Ys Houses Limited
Ys Houses Limited
Registered number: 11311476
Unaudited Financial Statements
For the Period 16 April 2018 to 30 April 2019
Ys Houses Limited
Unaudited Financial Statements
For the Period 16 April 2018 to 30 April 2019
Unaudited Financial Statements
Contents | |
Page | |
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Balance Sheet | 1—2 |
Notes to the Financial Statements | 3—6 |
Ys Houses Limited
Balance Sheet
As at
30 April 2019
Balance Sheet
Registered number:
11311476
For the period ending 30 April 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
30 April 2019 | |||
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Notes | £ | £ | |
FIXED ASSETS | |||
Tangible Assets | 3 |
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CURRENT ASSETS | |||
Debtors | 4 |
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Cash at bank and in hand |
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Creditors: Amounts Falling Due Within One Year | 5 |
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NET CURRENT ASSETS (LIABILITIES) |
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TOTAL ASSETS LESS CURRENT LIABILITIES |
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NET ASSETS |
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CAPITAL AND RESERVES | |||
Called up share capital | 6 |
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Profit and Loss Account |
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SHAREHOLDERS' FUNDS | 6,641 | ||
Page 1
Ys Houses Limited
Balance Sheet (continued)
As at
30 April 2019
Director's responsibilities
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The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. -
The director acknowledges her 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. - The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
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The notes on pages 3 to 6 form part of these financial statements.
Page 2
Ys Houses Limited
Notes to the Financial Statements
For the Period 16 April 2018 to 30 April 2019
Notes to the Financial Statements
1.
Accounting Policies
1.1.
Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with the FRS 102 Section 1A Small Entities The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
1.2.
Turnover
The turnover shown in the profit and loss account represents amounts invoiced during the year exclusive of Value Added Tax.
1.3.
Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Fixtures & Fittings |
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1.4.
Investment Properties
All investment properties are propeties which are held either to earn rental income or for capital appreciation or for both. Investment properties are recognised initially at cost. Subsequent to initial recognition:
1) Invesment properties whose fair value can be measured reliably without undue cost or effort are held at fair value. Changes in fair value are recognised in the profit and loss account.
2) No depreciation is provided for.
Invesmtent properties fair value is determined by the director based on his understanding of property market conditions and the specific properties concerned. Any gain or loss arising from a change in fair value is recognised in the profit and loss account.
1.5.
Financial Instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial instruments
Trade and other debtors
Trade and other debtors are recognised initially at transaction price plus attributable transaction costs. Subsequent to initial recognition they are measured at amortised cost using the effective interest method, less any impairment losses. If the arrangement constitutes a financing transaction, for example if payment is deferred beyond normal business terms, then it is measured at the present value of future payments discounted at a market rate for a similar debt instrument.
Other creditors
Other creditors are recognised initially at transaction price less attributable transaction costs. Subsequent to initial recognition they are measured at amortised cost using the effective interest method. If the arrangement constitutes a financing transaction, for example if payment is deferred beyond normal business terms, then it is measured at the present value of future payments discounted at a market rate for a similar debt instrument.
Page 3
Ys Houses Limited
Notes to the Financial Statements (continued)
For the Period 16 April 2018 to 30 April 2019
1.6.
Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
1.7.
Acquisitions and disposals of properties
Acquisitions and disposals are considered to have taken place at the date of legal completion and are included in the financial statements accordingly.
2.
Average Number of Employees
Average number of employees, including directors, during the year was nil.
Page 4
Ys Houses Limited
Notes to the Financial Statements (continued)
For the Period 16 April 2018 to 30 April 2019
3.
Tangible Assets
The analysis of the cost or valuation of the above assets is as follows:
Investment Properties | Fixtures & Fittings | Total | |
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£ | £ | £ | |
Cost | |||
As at |
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Additions | 907,387 |
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Revaluation | (4,000) | - |
( |
As at |
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Depreciation | |||
As at |
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Provided during the period | - |
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As at |
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Net Book Value | |||
As at |
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As at |
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Investment Properties | Fixtures & Fittings | Total | |
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£ | £ | £ | |
As at |
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At cost | - | 2,500 | 2,500 |
At valuation | 903,387 | - | 903,387 |
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905,887 | |
As at |
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The company's investment properties are included in the Financial Statements at Director's valuation.
The company's residential properties valued using a sales valuation approach, derived from recent comparable transactions in the market, adjusted by applying discounts to reflect status of occupation and condition.
The historical cost of investment properties are £907,387.
Page 5
Ys Houses Limited
Notes to the Financial Statements (continued)
For the Period 16 April 2018 to 30 April 2019
4.
Debtors
30 April 2019 | |
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£ | |
Due within one year | |
Other debtors |
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5.
Creditors: Amounts Falling Due Within One Year
30 April 2019 | |
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£ | |
Corporation tax |
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Other creditors |
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7.
General Information
Ys Houses Limited is a private company, limited by shares, incorporated in England & Wales, registered number 11311476 . The registered office is Office 201 10 Courtenay Road, East Lane Business Park, Wembley, HA9 7ND.
Page 6