York Guns Limited - Accounts to registrar (filleted) - small 18.2
York Guns Limited - Accounts to registrar (filleted) - small 18.2
| REGISTERED NUMBER: |
| YORK GUNS LIMITED |
| UNAUDITED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 29 FEBRUARY 2020 |
| YORK GUNS LIMITED (REGISTERED NUMBER: 03512413) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 29 FEBRUARY 2020 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 | to | 3 |
| Notes to the Financial Statements | 4 | to | 7 |
| YORK GUNS LIMITED |
| COMPANY INFORMATION |
| FOR THE YEAR ENDED 29 FEBRUARY 2020 |
| DIRECTOR: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Chartered Accountants |
| Heritage House |
| Murton Way |
| Osbaldwick |
| York |
| YO19 5UW |
| YORK GUNS LIMITED (REGISTERED NUMBER: 03512413) |
| BALANCE SHEET |
| 29 FEBRUARY 2020 |
| 2020 | 2019 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 4 |
| CURRENT ASSETS |
| Stocks |
| Debtors | 5 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 6 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CAPITAL AND RESERVES |
| Called up share capital |
| Retained earnings |
| 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. |
| YORK GUNS LIMITED (REGISTERED NUMBER: 03512413) |
| BALANCE SHEET - continued |
| 29 FEBRUARY 2020 |
| In accordance with Section 444 of the Companies Act 2006, the Profit and loss account has not been delivered. |
| The financial statements were approved by the director and authorised for issue on |
| YORK GUNS LIMITED (REGISTERED NUMBER: 03512413) |
| NOTES TO THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 29 FEBRUARY 2020 |
| 1. | STATUTORY INFORMATION |
| York Guns Limited is a |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Since the year end, the director has decided to cease trading by the end of 2020 and the company is to be placed into a member's voluntary liquidation. Provision has been made to reduce the carrying value of stock to its estimated realisable value. No other adjustments have been made or are considered necessary to reflect the realisable value of assets. |
| Turnover |
| Turnover represents the value of goods sold in the year in the course of the company's principal activity as a wholesaler and retailer of firearms and related items, excluding value added tax. |
| Tangible fixed assets |
| Plant and machinery | - |
| Fixtures, fittings & equipment | - |
| Motor vehicles | - |
| Stocks |
| Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and loss account, 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. |
| YORK GUNS LIMITED (REGISTERED NUMBER: 03512413) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 29 FEBRUARY 2020 |
| 2. | ACCOUNTING POLICIES - continued |
| 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. |
| Foreign currencies |
| Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
| 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. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| YORK GUNS LIMITED (REGISTERED NUMBER: 03512413) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 29 FEBRUARY 2020 |
| 4. | TANGIBLE FIXED ASSETS |
| Fixtures, |
| Plant and | fittings | Motor |
| machinery | & equipment | vehicles | Totals |
| £ | £ | £ | £ |
| COST |
| At 1 March 2019 |
| Additions |
| Disposals | ( |
) | ( |
) |
| At 29 February 2020 |
| DEPRECIATION |
| At 1 March 2019 |
| Charge for year |
| Eliminated on disposal | ( |
) | ( |
) |
| At 29 February 2020 |
| NET BOOK VALUE |
| At 29 February 2020 |
| At 28 February 2019 |
| 5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2020 | 2019 |
| £ | £ |
| Trade debtors |
| Other debtors |
| Prepayments and accrued income |
| A deferred tax asset of £49,037 was recognised as a debtor falling due after more than one year in the prior year. This has been reversed in the current year due to uncertainty as to the timing and extent to which the asset will be recovered. The value of the unrecognised deferred tax asset at the balance sheet date was £66,289. |
| YORK GUNS LIMITED (REGISTERED NUMBER: 03512413) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 29 FEBRUARY 2020 |
| 6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2020 | 2019 |
| £ | £ |
| Trade creditors |
| Social security and other taxes |
| VAT | 22,470 | 18,892 |
| Accruals and deferred income |
| 7. | RELATED PARTY DISCLOSURES |
| Creditors include £Nil (2018: £4,000) due to directors. |
| Rent of £41,667 (2018: £50,000) was paid by the company to a director. |