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Company registration number: 03151718
English Yarns Limited
Unaudited filleted financial statements
30 June 2023
English Yarns Limited
Contents
Statement of financial position
Notes to the financial statements
English Yarns Limited
Statement of financial position
30 June 2023
2023 2022
Note £ £ £ £
Current assets
Debtors 5 216,147 218,408
Cash at bank and in hand 512 10,727
_______ _______
216,659 229,135
Creditors: amounts falling due
within one year 6 ( 129,586) ( 130,243)
_______ _______
Net current assets 87,073 98,892
_______ _______
Total assets less current liabilities 87,073 98,892
_______ _______
Net assets 87,073 98,892
_______ _______
Capital and reserves
Called up share capital 2 2
Profit and loss account 87,071 98,890
_______ _______
Shareholders funds 87,073 98,892
_______ _______
For the year ending 30 June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- 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;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 16 February 2024 , and are signed on behalf of the board by:
Mrs M K Hardman
Director
Company registration number: 03151718
English Yarns Limited
Notes to the financial statements
Year ended 30 June 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 19 East Street, Shoreham by sea, West sussex, BN43 5ZE.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
4. Employee numbers
The average number of persons employed by the company during the year amounted to Nil (2022: Nil).
5. Debtors
2023 2022
£ £
Other debtors 216,147 218,408
_______ _______
6. Creditors: amounts falling due within one year
2023 2022
£ £
Trade creditors 188 813
Social security and other taxes 125 157
Other creditors 129,273 129,273
_______ _______
129,586 130,243
_______ _______
7. Directors advances, credits and guarantees
Balance brought forward and o/standing Balance brought forward and o/standing
2023 2022
£ £
Mrs M K Hardman 9,500 9,500
Mr P J Hardman 119,073 119,073
_______ _______
128,573 128,573
_______ _______