Company Registration No. 06039855 (England and Wales)
Y-Cam Solutions Limited
Unaudited accounts
for the year ended 31 December 2018
Y-Cam Solutions Limited
Unaudited accounts
Contents
Y-Cam Solutions Limited
Company Information
for the year ended 31 December 2018
Directors
H Chamberlain
D Chawda
S Tang
Company Number
06039855 (England and Wales)
Registered Office
Y-CAM SOLUTIONS LTD
55 - 61 HEATH ROAD
TWICKENHAM
MIDDLESEX
TW1 4AW
ENGLAND
Accountants
Hybrid Premium LTD
110 Newbury Gardens
Stoneleigh
Epsom
Surrey
KT19 0PD
Chartered Certified Accountants' report to the board of directors on the preparation of the unaudited statutory accounts of
Y-Cam Solutions Limited
for the year ended 31 December 2018
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of
Y-Cam Solutions Limited for the year ended
31 December 2018 as set out on pages
5 -
9 from the Company's accounting records and from information and explanations you have given us.
As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/en/member/professional-standards/rules-standards/acca-rulebook.html
This report is made solely to the Board of Directors of Y-Cam Solutions Limited, as a body, in accordance with the terms of our engagement letter dated 1 August 2018. Our work has been undertaken solely to prepare for your approval the accounts of Y-Cam Solutions Limited and state those matters that we have agreed to state to the Board of Directors of Y-Cam Solutions Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Y-Cam Solutions Limited and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that Y-Cam Solutions Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of Y-Cam Solutions Limited. You consider that Y-Cam Solutions Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the accounts of Y-Cam Solutions Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.
Hybrid Premium LTD
Chartered Certified Accountants
110 Newbury Gardens
Stoneleigh
Epsom
Surrey
KT19 0PD
5 February 2019
Y-Cam Solutions Limited
Statement of financial position
as at 31 December 2018
Intangible assets
871,898
743,676
Tangible assets
10,419
14,954
Inventories
139,503
236,869
Cash at bank and in hand
130,283
247,988
Creditors: amounts falling due within one year
(1,431,770)
(1,388,597)
Net current liabilities
(870,768)
(392,723)
Called up share capital
95,097
95,097
Share premium
2,171,903
2,171,903
Profit and loss account
(2,255,451)
(1,901,024)
Shareholders' funds
11,549
365,976
For the year ending 31 December 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their 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 and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
Approved by the Board on 30 January 2019.
D Chawda
Director
Company Registration No. 06039855
Y-Cam Solutions Limited
Notes to the Accounts
for the year ended 31 December 2018
Y-Cam Solutions Limited is a private company, limited by shares, registered in England and Wales, registration number 06039855. The registered office is Y-CAM SOLUTIONS LTD, 55 - 61 HEATH ROAD, TWICKENHAM, MIDDLESEX, TW1 4AW, ENGLAND.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover represents the value, net of VAT and discounts, of goods provided to customers.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Office equipment - 25% reducing balance
Hardware equipment - 3 years straight line
Fixtures and fittings - 30% reducing balance
Development expenditure on new product development is capitalised to the extent that the product is technically feasible, and will provide future economic benefit.
Intangible fixed assets (including purchased goodwill and patents) are amortised at rates calculated to write off the assets on a straight basis over their estimated useful economic lives. Impairment of intangible fixed assets is only reviewed where circumstances indicate that the carrying value of an asset may not be fully recoverable.
Patents and trademarks - Restated for FRS102 10% Straight line
Product development costs - over the financial period expected to benefit from such expenditure.
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
Y-Cam Solutions Limited
Notes to the Accounts
for the year ended 31 December 2018
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
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 rates of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
'The shareholders have agreed to support the business, therefore the accounts have been prepared on the going concern basis.
4
Intangible fixed assets
Other
At 1 January 2018
1,059,576
At 31 December 2018
1,292,866
Charge for the year
105,068
At 31 December 2018
420,968
At 31 December 2018
871,898
At 31 December 2017
743,676
Y-Cam Solutions Limited
Notes to the Accounts
for the year ended 31 December 2018
5
Tangible fixed assets
Plant & machinery
Fixtures & fittings
Total
Cost or valuation
At cost
At cost
At 1 January 2018
52,341
5,960
58,301
At 31 December 2018
52,341
5,960
58,301
At 1 January 2018
37,914
5,433
43,347
Charge for the year
4,355
180
4,535
At 31 December 2018
42,269
5,613
47,882
At 31 December 2018
10,072
347
10,419
At 31 December 2017
14,427
527
14,954
6
Investments
Subsidiary undertakings
Valuation at 1 January 2018
69
Valuation at 31 December 2018
-
Finished goods
139,503
236,869
Trade debtors
47,022
56,530
Deferred tax asset
116,752
116,752
Accrued income and prepayments
9,097
91,819
Other debtors
118,345
245,916
Y-Cam Solutions Limited
Notes to the Accounts
for the year ended 31 December 2018
9
Creditors: amounts falling due within one year
2018
2017
Bank loans and overdrafts
9,171
60,706
Trade creditors
448,821
474,941
Amounts owed to group undertakings and other participating interests
-
68,560
Taxes and social security
49,317
78,067
Other creditors
747,547
527,811
Deferred income
97,744
130,758
Other creditors include a loan from Bellerive Global Services Limited of £100,000. The finance will be repaid only from the proceeds generated by the specific item it finances and there is no recourse to the other assets of the entity for losses.
Allotted, called up and fully paid:
950,977 Ordinary shares of £0.10 each
95,097.70
95,097.70
11
Transactions with related parties
At year-end, the company owed a company director D Chawda £0 (2017 £206)
The company owed a company director S Tang £152,015 (2017 £152,015)
The company owed Ms. M Wang £158,365 (2017 £158,365)
The company owed TSV Holding APS a company owned and controlled by S Tang £76,700 (£61,440 plus £15,269 (2017 £61,440 plus £15,269)
The company owed View Network Solutions Ltd a company owned and controlled by the spouse of D Chawda a company directors £14,549.20 (2017 -£7,481)
The company owed Yellow video solutions Limed a company owned and controlled by D Chawda and TSV Holding APS £80,835.45 (2017 -£2,300).
The company has taken advantage of the exemption in FRS8 Related Parties Disclosure that transactions with wholly owed subsidaries do not need to be disclosed.
12
Average number of employees
During the year the average number of employees was 10 (2017: 16).
