Yanco Limited Company accounts

COMPANY REGISTRATION NUMBER: 03161414

YANCO LIMITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31 December 2024

YANCO LIMITED

FINANCIAL STATEMENTS

YEAR ENDED 31st DECEMBER 2024

CONTENTS	PAGE

Officers and professional advisers	1

Strategic report	3

Directors' report	5

Directors' responsibilities statement	7

Independent auditor's report to the members	8

Statement of income and retained earnings	12

Statement of financial position	13

Statement of cash flows	14

Notes to the financial statements	15

YANCO LIMITED

OFFICERS AND PROFESSIONAL ADVISERS

The board of directors	J E Harrison
	J Hawthorne
	G D Smith
	V Roberts
	K Riozzi
	C S Pitts

Company secretary	J Hawthorne

Registered office	1 Estuary Banks
	Estuary Commerce Park
	South Liverpool
	L24 8RQ

Auditor	Colne Valley Business Services LLP t/a Cloke & Co
	Chartered Certified Accountants & statutory auditor
	106-107 Dowgate Hill House
	14-16 Dowgate Hill
	London
	EC4R 2SU

Bankers	Barclays Bank plc
	1 Churchill Place
	London
	E14 5HP

	Standard Chartered Bank
	PO Box 80
	15 Castle Street
	St. Helier
	Jersey
	Channel Islands
	JE4 8PT

	Byblos Bank Europe SA
	Berkeley Square House
	London
	W1J 6BS

	HSBC
	9th Floor
	Royal Liver Building
	Liverpool
	L3 1HU

	Zenith Bank (UK) Limited
	39 Cornhill
	London
	EC3V 3ND

	Handelsbanken
	4th Floor
	10 Duke Street
	Liverpool
	L1 5AS

YANCO LIMITED

STRATEGIC REPORT

YEAR ENDED 31st DECEMBER 2024

The directors present their strategic report for the period ended 31st December 2023. REVIEW OF THE BUSINESS The business has two primary activities, and the directors consider that the key financial performance indicators are those that monitor the performance in respect of these two activities. The first activity is that of an International Buying Office (Trading), servicing clients in West Africa. The business sources, purchases, supplies, and arranges shipment of raw materials, machinery, and spare parts. The business also has a manufacturing division, manufacturing insecticide and household products for local and global markets. The turnover in the year for the trading activity was £11,075,405 (2023 £9,663,467)and for the manufacturing division £1,445,585 (2023 £1,712,707). Trading turnover increased as a result of new plant and machinery purchased for Nigeria. The gross profit of the business was £2,307,854 (18.4%) compared to £1,868,795 (16.42%) in the previous year. Net interest received in 2024 was £354,940 (2023 £711,550) Bank interest rates reduced in 2024 Profit before tax was £674,656 (2023 profit £827,113). The company retains a strong balance sheet with £11.4m in reserves at the year end. PRINCIPAL RISKS AND UNCERTAINTIES The company faces several business risks and uncertainties. Nigeria remains an unpredictable market, and the availability of foreign exchange continues to be unpredictable. The potential impact of this is the ability of Nigerian customers to obtain funds to pay invoices. This has been compounded by suppliers increasing prices on most trading raw materials. In addition, the devaluation of the local currency in Nigeria has significantly increased the cost of imported materials. The insecticide products that are manufactured are heavily regulated. Changes to regulations can impact the business's ability to supply the products, but certain changes could also prove to be an opportunity and give the business a competitive advantage. Production raw material prices have generally shown an increase throughout the year, which has made the manufactured products more expensive. Energy prices and increased labour costs have also affected the costs of the manufactured products.

FUTURE DEVELOPMENTS The directors anticipate that trading conditions with Nigeria will remain challenging, but are optimistic that this situation will continue to improve. The company will continue to diversify the product range in 2025 to help it become more attractive to new and existing customers. The significant projects that have been worked upon for the past 18 months are now beginning to come to fruition, with additional opportunities also being worked upon. FINANCIAL INSTRUMENTS The business has a normal level of exposure to price, credit, liquidity and cash flow risks arising from trading activities which are largely conducted in both sterling and foreign currencies. Foreign currency transactions are covered by suitable currency contracts to minimise exposure to exchange rate volatility. RESEARCH AND DEVELOPMENT The business continues to invest in research and development, both to improve existing products and to diversify with innovative new products.

