REGISTERED NUMBER: |
EYG Domestic Limited |
Strategic Report, Report of the Directors and |
Financial Statements for the Year Ended 31st October 2023 |
REGISTERED NUMBER: |
EYG Domestic Limited |
Strategic Report, Report of the Directors and |
Financial Statements for the Year Ended 31st October 2023 |
EYG Domestic Limited (Registered number: 06266000) |
Contents of the Financial Statements |
for the year ended 31st October 2023 |
Page |
Company Information | 1 |
Strategic Report | 2 |
Report of the Directors | 3 |
Report of the Independent Auditors | 5 |
Statement of Comprehensive Income | 8 |
Balance Sheet | 9 |
Statement of Changes in Equity | 10 |
Notes to the Financial Statements | 11 |
EYG Domestic Limited |
Company Information |
for the year ended 31st October 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants |
Statutory Auditor |
Regent's Court |
Princess Street |
Hull |
East Yorkshire HU2 8BA |
EYG Domestic Limited (Registered number: 06266000) |
Strategic Report |
for the year ended 31st October 2023 |
The directors present their strategic report for the year ended 31st October 2023. |
REVIEW OF BUSINESS |
EYG aims to provide exceptional products coupled with excellent customer service to support its aim of becoming a national brand in the home improvement sector. The company has continued to build during the difficulties created by the economic downturn. 2022-23 has shown that our strategic planning, our control of our cost base, our reputation for quality in the market and our strong relationship with our supply chain partners, have proved to be the ingredients for a successful year. |
New product lines are continuing to come to fruition and based the strong order book, 2023-24 looks to be another successful year when the industry as a whole is suffering a downturn. The group has continued to invest and innovate in an attempt to gain market share, 2022-23 has seen the group create a new route to market through their online platform Kingston Windows and Doors, adding to the EYG brand portfolio. |
Given the straightforward nature of the businesses, the company's directors are still of the opinion that an analysis using Key Performance Indicators is not necessary for an understanding of the development, performance or position of the business. |
PRINCIPAL RISKS AND UNCERTAINTIES |
The board feel that most of the risk factors being faced have been identified and mitigated. Principle concerns for us in the coming periods remain the rising costs of raw materials coupled with unprecedented inflation and high interest rates causing the cost-of-living crisis. The threat of a recession is something that also requires monitoring. However, the company over its 50 plus years has faced issues before and has adequate plans in place to deal with these risks if and when they arrive. |
ON BEHALF OF THE BOARD: |
EYG Domestic Limited (Registered number: 06266000) |
Report of the Directors |
for the year ended 31st October 2023 |
The directors present their report with the financial statements of the company for the year ended 31st October 2023. |
DIVIDENDS |
No dividends will be distributed for the year ended 31st October 2023. |
RESEARCH AND DEVELOPMENT |
The company continues to develop and innovate its products and their manufacture. |
FUTURE DEVELOPMENTS |
The company will continue to pursue developments and innovation in its established business. |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1st November 2022 to the date of this report. |
Other changes in directors holding office are as follows: |
In accordance with the company's Articles of Association the directors are not required to retire by rotation. |
QUALIFYING THIRD PARTY INDEMNITY PROVISIONS |
The group has made qualifying third party indemnity provisions for the benefit of its directors during the period. These provisions remain in force at the reporting date. |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Strategic Report, the Report of the Directors 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), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 of 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 judgements 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. |
EYG Domestic Limited (Registered number: 06266000) |
Report of the Directors |
for the year ended 31st October 2023 |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
AUDITORS |
The auditors, Smailes Goldie, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
ON BEHALF OF THE BOARD: |
Report of the Independent Auditors to the Members of |
EYG Domestic Limited |
Opinion |
We have audited the financial statements of EYG Domestic Limited (the 'company') for the year ended 31st October 2023 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity and Notes to the Financial Statements, 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 Financial Reporting Standard 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 October 2023 and of its profit for the year then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | 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 Auditors' 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 directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
