Caseware UK (AP4) 2021.0.152 2021.0.152 2021-12-312021-12-312021-01-01The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.truefalseNo description of principal activity1211true 03559064 2021-01-01 2021-12-31 03559064 2020-01-01 2020-12-31 03559064 2021-12-31 03559064 2020-12-31 03559064 c:Director1 2021-01-01 2021-12-31 03559064 d:Buildings 2021-01-01 2021-12-31 03559064 d:Buildings 2021-12-31 03559064 d:Buildings 2020-12-31 03559064 d:Buildings d:OwnedOrFreeholdAssets 2021-01-01 2021-12-31 03559064 d:PlantMachinery 2021-01-01 2021-12-31 03559064 d:PlantMachinery 2021-12-31 03559064 d:PlantMachinery 2020-12-31 03559064 d:PlantMachinery d:OwnedOrFreeholdAssets 2021-01-01 2021-12-31 03559064 d:MotorVehicles 2021-01-01 2021-12-31 03559064 d:MotorVehicles 2021-12-31 03559064 d:MotorVehicles 2020-12-31 03559064 d:MotorVehicles d:OwnedOrFreeholdAssets 2021-01-01 2021-12-31 03559064 d:FurnitureFittings 2021-01-01 2021-12-31 03559064 d:FurnitureFittings 2021-12-31 03559064 d:FurnitureFittings 2020-12-31 03559064 d:FurnitureFittings d:OwnedOrFreeholdAssets 2021-01-01 2021-12-31 03559064 d:OwnedOrFreeholdAssets 2021-01-01 2021-12-31 03559064 d:CurrentFinancialInstruments 2021-12-31 03559064 d:CurrentFinancialInstruments 2020-12-31 03559064 d:Non-currentFinancialInstruments 2021-12-31 03559064 d:Non-currentFinancialInstruments 2020-12-31 03559064 d:CurrentFinancialInstruments d:WithinOneYear 2021-12-31 03559064 d:CurrentFinancialInstruments d:WithinOneYear 2020-12-31 03559064 d:Non-currentFinancialInstruments d:AfterOneYear 2021-12-31 03559064 d:Non-currentFinancialInstruments d:AfterOneYear 2020-12-31 03559064 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2021-12-31 03559064 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2020-12-31 03559064 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2021-12-31 03559064 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2020-12-31 03559064 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2021-12-31 03559064 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2020-12-31 03559064 d:ShareCapital 2021-12-31 03559064 d:ShareCapital 2020-12-31 03559064 d:RetainedEarningsAccumulatedLosses 2021-12-31 03559064 d:RetainedEarningsAccumulatedLosses 2020-12-31 03559064 d:FurtherSpecificTypeProvisionContingentLiability1ComponentTotalProvisionsContingentLiabilities 2021-01-01 2021-12-31 03559064 d:FurtherSpecificTypeProvisionContingentLiability1ComponentTotalProvisionsContingentLiabilities 2021-12-31 03559064 c:FRS102 2021-01-01 2021-12-31 03559064 c:AuditExempt-NoAccountantsReport 2021-01-01 2021-12-31 03559064 c:FullAccounts 2021-01-01 2021-12-31 03559064 c:PrivateLimitedCompanyLtd 2021-01-01 2021-12-31 03559064 d:WithinOneYear 2021-12-31 03559064 d:WithinOneYear 2020-12-31 03559064 d:BetweenOneFiveYears 2021-12-31 03559064 d:BetweenOneFiveYears 2020-12-31 03559064 d:AcceleratedTaxDepreciationDeferredTax 2021-12-31 03559064 d:AcceleratedTaxDepreciationDeferredTax 2020-12-31 03559064 d:TaxLossesCarry-forwardsDeferredTax 2021-12-31 03559064 d:TaxLossesCarry-forwardsDeferredTax 2020-12-31 03559064 d:OtherDeferredTax 2021-12-31 03559064 d:OtherDeferredTax 2020-12-31 03559064 2 2021-01-01 2021-12-31 03559064 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2021-12-31 03559064 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2020-12-31 03559064 d:LeasedAssetsHeldAsLessee 2021-12-31 03559064 d:LeasedAssetsHeldAsLessee 2020-12-31 iso4217:GBP xbrli:pure

Registered number: 03559064










YAMEL LTD.








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2021

 
YAMEL LTD.
REGISTERED NUMBER: 03559064

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2021

2021
2020
Note
£
£

Fixed assets
  

Tangible assets
 4 
159,529
169,470

  
159,529
169,470

Current assets
  

Stocks
  
72,321
66,837

Debtors: amounts falling due within one year
 5 
337,070
272,763

Cash at bank and in hand
  
42,499
74,214

  
451,890
413,814

Creditors: amounts falling due within one year
 6 
(135,272)
(173,648)

Net current assets
  
 
 
316,618
 
 
240,166

Total assets less current liabilities
  
476,147
409,636

Creditors: amounts falling due after more than one year
 7 
(35,833)
(45,834)

Provisions for liabilities
  

Deferred tax
 9 
(17,572)
(532)

Other provisions
  
(6,993)
-

  
 
 
(24,565)
 
 
(532)

Net assets
  
415,749
363,270


Capital and reserves
  

Called up share capital 
  
1,000
1,000

Profit and loss account
  
414,749
362,270

  
415,749
363,270


Page 1

 
YAMEL LTD.
REGISTERED NUMBER: 03559064
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2021

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the income statement in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




................................................
A R D Le-May
Director

Date: 6 September 2022

The notes on pages 3 to 12 form part of these financial statements.

Page 2

 
YAMEL LTD.
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

1.


