Company registration number 10735652 (England and Wales)
YSS Mechanical & Electrical Limited
Unaudited
financial statements
for the year ended 31 August 2023
PAGES FOR FILING WITH REGISTRAR
YSS Mechanical & Electrical Limited
Contents
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 5
YSS Mechanical & Electrical Limited
Statement of financial position
as at 31 August 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
67,003
14,117
Current assets
Debtors
117,039
101,659
Cash at bank and in hand
73,461
98,248
190,500
199,907
Creditors: amounts falling due within one year
(105,857)
(104,280)
Net current assets
84,643
95,627
Total assets less current liabilities
151,646
109,744
Creditors: amounts falling due after more than one year
(61,964)
(34,031)
Provisions for liabilities
4
(12,731)
(2,682)
Net assets
76,951
73,031
Capital and reserves
Called up share capital
4
4
Profit and loss reserves
76,947
73,027
Total equity
76,951
73,031
YSS Mechanical & Electrical Limited
Statement of financial position (continued)
as at 31 August 2023
- 2 -
In accordance with section 444 of the Companies Act 2006, all of the members of the company have consented to the preparation of abridged financial statements pursuant to paragraph 1A of Schedule 1 to the Small Companies and Groups (Accounts and Directors’ Report) Regulations (SI 2008/409)(b).
The directors of the company have elected not to include a copy of the income statement within the financial statements.true
For the financial year ended 31 August 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 28 March 2024 and are signed on its behalf by:
J Mason
Director
Company registration number 10735652 (England and Wales)
YSS Mechanical & Electrical Limited
Notes to the financial statements
for the year ended 31 August 2023
- 3 -
1
Accounting policies
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 principal accounting policies adopted are set out below.
Turnover
Turnover represents the fair value of the consideration received for goods and services provided in the normal course of business, and is shown net of VAT. Turnover is recognised upon the provision of goods and services.
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost less depreciation.
Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:
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.
Taxation
The tax expense represents the sum of the tax currently payable.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement 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 tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
YSS Mechanical & Electrical Limited
Notes to the financial statements (continued)
for the year ended 31 August 2023
1
Accounting policies
(continued)
- 4 -
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the statement of financial position as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
7
7
3
Tangible fixed assets
Motor vehicles
£
Cost
At 1 September 2022
40,543
Additions
61,473
At 31 August 2023
102,016
Depreciation and impairment
At 1 September 2022
26,426
Depreciation charged in the year
8,587
At 31 August 2023
35,013
Carrying amount
At 31 August 2023
67,003
At 31 August 2022
14,117
4
Provisions for liabilities
2023
2022
£
£
Deferred tax liabilities
12,731
2,682
YSS Mechanical & Electrical Limited
Notes to the financial statements (continued)
for the year ended 31 August 2023
- 5 -
5
Company information
YSS Mechanical & Electrical Limited is a private company limited by shares incorporated in England and Wales. The registered office is C/O YSS Ltd, Station Road, Halifax, West Yorkshire, HX2 9AY.