Select Products (Yorkshire) Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 07601494 (England and Wales)

ABRIDGED UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2020

FOR

SELECT PRODUCTS (YORKSHIRE) LIMITED

Page

Company Information

1

Abridged Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

J J Lynch

Mrs C D Lynch

REGISTERED OFFICE:

57 Rodley Lane

Leeds

West Yorkshire

LS13 1NG

REGISTERED NUMBER:

07601494 (England and Wales)

ACCOUNTANTS:

D & J Randles

Chartered Accountants

4 The Crescent

Adel

Leeds

West Yorkshire

LS16 6AA

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

17,434

20,356

17,434

20,356

CURRENT ASSETS

Stocks

4,413

4,457

Debtors

72,839

42,281

Cash at bank

43,288

75,094

120,540

121,832

CREDITORS

Amounts falling due within one year

136,106

102,434

NET CURRENT (LIABILITIES)/ASSETS

(15,566

)

19,398

TOTAL ASSETS LESS CURRENT LIABILITIES

1,868

39,754

CREDITORS

Amounts falling due after more than one year

1,719

4,666

NET ASSETS

149

35,088

CAPITAL AND RESERVES

Called up share capital

6

100

100

Retained earnings

49

34,988

SHAREHOLDERS' FUNDS

149

35,088

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2020 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 31 March 2020 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 27 January 2021 and were signed on its behalf by:

Mrs C D Lynch - Director

1.	STATUTORY INFORMATION

Select Products (Yorkshire) Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The company is registered for value added tax.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2011, is being amortised evenly over its estimated useful life of five years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

-

25% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

25% on reducing balance

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 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.

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 2 (2019 - 2 ) .

4.	INTANGIBLE FIXED ASSETS

Totals

£

COST

At 1 April 2019

and 31 March 2020

60,000

AMORTISATION

At 1 April 2019

and 31 March 2020

60,000

NET BOOK VALUE

At 31 March 2020

-

At 31 March 2019

-

5.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1 April 2019

33,093

Additions

2,349

At 31 March 2020

35,442

DEPRECIATION

At 1 April 2019

12,737

Charge for year

5,271

At 31 March 2020

18,008

NET BOOK VALUE

At 31 March 2020

17,434

At 31 March 2019

20,356

6.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.3.20

31.3.19

value:

£

£

100

Ordinary

£1

100

100

7.	ULTIMATE CONTROLLING PARTY

The Ultimate Controlling Parties are the directors.