This report was approved by the board of directors on 29th September 2025 and signed on behalf of the board by:

G D Smith

Director

Registered office:

1 Estuary Banks

Estuary Commerce Park

South Liverpool

L24 8RQ

YANCO LIMITED

DIRECTORS' REPORT

YEAR ENDED 31st DECEMBER 2024

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

DIRECTORS

The directors who served the company during the year were as follows:

J E Harrison
J Hawthorne
G D Smith
V Roberts
K Riozzi
C S Pitts

DIVIDENDS

Particulars of recommended dividends are detailed in note 13 to the financial statements.

DISCLOSURE OF INFORMATION IN THE STRATEGIC REPORT

The company has chosen to set out in the company's strategic report information required to be included within the directors report, and this specifically relates to financial instruments and future developments.

AUDITOR

Each of the persons who is a director at the date of approval of this report confirms that:

- so far as they are aware, there is no relevant audit information of which the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information.

This report was approved by the board of directors on 29 September 2025 and signed on behalf of the board by:

G D Smith

Director

Registered office:

1 Estuary Banks

Estuary Commerce Park

South Liverpool

L24 8RQ

YANCO LIMITED

DIRECTORS' RESPONSIBILITIES STATEMENT

YEAR ENDED 31st DECEMBER 2024

The directors are responsible for preparing the strategic report, directors' report 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 profit or loss of the company for that period. In preparing these financial statements, the directors are required to: - select suitable accounting policies and then apply them consistently; - make judgments 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 transactions and disclose with reasonable accuracy at any time the financial position of the company 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 hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

YANCO LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF YANCO LIMITED

YEAR ENDED 31st DECEMBER 2024

OPINION

We have audited the financial statements of Yanco Limited (the 'company') for the year ended 31st December 2024 which comprise the statement of income and retained earnings, statement of financial position, statement of cash flows and the related notes, 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 FRS 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 company's affairs as at 31st December 2024 and of its profit for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; - 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 auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company 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 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 other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information. 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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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 strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- the strategic report and the directors' report 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 company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: - adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or - the 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.

RESPONSIBILITIES OF DIRECTORS

As explained more fully in the directors' responsibilities statement, 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 is 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 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 company or to cease operations, or have no realistic alternative but to do so.

AUDITOR'S 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 an auditor’s report 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. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates and considered the risk of acts by the company that were contrary to applicable laws and regulations, including fraud. We designed audit procedures to respond to the risk, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion. We focussed on laws and regulations which could give rise to a material misstatement in the financial statements, including, but not limited to, the Companies Act 2006, FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland and UK tax legislation. Our tests included agreeing the financial statement disclosures to underlying supporting documentation, enquiries with management and enquiries of legal counsel. There are inherent limitations in the audit procedures described above and, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. As in all our audits, we also addressed the risk of management override of internal controls by testing journal entries and evaluating whether there was evidence of management bias which represented a risk of material misstatement due to fraud. As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also: - Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. - Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the internal control. - Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors. - Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the company to cease to continue as a going concern. - Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

Jonathon D R Holt BA (Hons) FCCA

(Senior Statutory Auditor)

For and on behalf of

Colne Valley Business Services LLP t/a Cloke & Co

Chartered Certified Accountants & statutory auditor

106-107 Dowgate Hill House

14-16 Dowgate Hill

London

EC4R 2SU

30 September 2025

YANCO LIMITED

STATEMENT OF INCOME AND RETAINED EARNINGS

YEAR ENDED 31st DECEMBER 2024

		2024	2023
Note		£	£
TURNOVER	4	12,520,990	11,376,174

Cost of sales	( 10,213,136)	( 9,507,379)
	-------------	-------------
GROSS PROFIT	2,307,854	1,868,795

