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REGISTERED NUMBER: SC277251 (Scotland)




















Mr YIP CATERING LIMITED

Unaudited Financial Statements

for the Year Ended 31 December 2023






Mr YIP CATERING LIMITED (Registered number: SC277251)






Contents of the Financial Statements
for the Year Ended 31 December 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Mr YIP CATERING LIMITED

Company Information
for the Year Ended 31 December 2023







DIRECTOR: Mrs K K Yip



SECRETARY: Mrs K K Yip



REGISTERED OFFICE: 9 Ainslie Place
Edinburgh
Midlothian
EH3 6AT



REGISTERED NUMBER: SC277251 (Scotland)



ACCOUNTANTS: Whitelaw Wells
9 Ainslie Place
Edinburgh
Midlothian
EH3 6AT



BANKERS: Virgin Money
Cairngorm House
Almondvale Blvd
Livingston
EH54 6QL

Mr YIP CATERING LIMITED (Registered number: SC277251)

Balance Sheet
31 December 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 2,995 4,856
2,995 4,856

CURRENT ASSETS
Stocks 5,000 6,500
Debtors 6 8,055 9,021
Cash at bank and in hand 15,482 10,155
28,537 25,676
CREDITORS
Amounts falling due within one year 7 103,115 67,676
NET CURRENT LIABILITIES (74,578 ) (42,000 )
TOTAL ASSETS LESS CURRENT LIABILITIES (71,583 ) (37,144 )

CREDITORS
Amounts falling due after more than one
year

8

28,128

30,942
NET LIABILITIES (99,711 ) (68,086 )

Mr YIP CATERING LIMITED (Registered number: SC277251)

Balance Sheet - continued
31 December 2023

2023 2022
Notes £    £    £    £   
CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings (99,811 ) (68,186 )
SHAREHOLDERS' FUNDS (99,711 ) (68,086 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

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.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 3 September 2024 and were signed by:





Mrs K K Yip - Director


Mr YIP CATERING LIMITED (Registered number: SC277251)

Notes to the Financial Statements
for the Year Ended 31 December 2023

1. STATUTORY INFORMATION

Mr YIP CATERING LIMITED is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover and revenue recognition
Turnover, which represents net invoiced sales of goods exclusive of value added tax, is recognised at the point when a meal is served or delivered to the customer.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2005, has been amortised evenly over its estimated useful life of ten years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Land and buildings - 10% on cost
Plant and machinery etc - 33% on cost and 20% on cost

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments
The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

All loans with related parties are all repayable on demand.


Mr YIP CATERING LIMITED (Registered number: SC277251)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.

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.

Going concern
The financial statements have been prepared on the going concern principal which assumes that the company will continue to function in the foreseeable future. In order to do so the company will require the continued support of its director, bankers and creditors.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 16 (2022 - 16 ) .

Mr YIP CATERING LIMITED (Registered number: SC277251)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 January 2023
and 31 December 2023 35,000
AMORTISATION
At 1 January 2023
and 31 December 2023 35,000
NET BOOK VALUE
At 31 December 2023 -
At 31 December 2022 -

5. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 January 2023 1,216 113,776 114,992
Disposals - (1,111 ) (1,111 )
At 31 December 2023 1,216 112,665 113,881
DEPRECIATION
At 1 January 2023 1,216 108,920 110,136
Charge for year - 1,861 1,861
Eliminated on disposal - (1,111 ) (1,111 )
At 31 December 2023 1,216 109,670 110,886
NET BOOK VALUE
At 31 December 2023 - 2,995 2,995
At 31 December 2022 - 4,856 4,856

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Other debtors 8,055 9,021

Mr YIP CATERING LIMITED (Registered number: SC277251)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR - continued

The overdrawn director's current account was unsecured, interest free and will be repaid within 9 months after the year end.

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 4,427 4,132
Trade creditors 19,675 12,094
Taxation and social security 68,740 35,638
Other creditors 10,273 15,812
103,115 67,676

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans 28,128 30,942

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 9,842 -

9. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 December 2023 and 31 December 2022:

2023 2022
£    £   
Mrs K K Yip
Balance outstanding at start of year (4,876 ) (3,131 )
Amounts advanced 14,559 6,119
Amounts repaid (7,936 ) (7,864 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 1,747 (4,876 )

The overdrawn director's current account was unsecured and interest free.