REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 31 July 2023 |
for |
Yieldfree Limited |
REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 31 July 2023 |
for |
Yieldfree Limited |
Yieldfree Limited (Registered number: 02755961) |
Contents of the Financial Statements |
for the Year Ended 31 July 2023 |
Page |
Balance Sheet | 1 |
Notes to the Financial Statements | 3 |
Yieldfree Limited (Registered number: 02755961) |
Balance Sheet |
31 July 2023 |
31.7.23 | 31.7.22 |
Notes | £ | £ |
Fixed assets |
Tangible assets | 4 |
Current assets |
Stocks |
Debtors | 5 |
Cash at bank |
Creditors |
Amounts falling due within one year | 6 | ( |
) | ( |
) |
Net current assets |
Total assets less current liabilities |
Creditors |
Amounts falling due after more than one year |
7 |
( |
) |
( |
) |
Net assets |
Capital and reserves |
Called up share capital |
Retained earnings |
The director acknowledges her responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
Yieldfree Limited (Registered number: 02755961) |
Balance Sheet - continued |
31 July 2023 |
In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered. |
The financial statements were approved by the director and authorised for issue on |
Yieldfree Limited (Registered number: 02755961) |
Notes to the Financial Statements |
for the Year Ended 31 July 2023 |
1. | Statement of compliance |
2. | Accounting policies |
Basis of preparing the financial statements |
The financial statements have been prepared under the historical cost convention or historic cost modified by revaluation of financial assets and financial liabilities held at fair value through profit and loss, except for the financial instruments that are measured at their fair values at the end of each reporting period, as explained in the accounting policies below. Historical cost is generally based on the fair value of the consideration given in exchange for goods and services. |
The presentation currency of the financial statements is the Pound Sterling (£). |
The principal accounting policies adopted are set out below. All accounting policies have been applied consistently, other than where new policies have been adopted. |
Going concern |
The directors believe that the company is well placed to manage its financial risks successfully and have reasonable expectation that it has adequate resources to continue in operational existence for the foreseeable future and have therefore accordingly prepared these financial statements on a going concern basis. |
Critical accounting judgements and key sources of estimation uncertainty |
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Tangible fixed assets |
Motor vehicles | - |
Stocks |
Work in progress is valued at the lower of cost and net realisable value. |
Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition. |
Yieldfree Limited (Registered number: 02755961) |
Notes to the Financial Statements - continued |
for the Year Ended 31 July 2023 |
2. | Accounting policies - continued |
Financial instruments |
A financial asset or a financial liability is recognised only when the entity 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. |
Debt instruments are subsequently measured at amortised cost. |
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. |
For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. |
Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised. Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities. |
Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. |
Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Yieldfree Limited (Registered number: 02755961) |
Notes to the Financial Statements - continued |
for the Year Ended 31 July 2023 |
2. | Accounting policies - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
3. | Employees and directors |
The average number of employees during the year was |
4. | Tangible fixed assets |
Motor |
vehicles |
£ |
Cost |
Additions |
At 31 July 2023 |
Depreciation |
Charge for year |
At 31 July 2023 |
Net book value |
At 31 July 2023 |
5. | Debtors: amounts falling due within one year |
31.7.23 | 31.7.22 |
£ | £ |
Other debtors |
Yieldfree Limited (Registered number: 02755961) |
Notes to the Financial Statements - continued |
for the Year Ended 31 July 2023 |
6. | Creditors: amounts falling due within one year |
31.7.23 | 31.7.22 |
£ | £ |
Bank loans and overdrafts |
Taxation and social security |
Other creditors |
7. | Creditors: amounts falling due after more than one year |
31.7.23 | 31.7.22 |
£ | £ |
Bank loans |