Yeshili Reflective Material Co Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 05937861 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2020

FOR

YESHILI REFLECTIVE MATERIAL CO LIMITED

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTORS:

D Whelan

Mrs P M Whelan

M J Sharpe

S B Best

SECRETARY:

Mrs P M Whelan

REGISTERED OFFICE:

Whelco Place

Enfield Industrial Estate

Enfield Street

Wigan

Lancashire

WN5 8DB

REGISTERED NUMBER:

05937861 (England and Wales)

ACCOUNTANTS:

Fairhurst

Chartered Accountants

Douglas Bank House

Wigan Lane

Wigan

Lancashire

WN1 2TB

BANKERS:

Barclays Bank PLC

Victoria House

6 Market Place

Wigan

Lancashire

WN1 1QS

FIXED ASSETS

Intangible assets

4

63,373

129,864

Tangible assets

5

124,427

159,137

187,800

289,001

CURRENT ASSETS

Stocks

6

378,332

380,098

Debtors

7

122,609

367,712

Cash at bank

161,302

191,792

662,243

939,602

CREDITORS

Amounts falling due within one year

8

1,202,358

1,421,646

NET CURRENT LIABILITIES

(540,115

)

(482,044

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(352,315

)

(193,043

)

CAPITAL AND RESERVES

Called up share capital

1,100,000

1,100,000

Retained earnings

(1,452,315

)

(1,293,043

)

SHAREHOLDERS' FUNDS

(352,315

)

(193,043

)

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 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.

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 5 May 2021 and were signed on its behalf by:

S B Best - Director

1.	STATUTORY INFORMATION

Yeshili Reflective Material Co 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.

The company made operating losses and has net current liabilities. It remains reliant upon the support of the directors and shareholders who are hoping to return to profitability in the coming period. On the basis of current trading and projections the directors believe the company is a going concern.

Turnover

Turnover represents the fair value of income received form the import and resale of reflective workwear and other clothing, excluding value added tax.

Intangible fixed assets - goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2007, is being amortised evenly over its estimated useful life of ten years.

Goodwill is recorded at cost less impairment.

Tangible fixed assets

Tangible fixed assets are stated at cost less depreciation and any impairment.

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

Improvements to property

- 5% on cost

Fixtures and fittings

- 10% on cost

Motor vehicles

- 20% on cost

Computer equipment

- 20% on cost

Impairment of assets

At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If the recoverable amount is lower, the carrying amount of the asset is reduced to its recoverable amount and an impairment loss is recognised immediately in the profit or loss.

If an impairment loss is subsequently reversed, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but not to exceed the amount that would have been determined had no impairment loss been recognised for the asset in prior periods. A reversal of an impairment loss is recognised immediately in the profit or loss.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments

Short term financial assets are measured at transaction price less any impairment. Short term financial liabilities are measured at transaction price.

Financial liabilities that have no stated interest rate and are payable within one year shall be measured at the undiscounted amount due.

Associated undertaking loans payable and receivable are measured at the undiscounted amount due as they are deemed to be repayable on demand.

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 tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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 statement of financial position 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.

Short-term employee benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Government income

Government income comprises grants and subsidies provided as a direct result of the Covid-19 pandemic.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2019 - 6 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 June 2019

and 31 May 2020

664,908

AMORTISATION

At 1 June 2019

535,044

Amortisation for year

66,491

At 31 May 2020

601,535

NET BOOK VALUE

At 31 May 2020

63,373

At 31 May 2019

129,864

5.	TANGIBLE FIXED ASSETS

Improvements

Fixtures

to

and

Motor

Computer

property

fittings

vehicles

equipment

Totals

£

£

£

£

£

COST

At 1 June 2019

244,809

145,099

20,000

245,428

655,336

Additions

-

560

-

22,470

23,030

Disposals

-

-

(20,000

)

(17,658

)

(37,658

)

At 31 May 2020

244,809

145,659

-

250,240

640,708

DEPRECIATION

At 1 June 2019

134,644

141,327

20,000

200,228

496,199

Charge for year

12,240

527

-

30,847

43,614

Eliminated on disposal

-

-

(20,000

)

(3,532

)

(23,532

)

At 31 May 2020

146,884

141,854

-

227,543

516,281

NET BOOK VALUE

At 31 May 2020

97,925

3,805

-

22,697

124,427

At 31 May 2019

110,165

3,772

-

45,200

159,137

6.

STOCKS

2020

2019

£

£

Items for resale

378,332

380,098

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade debtors

121,799

363,899

Prepayments

810

3,813

122,609

367,712

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade creditors

155,031

353,163

Amounts owed to associated undertakings

32,173

32,173

Social security and other taxes

11,376

11,191

Directors' current accounts

452,863

464,323

Accrued expenses

35,223

38,555

Other loans

515,692

522,241

1,202,358

1,421,646

9.	RELATED PARTY DISCLOSURES