Registration number:
Yeo Paull Limited
for the Year Ended 31 December 2024
Yeo Paull Limited
Contents
|
Statement of Financial Position |
|
|
Notes to the Unaudited Financial Statements |
Yeo Paull Limited
(Registration number: 00048482)
Statement of Financial Position as at 31 December 2024
|
Note |
2024 |
2023 |
|
|
Fixed assets |
|||
|
Investment property |
|
|
|
|
Other financial assets |
89,824 |
78,305 |
|
|
|
|
||
|
Current assets |
|||
|
Debtors |
|
|
|
|
Cash at bank and in hand |
|
|
|
|
|
|
||
|
Creditors: Amounts falling due within one year |
( |
( |
|
|
Net current assets |
|
|
|
|
Total assets less current liabilities |
|
|
|
|
Creditors: Amounts falling due after more than one year |
( |
( |
|
|
Provisions for liabilities |
( |
( |
|
|
Net assets |
|
|
|
|
Capital and reserves |
|||
|
Called up share capital |
73,800 |
73,800 |
|
|
Share premium reserve |
444 |
444 |
|
|
Capital redemption reserve |
120,000 |
120,000 |
|
|
Revaluation reserve |
1,475,664 |
1,315,577 |
|
|
Investment revaluation reserve |
(67,212) |
(74,738) |
|
|
Profit and loss account |
1,882,112 |
1,673,969 |
|
|
Shareholders' funds |
3,484,808 |
3,109,052 |
For the financial year ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
|
• |
|
|
• |
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
Approved and authorised by the
Yeo Paull Limited
(Registration number: 00048482)
Statement of Financial Position as at 31 December 2024 (continued)
|
|
Yeo Paull Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024
|
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
Principal activity
The principal activity of the company is Letting and development of commercial property.
|
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
The financial statements are prepared in sterling which is the functional currency of the entity.
Going concern
The financial statements have been prepared on a going concern basis.
Yeo Paull Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)
|
2 |
Accounting policies (continued) |
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. |
Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. |
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used.
Depreciation
No depreciation is charged as property is held at its fair value under the revaluation model. Assets under construction are not depreciated.
Yeo Paull Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)
|
2 |
Accounting policies (continued) |
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Investment property
Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the statement of comprehensive income over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Yeo Paull Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)
|
2 |
Accounting policies (continued) |
Financial instruments
Recognition and measurement
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
|
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
|
Investment property |
|
Land and buildings |
Long leasehold land and buildings |
Properties under construction |
Total |
|
|
Valuation |
||||
|
At 1 January 2024 |
|
|
|
|
|
Revaluations |
|
|
- |
|
|
Additions |
- |
- |
|
|
|
Disposals |
( |
- |
- |
( |
|
Transfers |
|
- |
( |
- |
|
At 31 December 2024 |
|
|
- |
|
|
Carrying amount |
||||
|
At 31 December 2024 |
|
|
- |
|
|
At 31 December 2023 |
|
|
|
|
Included within the net book value of land and buildings above is £2,551,000 (2023 - £1,989,790) in respect of freehold land and buildings and £1,025,000 (2023 - £852,500) in respect of long leasehold land and buildings.
The land and buildings were valued on an open market basis as at 31 December 2024 by Alder King, a firm of property consultants.
Yeo Paull Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)
|
Other financial assets (current and non-current) |
|
Financial assets at fair value through profit and loss |
Total |
|
|
Non-current financial assets |
||
|
Cost or valuation |
||
|
At 1 January 2024 |
78,305 |
78,305 |
|
Fair value adjustments |
7,526 |
7,526 |
|
Additions |
3,993 |
3,993 |
|
At 31 December 2024 |
89,824 |
89,824 |
|
Impairment |
||
|
Carrying amount |
||
|
At 31 December 2024 |
|
89,824 |
|
Debtors |
|
2024 |
2023 |
|
|
Trade debtors |
|
|
|
Other debtors |
- |
|
|
Prepayments |
|
- |
|
|
|
Yeo Paull Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)
|
Creditors |
Creditors: amounts falling due within one year
|
Note |
2024 |
2023 |
|
|
Due within one year |
|||
|
Loans and borrowings |
|
|
|
|
Trade creditors |
|
|
|
|
Taxation and social security |
|
|
|
|
Accruals and deferred income |
|
|
|
|
Other creditors |
|
|
|
|
|
|
Creditors: amounts falling due after more than one year
|
Note |
2024 |
2023 |
|
|
Due after one year |
|||
|
Loans and borrowings |
|
|
Handelsbanken PLC have a fixed charge over 16 Cary Court, 6 Brunel Way and Bancombe Court, all properties owned by Yeo Paull Limited.
|
Reserves |
Share premium account:
This reserve records the amount above the nominal value received for shares sold, less transaction costs.
Revaluation reserve:
This reserve records the proportion of the profit and loss account that represents accumulated gains and losses from investment properties and is displayed separately to retain a record of these reserves not distributable to holders of equity by way of dividends.
Capital redemption reserve:
This reserve records the nominal value of shares repurchased by the company.
Profit and loss account:
This reserve records retained earnings and accumulated losses.
Investment revaluation reserve:
This reserve records the value in investment revaluations and fair value movements on investments recognised in profit and loss (representing the element of profit or loss on these revaluations that is not distributable to holders of equity by way of dividends).
Yeo Paull Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)
|
Loans and borrowings |
Non-current loans and borrowings
|
2024 |
2023 |
|
|
Bank borrowings |
|
|
|
Redeemable preference shares |
|
|
|
|
|
|
Current loans and borrowings
|
2024 |
2023 |
|
|
Bank borrowings |
|
|
|
Obligations under leases and hire purchase contracts |
Operating leases
The company as lessee
The total future minimum lease payments under non-cancellable operating leases are as follows:
|
2024 |
2023 |
|
|
Not later than one year |
|
|
The company as lessor
The total future minimum lease payments receivable under non-cancellable operating leases are as follows:
|
2024 |
2023 |
|
|
Not later than one year |
|
|
|
Later than one year and not later than five years |
|
|
|
|
|
The lease payments recognised as an expense in the year total £16,172 (2023: £15,415).