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Registration number: 12526940

Underfall Yard Trading Company Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2024

 

Underfall Yard Trading Company Limited

Contents

Balance Sheet

1

Notes to the Unaudited Financial Statements

2 to 4

 

Underfall Yard Trading Company Limited

(Registration number: 12526940)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Current assets

 

Debtors

4

5,914

1,376

Cash at bank and in hand

 

44,108

42,746

 

50,022

44,122

Creditors: Amounts falling due within one year

5

(50,021)

(44,121)

Net assets

 

1

1

Capital and reserves

 

Called up share capital

1

1

Shareholders' funds

 

1

1

For the financial year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' 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 directors acknowledge their 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.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 17 October 2024 and signed on its behalf by:
 

J Sienesi
Director

   
     
 

Underfall Yard Trading Company Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

1

General information

The company is a private company limited by share capital, incorporated in the UK.

The address of its registered office is:
C/O Underfall Yard Trust
Underfall Boatyard
Cumberland Road
Bristol
BS1 6XG
United Kingdom

These financial statements were authorised for issue by the Board on 17 October 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 have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention.

The financial statements are prepared in sterling, which is the functional currency of the company, and rounded to the nearest £.

Going concern

The management team has produced forecasts and budgets that have also been modelled to reflect plausible downside scenarios within the economy and fluctuations in costs and income, these have been reviewed by the directors. They demonstrate that the Company is forecast to generate profits and cash up to the year ending 31 March 2025, in addition the Company has sufficient cash reserves to enable the Company to meet its obligations as they fall due for a period of at least 12 months, without any income receipts, from the date of signing of these financial statements. Our management team updates these forecasts and budgets as each financial year progresses and reports to the Directors, allowing the Company to react in a timely way to any risk arising. As such, the Directors are satisfied that the Company has adequate resources and processes in place to continue to operate as a going concern.

 

Underfall Yard Trading Company Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and 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 when:
the amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity; and
specific criteria have been met for each of the company's activities.

Finance income and costs policy

Interest income and expenses are recognised using the effective interest rate method.

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.

Debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

Underfall Yard Trading Company Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

3

Staff numbers

The average number of persons utilised by the company (including directors) during the year was 4 (2023 - 5). These are individuals employed by The Underfall Yard Trust and costs are recharged to the company.

4

Debtors

2024
£

2023
£

Trade debtors

-

21

Other debtors

5,914

1,355

5,914

1,376

5

Creditors

Due within one year

2024
£

2023
£

Trade creditors

5,171

1,756

Amounts due to parent

35,784

33,866

Social security and other taxes

8,266

7,479

Accruals

800

1,020

50,021

44,121

6

Relationship between entity and parents

The parent of the largest group in which these financial statements are consolidated is The Underfall Yard Trust, incorporated in England.

The address of The Underfall Yard Trust is:
Underfall Boatyard
Cumberland Road
Bristol
BS1 6XG