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 this gives rise to a material misstatement in the financial statements themselves. 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 Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
Report of the Independent Auditors to the Members of |
EYG Domestic Limited |
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 Report of the Directors. |
We have nothing to report in respect of the following matters where 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 Statement of Directors' Responsibilities set out on page three, 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 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. |
Auditors' 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 a Report of the Auditors 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. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, tax legislation, data protection, anti-bribery, employment, environmental and health and safety legislation. An understanding of these laws and regulations and the extent of compliance was obtained through discussion with management and inspecting legal and regulatory correspondence. |
We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by making enquiries of management and considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations. |
Report of the Independent Auditors to the Members of |
EYG Domestic Limited |
To address the risk of fraud through management bias and override of controls, we: |
- | performed analytical procedures to identify any unusual or unexpected relationships; |
- | tested journal entries to identify unusual transactions; |
- | assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and |
- | investigated the rationale behind significant or unusual transactions. |
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to: |
- | agreeing financial statement disclosures to underlying supporting documentation; |
- | reading the minutes of meetings of those charged with governance; |
- | enquiring of management as to actual and potential litigation and claims; |
Due to the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. |
The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission, or misrepresentation. |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
for and on behalf of |
Chartered Accountants |
Statutory Auditor |
Regent's Court |
Princess Street |
Hull |
East Yorkshire HU2 8BA |
EYG Domestic Limited (Registered number: 06266000) |
Statement of Comprehensive Income |
for the year ended 31st October 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
TURNOVER | 3 |
Cost of sales |
GROSS PROFIT |
Distribution costs |
Administrative expenses |
953,614 | 1,078,713 |
39,739 | 196,457 |
Other operating income | 4 |
OPERATING PROFIT | 6 |
Interest receivable and similar income |
135,256 | 196,457 |
Interest payable and similar expenses | 7 |
PROFIT BEFORE TAXATION |
Tax on profit | 8 | ( |
) |
PROFIT FOR THE FINANCIAL YEAR |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
EYG Domestic Limited (Registered number: 06266000) |
Balance Sheet |
31st October 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 9 |
CURRENT ASSETS |
Stocks | 10 |
Debtors | 11 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 12 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
13 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 16 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 17 |
Retained earnings | 18 |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the Board of Directors and authorised for issue on |
EYG Domestic Limited (Registered number: 06266000) |
Statement of Changes in Equity |
for the year ended 31st October 2023 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Balance at 1st November 2021 |
Changes in equity |
Total comprehensive income | - |
Balance at 31st October 2022 |
Changes in equity |
Total comprehensive income | - |
Balance at 31st October 2023 |
EYG Domestic Limited (Registered number: 06266000) |
Notes to the Financial Statements |
for the year ended 31st October 2023 |
1. | STATUTORY INFORMATION |
EYG Domestic Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The financial statements have been prepared in accordance with applicable accounting standards including Financial Reporting Standard 102: "The Financial Reporting Standard in the UK and Republic of Ireland" (FRS 102) and the Companies Act 2006. |
The financial statements have been prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. |
The company has continued to build during the difficulties created by the economic downturn and has maintained strong order books due to our recognised brand within the market. As a result of our strategic planning and new routes to market we continue to reduce our cost base. We have strengthened our reserves and have used our liquidity to keep control over rising supply chain costs. Our brand in the market and our reputation for quality has meant that we have been able to increase our market share in ever-growing home improvement and construction sectors. New product lines are being adopted by the market and this will continue to give us a competitive edge over others in our industry. |
Based on the above assessment and review, the financial statements are prepared on a going concern basis. |
