Gillespie Yunnie Architects Limited - Period Ending 2019-03-31

Gillespie Yunnie Architects Limited

Annual Report and Unaudited Financial Statements
Year Ended 31 March 2019

Registration number: 05306388

Gillespie Yunnie Architects Limited

Contents

Balance Sheet	1 to 2
Notes to the Financial Statements	3 to 7

Gillespie Yunnie Architects Limited

Balance Sheet

31 March 2019

	Note	2019 £	2018 £
Fixed assets
Tangible assets	4	20,015	24,701
Current assets
Debtors	5	107,589	150,452
Cash at bank and in hand		207,339	187,577
		314,928	338,029
Creditors: Amounts falling due within one year	6	(138,921)	(150,726)
Net current assets		176,007	187,303
Total assets less current liabilities		196,022	212,004
Provisions for liabilities		(1,771)	(2,163)
Net assets		194,251	209,841
Capital and reserves
Called up share capital		200	200
Profit and loss account		194,051	209,641
Total equity		194,251	209,841

The notes on pages 3 to 7 form an integral part of these financial statements.

Page 1

Gillespie Yunnie Architects Limited

Balance Sheet

31 March 2019

For the financial year ending 31 March 2019 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 and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 18 December 2019 and signed on its behalf by:
 

......................................... J Gillespie Director

......................................... P P A Yunnie Director

Company Registration Number: 05306388

The notes on pages 3 to 7 form an integral part of these financial statements.

Page 2

Gillespie Yunnie Architects Limited

Notes to the Financial Statements

Year Ended 31 March 2019

1	General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
The Lower Tweed Mill
Shinners Bridge
Dartington
Totnes
TQ9 6JB

These financial statements were authorised for issue by the Board on 18 December 2019.

2	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 financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These 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 value added tax, returns, rebates and discounts and after eliminating sales within the company.

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.

Tax

Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Page 3

Gillespie Yunnie Architects Limited

Notes to the Financial Statements

Year Ended 31 March 2019

Deferred tax is recognised on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as stated in the profit and loss account and other comprehensive income. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

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
Office Equipment	4 year straight line
Fixtures and fittings	4 year straight line

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Page 4

Gillespie Yunnie Architects Limited

Notes to the Financial Statements

Year Ended 31 March 2019

Financial instruments

Classification
The company holds the following financial instruments:

• Short term trade and other debtors and creditors;
• Bank loans; and
• Cash and bank balances.

All financial instruments are classified as basic.

 Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

Except for bank loans, such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.

Bank loans are initially measured at transaction price, including transaction costs, and are subsequently carried at amortised cost using the effective interest method.


 

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 9 (2018 - 11).

Page 5

Gillespie Yunnie Architects Limited

Notes to the Financial Statements

Year Ended 31 March 2019

4	Tangible assets

	Furniture, fittings and equipment  £	Total £
Cost or valuation
At 1 April 2018	67,088	67,088
Additions	6,752	6,752
Disposals	(6,948)	(6,948)
At 31 March 2019	66,892	66,892
Depreciation
At 1 April 2018	42,387	42,387
Charge for the year	11,438	11,438
Eliminated on disposal	(6,948)	(6,948)
At 31 March 2019	46,877	46,877
Carrying amount
At 31 March 2019	20,015	20,015
At 31 March 2018	24,701	24,701

5

Debtors

	2019  £	2018  £
Trade debtors	98,084	142,579
Prepayments	9,505	7,873
	107,589	150,452

Page 6

Gillespie Yunnie Architects Limited

Notes to the Financial Statements

Year Ended 31 March 2019

6

Creditors

Creditors: amounts falling due within one year

	2019  £	2018  £
Due within one year
Trade creditors	11,398	252
Corporation tax	34,167	44,265
Social security and other taxes	47,117	56,522
Outstanding defined contribution pension costs	-	266
Other creditors	42,173	42,233
Accrued expenses	4,066	7,188
	138,921	150,726

Page 7