York Barbell (U.K.) Limited - Accounts to registrar (filleted) - small 18.2
York Barbell (U.K.) Limited - Accounts to registrar (filleted) - small 18.2
REGISTERED NUMBER: |
Financial Statements |
for the Year Ended 28 February 2022 |
for |
York Barbell (U.K.) Limited |
York Barbell (U.K.) Limited (Registered number: 01491442) |
Contents of the Financial Statements |
for the Year Ended 28 February 2022 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
York Barbell (U.K.) Limited |
Company Information |
for the Year Ended 28 February 2022 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
63 Broad Green |
Wellingborough |
Northamptonshire |
NN8 4LQ |
BANKERS: |
St Clair House |
5 Old Bedford Road |
Northampton |
NN4 7AA |
York Barbell (U.K.) Limited (Registered number: 01491442) |
Balance Sheet |
28 February 2022 |
2022 | 2021 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 5 |
Tangible assets | 6 |
CURRENT ASSETS |
Stocks |
Debtors | 7 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 8 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
PROVISIONS FOR LIABILITIES |
NET (LIABILITIES)/ASSETS | ( |
) |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) |
In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered. |
The financial statements were approved by the director and authorised for issue on |
York Barbell (U.K.) Limited (Registered number: 01491442) |
Notes to the Financial Statements |
for the Year Ended 28 February 2022 |
1. | STATUTORY INFORMATION |
York Barbell (U.K.) Limited is a |
2. | STATEMENT OF COMPLIANCE |
3. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Going Concern |
The director has received assurances from the ultimate beneficial owners that support will be provided as needed to ensure the operation existence for the foreseeable future, not less than 12 months from the date of approval of these financial statements. Following the death of Mr W F Irvine, current management are assessing various options on how best to take forward the company and return it to profit, |
Revenue |
Turnover represents net amounts invoiced during the year for goods, excluding value added tax. |
Tangible fixed assets |
Land and buildings | - |
Plant and machinery etc | - |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. Net realisable value is based on selling price less anticipated costs to completion and selling costs. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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. |
York Barbell (U.K.) Limited (Registered number: 01491442) |
Notes to the Financial Statements - continued |
for the Year Ended 28 February 2022 |
3. | ACCOUNTING POLICIES - continued |
Foreign currencies |
Transactions in foreign currencies are translated into sterling at the exchange ruling at the date of transaction. Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rates prevailing on the date when the fair value was determined. Non-monetary items that are measured at historical cost in a foreign currency are not retranslated. |
Exchange differences arising on the settlement of monetary items and on the retranslation of monetary items are taken to the profit and loss account. Exchange differences arising on non-monetary items, carried at fair value, are included in the profit and loss account, except for the differences arising on the retranslation of non-monetary items in respect of which gains and losses are recorded in equity. For such non-monetary items, any exchange component of that gain or loss is also recognised directly in equity. |
Operating leasing commitments |
Rentals applicable to operating leases where substantially all fo the benefits and risks of ownership remain with the lessor are charged against profits on a straight line basis over the period of the lease. |
Pension costs and other post-retirement 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. |
Financial instruments |
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets if the company after deducting all of its liabilities. |
Trade and other debtors |
Trade and other debtors are recognised and carried forward at invoiced amounts less provisions for any doubtful debts. Bad debts are written off when identified. |
Interest-bearing loans borrowings |
All loans and borrowings are recognised initially at cost, which is the fair value of the consideration received, net of issue costs associated with the borrowing. |
After initial recognition, interest-bearing loans and borrowings are measured at amortised cost using the effective interest method. Gains and losses are recognised in the profit and loss account when liabilities are derecognised or impaired as well as through the amortisation process. |
4. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
York Barbell (U.K.) Limited (Registered number: 01491442) |
Notes to the Financial Statements - continued |
for the Year Ended 28 February 2022 |
5. | INTANGIBLE FIXED ASSETS |
Other |
intangible |
assets |
£ |
COST |
At 1 March 2021 |
and 28 February 2022 |
AMORTISATION |
At 1 March 2021 |
and 28 February 2022 |
NET BOOK VALUE |
At 28 February 2022 |
At 28 February 2021 |
6. | TANGIBLE FIXED ASSETS |
Plant and |
Land and | machinery |
buildings | etc | Totals |
£ | £ | £ |
COST |
At 1 March 2021 |
Additions |
Disposals | ( |
) | ( |
) |
At 28 February 2022 |
DEPRECIATION |
At 1 March 2021 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 28 February 2022 |
NET BOOK VALUE |
At 28 February 2022 |
At 28 February 2021 |
7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2022 | 2021 |
£ | £ |
Trade debtors |
Other debtors |
York Barbell (U.K.) Limited (Registered number: 01491442) |
Notes to the Financial Statements - continued |
for the Year Ended 28 February 2022 |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2022 | 2021 |
£ | £ |
Trade creditors |
Taxation and social security | ( |
) |
Other creditors |
9. | FINANCIAL INSTRUMENTS |
The company holds or issues financial instruments in order to achieve three main objectives, being: |
(a) to finance its operations. |
(b) to manage its exposure to interest and currency risks arising from its operations and from its sources of finance; and |
(c) for trading purposes. |
In addition, various financial instruments (e.g. trade debtors, trade creditors, accruals and prepayments) arise directly from the company's operations. |
Transactions in financial instruments result in the company assuming or transferring to another party one or more of the financial risks described below. |
Interest rate risk |
The company finances its operations through a mixture of cash reserves and loans. |
Credit risk |
The company's principal financial assets are cash held by the company's bankers. The principal credit risk arises from its trade debtors. In order to manage credit risk the director sets limits for customers based on a combination of payment history and trade references. Credit limits are reviewed on a regular basis. |
Liquidity risk |
The company seeks to manage financial risk by ensuring sufficient liquidity is available to meet foreseeable needs to invest cash assets safely and profitably. |
Currency risk |
The company is exposed to foreign exchange risk and includes a margin for exchange fluctuations in its pricing. It also reviews currency movements on a regular basis and hedges. |
10. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
11. | CONTINGENT LIABILITIES |
HSBC Bank plc provide a guarantee to HMRC on behalf of the company in order to enable operation of a duty deferment account. The amount guaranteed is £50,000 (2021- £50,000). The guarantee is secured by a counter indemnity over the company's cash deposits. |
York Barbell (U.K.) Limited (Registered number: 01491442) |
Notes to the Financial Statements - continued |
for the Year Ended 28 February 2022 |
12. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
The following advances and credits to a director subsisted during the years ended 28 February 2022 and 28 February 2021: |
2022 | 2021 |
£ | £ |
Balance outstanding at start of year |
Amounts advanced |
Amounts repaid | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
13. | RELATED PARTY DISCLOSURES |
The company owes £5,104,753 (2021 - £5,865,880) to companies which it shares common shareholders and directors. This loan is provided interest free and is repayable on demand. |
14. | ULTIMATE CONTROLLING PARTY |
The ultimate controlling party is the estate of Mr W F Irvine. |