Caseware UK (AP4) 2022.0.179 2022.0.179 1The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.2022-01-01falseNo description of principal activity2truetrue 05052080 2022-01-01 2022-12-31 05052080 2021-01-01 2021-12-31 05052080 2022-12-31 05052080 2021-12-31 05052080 c:Director1 2022-01-01 2022-12-31 05052080 d:OfficeEquipment 2022-01-01 2022-12-31 05052080 d:OfficeEquipment 2022-12-31 05052080 d:OfficeEquipment 2021-12-31 05052080 d:OfficeEquipment d:OwnedOrFreeholdAssets 2022-01-01 2022-12-31 05052080 d:CurrentFinancialInstruments 2022-12-31 05052080 d:CurrentFinancialInstruments 2021-12-31 05052080 d:Non-currentFinancialInstruments 2022-12-31 05052080 d:Non-currentFinancialInstruments 2021-12-31 05052080 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 05052080 d:CurrentFinancialInstruments d:WithinOneYear 2021-12-31 05052080 d:Non-currentFinancialInstruments d:AfterOneYear 2022-12-31 05052080 d:Non-currentFinancialInstruments d:AfterOneYear 2021-12-31 05052080 d:ShareCapital 2022-12-31 05052080 d:ShareCapital 2021-12-31 05052080 d:RetainedEarningsAccumulatedLosses 2022-12-31 05052080 d:RetainedEarningsAccumulatedLosses 2021-12-31 05052080 c:OrdinaryShareClass1 2022-01-01 2022-12-31 05052080 c:OrdinaryShareClass1 2022-12-31 05052080 c:OrdinaryShareClass1 2021-12-31 05052080 c:FRS102 2022-01-01 2022-12-31 05052080 c:AuditExemptWithAccountantsReport 2022-01-01 2022-12-31 05052080 c:FullAccounts 2022-01-01 2022-12-31 05052080 c:PrivateLimitedCompanyLtd 2022-01-01 2022-12-31 05052080 6 2022-01-01 2022-12-31 05052080 e:PoundSterling 2022-01-01 2022-12-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 05052080










Yask Furniture Factory Limited








Unaudited

Financial statements

Information for filing with the registrar

For the year ended 31 December 2022

 
Yask Furniture Factory Limited
 
  
Chartered accountants' report to the director on the preparation of the unaudited statutory financial statements of Yask Furniture Factory Limited for the year ended 31 December 2022

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Yask Furniture Factory Limited for the year ended 31 December 2022 which comprise  the Balance sheet and the related notes from the Company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW)we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com /regulation.

This report is made solely to the director of Yask Furniture Factory Limited in accordance with the terms of our engagement letter dated 11 April 2022Our work has been undertaken solely to prepare for your approval the financial statements of Yask Furniture Factory Limited  and state those matters that we have agreed to state to the director of Yask Furniture Factory Limited in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Yask Furniture Factory Limited and its director for our work or for this report. 

It is your duty to ensure that Yask Furniture Factory Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Yask Furniture Factory Limited. You consider that Yask Furniture Factory Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or review of the financial statements of Yask Furniture Factory Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

  



Kreston Reeves LLP
Chartered Accountants
37 St Margaret's Street
Canterbury
Kent
CT1 2TU
17 November 2023
Page 1

 
Yask Furniture Factory Limited
Registered number: 05052080

Balance sheet
As at 31 December 2022

2022
2021
Note
£
£

Fixed assets
  

Tangible assets
 4 
1,848
-

Investments
 5 
59,721
7,404

  
61,569
7,404

Current assets
  

Debtors: amounts falling due within one year
 6 
346,084
208,152

Bank & cash balances
  
11,680
815

  
357,764
208,967

Creditors: amounts falling due within one year
 7 
(425,440)
(156,243)

Net current (liabilities)/assets
  
 
 
(67,676)
 
 
52,724

Total assets less current liabilities
  
(6,107)
60,128

Creditors: amounts falling due after more than one year
 8 
(24,167)
(33,333)

  

Net (liabilities)/assets
  
(30,274)
26,795


Capital and reserves
  

Called up share capital 
 9 
1
1

Profit and loss account
  
(30,275)
26,794

  
(30,274)
26,795


Page 2

 
Yask Furniture Factory Limited
Registered number: 05052080

Balance sheet (continued)
As at 31 December 2022

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 statement of income and retained earnings 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: 




R J T Jacobs
Director
Date: 17 November 2023

The notes on pages 4 to 11 form part of these financial statements.