Distribution costs		( 19,920)	( 15,130)
Administrative expenses		( 2,027,118)	( 1,783,530)
Other operating income	5	58,900	45,428
		------------	------------
OPERATING PROFIT	6	319,716	115,563

Other interest receivable and similar income	10	1,293,649	1,595,341
Interest payable and similar expenses	11	( 938,709)	( 883,791)
		------------	------------
PROFIT BEFORE TAXATION		674,656	827,113

Tax on profit	12	( 232,502)	( 335,739)
		---------	---------
PROFIT FOR THE FINANCIAL YEAR AND TOTAL COMPREHENSIVE INCOME		442,154	491,374
		---------	---------

Dividends paid and payable	13	( 300,000)	( 300,000)

RETAINED EARNINGS AT THE START OF THE YEAR	1,205,745	1,014,371
	------------	------------
RETAINED EARNINGS AT THE END OF THE YEAR	1,347,899	1,205,745
	------------	------------

All the activities of the company are from continuing operations.

YANCO LIMITED

STATEMENT OF FINANCIAL POSITION

31 December 2024

	2024		2023
Note	£	£	£

FIXED ASSETS

Tangible assets	14	5,086,722	5,322,195
Investments	15	90	90
		------------	------------
		5,086,812	5,322,285

CURRENT ASSETS

Stocks	16	1,809,052	1,022,005
Debtors	17	6,290,217	6,260,844
Cash at bank and in hand		23,178,731	23,969,193
		-------------	-------------
		31,278,000	31,252,042

CREDITORS: amounts falling due within one year	18	24,348,097		24,704,279
		-------------		-------------
NET CURRENT ASSETS			6,929,903	6,547,763
			-------------	-------------
TOTAL ASSETS LESS CURRENT LIABILITIES			12,016,715	11,870,048

PROVISIONS

Taxation including deferred tax	19	566,595	562,082
		-------------	-------------
NET ASSETS		11,450,120	11,307,966
		-------------	-------------

CAPITAL AND RESERVES

Called up share capital	22	10,000,000	10,000,000
Revaluation reserve (non-distributable)	23	102,221	102,221
Profit and loss account	23	1,347,899	1,205,745
		-------------	-------------
SHAREHOLDERS FUNDS		11,450,120	11,307,966
		-------------	-------------

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

These financial statements were approved by the board of directors and authorised for issue on 29 September 2025 , and are signed on behalf of the board by:

C S Pitts

Director

Company registration number: 03161414

YANCO LIMITED

STATEMENT OF CASH FLOWS

YEAR ENDED 31st DECEMBER 2024

	2024	2023
	£	£

CASH FLOWS FROM OPERATING ACTIVITIES

Profit for the financial year	442,154	491,374

Adjustments for:
Depreciation of tangible assets	248,850	295,946
Other interest receivable and similar income	( 1,293,649)	( 1,595,341)
Interest payable and similar expenses	938,709	883,791
Tax on profit	232,502	335,739
Accrued expenses/(income)	18,872	( 9,135)

Changes in:
Stocks	( 787,047)	141,033
Trade and other debtors	43,825	5,457,165
Trade and other creditors	( 349,040)	508,932
	------------	------------
Cash generated from operations	( 504,824)	6,509,504

Interest paid	( 938,709)	( 883,791)
Interest received	1,220,451	1,477,913
Tax paid	( 254,003)	( 88,203)
	------------	------------
Net cash (used in)/from operating activities	( 477,085)	7,015,423
	------------	------------

CASH FLOWS FROM INVESTING ACTIVITIES

Purchase of tangible assets	( 13,377)	( 45,785)
	------------	------------
Net cash used in investing activities	( 13,377)	( 45,785)
	------------	------------

CASH FLOWS FROM FINANCING ACTIVITIES

Dividends paid	( 300,000)	( 300,000)
	------------	------------
Net cash used in financing activities	( 300,000)	( 300,000)
	------------	------------

NET (DECREASE)/INCREASE IN CASH AND CASH EQUIVALENTS	( 790,462)	6,669,638
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR	23,969,193	17,299,555
	-------------	-------------
CASH AND CASH EQUIVALENTS AT END OF YEAR	23,178,731	23,969,193
	-------------	-------------

YANCO LIMITED

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31st DECEMBER 2024

1. GENERAL INFORMATION

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 1 Estuary Banks, Estuary Commerce Park, South Liverpool, L24 8RQ.

