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Registered number: 11733934
Alex Yee Limited
Unaudited Financial Statements
For The Year Ended 31 December 2023
GMS FC Limited
1 London Road
Ipswich
Suffolk
IP1 2HA
Unaudited Financial Statements
Contents
Page
Balance Sheet 1—2
Statement of Changes in Equity 3
Notes to the Financial Statements 4—6
Page 1
Balance Sheet
Registered number: 11733934
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 50,743 649
50,743 649
CURRENT ASSETS
Debtors 5 184,670 54,209
Cash at bank and in hand 305,522 311,731
490,192 365,940
Creditors: Amounts Falling Due Within One Year 6 (72,308 ) (59,542 )
NET CURRENT ASSETS (LIABILITIES) 417,884 306,398
TOTAL ASSETS LESS CURRENT LIABILITIES 468,627 307,047
PROVISIONS FOR LIABILITIES
Deferred Taxation (9,831 ) (123 )
NET ASSETS 458,796 306,924
CAPITAL AND RESERVES
Called up share capital 7 2 2
Profit and Loss Account 458,794 306,922
SHAREHOLDERS' FUNDS 458,796 306,924
Page 1
Page 2
For the year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Alexander Yee
Director
24th September 2024
The notes on pages 4 to 6 form part of these financial statements.
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Page 3
Statement of Changes in Equity
Share Capital Profit and Loss Account Total
£ £ £
As at 1 January 2022 2 112,116 112,118
Profit for the year and total comprehensive income - 196,806 196,806
Dividends paid - (2,000) (2,000)
As at 31 December 2022 and 1 January 2023 2 306,922 306,924
Profit for the year and total comprehensive income - 152,872 152,872
Dividends paid - (1,000) (1,000)
As at 31 December 2023 2 458,794 458,796
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Page 4
Notes to the Financial Statements
1. General Information
Alex Yee Limited is a private company, limited by shares, incorporated in England & Wales, registered number 11733934 . The registered office is 1 London Road, Ipswich, IP1 2HA.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Motor Vehicles 20% SL
Computer Equipment 33% on cost
2.4. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
2.5. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
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3. Average Number of Employees
Average number of employees, including directors, during the year was: NIL (2022: NIL)
- -
4. Tangible Assets
Motor Vehicles Computer Equipment Total
£ £ £
Cost
As at 1 January 2023 - 1,448 1,448
Additions 60,870 - 60,870
As at 31 December 2023 60,870 1,448 62,318
Depreciation
As at 1 January 2023 - 799 799
Provided during the period 10,312 464 10,776
As at 31 December 2023 10,312 1,263 11,575
Net Book Value
As at 31 December 2023 50,558 185 50,743
As at 1 January 2023 - 649 649
5. Debtors
2023 2022
£ £
Due within one year
Trade debtors 23,886 19,560
Other debtors 42,456 -
Director's loan account 97,213 34,649
163,555 54,209
Due after more than one year
Corporation tax recoverable assets 21,115 -
21,115 -
184,670 54,209
6. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Corporation tax 54,176 46,266
VAT 17,112 12,256
Accruals and deferred income 1,020 1,020
72,308 59,542
7. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 2 2
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Page 6
8. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
As at 1 January 2023 Amounts advanced Amounts repaid Amounts written off As at 31 December 2023
£ £ £ £ £
Mr Alexander Yee 34,648 62,565 - - 97,213
The above loan is unsecured, interest free and repayable on demand.
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