Peter Young Flooring Limited - Accounts to registrar (filleted) - small 18.2
Peter Young Flooring Limited - Accounts to registrar (filleted) - small 18.2
| REGISTERED NUMBER: |
| Abridged Unaudited Financial Statements |
| for the Year Ended 31 July 2018 |
| for |
| Peter Young Flooring Limited |
| Peter Young Flooring Limited (Registered number: SC195977) |
| Contents of the Financial Statements |
| for the Year Ended 31 July 2018 |
| Page |
| Company Information | 1 |
| Abridged Statement of Financial Position | 2 |
| Notes to the Financial Statements | 3 |
| Peter Young Flooring Limited |
| Company Information |
| for the Year Ended 31 July 2018 |
| DIRECTORS: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Chartered Accountants |
| 14 Rutland Square |
| Edinburgh |
| Midlothian |
| EH1 2BD |
| SOLICITORS: |
| Quartermile Two |
| 2 Lister Square |
| Edinburgh |
| EH3 9GL |
| Peter Young Flooring Limited (Registered number: SC195977) |
| Abridged Statement of Financial Position |
| 31 July 2018 |
| 31.7.18 | 31.7.17 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 4 |
| Investment property | 5 |
| CURRENT ASSETS |
| Stocks |
| Debtors |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| PROVISIONS FOR LIABILITIES | 6 |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital |
| Retained earnings | 7 |
| SHAREHOLDERS' FUNDS |
| The directors acknowledge their 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. |
| In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
| The financial statements were approved by the Board of Directors on |
| Peter Young Flooring Limited (Registered number: SC195977) |
| Notes to the Financial Statements |
| for the Year Ended 31 July 2018 |
| 1. | STATUTORY INFORMATION |
| Peter Young Flooring Limited is a |
| registered number and registered office address can be found on the Company Information page. |
| The presentation currency of the financial statements is the Pound Sterling (£). |
| 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" and the Companies Act 2006. The |
| financial statements have been prepared under the historical cost convention as modified by the revaluation of |
| certain assets. |
| Turnover |
| Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, |
| value added tax and other sales taxes. Turnover is attributable to the company's principal activity of carpet sales |
| and fitting. |
| Tangible fixed assets |
| Tangible fixed assets are initially measured at cost. Cost includes the original purchase price and costs directly |
| attributable to bringing the asset to its present location and into its present condition. After initial recognition, the |
| assets are measured at cost less any accumulated depreciation and any accumulated impairment losses. |
| Depreciation is provided by equal instalments at the following annual rates in order to write off each asset over |
| its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter. Land is |
| not depreciated. |
| Plant and machinery etc | 25% on reducing balance |
| Motor vehicles | 25% on reducing balance |
| Depreciation and impairment losses are charged to the Income Statement within administrative expenses. |
| The assets' residual values and useful lives are reviewed, and adjusted, if appropriate, at the end of each |
| reporting period. The effect of any change is accounted for prospectively. |
| Investment property |
| Investment properties are properties held to earn rentals and/or for capital appreciation. |
| Investment properties are initially measured at cost, including transaction costs. Subsequently, investment |
| properties whose fair value can be measured reliably without undue cost or effort, on an on-going basis, are |
| measured at fair value. Gains and losses arising from changes in the fair value of investment properties are |
| included in Income Statement in the period in which they arise. |
| Investment properties whose fair value cannot be measured reliably without undue cost or effort, on an on-going |
| basis, are included in plant, property and equipment at cost less accumulated depreciation and accumulated |
| impairment losses. |
| Stocks |
| Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance |
| for obsolete and slow moving items. |
| Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in |
| bringing stocks to their present location and condition. |
| Peter Young Flooring Limited (Registered number: SC195977) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 July 2018 |
| 2. | ACCOUNTING POLICIES - continued |
| Financial instruments |
| The company only enters into basic financial instrument transactions that result in the recognition of financial |
