York Barbell (U.K.) Limited - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 01491442 (England and Wales)

Financial Statements

for the Year Ended 28 February 2023

for

York Barbell (U.K.) Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTOR:

Mr J H Cass

REGISTERED OFFICE:

York Way

High March Industrial Estate

Daventry

Northamptonshire

NN11 4YB

REGISTERED NUMBER:

01491442 (England and Wales)

AUDITORS:

Clifford Roberts - Statutory Auditor

63 Broad Green

Wellingborough

Northamptonshire

NN8 4LQ

BANKERS:

HSBC

St Clair House

5 Old Bedford Road

Northampton

NN4 7AA

FIXED ASSETS

Intangible assets

5

-

-

Tangible assets

6

2,619,152

2,645,648

Investments

7

595,574

-

3,214,726

2,645,648

CURRENT ASSETS

Stocks

2,296,314

2,229,449

Debtors

8

465,218

1,090,037

Cash at bank

1,106,443

572,075

3,867,975

3,891,561

CREDITORS

Amounts falling due within one year

9

8,144,637

7,018,286

NET CURRENT LIABILITIES

(4,276,662

)

(3,126,725

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(1,061,936

)

(481,077

)

PROVISIONS FOR LIABILITIES

-

9,949

NET LIABILITIES

(1,061,936

)

(491,026

)

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

(1,062,036

)

(491,126

)

SHAREHOLDERS' FUNDS

(1,061,936

)

(491,026

)

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 24 October 2023 and were signed by:

MR J H CASS - Director

1.	STATUTORY INFORMATION

York Barbell (U.K.) Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Going Concern

The director has received assurances from the ultimate beneficial owners that support will be provided as needed to ensure the operation existence for the foreseeable future, not less than 12 months from the date of approval of these financial statements. Following the death of Mr W F Irvine, current management are assessing various options on how best to take forward the company and return it to profit.

Revenue

Turnover represents net amounts invoiced during the year for goods, excluding value added tax.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Land and buildings

-

2% on cost

Plant and machinery etc

-

33% on cost and 20% on cost

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. Net realisable value is based on selling price less anticipated costs to completion and selling costs.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.

Foreign currencies

Transactions in foreign currencies are translated into sterling at the exchange ruling at the date of transaction. Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rates prevailing on the date when the fair value was determined. Non-monetary items that are measured at historical cost in a foreign currency are not retranslated.

Exchange differences arising on the settlement of monetary items and on the retranslation of monetary items are taken to the profit and loss account. Exchange differences arising on non-monetary items, carried at fair value, are included in the profit and loss account, except for the differences arising on the retranslation of non-monetary items in respect of which gains and losses are recorded in equity. For such non-monetary items, any exchange component of that gain or loss is also recognised directly in equity.

Operating leasing commitments

Rentals applicable to operating leases where substantially all fo the benefits and risks of ownership remain with the lessor are charged against profits on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

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 if the company after deducting all of its liabilities.

Trade and other debtors

Trade and other debtors are recognised and carried forward at invoiced amounts less provisions for any doubtful debts. Bad debts are written off when identified.

Interest-bearing loans borrowings

All loans and borrowings are recognised initially at cost, which is the fair value of the consideration received, net of issue costs associated with the borrowing.

After initial recognition, interest-bearing loans and borrowings are measured at amortised cost using the effective interest method. Gains and losses are recognised in the profit and loss account when liabilities are derecognised or impaired as well as through the amortisation process.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 8 (2022 - 8 ) .

