Registered number
10859931
Yurts For Life Manufacturing Ltd
Filleted Accounts
31 January 2023
Yurts For Life Manufacturing Ltd
Registered number: 10859931
Balance Sheet
as at 31 January 2023
Restated
Notes 2023 2022
£ £
Fixed assets
Intangible assets 3 60,000 70,000
Tangible assets 4 122,675 72,660
182,675 142,660
Current assets
Stocks 66,047 91,615
Debtors 5 92,644 83,008
Cash at bank and in hand 67,793 179,853
226,484 354,476
Creditors: amounts falling due within one year 6 (141,644) (202,368)
Net current assets 84,840 152,108
Total assets less current liabilities 267,515 294,768
Creditors: amounts falling due after more than one year 7 (24,186) (34,290)
Provisions for liabilities (21,000) (23,798)
Net assets 222,329 236,680
Capital and reserves
Called up share capital 100 100
Revaluation reserve 8 8,603 19,017
Profit and loss account 213,626 217,563
Shareholders' funds 222,329 236,680
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.
Miss S Macey
Director
Approved by the board on 26 October 2023
Yurts For Life Manufacturing Ltd
Notes to the Accounts
for the year ended 31 January 2023
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.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Hire stock over 5 years
Motor vehicles over 5 years
Plant and machinery over 5 years
Fixtures, fittings, tools and equipment over 5 years
Property improvements over 20 years
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 2023 2022
Number Number
Average number of persons employed by the company 20 11
3 Intangible fixed assets £
Goodwill:
Cost
At 1 February 2022 100,000
At 31 January 2023 100,000
Amortisation
At 1 February 2022 30,000
Provided during the year 10,000
At 31 January 2023 40,000
Net book value
At 31 January 2023 60,000
At 31 January 2022 70,000
Goodwill is being written off in equal annual instalments over its estimated economic life of 10 years.
4 Tangible fixed assets
Yurts for rental Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 February 2022 - 114,894 35,305 150,199
Additions 12,423 81,231 - 93,654
Disposals - (10,234) - (10,234)
At 31 January 2023 12,423 185,891 35,305 233,619
Depreciation
At 1 February 2022 - 56,356 21,183 77,539
Charge for the year 277 29,881 7,061 37,219
On disposals - (3,814) - (3,814)
At 31 January 2023 277 82,423 28,244 110,944
Net book value
At 31 January 2023 12,146 103,468 7,061 122,675
At 31 January 2022 - 58,538 14,122 72,660
5 Debtors 2023 2022
£ £
Trade debtors 83,212 71,161
Other debtors 9,432 11,847
92,644 83,008
6 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 21,526 9,945
Obligations under finance lease and hire purchase contracts - 4,317
Trade creditors 8,984 (4,482)
Taxation and social security costs 23,544 42,078
Other creditors 87,590 150,510
141,644 202,368
7 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 24,186 34,290
8 Revaluation reserve 2023 2022
£ £
At 1 February 2022 19,017 28,757
Loss on revaluation of plant and machinery (10,414) (9,740)
At 31 January 2023 8,603 19,017
9 Other financial commitments 2023 2022
£ £
Total future minimum payments under non-cancellable operating leases 339,200 -
10 Other information
Yurts For Life Manufacturing Ltd is a private company limited by shares and incorporated in England. Its registered office is:
Town Mill Building
Mardle Way
Buckfastleigh
Devon
TQ11 0AG
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