Company Registration No. 03857228 (England and Wales)
Y & L COMPANY LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023
PAGES FOR FILING WITH REGISTRAR
Y & L COMPANY LIMITED
COMPANY INFORMATION
Director
Ms W Yuan
Secretary
Mr D I Wicks
Company number
03857228
Registered office
Unit A2 Nexus Court
Gloucester Business Park
Hurricane Road
Gloucester
Gloucestershire
GL3 4AG
Accountants
Apsleys Chartered Accountants
21 Bampton Street
Tiverton
Devon
EX16 6AA
Y & L COMPANY LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
Y & L COMPANY LIMITED
BALANCE SHEET
AS AT
28 FEBRUARY 2023
28 February 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
40,303
46,484
Investments
4
368,941
192,046
409,244
238,530
Current assets
Stocks
589,419
496,296
Debtors
5
55,578
11,111
Cash at bank and in hand
715,857
950,161
1,360,854
1,457,568
Creditors: amounts falling due within one year
6
(190,254)
(174,378)
Net current assets
1,170,600
1,283,190
Total assets less current liabilities
1,579,844
1,521,720
Provisions for liabilities
(7,658)
(6,828)
Net assets
1,572,186
1,514,892
Capital and reserves
Called up share capital
7
100
100
Other reserves
(16,753)
(2,493)
Profit and loss reserves
1,588,839
1,517,285
Total equity
1,572,186
1,514,892
The director of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 28 February 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and signed by the director and authorised for issue on 30 November 2023
Ms W Yuan
Y & L COMPANY LIMITED
BALANCE SHEET (CONTINUED)
AS AT
28 FEBRUARY 2023
28 February 2023
- 2 -
Director
Company Registration No. 03857228
Y & L COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 3 -
1
Accounting policies
Company information
Y & L Company Limited is a private company limited by shares incorporated in England and Wales within the United Kingdom.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The significant accounting policies 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.
1.2
Turnover
Turnover represents the total invoice value, excluding value added tax, of sales made during the year.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:
Land and buildings Freehold
Straight line over 10 years
Plant and machinery
15% Reducing balance
Fixtures, fittings & equipment
15% Reducing balance
Computer equipment
3 Years straight line
Motor vehicles
25% Reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.4
Stocks
Stocks are stated at the lower of cost and net realisable value.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
Y & L COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
1
Accounting policies
(Continued)
- 4 -
1.5
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts.
1.6
Financial instruments
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.
1.7
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred taxation is provided on the liability method to take account of timing differences between the treatment of certain items for accounts purposes and their treatment for tax purposes.
1.8
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
1.9
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.10
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 6 (2022 - 6).
Y & L COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 5 -
3
Tangible fixed assets
Land and buildings Freehold
Plant and machinery
Fixtures, fittings & equipment
Computer equipment
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 March 2022
4,037
5,569
77,681
28,488
50,545
166,320
Additions
152
5,653
5,805
At 28 February 2023
4,037
5,569
77,833
34,141
50,545
172,125
Depreciation and impairment
At 1 March 2022
4,037
5,219
60,749
27,718
22,113
119,836
Depreciation charged in the year
53
2,557
2,268
7,108
11,986
At 28 February 2023
4,037
5,272
63,306
29,986
29,221
131,822
Carrying amount
At 28 February 2023
297
14,527
4,155
21,324
40,303
At 28 February 2022
350
16,932
770
28,432
46,484
Y & L COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 6 -
4
Fixed asset investments
2023
2022
£
£
Investments
368,941
192,046
Investments are recognised at fair value which represents market value.
Movements in fixed asset investments
Investments other than loans
£
Cost or valuation
At 1 March 2022
192,046
Additions
234,833
Valuation changes
(13,946)
Disposals
(43,992)
At 28 February 2023
368,941
Carrying amount
At 28 February 2023
368,941
At 28 February 2022
192,046
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
35,847
7,567
Other debtors
508
508
Prepayments and accrued income
19,223
3,036
55,578
11,111
6
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
32,774
30,964
Corporation tax
28,460
47,954
Other taxation and social security
123,338
90,375
Other creditors
1,687
1,112
Accruals and deferred income
3,995
3,973
190,254
174,378
Y & L COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 7 -
7
Called up share capital
2023
2022
£
£
Ordinary share capital
Issued and fully paid
100 Ordinary shares of £1 each
100
100