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Registration number: 10609234

Yawbus Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 28 February 2022

 

Yawbus Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

Yawbus Limited

Company Information for the Year Ended 28 February 2022

Director

K Helm

Registered office

31 Lulworth Avenue
Ashton on Ribble
Preston
Lancashire
PR2 2BD

Accountants

Whitnalls
Chartered Certified Accountants
Trident House
105 Derby Road
Liverpool
L20 8LZ

 

Yawbus Limited

(Registration number: 10609234)
Balance Sheet as at 28 February 2022

Note

2022
£

2021
£

Fixed assets

 

Intangible assets

3

6,620

7,045

Tangible assets

4

13,325

17,139

 

19,945

24,184

Current assets

 

Stocks

5

4,664

3,690

Debtors

6

789

8,925

Cash at bank and in hand

 

39,310

67,671

 

44,763

80,286

Creditors: Amounts falling due within one year

7

(36,958)

(30,856)

Net current assets

 

7,805

49,430

Total assets less current liabilities

 

27,750

73,614

Creditors: Amounts falling due after more than one year

7

(11,417)

(59,307)

Provisions for liabilities

(410)

(805)

Net assets

 

15,923

13,502

Capital and reserves

 

Called up share capital

9

100

100

Profit and loss account

15,823

13,402

Shareholders' funds

 

15,923

13,502

 

Yawbus Limited

(Registration number: 10609234)
Balance Sheet as at 28 February 2022

For the financial year ending 28 February 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the director on 2 September 2022
 

.........................................

K Helm

Director

 

Yawbus Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2022

1

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

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

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

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

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 taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

 

Yawbus Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2022

Asset class

Depreciation method and rate

Plant and machinery

20% on cost per annum.

Leasehold property

10% on cost per annum.

Office Equipment

15% on a reducing balance basis.

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

5% on cost per annum.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

Yawbus Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2022

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

2

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 8 (2021 - 10).

 

Yawbus Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2022

3

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 March 2021

8,500

8,500

At 28 February 2022

8,500

8,500

Amortisation

At 1 March 2021

1,455

1,455

Amortisation charge

425

425

At 28 February 2022

1,880

1,880

Carrying amount

At 28 February 2022

6,620

6,620

At 28 February 2021

7,045

7,045

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 March 2021

18,693

998

9,722

29,413

At 28 February 2022

18,693

998

9,722

29,413

Depreciation

At 1 March 2021

5,790

111

6,374

12,275

Charge for the year

1,869

-

1,944

3,813

At 28 February 2022

7,659

111

8,318

16,088

Carrying amount

At 28 February 2022

11,034

887

1,404

13,325

At 28 February 2021

12,903

887

3,349

17,139

Included within the net book value of land and buildings above is £11,034 (2021 - £12,903) in respect of short leasehold land and buildings.
 

 

Yawbus Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2022

5

Stocks

2022
£

2021
£

Other inventories

4,664

3,690

6

Debtors

2022
£

2021
£

Prepayments

466

484

Other debtors

323

8,441

789

8,925

7

Creditors

Creditors: amounts falling due within one year

Note

2022
£

2021
£

Due within one year

 

Loans and borrowings

8

7,392

5,000

Trade creditors

 

12,553

4,913

Taxation and social security

 

3,519

4,287

Accruals and deferred income

 

1,250

3,500

Other creditors

 

12,244

13,156

 

36,958

30,856

Creditors: amounts falling due after more than one year

Note

2022
£

2021
£

Due after one year

 

Loans and borrowings

8

11,417

59,307

8

Loans and borrowings

2022
£

2021
£

Current loans and borrowings

Bank borrowings

2,000

-

Other borrowings

5,392

5,000

7,392

5,000

 

Yawbus Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2022

2022
£

2021
£

Non-current loans and borrowings

Bank borrowings

7,667

-

Other borrowings

3,750

59,307

11,417

59,307

9

Share capital

Allotted, called up and fully paid shares

 

2022

2021

 

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100