Page 3

 
Yask Furniture Factory Limited
 

 
Notes to the financial statements
For the year ended 31 December 2022

1.


General information

Yask Furniture Factory Limited is a private company limited by shares which was incorporated in England and Wales with the registration number 05052080. 
The registered office is 37 St Margaret's Street, Canterbury, Kent, CT1 2TU.
The company's principal activity is the selling agent associated with the Yask brand of furniture. 

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 following principal accounting policies have been applied:

 
2.2

Revenue

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.

Page 4

 
Yask Furniture Factory Limited
 

 
Notes to the financial statements
For the year ended 31 December 2022

2.Accounting policies (continued)

 
2.3

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 Statement of income and retained earnings in the same period as the related expenditure.

 
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 less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Plant, machinery & equipment
-
33.3% reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.5

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Statement of income and retained earnings for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

Investments in listed company shares are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period.

 
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.

Page 5

 
Yask Furniture Factory Limited
 

 
Notes to the financial statements
For the year ended 31 December 2022

2.Accounting policies (continued)

 
2.8

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Company's Balance sheet when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.



 
Page 6

 
Yask Furniture Factory Limited
 

 
Notes to the financial statements
For the year ended 31 December 2022

2.Accounting policies (continued)


2.8
Financial instruments (continued)

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

 
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

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.

 
2.11

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the profit and loss account within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

 
2.12

Borrowing costs

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

Page 7

 
Yask Furniture Factory Limited
 

 
Notes to the financial statements
For the year ended 31 December 2022

2.Accounting policies (continued)

 
2.13

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.14

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 balance sheet 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 balance sheet 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 balance sheet date.


3.


Employees

The average monthly number of employees, including directors, during the year was 1 (2021 - 2).

Page 8

 
Yask Furniture Factory Limited
 

 
Notes to the financial statements
For the year ended 31 December 2022

4.


Tangible fixed assets





Plant, machinery and equipment

£



Cost or valuation


Additions
2,188



At 31 December 2022

2,188



Depreciation


Charge for the year on owned assets
340



At 31 December 2022

340



Net book value



At 31 December 2022
1,848



At 31 December 2021
-


5.


Fixed asset investments





Unlisted investments

£



Cost or valuation


At 1 January 2022
7,404


Additions
52,317



At 31 December 2022
59,721




Page 9

 
Yask Furniture Factory Limited
 

 
Notes to the financial statements
For the year ended 31 December 2022

6.


Debtors

2022
2021
£
£


Trade debtors
18,730
39,951

Amounts owed by connected undertakings
-
132,144

Other debtors
327,354
36,057

346,084
208,152



7.


Creditors: Amounts falling due within one year

2022
2021
£
£

Bank loans
10,000
10,833

Other loans
205,027
-

Trade creditors
50,592
44,638

Amounts owed to connected undertakings
65,397
66,189

Corporation tax
7,989
7,989

Other taxation and social security
10,627
19,664

Other creditors
71,858
3,530

Accruals and deferred income
3,950
3,400

425,440
156,243



8.


Creditors: Amounts falling due after more than one year

2022
2021
£
£

Bank loans
24,167
33,333



9.


Share capital

2022
2021
£
£
Allotted, called up and fully paid



1 (2021 - 1) Ordinary share of £1.00
1
1


Page 10

 
Yask Furniture Factory Limited
 

 
Notes to the financial statements
For the year ended 31 December 2022

10.


Related party transactions

Included within other creditors is a sum of £106 (2021: in debtors £132,144) owing from Yask SA, a company incorporated in Switzerland. Mr R J T Jacobs is a director and shareholder of Yask SA.
Included within other creditors is the sum of £65,291 (2021: £66,189) owing to Yask AG, a company incorporated in Switzerland.
All other related party transactions during the year were made under normal market conditions.


11.


Controlling party

The company was controlled throughout the year and the previous year by the sole director and shareholder Mr R J T Jacobs. 


Page 11