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented, unless otherwise stated. |
Financial Reporting Standard 102 - reduced disclosure exemptions |
The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland": |
• | the requirements of Section 7 Statement of Cash Flows; |
• | the requirement of paragraph 3.17(d); |
• | the requirement of paragraph 33.7. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable net of VAT and trade discounts. The policies adopted for recognition of turnover are as follows: |
Turnover from the the manufacturing and installation of single and double glazed windows and doors together with ancillary services is recognised when significant risks and rewards of ownership of the good have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transaction can be measured reliably. |
EYG Domestic Limited (Registered number: 06266000) |
Notes to the Financial Statements - continued |
for the year ended 31st October 2023 |
2. | ACCOUNTING POLICIES - continued |
Tangible fixed assets |
Tangible fixed assets stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. |
Depreciation is provided on all tangible fixed assets at rates calculated to write off the cost, less estimated residual value based on prices prevailing at the date of acquisition of each asset, evenly over its expected useful life, as follows: |
Motor Vehicles | - | 25% reducing balance |
Stock and work in progress |
Stocks are stated at the lower of cost and estimated selling price less costs to complete and install. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing stock to its present location and condition. Cost is calculated using the first-in, first-out formula. Provision is made for damaged, obsolete and slow-moving stock where appropriate. |
Work in progress is valued on the basis of direct costs plus attributable overheads based on normal levels of activity. Provision is made for any foreseeable losses where appropriate. |
Taxation |
Current tax represents the amount payable or receivable in respect of the taxable profit or loss for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. 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. |
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date that are expected to apply to the reversal of timing differences. Deferred tax on revalued non-depreciable tangible fixed assets and investment properties is measured using the rates and allowances that apply to the sale of the asset. |
Leases |
Assets acquired under finance leases are capitalised and depreciated over the shorter of the lease term and the expected useful life of the asset. Minimum lease payments are apportioned between the finance charge and the reduction of the outstanding lease liability using the effective interest method. The related obligations, net of future finance charges, are included in creditors. |
Where goods are sold using finance leases, the entity recognises turnover from the sale of goods and the rights to receive future lease payments as a debtor. Minimum lease payments are apportioned between finance income and the reduction of the lease debtor with finance income allocated so as to produce a constant periodic rate of interest on the net investment in the finance lease. |
Rentals payable and receivable under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease. |
EYG Domestic Limited (Registered number: 06266000) |
Notes to the Financial Statements - continued |
for the year ended 31st October 2023 |
2. | ACCOUNTING POLICIES - continued |
Employee benefits |
When employees have rendered service to the company, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service. |
The company operates a defined contribution plan for the benefit of its employees. Contributions are expensed as they become payable. |
Debtors and creditors |
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. |
Impairment |
Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in the profit and loss account unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease. |
3. | TURNOVER |
Turnover comprises the invoice value of goods and services supplied by the company exclusive of value added tax and arises from the one continuing activity of the company wholly within the United Kingdom. |
4. | OTHER OPERATING INCOME |
2023 | 2022 |
£ | £ |
Discounts received | 89,917 | - |
5. | EMPLOYEES AND DIRECTORS |
2023 | 2022 |
£ | £ |
Wages and salaries |
Social security costs |
Other pension costs |
The average number of employees during the year was as follows: |
2023 | 2022 |
Management and administration | 22 | 21 |
Production, sales and installation | 101 | 106 |
2023 | 2022 |
£ | £ |
Directors' remuneration |
Directors' pension contributions to money purchase schemes |
EYG Domestic Limited (Registered number: 06266000) |
Notes to the Financial Statements - continued |
for the year ended 31st October 2023 |
5. | EMPLOYEES AND DIRECTORS - continued |
The number of directors to whom retirement benefits were accruing was as follows: |
Money purchase schemes |
The directors of the company are members of the EYG Group's pension schemes. Two of the directors of the company are remunerated through EYG Holdings Limited. |
6. | OPERATING PROFIT |
The operating profit is stated after charging: |
