The Yellow Door (Portadown) Ltd
The Yellow Door (Portadown) Ltd
Registered number: NI047382
Unaudited Financial Statements
For The Year Ended 31 March 2017
Mary Mackle & Co
The Yellow Door (Portadown) Ltd
Unaudited Financial Statements
For The Year Ended 31 March 2017
Unaudited Financial Statements
| Contents | |
| Page | |
|---|---|
| Balance Sheet | 1—2 |
| Notes to the Financial Statements | 3—7 |
The Yellow Door (Portadown) Ltd
Balance Sheet
As at
31 March 2017
Balance Sheet
Registered number:
NI047382
For the year ending 31 March 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
| 2017 | 2016 | ||||
|---|---|---|---|---|---|
| Notes | £ | £ | £ | £ | |
| FIXED ASSETS | |||||
| Intangible Assets | 7 |
|
|
||
| Tangible Assets | 8 |
|
|
||
|
|
|
||||
| CURRENT ASSETS | |||||
| Stocks | 9 |
|
|
||
| Debtors | 10 |
|
|
||
| Cash at bank and in hand |
|
|
|||
|
|
|
||||
| Creditors: Amounts Falling Due Within One Year | 11 |
( |
( |
||
| NET CURRENT ASSETS (LIABILITIES) |
( |
|
|||
| TOTAL ASSETS LESS CURRENT LIABILITIES |
|
|
|||
| Creditors: Amounts Falling Due After More Than One Year | 12 |
( |
|
||
| PROVISIONS FOR LIABILITIES | |||||
| Deferred Taxation | 14 |
( |
( |
||
| NET ASSETS |
|
|
|||
| CAPITAL AND RESERVES | |||||
| Called up share capital | 15 |
|
|
||
| Profit and loss account |
|
|
|||
| SHAREHOLDERS' FUNDS | 452,937 | 408,270 | |||
Page 1
The Yellow Door (Portadown) Ltd
Balance Sheet (continued)
As at
31 March 2017
Director's responsibilities
-
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. -
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. -
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime. - The Company has taken advantage of Companies Act 2006 section 444(1) and opted not to file the Profit and Loss Account
On behalf of the board
|
|
|
|
The notes on pages 3 to 7 form part of these financial statements.
Page 2
The Yellow Door (Portadown) Ltd
Notes to the Unaudited Accounts
For The Year Ended 31 March 2017
Notes to the Unaudited Accounts
1.
Accounting Policies
1.1.
Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with the FRS 102 Section 1A Small Entities - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
1.2.
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
1.3.
Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to 31 March 2017 over its estimated economic life of 5 years.
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 of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
| Freehold |
|
| Motor Vehicles |
|
| Fixtures & Fittings |
|
| Computer Equipment |
|
1.5.
Leasing and Hire Purchase Contracts
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
1.6.
Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
1.7.
Deferred Taxation
The charge for taxation takes into account taxation deferred as a result of timing differences between the treatment of certain items for taxation and accounting purposes. In general, deferred taxation is recognised in respect of timing differences that have originated but not reversed at the balance sheet date. However, deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted. Deferred taxation is measured on a non-discounted basis at the tax rates that are expected to apply in periods in which the timing differences reverse, based on tax rates and the law enacted or substantively enacted at the balance sheet date.
1.8.
Registrar Filing Requirements
The company has taken advantage of Companies Act 2006 section 444(1) and opted not to file the profit and loss account, directors report, and notes to the financial statements relating to the profit and loss account. The notes which are not included have been hidden but original note numbering has remained the same for those that are present.
Page 3
The Yellow Door (Portadown) Ltd
Notes to the Unaudited Accounts (continued)
For The Year Ended 31 March 2017
4.
Average number of employees
Average number of employees, including directors, during the year was as follows:
| 2017 | 2016 | ||
|---|---|---|---|
| Office and administration |
|
|
|
| Sales, marketing and distribution |
|
|
|
| Manufacturing |
|
|
|
|
|
|
||
7.
Intangible Assets
| Goodwill | |||
|---|---|---|---|
| £ | |||
| Cost | |||
| As at |
|
||
| As at |
|
||
| Amortisation | |||
| As at |
|
||
| Provided during the period |
|
||
| As at |
|
||
| Net Book Value | |||
| As at |
|
||
| As at |
|
||
8.