2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. ACCOUNTING POLICIES

BASIS OF PREPARATION

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

INVESTMENT PROPERTY

Investment properties are shown at their fair value. At each reporting date any changes in the fair value are recognised in the profit and loss account. This is a departure from the requirement of the Companies Act 2006 which requires depreciation of investment properties. Investment properties are held for their investment potential and not for use by the company and so their current value is of prime importance. The departure from the provisions of the Act is required in order to give a true and fair view.

Smith & Sons, Chartered Surveyors, of 51/52 Hamilton Square, Birkenhead, CH41 5BN have valued the investment property, that originally cost £397,779 (2023 - £397,779), on 31st December 2024 at £515,000 (2023 -£510,000). The directors are of the opinion that there has been no significant change in the value of the investment property at 31st December 2024 and have confirmed the valuation remains at £500,000.

GOING CONCERN

The company meets its day-to-day working capital requirements through its bank facilities. The current economic conditions continue to create uncertainty over the level of demand for the company's services. The company's forecasts and projections, taking account of reasonably possible changes in trading performance, show that the company should be able to operate within the level of its current facilities. After making enquiries, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.

RESEARCH AND DEVELOPMENT

Research expenditure is written off in the period in which it is incurred.

Development expenditure incurred is capitalised as an intangible asset only when all of the following criteria are met:

It is technically feasible to complete the intangible asset so that it will be available for use or sale; there is the intention to complete the intangible asset and use or sell it; there is the ability to use or sell the intangible asset; the use or sale of the intangible asset will generate probable future economic benefits; there are adequate technical, financial and other resources available to complete the development and to use or sell the intangible asset; and the expenditure attributable to the intangible asset during its development can be measured reliably.

Expenditure that does not meet the above criteria is expensed as incurred.

CONSOLIDATION

The entity has taken advantage of the exemption from preparing consolidated financial statements contained in Section 402 of the Companies Act 2006 on the basis that its subsidiaries are excluded from consolidation on the grounds that their inclusion is not material for the purpose of giving a true and fair view.

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. Significant judgements The judgements (apart from those involving estimations) that management has made in the process of applying the entity's accounting policies and that have the most significant effect on the amounts recognised in the financial statements are as follows: Impairment of property - Property is reviewed for impairment if events or changes in circumstances indicate that the carrying value may not be recoverable. Key sources of estimation uncertainty Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows: Deferred income tax - calculation and recognition of temporary differences giving rise to deferred tax balances includes estimates of the extent to which future taxable profits are available against which the temporary differences can be utilised.

REVENUE RECOGNITION

The turnover shown in the profit and loss account represents the value of sales, exclusive of Value Added Tax. Sales are recognised when the significant risks and rewards have transferred to the customer and this at the point of despatch.

INCOME TAX

The charge for taxation takes into account taxation deferred as a result of timing differences between the treatment of certain items for taxation and accounting purposes In general, deferred taxation is recognised in respect of all timing differences that have originated, but not reversed, at the balance sheet date. However, deferred tax assets are recognised only to the extent that the director considers that it is more likely than not there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted. In accordance with FRS102, deferred tax is recognised on all revaluation and other fair value adjustments. Deferred taxation is measured on a non-discounted basis at the tax rates that are expected to apply in the periods in which the timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.

FOREIGN CURRENCIES

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.

