Y Frame Discounts Limited 30/06/2019 iXBRL
Y Frame Discounts Limited 30/06/2019 iXBRL
Company registration number:
06271310
Unaudited filleted financial statements
Contents
Statement of financial position
Notes to the financial statements
Statement of financial position
30th June 2019
2019 | 2018 | ||||||||
Note | £ | £ | £ | £ | |||||
Fixed assets | |||||||||
Tangible assets | 5 |
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_______ | _______ | ||||||||
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Current assets | |||||||||
Stocks |
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Debtors | 6 |
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Cash at bank and in hand |
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_______ | _______ | ||||||||
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Creditors: amounts falling due | |||||||||
within one year | 7 |
(
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(
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_______ | _______ | ||||||||
Net current assets |
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_______ | _______ | ||||||||
Total assets less current liabilities |
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Creditors: amounts falling due | |||||||||
after more than one year | 8 | - |
(
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Provisions for liabilities |
(
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(
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_______ | _______ | ||||||||
Net assets |
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_______ | _______ | ||||||||
Capital and reserves | |||||||||
Called up share capital | 9 |
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Profit and loss account |
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_______ | _______ | ||||||||
Shareholders funds |
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_______ | _______ | ||||||||
Director's responsibilities:
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The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
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The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
In accordance with section 444 of the Companies Act 2006, the income statement has not been delivered.
These financial statements were approved by the
board of directors
and authorised for issue on
28 February 2020
, and are signed on behalf of the board by:
Director
Company registration number:
06271310
Notes to the financial statements
Year ended 30th June 2019
1.
General information
The company is a private company limited by shares, registered in England. The address of the registered office is 17A Unity Road, Lowmoor Business Park, Kirkby in Ashfield, Nottinghamshire, NG17 7LE.
2.
Statement of compliance
3.
Accounting policies
Basis of preparation
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer, usually on despatch of the goods; the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
Operating leases
Tangible assets
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Land and buildings | - |
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Fittings fixtures and equipment | - |
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If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
Stocks
Government grants
Provisions
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Debt instruments are subsequently measured at amortised cost.
Defined contribution plans
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
9
(2018:
9
).
5.
Tangible assets
Freehold property | Fixtures, fittings and equipment | Total | ||
£ | £ | £ | ||
Cost | ||||
At 1st July 2018 |
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Additions | - | 445 | 445 | |
Disposals | - |
(
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(
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_______ | _______ | _______ | ||
At 30th June 2019 |
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_______ | _______ | _______ | ||
Depreciation | ||||
At 1st July 2018 |
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Charge for the year |
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Disposals | - |
(
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(
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_______ | _______ | _______ | ||
At 30th June 2019 |
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_______ | _______ | _______ | ||
Carrying amount | ||||
At 30th June 2019 |
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_______ | _______ | _______ | ||
At 30th June 2018 |
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_______ | _______ | _______ | ||
6.
Debtors
2019 | 2018 | |||
£ | £ | |||
Other debtors |
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_______ | _______ | |||
7.
Creditors: amounts falling due within one year
2019 | 2018 | |||
£ | £ | |||
Bank loans and overdrafts |
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Trade creditors |
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Taxation and social security | 14,596 | 30,363 | ||
Other creditors |
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_______ | _______ | |||
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_______ | _______ | |||
8.
Creditors: amounts falling due after more than one year
2019 | 2018 | |||
£ | £ | |||
Bank loans and overdrafts | - |
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_______ | _______ | |||
The bank loan is repayable by regular, equal instalments, and is subject to a variable interest rate currently 4.7% pa.
9.
Called up share capital
Issued, called up and fully paid
2019 | 2018 | ||||||||
No | £ | No | £ | ||||||
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2 | 2 | 2 | 2 | |||||
_______ | _______ | _______ | _______ | ||||||
10.
Operating leases
The company as lessee
The total future minimum lease payments under non-cancellable operating leases are as follows:
£ | £ | |
Not later than 1 year |
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Later than 1 year and not later than 5 years | - |
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_______ | _______ | |
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_______ | _______ | |
11.
Controlling party
The company is under the control of the
director
by virtue of his majority shareholding.