| assets and liabilities like trade and other debtors and payables, loans from banks and other third parties. |
| At the end of each reporting period, financial assets that are measured at cost are assessed for objective |
| evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the |
| Income Statement. If there is a decrease in the impairment loss arising from an event occurring after the |
| impairment was recognised the impairment is reversed. The reversal is such that the current carrying amount |
| does not exceed what the carrying amount would have been had the impairment not previously been recognised. |
| The impairment reversal is recognised in the Income Statement. |
| Financial assets are derecognised when (a) the contractual rights to the cash flows arising from the asset expire |
| or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to |
| another party, or (c) control of the asset has been transferred to another party. |
| Financial liabilities are measured at amortised cost less any accumulated impairment losses. Financial liabilities |
| are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, |
| cancelled or expires |
| 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 statement of financial position date. |
| Deferred tax |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the |
| statement of financial position 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. |
| Hire purchase and leasing commitments |
| Assets obtained under hire purchase contracts or finance leases are capitalised in the statement of financial |
| position as substantially all of the risks and rewards incidental to ownership have been transferred from the |
| leasing company. |
| Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under |
| finance leases are depreciated over their estimated useful lives or the lease term, whichever is shorter. |
| The interest element of these obligations is charged to the Income Statement over the relevant period. The |
| capital element of the future payments is treated as a liability. |
| Rentals under operating leases are charged to the Income Statement on a straight line basis over the period of |
| the lease. |
| 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. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| Peter Young Flooring Limited (Registered number: SC195977) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 July 2018 |
| 4. | TANGIBLE FIXED ASSETS |
| Totals |
| £ |
| COST |
| At 1 August 2017 |
| Additions |
| Disposals | ( |
) |
| At 31 July 2018 |
| DEPRECIATION |
| At 1 August 2017 |
| Charge for year |
| Eliminated on disposal | ( |
) |
| At 31 July 2018 |
| NET BOOK VALUE |
| At 31 July 2018 |
| At 31 July 2017 |
| 5. | INVESTMENT PROPERTY |
| Total |
| £ |
| FAIR VALUE |
| At 1 August 2017 |
| and 31 July 2018 |
| NET BOOK VALUE |
| At 31 July 2018 |
| At 31 July 2017 |
| Investment property is being carried at fair value and the directors are of the opinion that cost is a fair value of |
| the property. |
| 6. | PROVISIONS FOR LIABILITIES |
| 31.7.18 | 31.7.17 |
| £ | £ |
| Deferred tax | 8,657 | 9,464 |
| Deferred |
| tax |
| £ |
| Balance at 1 August 2017 |
| Accelerated capital allowances | (807 | ) |
| Balance at 31 July 2018 |
| 7. | RESERVES |
| Retained |
| earnings |
| £ |
| At 1 August 2017 |
| Profit for the year |
| Dividends | ( |
) |
| At 31 July 2018 |
| Peter Young Flooring Limited (Registered number: SC195977) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 July 2018 |
| 8. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
| The following advances and credits to directors subsisted during the years ended 31 July 2018 and |
| 31 July 2017: |
| 31.7.18 | 31.7.17 |
| £ | £ |
| Balance outstanding at start of year | ( |
) | ( |
) |
| Amounts advanced |
| Amounts repaid | ( |
) | ( |
) |
| Amounts written off | - | - |
| Amounts waived | - | - |
| Balance outstanding at end of year | ( |
) | ( |
) |
| Balance outstanding at start of year | ( |
) | ( |
) |
| Amounts advanced |
| Amounts repaid | ( |
) | ( |
) |
| Amounts written off | - | - |
| Amounts waived | - | - |
| Balance outstanding at end of year | ( |
) | ( |
) |
| Balance outstanding at start of year | ( |
) |
| Amounts advanced |
| Amounts repaid | ( |
) | ( |
) |
| Amounts written off | - | - |
| Amounts waived | - | - |
| Balance outstanding at end of year | ( |
) |
| 9. | RELATED PARTY DISCLOSURES |
| Two of the company's directors and shareholders, Mr. Peter Young and Mrs. M. T. Young, own the property from |
| which the company operates. No rent was charged to the company during the year. |
| During the year dividends were paid to the directors as follow; |
| Mr Peter Young | £18,000 |
| Mrs M T Young | £18,000 |
| Mr Paul Young | £51,000 |