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COMPANY REGISTRATION NUMBER: 02983007
Yoshino Limited
Filleted Unaudited Financial Statements
For the year ended
29 February 2024
Yoshino Limited
Statement of Financial Position
29 February 2024
2024
2023
Note
£
£
£
£
Fixed assets
Tangible assets
5
362,865
371,436
Current assets
Stocks
29,164
155,079
Debtors
6
612,915
609,431
Cash at bank and in hand
50,113
27,175
---------
---------
692,192
791,685
Creditors: amounts falling due within one year
7
157,010
308,583
---------
---------
Net current assets
535,182
483,102
---------
---------
Total assets less current liabilities
898,047
854,538
Provisions
Taxation including deferred tax
1,072
---------
---------
Net assets
896,975
854,538
---------
---------
Capital and reserves
Called up share capital
2
2
Profit and loss account
896,973
854,536
---------
---------
Shareholders funds
896,975
854,538
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 29 February 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Yoshino Limited
Statement of Financial Position (continued)
29 February 2024
These financial statements were approved by the board of directors and authorised for issue on 21 November 2024 , and are signed on behalf of the board by:
Mr N J De Paravicini
Director
Company registration number: 02983007
Yoshino Limited
Notes to the Financial Statements
Year ended 29 February 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Ground Floor, 3 Wellbrook Court, Girton, Cambridge, CB3 0NA.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
The turnover shown in the profit and loss represents work done during the year in respect of the manufacture of electronic audio equipment, exclusive of Value Added Tax.
Research and development
Research and development expenditure is written off in the year in which it is incurred.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis .
Foreign currencies
Foreign currency transactions are initially recorded at the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Freehold Property
-
2% straight line
Plant & Machinery
-
20% straight line
Fixtures & Fittings
-
20% straight line
Motor Vehicles
-
25% straight line
Stocks
Stocks have been valued by a director. Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. Cost is based on purchase price.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 11 (2023: 11 ).
5. Tangible assets
Land and buildings
Plant and machinery
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 March 2023
655,042
35,663
82,333
10,740
783,778
Additions
5,417
5,417
---------
--------
--------
--------
---------
At 29 February 2024
655,042
41,080
82,333
10,740
789,195
---------
--------
--------
--------
---------
Depreciation
At 1 March 2023
283,606
35,663
82,333
10,740
412,342
Charge for the year
13,102
886
13,988
---------
--------
--------
--------
---------
At 29 February 2024
296,708
36,549
82,333
10,740
426,330
---------
--------
--------
--------
---------
Carrying amount
At 29 February 2024
358,334
4,531
362,865
---------
--------
--------
--------
---------
At 28 February 2023
371,436
371,436
---------
--------
--------
--------
---------
6. Debtors
2024
2023
£
£
Trade debtors
109,676
94,340
Other debtors
503,239
515,091
---------
---------
612,915
609,431
---------
---------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
41,383
198,602
Social security and other taxes
60,805
25,644
Other creditors
54,822
84,337
---------
---------
157,010
308,583
---------
---------
8. Related party transactions
During the year the company made sales to Yoshino Trading Japan a business in Japan in which a Director has an interest. The total balance due from Yoshino Trading Japan as at the balance sheet date was £485,047 (2023: £484,460).