TANGIBLE ASSETS

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

DEPRECIATION

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Long leasehold property	-	Yanco House over 75 years (buildings); over the lease term (land)
Computer Equipment	-	25% Reducing balance/over 3 years
Furniture & Computer Equipment	-	25% Reducing balance/over 3 years
Fixtures and fittings Estuary	-	25% Reducing balance

INVESTMENTS

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.

INVESTMENTS IN ASSOCIATES

Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.

IMPAIRMENT OF FIXED ASSETS

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. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

STOCKS

Stock is accounted for on a first in first out basis. Stocks are valued at the lower of cost and net realisable value, after making allowance for obsolete and slow moving items. Cost includes all direct expenditure and an appropriate proportion of fixed and variable overheads. Net realisable value is the estimated selling price in the ordinary course of business minus any cost to complete and to sell the goods.

PROVISIONS

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

FINANCIAL INSTRUMENTS

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

DEFINED CONTRIBUTION PLANS

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. TURNOVER

Turnover arises from:

	2024	2023
	£	£
Sale of goods	12,520,990	11,376,174
	-------------	-------------

The turnover is derived from classes of businesses and geographical markets that substantially differ from each other. An analysis of each is given below:

Geographical markets

	2024	2023
	£	£
Africa	11,104,545	10,304,624
Rest of the world	1,416,445	1,071,550
	-------------	-------------
	12,520,990	11,376,174
	-------------	-------------

Business classes

	2024	2023
	£	£
Trading sales	11,075,405	9,663,467
Production sales	1,445,585	1,712,707
	-------------	-------------
	12,520,990	11,376,174
	-------------	-------------

5. OTHER OPERATING INCOME

	2024	2023
	£	£
Rental income	53,817	45,428
Other operating income	5,083	–
	--------	--------
	58,900	45,428
	--------	--------

6. OPERATING PROFIT

Operating profit or loss is stated after charging:

	2024	2023
	£	£
Depreciation of tangible assets	248,850	295,946
Research and development expenditure written off	44,317	19,167
Foreign exchange differences	126,763	62,010
	---------	---------

7. AUDITOR'S REMUNERATION

	2024	2023
	£	£
Fees payable for the audit of the financial statements	10,500	10,500
	--------	--------

Fees payable to the company's auditor and its associates for other services:

Other non-audit services	8,000	8,763
	--------	--------

8. STAFF COSTS

The average number of persons employed by the company during the year, including the directors, amounted to:

	2024	2023
	No.	No.
Production staff	25	25
Administrative staff	9	10
Management staff	5	5
	----	----
	39	40
	----	----

The aggregate payroll costs incurred during the year, relating to the above, were:

	2024	2023
	£	£
Wages and salaries	1,485,199	1,355,874
Social security costs	144,891	138,235
Other pension costs	63,311	60,854
	------------	------------
	1,693,401	1,554,963
	------------	------------

9. DIRECTORS' REMUNERATION

The directors' aggregate remuneration in respect of qualifying services was:

	2024	2023
	£	£
Remuneration	388,337	386,896
Company contributions to defined contribution pension plans	38,462	37,405
	---------	---------
	426,799	424,301
	---------	---------

The number of directors who accrued benefits under company pension plans was as follows:

	2024	2023
	No.	No.
Defined contribution plans	5	5
	----	----

Remuneration of the highest paid director in respect of qualifying services:

	2024	2023
	£	£
Aggregate remuneration	94,360	94,377
Company contributions to defined contribution pension plans	9,350	9,350
	---------	---------
	103,710	103,727
	---------	---------

10. OTHER INTEREST RECEIVABLE AND SIMILAR INCOME

	2024	2023
	£	£
Interest on loans and receivables	203,348	759,590
Interest on cash and cash equivalents	1,090,301	835,751
	------------	------------
	1,293,649	1,595,341
	------------	------------

11. INTEREST PAYABLE AND SIMILAR EXPENSES

	2024	2023
	£	£
Interest on banks loans and overdrafts	936	–
Other interest payable and similar charges	937,773	883,791
	---------	---------
	938,709	883,791
	---------	---------

12. TAX ON PROFIT

Major components of tax expense

	2024	2023
	£	£

Current tax:

UK current tax expense	227,989	253,941

Deferred tax:

Origination and reversal of timing differences	4,513	81,798
	---------	---------
Tax on profit	232,502	335,739
	---------	---------

Reconciliation of tax expense

The tax assessed on the profit on ordinary activities for the year is higher than (2023: higher than) the standard rate of corporation tax in the UK of 25 % (2023: 23.52 %).

