| GROUP STRATEGIC REPORT, |
| REPORT OF THE DIRECTORS AND |
| CONSOLIDATED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 OCTOBER 2024 |
| FOR |
| YARDGATE LIMITED |
| 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: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| AUDITORS: |
| 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: |
| 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. |
| 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: |
| 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. |
| for and on behalf of |
| Chartered Accountants and Statutory Auditors |
| Unit 1, St Stephens Court |
| 15-17 St Stephens Road |
| Bournemouth |
| Dorset |
| BH2 6LA |
| 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 |
| 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 |
| Investments | 11 |
| CURRENT ASSETS |
| Debtors | 13 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 14 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year | 15 | ( |
) | ( |
) |
| PROVISIONS FOR LIABILITIES | 19 | ( |
) | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital | 20 |
| Share premium | 21 |
| Retained earnings | 21 |
| SHAREHOLDERS' FUNDS |
| 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 |
| 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 |
| Changes in equity |
| Dividends | - | ( |
) | - | ( |
) |
| Total comprehensive income | - | - |
| Balance at 31 October 2023 |
| Changes in equity |
| Dividends | - | ( |
) | - | ( |
) |
| Total comprehensive income | - | - |
| Balance at 31 October 2024 |
| 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 |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| 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 |
| Freehold property | - |
| Plant and machinery | - |
| Fixtures and fittings | - |
| Motor vehicles | - |
| 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 |
| 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 |
| DEPRECIATION |
| At 1 November 2023 |
| Charge for year |
| At 31 October 2024 |
| NET BOOK VALUE |
| At 31 October 2024 |
| At 31 October 2023 |
| 11. | FIXED ASSET INVESTMENTS |
| Company |
| Shares in |
| group |
| undertakings |
| £ |
| COST OR VALUATION |
| At 1 November 2023 |
| and 31 October 2024 |
| NET BOOK VALUE |
| At 31 October 2024 |
| At 31 October 2023 |
| 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 |
| 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: |
| % |
| Class of shares: | holding |
| 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 |
| Amounts owed by group undertakings | - | - |
| Amounts owed by associates | 750,961 | 925,481 |
| 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 |
| 3,549,677 | 3,819,090 |
| Amounts falling due after more than one year: |
| Other debtors | 105,323 | 104,368 |
| Aggregate amounts | 3,655,000 | 3,923,458 |
| 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 |
| 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 |
| Social security and other taxes | 289,983 | 343,112 |
| Directors' loan accounts | 154,288 | 162,648 | 154,288 | 162,648 |
| Accrued expenses | 360,155 | 172,952 |
| 3,094,776 | 2,832,515 |
| 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 |
| Hire purchase contracts (see note 17) | 699,264 | 903,791 |
| 1,617,692 | 1,993,464 |
| 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 |
| Amounts falling due between two and five years: |
| Bank loans | 108,821 | 248,543 |
| 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 |
| 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 |
| Provided during year | ( |
) |
| Balance at 31 October 2024 |
| 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: | £ | £ |
| Ordinary A | £1 | 11,250 | 11,250 |
| 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 | 5,409,770 |
| Profit for the year |
| Dividends | ( |
) | ( |
) |
| At 31 October 2024 | 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. |