Yung Yee Limited - Accounts to registrar (filleted) - small 18.2
Yung Yee Limited - Accounts to registrar (filleted) - small 18.2
| REGISTERED NUMBER: |
| YUNG YEE LIMITED |
| UNAUDITED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED |
| 30 APRIL 2019 |
| YUNG YEE LIMITED (REGISTERED NUMBER: SC256386) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 30 APRIL 2019 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 4 |
| YUNG YEE LIMITED |
| COMPANY INFORMATION |
| FOR THE YEAR ENDED 30 APRIL 2019 |
| DIRECTOR: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Chartered Accountants |
| 9 Royal Crescent |
| Glasgow |
| G3 7SP |
| YUNG YEE LIMITED (REGISTERED NUMBER: SC256386) |
| BALANCE SHEET |
| 30 APRIL 2019 |
| 2019 | 2018 |
| As restated |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Investment property | 4 |
| CURRENT ASSETS |
| Debtors | 5 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 6 |
| NET CURRENT LIABILITIES | ( |
) | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
7 |
( |
) |
( |
) |
| PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
| ACCRUALS AND DEFERRED INCOME |
| NET ASSETS |
| YUNG YEE LIMITED (REGISTERED NUMBER: SC256386) |
| BALANCE SHEET - continued |
| 30 APRIL 2019 |
| 2019 | 2018 |
| As restated |
| Notes | £ | £ | £ | £ |
| CAPITAL AND RESERVES |
| Called up share capital |
| Fair value reserve | 9 |
| Retained earnings | 9 |
| SHAREHOLDERS' FUNDS |
| The director acknowledges his 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 director on |
| YUNG YEE LIMITED (REGISTERED NUMBER: SC256386) |
| NOTES TO THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 30 APRIL 2019 |
| 1. | STATUTORY INFORMATION |
| Yung Yee Limited is a |
| registered number and registered office address can be found on the Company Information page. |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Turnover and revenue recognition |
| The turnover shown in the profit and loss account represents the rental income receivable during the year. |
| Income is recognised on the basis of rent due for the year. |
| Investment property |
| Investment property is shown at their fair value. The surplus or deficit arising from changes in fair value are |
| recognised in the profit and loss account for the year. A reduction in value due to fluctuation in the property |
| market is not considered to be permanent. |
| This is in accordance with FRS102 which, unlike the Companies Act 2006, does not require depreciation of |
| investment properties. Investment properties are held for their investment potential and not for use by the |
| company and so their current value is of prime importance. |
| Deferred taxation is provided on any fair value surplus at the rate expected to apply when the property is |
| sold and at the year end is included in the fair value reserve together with the fair value movement. |
| 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. |
| YUNG YEE LIMITED (REGISTERED NUMBER: SC256386) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 APRIL 2019 |
| 2. | ACCOUNTING POLICIES - continued |
| Hire purchase and leasing commitments |
| Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of |
| the lease. |
| Loans and borrowings |
| Loans and borrowings are initially recorded at the transaction price, including transaction costs. |
| Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was NIL (2018 - NIL). |
| 4. | INVESTMENT PROPERTY |
| Total |
| £ |
| FAIR VALUE |
| At 1 May 2018 |
| and 30 April 2019 |
| NET BOOK VALUE |
| At 30 April 2019 |
| At 30 April 2018 |
| The investment property was revalued by the director on 30 April 2018. The director's valuation at 30 April |
| 2019 remains unchanged. |
| Fair value at 30 April 2019 is represented by: |
| £ |
| Valuation in 2018 | 44,775 |
| Cost | 180,225 |
| 225,000 |
| 5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2019 | 2018 |
| As restated |
| £ | £ |
| PAYE and NIC debtors |
| Director's current account |
| Tax recoverable |
| Prepayments and accrued income |
| YUNG YEE LIMITED (REGISTERED NUMBER: SC256386) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 APRIL 2019 |
| 5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR - continued |
| The loan to director is interest free and repayable on demand. |
| 6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2019 | 2018 |
| As restated |
| £ | £ |
| Bank loans and overdrafts |
| Corporation Tax |
| Shareholders' loans |
| Accrued expenses |
| The loans from shareholders are interest free and repayable on demand. |
| 7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2019 | 2018 |
| As restated |
| £ | £ |
| Bank loan > 1 year |
| 8. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| 2019 | 2018 |
| As restated |
| £ | £ |
| Bank loans |
| The Bank Loan is secured by standard security over the company's investment property. In addition Royal |
| Bank of Scotland PLC also holds a floating charge over the company's other assets. |
| YUNG YEE LIMITED (REGISTERED NUMBER: SC256386) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 APRIL 2019 |
| 9. | RESERVES |
| Fair |
| Retained | value |
| earnings | reserve | Totals |
| £ | £ | £ |
| At 1 May 2018 | 145,591 |
| Profit for the year |
| Dividends | ( |
) | ( |
) |
| At 30 April 2019 | 154,999 |
| 10. | DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES |
| The following advances and credits to a director subsisted during the years ended 30 April 2019 and |
| 30 April 2018: |
| 2019 | 2018 |
| As restated |
| £ | £ |
| Balance outstanding at start of year |
| Amounts advanced |
| Amounts repaid | ( |
) |
| Amounts written off | - | - |
| Amounts waived | - | - |
| Balance outstanding at end of year |
| 11. | RELATED PARTY DISCLOSURES |
| The loan balance due to the director at the year end amounted to £ |
| Included within shareholders' loans is a loan of £ |
| YUNG YEE LIMITED (REGISTERED NUMBER: SC256386) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 APRIL 2019 |
| 12. | FIRST YEAR ADOPTION |
| In preparing the accounts, the directors have considered whether in applying the accounting policies |
| required by FRS 102, a restatement of comparative items was needed. The following restatements were |
| required :- |
| Under FRS 105 : |
| Retained Earnings £72,376 |
| Fair Value Reserve £NIL |
| Profit for the Period £8,840 |
| Under FRS102 : |
| Retained Earnings £109,323 |
| Fair Value Reserve £36,268 |
| Profit for the Period £48,713 |
| The investment property accumulated deprecation brought forward of £33,342 was reversed to retained |
| earnings brought forward and the £3,605 depreciation charged for the year was also reversed. |
| The gain on the investment property fair value adjustment of £44,775 has now been recognised in the profit |
| and loss account and had been transferred to the fair value reserve together with £8,507 deferred tax |
| provided on the gain. |