General information

Yamel Ltd is a private company limited by shares and incorporated in England and Wales, registration number 03559064. The registered office is Unit 35, Concorde Road, Norwich, Norfolk, NR6 6BE.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.
The significant accounting polices 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.

 
2.2

Going concern

The director has considered the Company’s position at the time of signing the financial statements, and in particular the effects of the Coronavirus pandemic and its on-going impact on the Company and the wider economy. As part of their assessment, they have taken into consideration a number of possible trading performance, profitability and cash flow scenarios. The director has also considered the Company’s current working capital facilities, the financial support receivable from the UK government, together with the range of measures they have, and may take, to mitigate ongoing costs.
Based on this, the director has concluded that they have a reasonable expectation that the Company will have adequate resources to continue in operational existence for the foreseeable future, being at least twelve months from the date of signing these financial statements, and they therefore continue to adopt the going concern basis of accounting in preparing these financial statements.

Page 3

 
YAMEL LTD.
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

2.Accounting policies (continued)

 
2.3

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

Sale of goods

Turnover from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of turnover can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of turnover can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.4

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets over their estimated useful lives.

Depreciation is provided on the following basis:

Freehold property
-
2% Straight line
Plant & machinery
-
25% Reducing balance
Motor vehicles
-
25% Reducing balance
Fixtures & fittings
-
25% Reducing balance

Page 4

 
YAMEL LTD.
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

2.Accounting policies (continued)

 
2.5

Stocks

Stocks are stated at the lower of cost and net realisable value, being the cost of purchase.
At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.6

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.7

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.8

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

 
2.9

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.10

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Income Statement in the same period as the related expenditure.

 
2.11

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 5

 
YAMEL LTD.
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

2.Accounting policies (continued)

 
2.12

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders.

 
2.13

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.14

Pensions

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

 
2.15

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.16

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.17

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the reporting date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Statement of Financial Position.

Page 6

 
YAMEL LTD.
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

2.Accounting policies (continued)

 
2.18

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.


3.


Employees

The average monthly number of employees, including directors, during the year was 12 (2020 - 11).

Page 7

 
YAMEL LTD.
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

4.


Tangible fixed assets





Freehold/  Leasehold property
Plant & machinery
Motor vehicles
Fixtures & fittings
Total

£
£
£
£
£



Cost or valuation


At 1 January 2021
179,103
193,227
549,151
16,979
938,460


Additions
-
-
-
7,376
7,376


Disposals
-
-
-
(6,890)
(6,890)



At 31 December 2021

179,103
193,227
549,151
17,465
938,946



Depreciation


At 1 January 2021
56,036
180,738
516,167
16,049
768,990


Charge for the year on owned assets
3,582
3,122
8,246
1,979
16,929


Disposals
-
-
-
(6,502)
(6,502)



At 31 December 2021

59,618
183,860
524,413
11,526
779,417



Net book value



At 31 December 2021
119,485
9,367
24,738
5,939
159,529



At 31 December 2020
123,067
12,489
32,984
930
169,470

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2021
2020
£
£



Motor vehicles
-
19,828

-
19,828

Page 8

 
YAMEL LTD.
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

5.


Debtors

2021
2020
£
£


Trade debtors
84,804
67,282

Other debtors
198,284
147,833

Prepayments and accrued income
186
9,602

Tax recoverable
53,796
48,046

337,070
272,763



6.


Creditors: Amounts falling due within one year

2021
2020
£
£

Other loans
10,000
4,166

Trade creditors
25,585
54,837

Corporation tax
31,875
48,046

Other taxation and social security
43,136
52,473

Obligations under finance lease and hire purchase contracts
-
7,500

Other creditors
3,041
891

Accruals and deferred income
21,635
5,735

135,272
173,648



Secured creditors

Hire purchase liabilities are secured upon the assets to which they relate.


7.


Creditors: Amounts falling due after more than one year

2021
2020
£
£

Bank loans
35,833
45,834

35,833
45,834


Page 9

 
YAMEL LTD.
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

8.


Loans


Analysis of the maturity of loans is given below:


2021
2020
£
£

Amounts falling due within one year

Other loans
10,000
4,166


10,000
4,166

Amounts falling due 1-2 years

Bank loans
10,000
10,000


10,000
10,000

Amounts falling due 2-5 years

Bank loans
25,833
30,000


25,833
30,000

Amounts falling due after more than 5 years

Bank loans
-
5,834

-
5,834

45,833
50,000


Page 10

 
YAMEL LTD.
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

9.


Deferred taxation




2021


£






At beginning of year
(532)


Charged to profit or loss
(17,040)



At end of year
(17,572)

The provision for deferred taxation is made up as follows:

2021
2020
£
£


Accelerated capital allowances
(17,630)
(14,758)

Tax losses carried forward
-
14,125

Short term timing differences
58
101

(17,572)
(532)


10.


Provisions




Dilapidation provision

£





Charged to profit or loss
6,993



At 31 December 2021
6,993

The dilapidation provision represents the potential future liabilities arising to put one of the leased units the company occupies back into the original state when first leased.


11.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £4,290 (2020 - £5,176)  Contributions totalling £539 (2020 - £891) were payable to the fund at the balance sheet date. 

Page 11

 
YAMEL LTD.
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

12.


Commitments under operating leases

At 31 December 2021 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2021
2020
£
£


Not later than 1 year
5,647
22,647

Later than 1 year and not later than 5 years
1,499
7,146

7,146
29,793


13.


Related party transactions

At the year end a director owed the Company £165,525 (2020 - £147,833) which is repayable on demand.  Interest is charged at a rate of 2.25% per annum.
During the year the Company paid rent of £10,000 (2020 - £10,000) to a director for use of commercial premises.

 
Page 12