Yatsden Limited - Period Ending 2017-02-28

Registration number: 3642203

Yatsden Limited

Unaudited Financial Statements

for the Year Ended 28 February 2017

Yatsden Limited

Contents

Statement of Financial Position	1 to 2
Notes to the Financial Statements	3 to 6

Yatsden Limited

(Registration number: 3642203)
Statement of Financial Position as at 28 February 2017

	Note	2017 £	(As restated) 2016 £
Fixed assets
Tangible assets	3	10,575	12,766
Investment property	4	3,349,950	3,349,950
		3,360,525	3,362,716
Current assets
Debtors	5	2,745	2,619
Cash at bank and in hand		55,226	119,776
		57,971	122,395
Creditors: Amounts falling due within one year	6	(53,073)	(77,180)
Net current assets		4,898	45,215
Total assets less current liabilities		3,365,423	3,407,931
Creditors: Amounts falling due after more than one year	6	(2,918,056)	(2,976,056)
Net assets		447,367	431,875
Capital and reserves
Called up share capital		1	1
Fair value reserve		1,110,073	1,110,073
Profit and loss account		(662,707)	(678,199)
Total equity		447,367	431,875

For the financial year ending 28 February 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

















 

The notes on pages 3 to 6 form an integral part of these financial statements.

Page 1

Yatsden Limited

(Registration number: 3642203)
Statement of Financial Position as at 28 February 2017

Director's responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Income Statement has been taken.

Approved and authorised by the director on 7 November 2017
 

.........................................

Mrs D J Miller

Director

The notes on pages 3 to 6 form an integral part of these financial statements.

Page 2

Yatsden Limited

Notes to the Financial Statements for the Year Ended 28 February 2017

1	General information

The company is a private company limited by share capital incorporated in England and Wales.

The address of its registered office is:
Unit 169, Lomeshaye Business Village
Turner Road
Nelson
Lancashire
BB9 7DR

These financial statements were authorised for issue by the director on 7 November 2017.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Judgements

The director has used her judgement in estimating the useful lives of assets. This has led to the depreciation methods adopted in the Financial Statements that are summarised below.

Key sources of estimation uncertainty

The director is of the opinion that there are no key items of estimation uncertainty within these Financial Statements. The carrying amount is £Nil (2016 -£Nil).

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Page 3

Yatsden Limited

Notes to the Financial Statements for the Year Ended 28 February 2017

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is provided on tangible fixed assets so as to write off te cost or valuation, less any estimated residual value, over their estimated useful economic lives, as follows:

Asset class	Depreciation method and rate
Furniture and fittings	15% reducing balance
Office and equipment	33% reducing balance

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Financial instruments

Recognition and measurement
A financial asset or a financial liability is recognised only when the entity 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.

 Impairment
For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics.

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.

 

Page 4

Yatsden Limited

Notes to the Financial Statements for the Year Ended 28 February 2017

3	Tangible assets

	Furniture, fittings and equipment  £	Total £
Cost or valuation
At 1 March 2016	100,026	100,026
At 28 February 2017	100,026	100,026
Depreciation
At 1 March 2016	87,260	87,260
Charge for the year	2,191	2,191
At 28 February 2017	89,451	89,451
Carrying amount
At 28 February 2017	10,575	10,575
At 29 February 2016	12,766	12,766

4	Investment properties

	2017 £
At 1 March	3,349,950
At 28 February	3,349,950

The investment properties class of fixed assets was revalued on 29 February 2016 by Chamberlain Evans Estate Agents who are external to the company. The basis of this valuation was open market value. This class of assets has a current value of £3,349,950 (2016: £3,349,950). The director has adopted this valuation as the fair value of the property as at 28 February 2017.

5

Debtors

	2017 £	2016 £
Trade debtors	300	300
Other debtors	2,445	2,319
Total current trade and other debtors	2,745	2,619

 

Page 5

Yatsden Limited

Notes to the Financial Statements for the Year Ended 28 February 2017

6

Creditors

	Note	2017 £	2016 £
Due within one year
Trade creditors		-	118
Other creditors		53,073	77,062
		53,073	77,180
Due after one year
Loans and borrowings	7	2,918,056	2,976,056

7	Loans and borrowings

	2017 £	2016 £
Non-current loans and borrowings
Other borrowings	2,918,056	2,976,056

8	Related party transactions

Summary of transactions with other related parties

In the opinion of the director all transactions with Related Parties have been conducted at an arms length basis and as such no specific disclosures are required under Financial Reporting Standard 102 Section 1A.
 

9	Transition to FRS 102

These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 March 2015.

Upon transition the balance on the revaluation reserve of £517,142 was transferred to the fair value reserve.

Page 6