Tangible Assets
| Land & Property | |||||
|---|---|---|---|---|---|
| Freehold | Motor Vehicles | Fixtures & Fittings | Computer Equipment | Total | |
| £ | £ | £ | £ | £ | |
| Cost | |||||
| As at |
|
|
|
|
|
| Additions |
|
|
|
|
|
| As at |
|
|
|
|
|
| Depreciation | |||||
| As at |
|
|
|
|
|
| Provided during the period |
|
|
|
|
|
| As at |
|
|
|
|
|
| Net Book Value | |||||
| As at |
|
|
|
|
|
| As at |
|
|
|
|
|
Page 4
The Yellow Door (Portadown) Ltd
Notes to the Unaudited Accounts (continued)
For The Year Ended 31 March 2017
Included above are assets held under finance leases or hire purchase contracts with a net book value as follows:
| 2017 | 2016 | ||
|---|---|---|---|
| £ | £ | ||
| Fixtures & Fittings |
|
|
|
| Motor Vehicles |
|
|
|
|
|
|
||
9.
Stocks
| 2017 | 2016 | ||
|---|---|---|---|
| £ | £ | ||
| Stock - materials and work in progress | 54,437 | 49,667 | |
|
|
|
||
10.
Debtors
| 2017 | 2016 | ||
|---|---|---|---|
| £ | £ | ||
| Due within one year | |||
| Trade debtors |
|
|
|
| Prepayments and accrued income |
|
|
|
| Other debtors |
|
|
|
| VAT |
|
- | |
| Director's loan account | - | 77,162 | |
|
|
|
||
11.
Creditors: Amounts Falling Due Within One Year
| 2017 | 2016 | ||
|---|---|---|---|
| £ | £ | ||
| Net obligations under finance lease and hire purchase contracts |
|
|
|
| Trade creditors |
|
|
|
| Bank loans and overdrafts |
|
|
|
| Corporation tax |
|
|
|
| Other taxes and social security |
|
|
|
| VAT | - |
|
|
| Other creditors |
|
|
|
| Accruals and deferred income |
|
|
|
| Director's loan account |
|
- | |
|
|
|
||
Page 5
The Yellow Door (Portadown) Ltd
Notes to the Unaudited Accounts (continued)
For The Year Ended 31 March 2017
12.
Creditors: Amounts Falling Due After More Than One Year
| 2017 | 2016 | ||
|---|---|---|---|
| £ | £ | ||
| Net obligations under finance lease and hire purchase contracts |
|
|
|
13.
Obligations Under Finance Leases and Hire Purchase
| 2017 | 2016 | ||
|---|---|---|---|
| £ | £ | ||
| The maturity of these amounts is as follows: | |||
| Amounts Payable: | |||
| Within one year |
|
|
|
| Between one and five years |
|
|
|
|
|
|
||
|
|
|
||
14.
Deferred Taxation
| 2017 | 2016 | ||
|---|---|---|---|
| £ | £ | ||
| As at |
|
|
|
| Deferred taxation |
|
|
|
| Deferred tax |
|
|
|
The provision for deferred taxation is made up of accelerated capital allowances
16.
Transactions With and Loans to Directors
Included within Creditors are the following loans from directors:
| As at |
Amounts advanced | Amounts repaid | As at |
|
|---|---|---|---|---|
| £ | £ | £ | £ | |
| Mr Simon Dougan |
( |
|
|
|
The above loan is unsecured, accrues interest and repayable on demand.
Page 6
The Yellow Door (Portadown) Ltd
Notes to the Unaudited Accounts (continued)
For The Year Ended 31 March 2017
17.
Dividends
| 2017 | 2016 | ||
|---|---|---|---|
| £ | £ | ||
| On equity shares: | |||
| Final dividend paid |
|
|
|
| 5,000 | 30,000 | ||
18.
Related Party Transactions
Simon Dougan
Director
The director received salary and pension contributions of £23,900, interest income of £1,000 and rents received from the company of £48,000 (2016: £48,000). During the year the company purchased a building from the director at open market value for consideration of £315,000.
Jillian Dougan
Company Secretary
Received a salary in her role as company secretary of £5,040 (2016: £5,040).
Yellow Door Kitchen Garden
Partnership includes the Director
Purchase of services to the value of £15,689 (2016: £7,464).
19.
Ultimate Controlling Party
The company's ultimate controlling party is Mr Simon Dougan by virtue of his ownership of 100% of the issued share capital in the company.
20.
General Information
The Yellow Door (Portadown) Ltd Registered number NI047382 is a limited by shares company incorporated in Northern Ireland. The Registered Office is 74 Woodhouse Street, Portadown, County Armagh, BT62 1JL.
Page 7