REGISTERED NUMBER:
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W. & G. Yates (Yieldfields) Limited |
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Unaudited Financial Statements |
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for the Year Ended 31 March 2021 |
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REGISTERED NUMBER:
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W. & G. Yates (Yieldfields) Limited |
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Unaudited Financial Statements |
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for the Year Ended 31 March 2021 |
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W. & G. Yates (Yieldfields) Limited (Registered number: 00552214) |
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Contents of the Financial Statements |
for the Year Ended 31 March 2021 |
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Page |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 4 |
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W. & G. Yates (Yieldfields) Limited |
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Company Information |
for the Year Ended 31 March 2021 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Sterling House |
97 Lichfield Street |
Tamworth |
Staffordshire |
B79 7QF |
W. & G. Yates (Yieldfields) Limited (Registered number: 00552214) |
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Balance Sheet |
31 March 2021 |
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2021 | 2020 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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Investments | 5 |
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CURRENT ASSETS |
Stocks |
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Debtors | 6 |
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Investments | 7 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 8 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one
year |
9 |
( |
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( |
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PROVISIONS FOR LIABILITIES | ( |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital | 12 |
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Share premium |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
W. & G. Yates (Yieldfields) Limited (Registered number: 00552214) |
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Balance Sheet - continued |
31 March 2021 |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors and authorised for issue on
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W. & G. Yates (Yieldfields) Limited (Registered number: 00552214) |
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Notes to the Financial Statements |
for the Year Ended 31 March 2021 |
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1. | STATUTORY INFORMATION |
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W. & G. Yates (Yieldfields) Limited is a
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Turnover |
Turnover represents amounts receivable for goods and services net of VAT and trade discounts. |
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Tangible fixed assets & depreciation |
Tangible fixed assets other than freehold land are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows: |
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Land and buildings freehold | 2% on cost per annum |
Plant & machinery | 7.5% on cost per annum |
Computer equipment | 25% on cost per annum |
Fixtures, fittings & equipment | 5% on cost per annum |
Motor vehicles & tractors | 20% on cost per annum |
Farm implements & equipment | 10% on cost per annum |
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Government grants |
Government grants in relation to tangible fixed assets are credited to profit and loss account over the useful lives of the related assets, whereas those in relation to expenditure are credited when the expenditure is charged to profit and loss under the accrual model. |
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Stock |
Stock is valued at the lower of cost and net realisable value. |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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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. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
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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. |
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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. |
W. & G. Yates (Yieldfields) Limited (Registered number: 00552214) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 March 2021 |
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2. | ACCOUNTING POLICIES - continued |
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Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible assets and depreciated over the shorter of the lease term and their useful lives. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period. |
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Rentals payable under operating leases are charged against income on a straight line basis over the lease term. |
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Pensions |
Contributions of the company's defined contribution pension scheme are charged to the profit and loss account in the year which they become payable. |
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Investments |
Fixed asset investments are stated at cost less provision for diminution in value. Current asset investments are stated at fair, market, value. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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4. | TANGIBLE FIXED ASSETS |
Plant and |
Land and | machinery |
buildings | etc | Totals |
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COST |
At 1 April 2020 |
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Additions |
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At 31 March 2021 |
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DEPRECIATION |
At 1 April 2020 |
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Charge for year |
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At 31 March 2021 |
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NET BOOK VALUE |
At 31 March 2021 |
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At 31 March 2020 |
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5. | FIXED ASSET INVESTMENTS |
Other |
investments |
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COST |
At 1 April 2020 |
and 31 March 2021 |
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NET BOOK VALUE |
At 31 March 2021 |
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At 31 March 2020 |
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W. & G. Yates (Yieldfields) Limited (Registered number: 00552214) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 March 2021 |
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5. | FIXED ASSET INVESTMENTS - continued |
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Investments represent an entitlement to a share of the net proceeds on sale of freehold property owned by a trust. |
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6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2021 | 2020 |
£ | £ |
Trade debtors |
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Other debtors |
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7. | CURRENT ASSET INVESTMENTS |
2021 | 2020 |
£ | £ |
Other |
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8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2021 | 2020 |
£ | £ |
Bank loans and overdrafts |
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Hire purchase contracts (see note 10) |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2021 | 2020 |
£ | £ |
Bank loans |
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Hire purchase contracts (see note 10) |
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Amounts falling due in more than five years: |
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Repayable by instalments |
Bank loans more 5 yr by instal | 5,000 | - |
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10. | LEASING AGREEMENTS |
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Minimum lease payments fall due as follows: |
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Hire purchase contracts |
2021 | 2020 |
£ | £ |
Net obligations repayable: |
Within one year |
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Between one and five years |
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W. & G. Yates (Yieldfields) Limited (Registered number: 00552214) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 March 2021 |
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10. | LEASING AGREEMENTS - continued |
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Non-cancellable operating | leases |
2021 | 2020 |
£ | £ |
Within one year |
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Between one and five years |
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11. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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2021 | 2020 |
£ | £ |
Bank overdrafts |
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Bank loans |
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Hire purchase contracts | 63,330 | 65,559 |
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The bank loans and overdrafts are secured by way of a fixed and floating charge over the assets of the company both present and future. |
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The hire purchase liabilities are secured over the assets to which they relate. |
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12. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2021 | 2020 |
value: | £ | £ |
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Ordinary | £1 | 600 | 600 |
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13. | RELATED PARTY DISCLOSURES |
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a) Part of the land occupied by the company is owned by a company director. During the year rent of £2,417 (2020 - £2,417) was paid in respect of this. |
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b) Historically, Directors have provided funds to the company by way of interest free loans. At the balance sheet date £15,404 (2020 - £18,108) was payable by the company. |
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There are no fixed terms for repayment of these loans. |