Yoolow Potatoes Limited - Accounts to registrar (filleted) - small 18.2
Yoolow Potatoes Limited - Accounts to registrar (filleted) - small 18.2
| REGISTERED NUMBER: |
| UNAUDITED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 30 JUNE 2020 |
| FOR |
| YOOLOW POTATOES LIMITED |
| YOOLOW POTATOES LIMITED (REGISTERED NUMBER: SC295888) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| for the Year Ended 30 June 2020 |
| Page |
| Company Information | 1 |
| Statement of Financial Position | 2 |
| Notes to the Financial Statements | 3 |
| Report of the Accountants | 7 |
| YOOLOW POTATOES LIMITED |
| COMPANY INFORMATION |
| for the Year Ended 30 June 2020 |
| DIRECTORS: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Bankhead Drive |
| City South Office Park |
| Portlethen |
| Aberdeenshire |
| AB12 4XX |
| YOOLOW POTATOES LIMITED (REGISTERED NUMBER: SC295888) |
| STATEMENT OF FINANCIAL POSITION |
| 30 June 2020 |
| 2020 | 2019 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 4 |
| CURRENT ASSETS |
| Stocks |
| Debtors | 5 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 6 |
| NET CURRENT ASSETS/(LIABILITIES) | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year | 7 |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital |
| Revaluation reserve | 9 |
| Retained earnings | 9 | ( |
) |
| SHAREHOLDERS' FUNDS |
| 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. |
| 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 |
| YOOLOW POTATOES LIMITED (REGISTERED NUMBER: SC295888) |
| NOTES TO THE FINANCIAL STATEMENTS |
| for the Year Ended 30 June 2020 |
| 1. | STATUTORY INFORMATION |
| Yoolow Potatoes Limited is a |
| The presentation currency of the financial statements is the Pound Sterling (£). |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Turnover |
| Turnover represents net invoiced sales of goods and services net of value added tax and trade discounts. |
| Tangible fixed assets |
| Improvements to property | - |
| Plant and machinery | - |
| Computer equipment | - |
| The assets' residual values and useful lives are reviewed and adjusted, if appropriate, at the end of each reporting period. The effect of any change is accounted for prospectively. |
| Stocks |
| Stock is 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 statement of financial position date. |
| 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. |
| 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. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| YOOLOW POTATOES LIMITED (REGISTERED NUMBER: SC295888) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the Year Ended 30 June 2020 |
| 4. | TANGIBLE FIXED ASSETS |
| Improvements | Fixtures |
| to | Plant and | and |
| property | machinery | fittings |
| £ | £ | £ |
| COST |
| At 1 July 2019 |
| Additions |
| Disposals | ( |
) | ( |
) |
| At 30 June 2020 |
| DEPRECIATION |
| At 1 July 2019 |
| Charge for year |
| Eliminated on disposal | ( |
) | ( |
) |
| At 30 June 2020 |
| NET BOOK VALUE |
| At 30 June 2020 |
| At 30 June 2019 |
| Motor | Computer |
| vehicles | equipment | Totals |
| £ | £ | £ |
| COST |
| At 1 July 2019 |
| Additions |
| Disposals | ( |
) | ( |
) |
| At 30 June 2020 |
| DEPRECIATION |
| At 1 July 2019 |
| Charge for year |
| Eliminated on disposal | ( |
) | ( |
) |
| At 30 June 2020 |
| NET BOOK VALUE |
| At 30 June 2020 |
| At 30 June 2019 |
| In the year to 30 June 2009, potato boxes which are included in plant and machinery were revalued to £140,000 from a net book value of £50,000, cost of £100,000. Going forward these assets will not be depreciated. |
| 5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2020 | 2019 |
| £ | £ |
| Trade debtors |
| Other debtors |
| YOOLOW POTATOES LIMITED (REGISTERED NUMBER: SC295888) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the Year Ended 30 June 2020 |
| 6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2020 | 2019 |
| £ | £ |
| Bank loans and overdrafts |
| Hire purchase contracts |
| Trade creditors |
| Taxation and social security |
| Other creditors |
| 7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2020 | 2019 |
| £ | £ |
| Bank loans |
| Hire purchase contracts |
| Amounts falling due in more than five years: |
| Repayable by instalments |
| Bank loans more 5 yr by instal | 597,143 | 117,917 |
| 8. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| 2020 | 2019 |
| £ | £ |
| Bank overdraft |
| Bank loans |
| The loans and overdraft facility are secured by:- |
| a) Guarantee by Firm of D & M Stewart for £200,000 and relative interest; |
| b) Guarantee by the directors Mr D Y Stewart and Mrs A M Stewart for £333,000; |
| c) Guarantee by the directors Mr D Y Stewart and Mrs A M Stewart for £49,000; |
| d) First Standard Security over Holiday Chalets at Huntingtower Lodges, Huntingtower, by Perth; |
| e) First Standard Security over 1 Deer Park, Pitcairnfield, Almondbank, Perth; and |
| f) Bond & Floating Charge by Yoolow Potatoes Limited over its whole property and undertaking; |
| 9. | RESERVES |
| Retained | Revaluation |
| earnings | reserve | Totals |
| £ | £ | £ |
| At 1 July 2019 | 46,454 |
| Deficit for the year | ( |
) | ( |
) |
| At 30 June 2020 | ( |
) | 31,905 |
| YOOLOW POTATOES LIMITED (REGISTERED NUMBER: SC295888) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the Year Ended 30 June 2020 |
| 10. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
| The following advances and credits to directors subsisted during the years ended 30 June 2020 and 30 June 2019: |
| 2020 | 2019 |
| £ | £ |
| Balance outstanding at start of year | ( |
) | ( |
) |
| Amounts advanced |
| Amounts repaid | ( |
) | ( |
) |
| Amounts written off | - | - |
| Amounts waived | - | - |
| Balance outstanding at end of year | ( |
) | ( |
) |
| Balance outstanding at start of year | ( |
) | ( |
) |
| Amounts advanced |
| Amounts repaid | ( |
) | ( |
) |
| Amounts written off | - | - |
| Amounts waived | - | - |
| Balance outstanding at end of year | ( |
) | ( |
) |
| 11. | ULTIMATE CONTROLLING PARTY |
| The company is controlled by the directors, Mr D Y Stewart and Mrs A M Stewart, who, in aggregate, own 100% of the issued share capital. |
| YOOLOW POTATOES LIMITED |
| REPORT OF THE ACCOUNTANTS TO THE DIRECTORS OF |
| YOOLOW POTATOES LIMITED |
| The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Statement of Financial Position. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies. |
| As described on the Statement of Financial Position you are responsible for the preparation of the financial statements for the year ended 30 June 2020 set out on pages three to eight and you consider that the company is exempt from an audit. |
| In accordance with your instructions, we have compiled these unaudited financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and information and explanations supplied to us. |
| Bankhead Drive |
| City South Office Park |
| Portlethen |
| Aberdeenshire |
| AB12 4XX |