the parent company. As at 31 October 2024 the outstanding bank loan balance in Yardgate Limited amounted to £909,849 (2023: £955,804).

24. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 October 2024 and 31 October 2023:

2024 2023
£    £   
R P Toomer
Balance outstanding at start of year 161,933 172,800
Amounts repaid (7,529 ) (10,867 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 154,404 161,933

J C Toomer
Balance outstanding at start of year - -
Amounts advanced 73,171 -
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 73,171 -

Loans to directors are unsecured and repayable on demand. Interest has been charged at 2.25% pa.

25. RELATED PARTY DISCLOSURES

Other related parties
2024 2023
£    £   
Amount due from related party 1 750,961 925,481
Amount due from related party 2 146,123 142,875

Both related party loans are unsecured and repayable on demand. Related party loan 1 has been provided interest free, with interest on related party loan 2 being charged at 2.25% pa.