Yeo Paull Limited

Contents

Statement of Financial Position	1 to 2
Notes to the Unaudited Financial Statements	3 to 9

Yeo Paull Limited

(Registration number: 00048482)
Statement of Financial Position as at 31 December 2024

	Note	2024 £	2023 £
Fixed assets
Investment property	4	3,576,000	3,505,930
Other financial assets	5	89,824	78,305
		3,665,824	3,584,235
Current assets
Debtors	6	21,473	35,321
Cash at bank and in hand		269,007	133,889
		290,480	169,210
Creditors: Amounts falling due within one year	7	(254,485)	(102,259)
Net current assets		35,995	66,951
Total assets less current liabilities		3,701,819	3,651,186
Creditors: Amounts falling due after more than one year	7	(25,224)	(482,589)
Provisions for liabilities		(191,787)	(59,545)
Net assets		3,484,808	3,109,052
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 members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Statement of Comprehensive Income.

Approved and authorised by the Board on 19 May 2025 and signed on its behalf by:
 

Yeo Paull Limited

(Registration number: 00048482)
Statement of Financial Position as at 31 December 2024 (continued)

Mr D C Paull Director

Yeo Paull Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

1	General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Coat Road
Martock
Somerset
TA12 6EX

Principal activity

The principal activity of the company is Letting and development of commercial property.

2	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

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

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
A financial asset or a financial liability is recognised only when the company becomes party to the contractual provisions of the instrument.

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.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2023 - 3).

4	Investment property

	Land and buildings £	Long leasehold land and buildings £	Properties under construction  £	Total £
Valuation
At 1 January 2024	1,989,790	852,500	663,640	3,505,930
Revaluations	219,236	172,500	-	391,736
Additions	-	-	280,000	280,000
Disposals	(601,666)	-	-	(601,666)
Transfers	943,640	-	(943,640)	-
At 31 December 2024	2,551,000	1,025,000	-	3,576,000
Carrying amount
At 31 December 2024	2,551,000	1,025,000	-	3,576,000
At 31 December 2023	1,989,790	852,500	663,640	3,505,930

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)

5	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	89,824

6

Debtors

	2024 £	2023 £
Trade debtors	14,033	9,639
Other debtors	-	25,682
Prepayments	7,440	-
	21,473	35,321

Yeo Paull Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)

7

Creditors

Creditors: amounts falling due within one year

	Note	2024 £	2023 £
Due within one year
Loans and borrowings	9	7,364	16,667
Trade creditors		10,541	1,390
Taxation and social security		161,459	29,178
Accruals and deferred income		8,757	10,312
Other creditors		66,364	44,712
		254,485	102,259

Creditors: amounts falling due after more than one year

	Note	2024 £	2023 £
Due after one year
Loans and borrowings	9	25,224	482,589