YELLOW STAR LIMITED - Filleted accounts

YELLOW STAR LIMITED - Filleted accounts

YELLOW STAR LIMITED - Company Information

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Registered number
07772138
YELLOW STAR LIMITED
Filleted Accounts
31 December 2019
YELLOW STAR LIMITED
Registered number: 07772138
Balance Sheet
as at 31 December 2019
Notes 2019 2018
£ £
Fixed assets
Tangible assets 4 9,690 12,921
Current assets
Debtors 5 8,500 8,500
Cash at bank and in hand 120,924 52,395
129,424 60,895
Creditors: amounts falling due within one year 6 (298,161) (288,540)
Net current liabilities (168,737) (227,645)
Net liabilities (159,047) (214,724)
Capital and reserves
Called up share capital 100 100
Profit and loss account (159,147) (214,824)
Shareholders' funds (159,047) (214,724)
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Norman Michael Freed
Director
Approved by the board on 15 July 2020
YELLOW STAR LIMITED
Notes to the Accounts
for the year ended 31 December 2019
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Statement of Cash Flows
The Company has taken advantage of the exemption in Financial Reporting Standard 102, Section 1A.7 from the requirement to produce a Statement of Cash Flows on the grounds that it is a small company.
Going Concern
The financial statements have been prepared on a going concern basis, despite the Company having net liabilities of £165,025 (2018: £214,724), which the director believes to be appropriate for the following reason. The Company's parent undertaking has provided the Company with an undertaking that it will, for at least 12 months from the date of the approval of these financial statements, continue to make available such funds as are needed by the Company and in particular will not seek repayment of the amounts currently made available.

This should enable the Company to continue in operational existence for the foreseeable future by meeting its liabilities as they fall due for payment. As with any company placing reliance on other entities for financial support, the director acknowledges that there can be no certainty that this support will continue, although at the date of approval of these financial statements, he has no reason to believe that it will not do so.

The financial statements do not include any adjustments that would result from the going concern basis of preparation being inappropriate.
Turnover
Turnover relating to the provision of day care services is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

Rendering of services

Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

the amount of turnover can be measured reliably; it is probable that the Company will receive the consideration due under the contract; the stage of completion of the contract at the end of the reporting period can be measured reliably; and the costs incurred and the costs to complete the contract can be measured reliably.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Fixtures, fittings, tools and equipment 25% reducing balance
Debtors
Short-term debtors are measured at transaction price, less any impairment.
Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.
Financial instruments
The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties and loans to related parties.

Debt instruments that are payable or receivable within one year, typically trade payables or receivables, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration, expected to be paid or received.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the Balance Sheet date.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Creditors
Short-term creditors are measured at the transaction price.
Taxation
Tax is recognised in the Statement of Income and Retained Earnings.

The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date in the United Kingdom, where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Balance Sheet date, except that:

The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date.
Leased assets
Rentals under operating leases are charged to the Statement of Income and Retained Earnings on a straight line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight line basis over the period until the date the rent is expected to be adjusted to the prevailing market rate.
Pensions
The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in the Statement of Income and Retained Earnings when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.
2 Audit information
The audit report is unqualified.
Senior statutory auditor: Stephen Handley
Firm: J. Richard Hildebrand & Co.
Date of audit report: 15 July 2020
3 Employees 2019 2018
Number Number
Average number of persons employed by the company 17 15
4 Tangible fixed assets
Fixtures and fittings Plant and machinery etc Total
£ £ £
Cost
At 1 January 2019 83,515 12,841 96,356
At 31 December 2019 83,515 12,841 96,356
Depreciation
At 1 January 2019 72,344 11,091 83,435
Charge for the year 2,793 438 3,231
At 31 December 2019 75,137 11,529 86,666
Net book value
At 31 December 2019 8,378 1,312 9,690
At 31 December 2018 11,171 1,750 12,921
5 Debtors 2019 2018
£ £
Other debtors 8,500 8,500
6 Creditors: amounts falling due within one year 2019 2018
£ £
Amounts owed to group undertakings and undertakings in which the company has a participating interest 265,369 265,247
Taxation and social security costs 6,438 3,790
Other creditors 26,354 19,503
298,161 288,540
7 Other information
YELLOW STAR LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
54 Broadfields Avenue
Edgware
HA8 8SW
Its principal place of business is:
Marlborough House
6a High Street
Wheathampstead
St Albans
AL4 8AA
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