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Registration number: 10580950

Yau Ley Limited

Annual Report and Unaudited Abridged Financial Statements

for the Year Ended 31 January 2024

 

Yau Ley Limited

Contents

Company Information

1

Directors' Report

2

Abridged Balance Sheet

3 to 4

Notes to the Unaudited Abridged Financial Statements

5 to 7

 

Yau Ley Limited

Company Information

Directors

G D Hughes

S C H Hughes

Company secretary

G A Jacobs

Registered office

Suite 1B1 Argyle House
Northside
Joel Street
Northwood Hills
HA6 1NW

Accountants

Ross + Partners
Chartered Certified Accountants
Suite 1B1 Argyle House
Northside
Joel Street
Northwood Hills
HA6 1NW

 

Yau Ley Limited

Directors' Report for the Year Ended 31 January 2024

The directors present their report and the abridged financial statements for the year ended 31 January 2024.

Directors of the company

The directors who held office during the year were as follows:

G D Hughes

S C H Hughes

Going concern

In the opinion of the director, the company is a going concern and will financially support the company for at least twelve months from the date of approving the accounts.

Small companies provision statement

This report has 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 by the Board on 30 October 2024 and signed on its behalf by:

.........................................
G D Hughes
Director

   
     
 

Yau Ley Limited

(Registration number: 10580950)
Abridged Balance Sheet as at 31 January 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

3

2,027,154

983,967

Current assets

 

Stocks

8,500

4,100

Debtors

269,986

200,607

Cash at bank and in hand

 

109,232

15,854

 

387,718

220,561

Creditors: Amounts falling due within one year

(686,234)

(963,838)

Net current liabilities

 

(298,516)

(743,277)

Total assets less current liabilities

 

1,728,638

240,690

Creditors: Amounts falling due after more than one year

(1,932,804)

(208,979)

Net (liabilities)/assets

 

(204,166)

31,711

Capital and reserves

 

Called up share capital

2,000

2,000

Revaluation reserve

275,113

275,113

Retained earnings

(481,279)

(245,402)

Shareholders' (deficit)/funds

 

(204,166)

31,711

For the financial year ending 31 January 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.

All of the company’s members have consented to the preparation of an Abridged Profit and Loss Account and an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

Approved and authorised by the Board on 30 October 2024 and signed on its behalf by:
 

 

Yau Ley Limited

(Registration number: 10580950)
Abridged Balance Sheet as at 31 January 2024

.........................................
G D Hughes
Director

   
     
 

Yau Ley Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 January 2024

1

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 abridged 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 abridged 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.

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.

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 improvements

Straight line over 15 years

Fixtures and fittings

20% reducing balance basis

Plant and machinery

20% reducing balance basis

Office equipment

20% straight line basis

Motor vehicles

20% reducing balance basis

 

Yau Ley Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 January 2024

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.

2

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 35 (2023 - 50).

3

Tangible assets

Land and buildings
£

Long leasehold land and buildings
£

Fixtures and fittings
£

Plant and machinery
£

Cost or valuation

At 1 February 2023

-

1,091,718

179,467

109,430

Additions

1,141,194

-

693

8,923

At 31 January 2024

1,141,194

1,091,718

180,160

118,353

Depreciation

At 1 February 2023

-

260,036

95,746

64,352

Charge for the year

-

72,781

16,886

10,799

At 31 January 2024

-

332,817

112,632

75,151

Carrying amount

At 31 January 2024

1,141,194

758,901

67,528

43,202

At 31 January 2023

-

831,682

83,721

45,078

 

Yau Ley Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 January 2024

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 February 2023

30,225

21,036

1,431,876

Additions

337

-

1,151,147

At 31 January 2024

30,562

21,036

2,583,023

Depreciation

At 1 February 2023

17,156

10,619

447,909

Charge for the year

5,410

2,084

107,960

At 31 January 2024

22,566

12,703

555,869

Carrying amount

At 31 January 2024

7,996

8,333

2,027,154

At 31 January 2023

13,069

10,417

983,967

Included within the net book value of land and buildings above is £1,141,194 (2023 - £Nil) in respect of freehold land and buildings and £758,901 (2023 - £831,682) in respect of long leasehold land and buildings.
 

4

Creditors

5

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary of £1 each

2,000

2,000

2,000

2,000