Y_AND_L_PRODUCTS_LTD - Accounts

Y & L PRODUCTS LTD - Company Information

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Company Registration No. 05577884 (England and Wales)

Y AND L PRODUCTS LTD

UNAUDITED ABBREVIATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2015

Y AND L PRODUCTS LTD

CONTENTS

Page

Abbreviated balance sheet

Notes to the abbreviated accounts

2 - 3

Y AND L PRODUCTS LTD

ABBREVIATED BALANCE SHEET

AS AT

31 MARCH 2015

- 1 -

2015

2014

Notes

Fixed assets

Tangible assets

10,347

13,796

Current assets

Stocks

1,500

1,575

Debtors

31,463

14,149

Cash at bank and in hand

4,602

12,344

37,565

28,068

Creditors: amounts falling due within one year

(77,176)

(87,946)

Net current liabilities

(39,611)

(59,878)

Total assets less current liabilities

(29,264)

(46,082)

Capital and reserves

Called up share capital

Profit and loss account

(29,265)

(46,083)

Shareholders' funds

(29,264)

(46,082)

For the financial year ended 31 March 2015 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.

These abbreviated financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.

Approved by the Board for issue on 26 October 2015

Mr K P Metcalfe

Director

Company Registration No. 05577884

Y AND L PRODUCTS LTD

NOTES TO THE ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 31 MARCH 2015

- 2 -

Accounting policies

1.1

Accounting convention

The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).

Due to the continued financial support of the director, it is considered appropriate to prepare the accounts on a going concern basis.

1.2

Compliance with accounting standards

The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently (except as otherwise stated).

1.3

Turnover

Turnover represents amounts receivable for goods and services net of VAT and trade discounts.

1.4

Tangible fixed assets and depreciation

Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:

Plant and machinery

25% reducing balance

Fixed assets

Tangible assets

Cost

At 1 April 2014 & at 31 March 2015

33,850

Depreciation

At 1 April 2014

20,054

Charge for the year

3,449

At 31 March 2015

23,503

Net book value

At 31 March 2015

10,347

At 31 March 2014

13,796

Share capital

2015

2014

Allotted, called up and fully paid

1 Ordinary of £1 each

Related party relationships and transactions

Y AND L PRODUCTS LTD

NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2015

Related party relationships and transactions

(Continued)

- 3 -

Directors Loan

The director has provided the company with working capital in the form of an interest free loan. As at 31st March 2015, and included within 'Creditors: amounts due within one year ' is a loan amounting to £66,905 (2014: £73,925).

Other Transactions with Director

During the year the company paid W Metcalfe & Sons Limited £21,947 (2014: £44,059) for haulage & management services provided. This was on a normal commercial basis. Mr K P Metcalfe is the sole director and shareholder of W Metcalfe & Sons Limited.