	2024	2023
	£	£
Profit on ordinary activities before taxation	674,656	827,113
	---------	---------
Profit on ordinary activities by rate of tax	168,664	194,542
Effect of expenses not deductible for tax purposes	28,482	27,010
Effect of capital allowances and depreciation	30,842	( 83)
Change in tax rate	4,514	114,270
	---------	---------
Tax on profit	232,502	335,739
	---------	---------

13. DIVIDENDS

	2024	2023
	£	£
Dividends paid during the year (excluding those for which a liability existed at the end of the prior year )	300,000	300,000
	---------	---------

14. TANGIBLE ASSETS

	At 1st January 2024	Additions	Disposals	At 31st December 2024
	£	£	£	£
Cost
Investment properties	500,000	–	–	500,000
Long leasehold property	3,808,590	–	–	3,808,590
Computer Equipment	42,934	9,174	( 29,189)	22,919
Plant & Machinery	3,426,253	4,203	( 310)	3,430,146
Fixtures & Fittings Estuary	128,970	–	(5,162)	123,808
	------------	--------	--------	------------
	7,906,747	13,377	( 34,661)	7,885,463
	------------	--------	--------	------------

	At 1st January 2024	Charge for the year	Disposals	At 31st December 2024
	£	£	£	£
Depreciation
Investment properties	–	–	–	–
Long leasehold property	1,211,441	114,620	–	1,326,061
Computer Equipment	38,674	4,174	( 29,188)	13,660
Plant & Machinery	1,250,372	120,222	( 311)	1,370,283
Fixtures & Fittings Estuary	84,065	9,834	(5,162)	88,737
	------------	---------	--------	------------
	2,584,552	248,850	( 34,661)	2,798,741
	------------	---------	--------	------------

	At 31st December 2024	At 31st December 2023
	£	£
Carrying amount
Investment properties	500,000	500,000
Long leasehold property	2,482,529	2,597,149
Computer Equipment	9,259	4,260
Plant & Machinery	2,059,863	2,175,881
Fixtures & Fittings Estuary	35,071	44,905
	------------	------------
	5,086,722	5,322,195
	------------	------------

15. INVESTMENTS

	Shares in group undertakings	Shares in participating interests	Total
	£	£	£
Cost
At 1st January 2024	90	248,678	248,768
Disposals	–	( 248,678)	( 248,678)
	----	---------	---------
At 31st December 2024	90	–	90
	----	---------	---------
Impairment
At 1st January 2024	–	248,678	248,678
Disposals	–	( 248,678)	( 248,678)
	----	---------	---------
At 31st December 2024	–	–	–
	----	---------	---------

Carrying amount
At 31st December 2024	90	–	90
	----	---------	---------
At 31st December 2023	90	–	90
	----	---------	---------

Subsidiaries, associates and other investments

The company owns 100% of the share capital in Yanco Insecticide Solutions Ireland Limited, a company incorporated in the Republic of Ireland whose registered office is at Unit 13, Classon House, Dundrum Business Park, Dundrum, Dublin 14, Ireland. The company has not traded since its incorporation. The company made a profit of £5,252 (2023 - a loss of £1,843) in its last reporting period of 31st December 2024, it had net assets of £83 (2023 - net liabilities of £5,412). At the year end Yanco Limited was owed £3,076 (2023 - £5,849) by Yanco Insecticide Solutions Ireland Limited. Yanco Limited has excluded the results of its subsidiary company and has not prepared consolidated accounts on the basis that it is immaterial. The company previously owned 24.67% of the share capital in SAS Cartonnerie Jean, a company incorporated in France whose registered office was at 3 Pont a la Chatte, 23220 Bonnat, France. The company had been in administration, but has now been dissolved. In a previous year, the directors of Yanco Limited had written off in full the value of its investment in SAS Cartonnerie Jean which amounted to £248,678 and written off in full the loan of £266,264 that was owed to Yanco Limited.

