Company registration number 13387115 (England and Wales)
YELLOW DUCK PROPERTIES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023
PAGES FOR FILING WITH REGISTRAR
YELLOW DUCK PROPERTIES LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
YELLOW DUCK PROPERTIES LIMITED
BALANCE SHEET
AS AT
31 MAY 2023
31 May 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investment property
4
325,116
325,116
Current assets
Debtors
5
1,445
-
0
Cash at bank and in hand
705
1,547
2,150
1,547
Creditors: amounts falling due within one year
6
(203,653)
(191,557)
Net current liabilities
(201,503)
(190,010)
Total assets less current liabilities
123,613
135,106
Creditors: amounts falling due after more than one year
7
(135,221)
(140,455)
Net liabilities
(11,608)
(5,349)
Capital and reserves
Called up share capital
2
2
Profit and loss reserves
(11,610)
(5,351)
Total equity
(11,608)
(5,349)

The directors 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 31 May 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 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 by the board of directors and authorised for issue on 9 February 2024 and are signed on its behalf by:
Mr S J Daly
Mrs C E Daly
Director
Director
Company registration number 13387115 (England and Wales)
YELLOW DUCK PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023
- 2 -
1
Accounting policies
Company information

Yellow Duck Properties Limited is a private company limited by shares incorporated in England and Wales. The registered office is 17 Pennine Parade, Pennine Drive, London, NW2 1NT.

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, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

1.2
Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

1.3
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. Bank overdrafts are shown within borrowings in current liabilities.

1.4
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ 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.

 

 

1.5
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.6
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.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.7
Leases
YELLOW DUCK PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
1
Accounting policies
(Continued)
- 3 -

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
2
2
4
Investment property
2023
£
Fair value
At 1 June 2022 and 31 May 2023
325,116

The fair value of the investment property includes the purchase cost and any directly attributable expenditure. The directors have valued the property at the end of the period and have confirmed that there has been no change in value since acquisition.

 

 

 

5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
1,445
-
0
YELLOW DUCK PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
- 4 -
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
2,334
-
0
Other creditors
201,319
191,557
203,653
191,557
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
135,221
140,455

There was a Legal Charge dated 18 May 2021 in favour of the lender, Barclays Security Trustee Limited, to secure loan facilities. This comprised fixed charge & floating charge over the company's 3 Millais Road freehold property included within investment properties. The Legal Charge contained a negative pledge.

 

There was a Legal Charge dated 5 November 2021in favour of the lender, Barclays Security Trustee Limited, to secure loan facilities. This comprised fixed charge over the company's 3 Millais Road leasehold property. The Legal Charge contained a negative pledge.

 

 

 

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