Y Frame Discounts Limited 30/06/2021 iXBRL

Y Frame Discounts Limited 30/06/2021 iXBRL

Y FRAME DISCOUNTS LIMITED - Company Information

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Company registration number: 06271310
Y Frame Discounts Limited
Unaudited filleted financial statements
30 June 2021
Y Frame Discounts Limited
Contents
Statement of financial position
Notes to the financial statements
Y Frame Discounts Limited
Statement of financial position
30th June 2021
2021 2020
Note £ £ £ £
Fixed assets
Intangible assets 5 79,004 -
Tangible assets 6 175,458 150,316
_______ _______
254,462 150,316
Current assets
Stocks 373,349 159,995
Debtors 7 359,171 1,526
Cash at bank and in hand 27,399 107,595
_______ _______
759,919 269,116
Creditors: amounts falling due
within one year 8 ( 535,554) ( 110,664)
_______ _______
Net current assets 224,365 158,452
_______ _______
Total assets less current liabilities 478,827 308,768
Creditors: amounts falling due
after more than one year 9 ( 95,104) -
Provisions for liabilities ( 4,154) ( 125)
_______ _______
Net assets 379,569 308,643
_______ _______
Capital and reserves
Called up share capital 10 2 2
Profit and loss account 379,567 308,641
_______ _______
Shareholders funds 379,569 308,643
_______ _______
For the year ending 30 June 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- 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;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
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 24 June 2022 , and are signed on behalf of the board by:
Mr Elliott Davidson
Director
Company registration number: 06271310
Y Frame Discounts Limited
Notes to the financial statements
Year ended 30th June 2021
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
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
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
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at a revalued amount, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Combined other intangible assets - 10 % straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
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 - 2 % straight line
Fittings fixtures and equipment - 50 % reducing balance
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
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
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.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 8 (2020: 8 ).
5. Intangible assets
Other intangible assets Total
£ £
Cost
At 1st July 2020 - -
Additions 87,782 87,782
_______ _______
At 30th June 2021 87,782 87,782
_______ _______
Amortisation
At 1st July 2020 - -
Charge for the year 8,778 8,778
_______ _______
At 30th June 2021 8,778 8,778
_______ _______
Carrying amount
At 30th June 2021 79,004 79,004
_______ _______
At 30th June 2020 - -
_______ _______
6. Tangible assets
Freehold property Fixtures, fittings and equipment Motor vehicles Total
£ £ £ £
Cost
At 1st July 2020 178,162 21,978 - 200,140
Additions - 20,669 24,950 45,619
_______ _______ _______ _______
At 30th June 2021 178,162 42,647 24,950 245,759
_______ _______ _______ _______
Depreciation
At 1st July 2020 28,505 21,319 - 49,824
Charge for the year 3,563 10,676 6,238 20,477
_______ _______ _______ _______
At 30th June 2021 32,068 31,995 6,238 70,301
_______ _______ _______ _______
Carrying amount
At 30th June 2021 146,094 10,652 18,712 175,458
_______ _______ _______ _______
At 30th June 2020 149,657 659 - 150,316
_______ _______ _______ _______
7. Debtors
2021 2020
£ £
Other debtors 359,171 1,526
_______ _______
8. Creditors: amounts falling due within one year
2021 2020
£ £
Bank loans and overdrafts 302,064 8
Trade creditors 126,722 32,192
Corporation tax 44,008 17,418
Social security and other taxes 54,746 52,707
Other creditors 8,014 8,339
_______ _______
535,554 110,664
_______ _______
The bank loans are unsecured, are repayable by equal monthly instalments and are subject to variable interest rates of between 2.5% amd 15.5% per annum.
Other creditors include finance lease payments due within one year repayable by fixed monthly installments.
9. Creditors: amounts falling due after more than one year
2021 2020
£ £
Bank loans and overdrafts 85,741 -
Other creditors 9,363 -
_______ _______
95,104 -
_______ _______
The bank loans are unsecured, are repayable by equal monthly instalments and are subject to variable interest rates of between 2.5% amd 15.5% per annum.
Other creditors include finance lease payments due after more than one year repayable by fixed monthly installments.
10. Called up share capital
Issued, called up and fully paid
2021 2020
No £ No £
Ordinary shares shares of £ 1.00 each 2 2 2 2
_______ _______ _______ _______
11. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2021
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
Mr Elliott Davidson - 125,238 125,238
_______ _______ _______
2020
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
Mr Elliott Davidson - - -
_______ _______ _______
The loan was repaid in full within 9 months of the year end and interest is charged at the HMRC official rate on these loans.
12. Related party transactions
During the year the company entered into the following transactions with related parties:
Transaction value Balance owed by/(owed to)
2021 2020 2021 2020
£ £ £ £
ARB & Grounds Equipment Limited 89,950 - - -
Contrast Studio Ltd 231,188 - 231,188 -
_______ _______ _______ _______
During the year the company aquired fixed assets from ARB & Grounds Equipment Limited in the amount of £89,950. The company also made loans to Contrast Studio Ltd. Both companies are under the common control of Mr Elliott Davison.
13. Controlling party
The company is under the control of Mr Elliott Davidson by virtue of his majority shareholding.