Registered number
11027826
Yoo Fashion Limited
Filleted Accounts
31 October 2021
Yoo Fashion Limited
Registered number: 11027826
Balance Sheet
as at 31 October 2021
Notes 2021 2020
£ £
Fixed assets
Tangible assets - -
- -
Current assets
Stocks 27,988 14,106
Debtors 3 54,250 45,186
Cash at bank and in hand 29,342 9,870
111,580 69,162
Creditors: amounts falling due within one year 4 (51,658) (43,927)
Net current assets 59,922 25,235
Total assets less current liabilities 59,922 25,235
Creditors: amounts falling due after more than one year 5 (7,359) (8,112)
Provisions for liabilities - -
Net assets 52,563 17,123
Capital and reserves
Called up share capital 100 100
Profit and loss account 52,463 17,023
Shareholders' funds 52,563 17,123
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
J Liu
Director
Approved by the board on 29 July 2022
Yoo Fashion Limited
Notes to the Accounts
for the year ended 31 October 2021
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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 reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2021 2020
Number Number
Average number of persons employed by the company 2 2
3 Debtors 2021 2020
£ £
Trade debtors 45,375 34,432
CJRS receivable - 2,600
Vat Repayable 8,875 8,154
54,250 45,186
Amounts due after more than one year included above - -
4 Creditors: amounts falling due within one year 2021 2020
£ £
Net wages payable - -
Trade creditors - -
Pension 311 183
Taxation and social security costs 11,424 3,821
Other creditors 39,923 39,923
51,658 43,927
5 Creditors: amounts falling due after one year 2021 2020
£ £
Bank loans - -
Trade creditors - -
Director's loan account 7,359 8,112
7,359 8,112
6 Loans to directors
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
J Liu
[Loan 1] (8,134) 2,747 - (5,387)
(8,134) 2,747 - (5,387)
7 Related party transactions
No related party transactions were undertaken during the year as are required to be disclosed.
8 Controlling party
The company was under the control of Mr J Liu.
9 Other information
Yoo Fashion Limited is a private company limited by shares and incorporated in England. Its registered office is:
Commerce House, Office 105
Telford Road
Bicester
Oxfordshire
OX26 4LD
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