2023 | 2022 |
£ | £ |
Hire of plant and machinery |
Depreciation - owned assets |
Depreciation - assets on finance leases |
Loss on disposal of fixed assets |
Auditors' remuneration for audit services |
Operating lease costs - land and buildings |
Operating lease costs - motor vehicles |
7. | INTEREST PAYABLE AND SIMILAR EXPENSES |
2023 | 2022 |
£ | £ |
Finance charges payable under |
finance leases |
8. | TAXATION |
Analysis of the tax (credit)/charge |
The tax (credit)/charge on the profit for the year was as follows: |
2023 | 2022 |
£ | £ |
Current tax: |
UK corporation tax |
Deferred tax | ( |
) |
Tax on profit | ( |
) |
EYG Domestic Limited (Registered number: 06266000) |
Notes to the Financial Statements - continued |
for the year ended 31st October 2023 |
8. | TAXATION - continued |
Reconciliation of total tax (credit)/charge included in profit and loss |
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below: |
2023 | 2022 |
£ | £ |
Profit before tax |
Profit multiplied by the standard rate of corporation tax in the UK of |
Effects of: |
Effect of super deduction | - | (624 | ) |
Change in rate current year | (1,267 | ) | - |
Deferred tax calculated at future rate | - | 11,271 |
Group relief of tax losses | (64,191 | ) | - |
Prior year under provision | 1,738 | - |
Total tax (credit)/charge | (34,294 | ) | 46,960 |
The expected net reversal of deferred tax assets and liabilities in 2024 is £34,812. This is due to the reversal of accelerated capital allowances. |
The corporation tax rate increased to 25% from 1 April 2023 for companies & groups with profits greater than £50,000. Deferred tax has been provided for in this set of financial statements at that rate. |
9. | TANGIBLE FIXED ASSETS |
Motor |
vehicles |
£ |
COST |
At 1st November 2022 |
Additions |
Disposals | ( |
) |
At 31st October 2023 |
DEPRECIATION |
At 1st November 2022 |
Charge for year |
Eliminated on disposal | ( |
) |
At 31st October 2023 |
NET BOOK VALUE |
At 31st October 2023 |
At 31st October 2022 |
The net book value of fixed assets includes £354,792 (2022 £326,111) in respect of assets held under hire purchase contracts. |
EYG Domestic Limited (Registered number: 06266000) |
Notes to the Financial Statements - continued |
for the year ended 31st October 2023 |
10. | STOCKS |
2023 | 2022 |
£ | £ |
Raw materials |
Work-in-progress |
11. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade debtors |
Other debtors |
Prepayments and accrued income |
12. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Finance leases (see note 14) |
Trade creditors |
Amounts owed to group undertakings |
Corporation tax |
Accruals and deferred income |
13. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2023 | 2022 |
£ | £ |
Finance leases (see note 14) |
14. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Finance leases |
2023 | 2022 |
£ | £ |
Net obligations repayable: |
Within one year |
Between one and five years |
EYG Domestic Limited (Registered number: 06266000) |
Notes to the Financial Statements - continued |
for the year ended 31st October 2023 |
14. | LEASING AGREEMENTS - continued |
Non-cancellable | operating leases |
2023 | 2022 |
£ | £ |
Within one year |
Between one and five years |
15. | SECURED DEBTS |
The following secured debts are included within creditors: |
2023 | 2022 |
£ | £ |
Finance leases | 251,068 | 422,424 |
16. | PROVISIONS FOR LIABILITIES |
2023 | 2022 |
£ | £ |
Deferred tax |
Accelerated capital allowances | 127,635 | 171,884 |
Deferred |
tax |
£ |
Balance at 1st November 2022 |
Credit to Statement of Comprehensive Income during year | ( |
) |
Balance at 31st October 2023 |
17. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Equity - ordinary | £1 | 2 | 2 |
18. | RESERVES |
Retained |
earnings |
£ |
At 1st November 2022 |
Profit for the year |
At 31st October 2023 |
Retained Earnings |
Retained earnings represents cumulative profits and losses net of dividends and other adjustments. |
EYG Domestic Limited (Registered number: 06266000) |
Notes to the Financial Statements - continued |
for the year ended 31st October 2023 |
19. | PENSION COMMITMENTS |
The group operates a defined contribution scheme. The total contribution to the scheme in the year were £62,887 (2022 £89,659). Pension payment amounts outstanding at 31 October 2023 were £Nil (£Nil 2022) |
20. | ULTIMATE PARENT COMPANY |
EYG Holdings Limited is regarded by the directors as being the company's ultimate parent company by virtue of its 100% shareholding. |
Copies of the group accounts can be obtained from Companies House, Crown Way, Cardiff, Wales. |
21. | CONTINGENT LIABILITIES |
The company has entered into a cross guarantee with EYG Holdings Limited and East Yorkshire Aluminium & Glass Limited in respect of bank borrowings. At 31 October 2023 the maximum potential liability of the company was £325,634 (2022 £395,856). |
. |
22. | RELATED PARTY DISCLOSURES |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
Property rents totalling £82,000 for the year (2022 - £80,000) were paid to certain directors in line with normal commercial terms. |
23. | ULTIMATE CONTROLLING PARTY |
EYG Holdings Limited is regarded by the directors as being the ultimate parent company which is not under the control of any one party. |