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Registration number: 07386044

Good Yarn Ltd

Unaudited Financial Statements

for the Year Ended 30 September 2023

Brebners
Chartered Accountants
130 Shaftesbury Avenue
London
W1D 5AR

 

Good Yarn Ltd

Contents

Company Information

1

Statement of Financial Position

2

Notes to the Unaudited Financial Statements

3 to 5

 

Good Yarn Ltd

Company Information

Director

J G Pank

Registered office

43 Penshurst Road
London
E9 7DT

Accountants

Brebners
Chartered Accountants
130 Shaftesbury Avenue
London
W1D 5AR

 

Good Yarn Ltd

Statement of Financial Position as at 30 September 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

267

632

Current assets

 

Stocks

6

26,949

23,522

Debtors

7

2,660

3,074

Cash at bank and in hand

 

6,663

4,348

 

36,272

30,944

Creditors: Amounts falling due within one year

8

(76,262)

(44,583)

Net current liabilities

 

(39,990)

(13,639)

Net liabilities

 

(39,723)

(13,007)

Capital and reserves

 

Called up share capital

1

1

Retained earnings

(39,724)

(13,008)

Shareholders' deficit

 

(39,723)

(13,007)

For the financial year ending 30 September 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Statement of Income and Retained Earnings has been taken.

Approved and authorised by the director on 16 April 2024
 

.........................................

J G Pank

Director

Company registration number: 07386044

 

Good Yarn Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
43 Penshurst Road
London
E9 7DT

The principal activity of the company is that of the provision of services to the entertainment industry.

2

Accounting policies

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except any items disclosed in the accounting policies as being shown at fair value and are presented in sterling, which is the functional currency of the entity.

Summary of significant accounting policies

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Going concern

The company had net liabilities of £39,723 at 30 September 2023. At this date an amount of £60,980 was due to the director who has agreed to not call for repayment until such time as the company has sufficient working capital.

On the basis of the above, and after making enquiries, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, the director continues to adopt the going concern basis in preparing the financial statements.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company's activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue from services provided over the period to which they relate. The company recognises revenue from projects based upon the stage of completion of contractual work.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Furniture, fittings & equipment

20% straight line

 

Good Yarn Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company during the year, was 1 (2022 - 1).

4

Loss before tax

Arrived at after charging/(crediting)

2023
£

2022
£

Depreciation expense

365

438

5

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 October 2022

3,231

3,231

At 30 September 2023

3,231

3,231

Depreciation

At 1 October 2022

2,599

2,599

Charge for the year

365

365

At 30 September 2023

2,964

2,964

Carrying amount

At 30 September 2023

267

267

At 30 September 2022

632

632

 

Good Yarn Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

6

Stocks

2023
£

2022
£

Work in progress

26,949

23,522

7

Debtors

2023
£

2022
£

Trade debtors

1,000

58

Other debtors

1,660

3,016

2,660

3,074

8

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Taxation and social security

1,182

-

Other creditors

75,080

44,583

76,262

44,583