Company Registration No. 06649710 (England and Wales)
Y (68) LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023
PAGES FOR FILING WITH REGISTRAR
Y (68) LTD
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 7
Y (68) LTD
ACCOUNTANTS' REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF Y (68) LTD FOR THE YEAR ENDED 31 JULY 2023
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Y (68) Ltd for the year ended 31 July 2023 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 http://www.icaew.com/en/members/regulations-standards-and-guidance.
This report is made solely to the Board of Directors of Y (68) Ltd, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Y (68) Ltd and state those matters that we have agreed to state to the Board of Directors of Y (68) Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Y (68) Ltd and its Board of Directors as a body, for our work or for this report.
It is your duty to ensure that Y (68) Ltd 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 profit of Y (68) Ltd. You consider that Y (68) Ltd is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Y (68) Ltd. 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.
Ormerod Rutter Limited
29 January 2024
Chartered Accountants
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
Y (68) LTD
BALANCE SHEET
AS AT 31 JULY 2023
31 July 2023
- 2 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
597,772
656,834
Current assets
Debtors
4
132,795
25,829
Cash at bank and in hand
61,627
76,433
194,422
102,262
Creditors: amounts falling due within one year
5
(118,686)
(123,662)
Net current assets/(liabilities)
75,736
(21,400)
Total assets less current liabilities
673,508
635,434
Creditors: amounts falling due after more than one year
6
(19,976)
(30,000)
Provisions for liabilities
8
(106,474)
(88,002)
Net assets
547,058
517,432
Capital and reserves
Called up share capital
9
10
10
Profit and loss reserves
547,048
517,422
Total equity
547,058
517,432
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 July 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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 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.
Y (68) LTD
BALANCE SHEET (CONTINUED)
AS AT 31 JULY 2023
31 July 2023
- 3 -
The financial statements were approved and signed by the director and authorised for issue on 29 January 2024.
Mr K B Lam
Director
Company Registration No. 06649710
Y (68) LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023
- 4 -
1
Accounting policies
Company information
Y (68) Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Ming Moon, 16 Hurst Street, Birmingham, B5 4BN.
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 have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for services and rents provided in the normal course of business, and is shown net of VAT. The fair value of consideration for rents takes into account any lease premiums or rent free periods, which are recognised on a straight line basis over the lease term.
Revenue from the provision of services is recognised by reference to the stage of completion, when the costs incurred and costs to complete can be estimated reliably.
Revenue from the provision of property rental is recognised by reference to the period of its occupancy and where the amount of rent can be measured reliably.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Leasehold property
not provided
Fixtures and fittings
10% on reducing balance
Computer equipment
25% on cost
No depreciation is provided on leasehold property. This treatment may be a departure from the requirements of Companies Act 2006 concerning depreciation of fixed assets, however, the company follows a program of regular refurbishment and maintenance of its properties, which includes the reinstatement of the fabric of the buildings where necessary in order to maintain them to a high standard. Accordingly, in the opinion of the director, any element of depreciation would be immaterial and no provision has been made, as the residual value would be in excess of cost.
1.4
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Y (68) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
1
Accounting policies
(Continued)
- 5 -
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account 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.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.5
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease asset are consumed.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 1 (2022 - 1).
3
Tangible fixed assets
Leasehold property
Fixtures and fittings
Computer equipment
Total
£
£
£
£
Cost
At 1 August 2022 and 31 July 2023
66,203
1,092,181
4,313
1,162,697
Depreciation and impairment
At 1 August 2022
501,551
4,312
505,863
Depreciation charged in the year
59,062
59,062
At 31 July 2023
560,613
4,312
564,925
Carrying amount
At 31 July 2023
66,203
531,568
1
597,772
At 31 July 2022
66,203
590,630
1
656,834
Y (68) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
- 6 -
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
132,795
25,829
5
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
10,027
10,000
Trade creditors
20,767
Taxation and social security
30,495
16,243
Other creditors
78,164
76,652
118,686
123,662
6
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
19,976
30,000
7
Secured debts
The following secured debts are included within creditors:
2023
2022
£
£
Bank loans
30,003
40,000
Bank loans are secured by way of a government-backed guarantee.
8
Provisions for liabilities
2023
2022
£
£
Deferred tax liabilities
106,474
88,002
Y (68) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
- 7 -
9
Called up share capital
2023
2022
£
£
Ordinary share capital
Issued and fully paid
5 Ordinary of £1 each
5
5
2 Ordinary Deferred of £1 each
2
2
3 Ordinary Preferred of £1 each
3
3
10
10
10
Ultimate controlling party
The ultimate controlling party is Mr K B Lam.