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Registration number: 06873189

YFTV Solutions Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 May 2024

 

YFTV Solutions Limited

Contents

Balance Sheet

1

Notes to the Financial Statements

2 to 6

 

YFTV Solutions Limited

(Registration number: 06873189)
Balance Sheet as at 31 May 2024

Note

2024
£

2023
£

           

Fixed assets

   

 

Tangible assets

4

 

29,141

 

2,941

Current assets

   

 

Stocks

10,000

 

-

 

Debtors

5

36,182

 

50,108

 

Cash at bank and in hand

 

81,200

 

80,108

 

 

127,382

 

130,216

 

Creditors: Amounts falling due within one year

6

(46,846)

 

(53,937)

 

Net current assets

   

80,536

 

76,279

Total assets less current liabilities

   

109,677

 

79,220

Creditors: Amounts falling due after more than one year

6

 

(21,846)

 

(26,379)

Provisions for liabilities

 

(5,500)

 

(500)

Net assets

   

82,331

 

52,341

Capital and reserves

   

 

Called up share capital

7

50

 

50

 

Capital redemption reserve

50

 

50

 

Retained earnings

82,231

 

52,241

 

Shareholders' funds

   

82,331

 

52,341

For the financial year ending 31 May 2024 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.

Approved and authorised by the director on 3 September 2024
 

.........................................
S P Liversidge
Director

 

YFTV Solutions Limited

Notes to the Financial Statements for the Year Ended 31 May 2024

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:
27 Burley Road
Leeds
West Yorkshire
LS3 1JT

These financial statements were authorised for issue by the director on 3 September 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

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.

Statement of compliance

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

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The company's functional and presentation currency is pound sterling.

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 value added tax.

The company recognises revenue when the amount of revenue can be measured reliably and it is probable that future economic benefits will flow to the entity.

Government grants

Grants relating to revenue shall be recognised in income on a systematic basis over the periods in which the entity recognises the related costs for which the grant is intended to compensate.

A grant that becomes receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs shall be recognised in income in the period in which it becomes receivable.

Grants relating to assets shall be recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred it shall be recognised as deferred income and not deducted from the carrying amount of the asset.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

YFTV Solutions Limited

Notes to the Financial Statements for the Year Ended 31 May 2024

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet 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

Leasehold property improvements

20% straight line method

Fixtures and fittings

20% straight line method

Motor vehicles

25% reducing balance method

Plant and equipment

20% straight line method

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

YFTV Solutions Limited

Notes to the Financial Statements for the Year Ended 31 May 2024

Financial instruments

Financial assets

Basic financial assets, including trade and other receivables, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest for a similar asset. Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss and any subsequent reversal is recognised in profit or loss.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Financial liabilities

Basic financial liabilities, including trade and other payables, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest for a similar debt instrument.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

 

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 7 (2023 - 4).

 

YFTV Solutions Limited

Notes to the Financial Statements for the Year Ended 31 May 2024

4

Tangible assets

Leasehold improvements
£

Plant and machinery
 £

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 June 2023

500

44,832

12,260

3,000

60,592

Additions

-

-

2,170

28,615

30,785

Disposals

-

-

(4,185)

-

(4,185)

At 31 May 2024

500

44,832

10,245

31,615

87,192

Depreciation

At 1 June 2023

500

44,832

9,853

2,466

57,651

Charge for the year

-

-

875

3,710

4,585

Eliminated on disposal

-

-

(4,185)

-

(4,185)

At 31 May 2024

500

44,832

6,543

6,176

58,051

Carrying amount

At 31 May 2024

-

-

3,702

25,439

29,141

At 31 May 2023

-

-

2,407

534

2,941

5

Debtors

Current

2024
£

2023
£

Trade debtors

31,910

47,824

Prepayments

4,272

2,284

 

36,182

50,108

6

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Loans and borrowings

13,370

10,000

Trade creditors

4,103

5,022

Taxation and social security

27,240

29,759

Accruals and deferred income

2,133

8,684

Other creditors

-

472

46,846

53,937

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £3,121 (2023 - £nil).

 

YFTV Solutions Limited

Notes to the Financial Statements for the Year Ended 31 May 2024

Creditors: amounts falling due after more than one year

2024
£

2023
£

Due after one year

Loans and borrowings

21,846

26,379

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £5,455 (2023 - £nil).

7

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

50

50

50

50

       

8

Related party transactions

Transactions with the director

2024

At 1 June 2023
£

Advances to director
£

Repayments by director
£

At 31 May 2024
£

Interest free loan

-

15,323

(15,323)

-

 

2023

At 1 June 2022
£

Advances to director
£

Repayments by director
£

At 31 May 2023
£

Interest free loan

148

16,008

(16,156)

-

 

Expenditure with and payables to related parties

2024

Key management
£

Amounts payable to related party

249