Yeshili Reflective Material Co Limited - Accounts to registrar (filleted) - small 23.2.5
Yeshili Reflective Material Co Limited - Accounts to registrar (filleted) - small 23.2.5
| REGISTERED NUMBER: |
| UNAUDITED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 MAY 2023 |
| FOR |
| YESHILI REFLECTIVE MATERIAL CO LIMITED |
| YESHILI REFLECTIVE MATERIAL CO LIMITED (REGISTERED NUMBER: 05937861) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| for the Year Ended 31 May 2023 |
| Page |
| Company Information | 1 |
| Statement of Financial Position | 2 |
| Notes to the Financial Statements | 4 |
| YESHILI REFLECTIVE MATERIAL CO LIMITED |
| COMPANY INFORMATION |
| for the Year Ended 31 May 2023 |
| DIRECTORS: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Chartered Accountants |
| Douglas Bank House |
| Wigan Lane |
| Wigan |
| Lancashire |
| WN1 2TB |
| BANKERS: |
| Victoria House |
| 6 Market Place |
| Wigan |
| Lancashire |
| WN1 1QS |
| YESHILI REFLECTIVE MATERIAL CO LIMITED (REGISTERED NUMBER: 05937861) |
| STATEMENT OF FINANCIAL POSITION |
| 31 May 2023 |
| 2023 | 2022 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Intangible assets | 4 |
| Tangible assets | 5 |
| CURRENT ASSETS |
| Stocks | 6 |
| Debtors | 7 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 8 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
9 |
| NET LIABILITIES | ( |
) | ( |
) |
| CAPITAL AND RESERVES |
| Called up share capital |
| Retained earnings | ( |
) | ( |
) |
| 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. |
| YESHILI REFLECTIVE MATERIAL CO LIMITED (REGISTERED NUMBER: 05937861) |
| STATEMENT OF FINANCIAL POSITION - continued |
| 31 May 2023 |
| 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 |
| YESHILI REFLECTIVE MATERIAL CO LIMITED (REGISTERED NUMBER: 05937861) |
| NOTES TO THE FINANCIAL STATEMENTS |
| for the Year Ended 31 May 2023 |
| 1. | STATUTORY INFORMATION |
| Yeshili Reflective Material Co Limited is a |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| 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 business in 2007, has been fully amortised over its estimated useful life of ten years. |
| 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. |
| YESHILI REFLECTIVE MATERIAL CO LIMITED (REGISTERED NUMBER: 05937861) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the Year Ended 31 May 2023 |
| 2. | ACCOUNTING POLICIES - continued |
| 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 |
| 4. | INTANGIBLE FIXED ASSETS |
| Goodwill |
| £ |
| COST |
| At 1 June 2022 |
| and 31 May 2023 |
| AMORTISATION |
| At 1 June 2022 |
| and 31 May 2023 |
| NET BOOK VALUE |
| At 31 May 2023 |
| At 31 May 2022 |
| YESHILI REFLECTIVE MATERIAL CO LIMITED (REGISTERED NUMBER: 05937861) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the Year Ended 31 May 2023 |
| 5. | TANGIBLE FIXED ASSETS |
| Improvements | Fixtures |
| to | and | Computer |
| property | fittings | equipment | Totals |
| £ | £ | £ | £ |
| COST |
| At 1 June 2022 |
| Disposals | ( |
) | ( |
) | ( |
) | ( |
) |
| At 31 May 2023 |
| DEPRECIATION |
| At 1 June 2022 |
| Eliminated on disposal | ( |
) | ( |
) | ( |
) | ( |
) |
| At 31 May 2023 |
| NET BOOK VALUE |
| At 31 May 2023 |
| At 31 May 2022 |
| 6. | STOCKS |
| 2023 | 2022 |
| £ | £ |
| Items for resale |
| 7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2023 | 2022 |
| £ | £ |
| Trade debtors |
| Other debtors |
| Prepayments |
| 8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2023 | 2022 |
| £ | £ |
| Trade creditors |
| Amounts owed to associated undertakings | 44,801 | 44,801 |
| Social security and other taxes |
| Accrued expenses |
| 9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2023 | 2022 |
| £ | £ |
| Other loan |
| Directors loans | 452,863 | 452,863 |
| YESHILI REFLECTIVE MATERIAL CO LIMITED (REGISTERED NUMBER: 05937861) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the Year Ended 31 May 2023 |
| 10. | RELATED PARTY DISCLOSURES |
| Amounts owed to associated undertakings |
| At the year end the Company owed £44,801 (2022: £44,801) to a company associated with Mr D Whelan, a Director of the Company. |
| Other loan |
| An amount of £515,692 (2022: £515,692) remains owing at the year end to Mrs J Best, the wife of a director of the Company. |