false false false false false false false false false true false false false false false false false No description of principal activity 2017-05-01 Sage Accounts Production Advanced 2018 - FRS 9,000 1,800 450 2,250 6,750 7,200 335 13 322 xbrli:pure xbrli:shares iso4217:GBP 8478403 2017-05-01 2018-04-30 8478403 2018-04-30 8478403 2017-04-30 8478403 2016-05-01 2017-04-30 8478403 2017-04-30 8478403 core:PlantMachinery 2017-05-01 2018-04-30 8478403 bus:OrdinaryShareClass1 2017-05-01 2018-04-30 8478403 bus:Director1 2017-05-01 2018-04-30 8478403 bus:Director2 2017-05-01 2018-04-30 8478403 core:NetGoodwill 2017-04-30 8478403 core:NetGoodwill 2018-04-30 8478403 core:PlantMachinery 2017-04-30 8478403 core:PlantMachinery 2018-04-30 8478403 core:WithinOneYear 2018-04-30 8478403 core:WithinOneYear 2017-04-30 8478403 core:UKTax 2017-05-01 2018-04-30 8478403 core:UKTax 2016-05-01 2017-04-30 8478403 core:ShareCapital 2018-04-30 8478403 core:ShareCapital 2017-04-30 8478403 core:RetainedEarningsAccumulatedLosses 2018-04-30 8478403 core:RetainedEarningsAccumulatedLosses 2017-04-30 8478403 core:NetGoodwill 2017-05-01 2018-04-30 8478403 core:NetGoodwill 2017-04-30 8478403 core:AcceleratedTaxDepreciationDeferredTax 2018-04-30 8478403 core:AcceleratedTaxDepreciationDeferredTax 2017-04-30 8478403 core:PlantMachinery 2017-04-30 8478403 core:DeferredTaxation 2017-04-30 8478403 core:DeferredTaxation 2018-04-30 8478403 core:DeferredTaxation 2017-05-01 2018-04-30 8478403 bus:SmallEntities 2017-05-01 2018-04-30 8478403 bus:AuditExemptWithAccountantsReport 2017-05-01 2018-04-30 8478403 bus:FullAccounts 2017-05-01 2018-04-30 8478403 bus:SmallCompaniesRegimeForAccounts 2017-05-01 2018-04-30 8478403 bus:PrivateLimitedCompanyLtd 2017-05-01 2018-04-30 8478403 bus:OrdinaryShareClass1 2018-04-30 8478403 bus:OrdinaryShareClass1 2017-04-30 8478403 core:OfficeEquipment 2017-05-01 2018-04-30 8478403 core:OfficeEquipment 2017-04-30 8478403 core:OfficeEquipment 2018-04-30
COMPANY REGISTRATION NUMBER: 8478403
Cariad Yarn Limited
Filleted Unaudited Financial Statements
30 April 2018
Cariad Yarn Limited
Financial Statements
Year ended 30 April 2018
Contents
Pages
Statement of financial position
1 to 2
Notes to the financial statements
3 to 7
Cariad Yarn Limited
Statement of Financial Position
30 April 2018
2018
2017
Note
£
£
Fixed assets
Intangible assets
6
6,750
7,200
Tangible assets
7
1,697
1,763
-------
-------
8,447
8,963
Current assets
Stocks
2,921
Debtors
8
7,791
139
Cash at bank and in hand
2
9,979
-------
--------
7,793
13,039
Creditors: amounts falling due within one year
9
( 15,831)
( 12,829)
--------
--------
Net current (liabilities)/assets
( 8,038)
210
-------
-------
Total assets less current liabilities
409
9,173
Provisions
Taxation including deferred tax
10
( 322)
( 335)
----
-------
Net assets
87
8,838
----
-------
Capital and reserves
Called up share capital
12
1
1
Profit and loss account
86
8,837
----
-------
Shareholders funds
87
8,838
----
-------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the year ending 30 April 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Cariad Yarn Limited
Statement of Financial Position (continued)
30 April 2018
These financial statements were approved by the board of directors and authorised for issue on 12 November 2018 , and are signed on behalf of the board by:
Mrs T Bamford
Mr A Bamford
Director
Director
Company registration number: 8478403
Cariad Yarn Limited
Notes to the Financial Statements
Year ended 30 April 2018
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Hamilton House, Hamilton Terrace, Milford Haven, Pembrokeshire, SA73 3JP.
2. Statement of compliance
These financial statements have been prepared in accordance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the Companies Act 2006.
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.
Going concern
The directors have a reasonable expectation that the company has adequate resources to continue operational existence for the foreseeable future. For this reason, the directors continue to adopt the going concern basis of accounting in preparing the annual financial statements.
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.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. Revenue from the sale of goods and services is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer, usually on despatch of the goods, the amount of revenue can be measured reliably, it is probable that the associated economic benefits will flow to the entity, and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 reporting date that are expected to apply to the reversal of the timing difference.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
20 years on a straight line basis
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
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.
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:
Plant & Machinery
-
25% reducing balance
Office Equipment
-
25% reducing balance
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.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
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
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2017: 2 ).
5. Tax on profit
Major components of tax expense
2018
2017
£
£
Current tax:
UK current tax expense
6,039
8,414
Adjustments in respect of prior periods
3
( 135)
-------
-------
Total current tax
6,042
8,279
-------
-------
Deferred tax:
Origination and reversal of timing differences
( 13)
14
-------
-------
Tax on profit
6,029
8,293
-------
-------
6. Intangible assets
Goodwill
£
Cost
At 1 May 2017 and 30 April 2018
9,000
-------
Amortisation
At 1 May 2017
1,800
Charge for the year
450
-------
At 30 April 2018
2,250
-------
Carrying amount
At 30 April 2018
6,750
-------
At 30 April 2017
7,200
-------
7. Tangible assets
Plant & Machinery
Office Equipment
Total
£
£
£
Cost
At 1 May 2017
1,376
2,650
4,026
Additions
500
500
-------
-------
-------
At 30 April 2018
1,376
3,150
4,526
-------
-------
-------
Depreciation
At 1 May 2017
764
1,499
2,263
Charge for the year
153
413
566
-------
-------
-------
At 30 April 2018
917
1,912
2,829
-------
-------
-------
Carrying amount
At 30 April 2018
459
1,238
1,697
-------
-------
-------
At 30 April 2017
612
1,151
1,763
-------
-------
-------
8. Debtors
2018
2017
£
£
Other debtors
7,791
139
-------
----
Other debtors include an amount of £nil (2017 - £nil) falling due after more than one year.
9. Creditors: amounts falling due within one year
2018
2017
£
£
Bank loans and overdrafts (secured)
43
Trade creditors
1,520
Corporation tax
14,437
8,278
Social security and other taxes
390
Other creditors
1,351
2,641
--------
--------
15,831
12,829
--------
--------
10. Provisions
Deferred tax (note 11)
£
At 1 May 2017
335
Unused amounts reversed
( 13)
----
At 30 April 2018
322
----
11. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2018
2017
£
£
Included in provisions (note 10)
322
335
----
----
The deferred tax account consists of the tax effect of timing differences in respect of:
2018
2017
£
£
Accelerated capital allowances
322
335
----
----
12. Called up share capital
Issued, called up and fully paid
2018
2017
No.
£
No.
£
Ordinary shares of £ 1 each
1
1
1
1
----
----
----
----
13. Related party transactions
The company was under the control of Mr A Bamford and Mrs T Bamford , the directors, throughout the current year and previous year by virtue of their majority shareholdings. During the year the company paid dividends totalling £21,000 (2017 - £34,650) to Mr A Bamford and Mrs T Bamford , the directors.