5.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST

At 1 March 2022

and 28 February 2023

138,094

AMORTISATION

At 1 March 2022

and 28 February 2023

138,094

NET BOOK VALUE

At 28 February 2023

-

At 28 February 2022

-

6.	TANGIBLE FIXED ASSETS

Fixtures

Freehold

Plant and

and

property

machinery

fittings

£

£

£

COST

At 1 March 2022

4,588,141

694,572

-

Additions

-

-

41,021

At 28 February 2023

4,588,141

694,572

41,021

DEPRECIATION

At 1 March 2022

1,943,062

694,572

-

Charge for year

63,485

-

4,436

At 28 February 2023

2,006,547

694,572

4,436

NET BOOK VALUE

At 28 February 2023

2,581,594

-

36,585

At 28 February 2022

2,645,079

-

-

Motor

Office

vehicles

equipment

Totals

£

£

£

COST

At 1 March 2022

4,001

428,442

5,715,156

Additions

-

543

41,564

At 28 February 2023

4,001

428,985

5,756,720

DEPRECIATION

At 1 March 2022

4,000

427,874

3,069,508

Charge for year

-

139

68,060

At 28 February 2023

4,000

428,013

3,137,568

NET BOOK VALUE

At 28 February 2023

1

972

2,619,152

At 28 February 2022

1

568

2,645,648

7.	FIXED ASSET INVESTMENTS

Other

investments

£

COST OR VALUATION

Additions

574,963

Revaluations

20,611

At 28 February 2023

595,574

NET BOOK VALUE

At 28 February 2023

595,574

Cost or valuation at 28 February 2023 is represented by:

Other

investments

£

Valuation in 2023

20,611

Cost

574,963

595,574

8.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Trade debtors

176,601

9,483

Other debtors

61,933

193,696

Directors' current accounts

-

720,629

VAT

-

64,024

Deferred tax asset

191,957

5,556

Prepayments and accrued income

34,727

96,649

465,218

1,090,037

9.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Trade creditors

46,191

227,916

Tax

-

(225,617

)

Social security and other taxes

17,377

11,691

VAT

88,971

-

Other creditors

(342

)

50,947

Amount owed to related parties

7,838,223

6,583,225

Accruals and deferred income

154,217

370,124

8,144,637

7,018,286

10.	FINANCIAL INSTRUMENTS

The company holds or issues financial instruments in order to achieve three main objectives, being:

(a) to finance its operations.

(b) to manage its exposure to interest and currency risks arising from its operations and from its sources of finance; and

(c) for trading purposes.

In addition, various financial instruments (e.g. trade debtors, trade creditors, accruals and prepayments) arise directly from the company's operations.

Transactions in financial instruments result in the company assuming or transferring to another party one or more of the financial risks described below.

Interest rate risk

The company finances its operations through a mixture of cash reserves and loans.

Credit risk

The company's principal financial assets are cash held by the company's bankers. The principal credit risk arises from its trade debtors. In order to manage credit risk the director sets limits for customers based on a combination of payment history and trade references. Credit limits are reviewed on a regular basis.

Liquidity risk

The company seeks to manage financial risk by ensuring sufficient liquidity is available to meet foreseeable needs to invest cash assets safely and profitably.

Currency risk

The company is exposed to foreign exchange risk and includes a margin for exchange fluctuations in its pricing. It also reviews currency movements on a regular basis and hedges.

11.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Andrew Greenhalgh BFP FCA (Senior Statutory Auditor)

for and on behalf of Clifford Roberts - Statutory Auditor

12.	CONTINGENT LIABILITIES

HSBC Bank plc provide a guarantee to HMRC on behalf of the company in order to enable operation of a duty deferment account. The amount guaranteed is £50,000 (2022- £50,000). The guarantee is secured by a counter indemnity over the company's cash deposits.

13.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 28 February 2023 and 28 February 2022:

2023

2022

£

£

Mr W F Irvine

Balance outstanding at start of year

720,629

1,487,100

Amounts advanced

-

732,320

Amounts repaid

(720,629

)

(1,498,791

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

-

720,629

14.	RELATED PARTY DISCLOSURES

The company owes £7,838,223 (2022 - £6,583,225) to companies which it shares common shareholders and directors. These loans are provided interest free and are repayable on demand.

15.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is the estate of Mr W F Irvine.