16. STOCKS

	2024	2023
	£	£
Finished goods and goods for resale	1,809,052	1,022,005
	------------	------------

17. DEBTORS

	2024	2023
	£	£
Trade debtors	6,000,474	6,066,093
Amounts owed by group undertakings	6,619	6,928
Prepayments and accrued income	251,921	180,272
Other debtors	31,203	7,551
	------------	------------
	6,290,217	6,260,844
	------------	------------

18. CREDITORS: amounts falling due within one year

	2024	2023
	£	£
Trade creditors	23,945,707	24,323,919
Accruals and deferred income	108,536	89,000
Corporation tax	227,854	253,868
Social security and other taxes	66,000	37,492
	-------------	-------------
	24,348,097	24,704,279
	-------------	-------------

19. PROVISIONS

	Deferred tax (note 20)
	£
At 1st January 2024	562,082
Additions	4,513
	---------
At 31st December 2024	566,595
	---------

20. DEFERRED TAX

The deferred tax included in the statement of financial position is as follows:

	2024	2023
	£	£
Included in provisions (note 19)	566,595	562,082
	---------	---------

The deferred tax account consists of the tax effect of timing differences in respect of:

	2024	2023
	£	£
Accelerated capital allowances	541,040	538,039
Fair value adjustment of investment property	25,555	24,043
	---------	---------
	566,595	562,082
	---------	---------

21. EMPLOYEE BENEFITS

Defined contribution plans

The amount recognised in profit or loss as an expense in relation to defined contribution plans was £ 63,311 (2023: £ 60,854 ).

22. CALLED UP SHARE CAPITAL

Issued, called up and fully paid

	2024		2023
	No.	£	No.	£
Ordinary shares of £ 1 each	10,000,000	10,000,000	10,000,000	10,000,000
	-------------	-------------	-------------	-------------

23. RESERVES

Profit and loss account. This reserve records retained earnings and accumulated losses. Revaluations of investment properties and fair value movements on assets are recognised in a non-distributable revaluation reserve.

24. ANALYSIS OF CHANGES IN NET DEBT

	At 1st January 2024	Cash flows	At 31st December 2024
	£	£	£
Cash at bank and in hand	23,969,193	(790,462)	23,178,731
	-------------	---------	-------------

25. RELATED PARTY TRANSACTIONS

During the course of the current and previous year, the company was under the control of FA Akle. At the year end FA Akle was owed by Yanco Limited £1,200,647 (2023 - £1,081,949). A shareholder of Yanco Limited has a controlling interest in Gongoni Company Limited and in the normal course of business during the year Yanco Limited sold goods to the net value of £9,788,255 (2023 - £8,169,393). At the year end Gongoni Company Limited was owed by Yanco Limited £18,039,360 (2023 - £18,430,554); at the year end Yanco Limited was owed by Gongoni Company Limited £5,529,126 (2023 - £4,757,829). A shareholder of Yanco Limited has a controlling interest in WJ Bush & Co Limited and in the normal course of business during the year Yanco Limited sold goods to the net value of £153,619 (2023 - £814,722). At the year end WJ Bush & Co Limited was owed by Yanco Limited £2,537,517 (2023 - £2,597,534); at the year end Yanco Limited was owed by WJ Bush & Co Limited £176,189 (2023 - £1,099,368). A shareholder of Yanco Limited has a controlling interest in Turare N'Hausawa Limited and in the normal course of business during the year Yanco Limited sold goods to the net value of £214,282 (2023 - £-). During the course of the year the company purchased in the normal course of business packaging materials from a relative of one of the company's directors for £10,325 (2023 - £4,250). There were no other related party transactions during the year that need reporting under FRS 102.