Mr YIP CATERING LIMITED - Accounts to registrar (filleted)

REGISTERED NUMBER: SC277251 (Scotland)

Mr YIP CATERING LIMITED

Unaudited Financial Statements

for the Year Ended 31 December 2024

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

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

FIXED ASSETS

Intangible assets

4

-

Tangible assets

5

1,139

2,995

1,139

2,995

CURRENT ASSETS

Stocks

5,000

Debtors

6

31,579

8,055

Cash at bank and in hand

16,991

15,482

53,570

28,537

CREDITORS

Amounts falling due within one year

7

144,257

103,115

NET CURRENT LIABILITIES

(90,687

)

(74,578

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(89,548

)

(71,583

)

CREDITORS

Amounts falling due after more than one
year

8

24,792

28,128

NET LIABILITIES

(114,340

)

(99,711

)

CAPITAL AND RESERVES

Called up share capital

100

Retained earnings

(114,440

)

(99,811

)

SHAREHOLDERS' FUNDS

(114,340

)

(99,711

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2024 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 17 September 2025 and were signed by:

Mrs K K Yip - Director

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.

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 and director is willing to support the company.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 15 (2023 - 16 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 January 2024

and 31 December 2024

35,000

AMORTISATION

At 1 January 2024

and 31 December 2024

35,000

NET BOOK VALUE

At 31 December 2024

-

At 31 December 2023

-

5.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

COST

At 1 January 2024

1,216

112,665

113,881

Disposals

(1,216

)

-

(1,216

)

At 31 December 2024

-

112,665

DEPRECIATION

At 1 January 2024

1,216

109,670

110,886

Charge for year

-

1,856

Eliminated on disposal

(1,216

)

-

(1,216

)

At 31 December 2024

-

111,526

NET BOOK VALUE

At 31 December 2024

-

1,139

At 31 December 2023

-

2,995

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

Other debtors

31,579

8,055

The overdrawn director's current account was unsecured and interest charged at 2.25% per annum on the outstanding balance.

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

Bank loans and overdrafts

3,112

4,427

Trade creditors

15,907

19,675

Taxation and social security

109,770

68,740

Other creditors

15,468

10,273

144,257

103,115

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2024

2023

£

Bank loans

24,792

28,128

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

6,149

9,842

9.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 December 2024 and 31 December 2023:

2024

2023

£

Mrs K K Yip

Balance outstanding at start of year

1,747

(4,876

)

Amounts advanced

28,004

14,559

Amounts repaid

(7,520

)

(7,936

)

Amounts written off

-

Amounts waived

-

Balance outstanding at end of year

22,231

1,747

The overdrawn director's current account was unsecured and interest charged at 2.25% per annum on the outstanding balance.