Yorkshire Apparel & Textile Co Ltd Accounts

YORKSHIRE APPAREL & TEXTILE CO.LIMITED - Company Information






Yorkshire Apparel & Textile Co Ltd
	Company No. 01003095
		Information for Filing with The Registrar
		31 December 2017

at	31 December 2017

Company No.		01003095	Notes	2017	2016
				£	£






Current assets
	Stocks		2	11,326	15,494
	Debtors		3	7,346	17,150

	Cash at bank and in hand			41,201	33,915
				59,873	66,559
Creditors: Amount falling due within one year			4	(34,121)	(48,939)
Net current assets				25,752	17,620
Total assets less current liabilities				25,752	17,620




Net assets				25,752	17,620

Capital and reserves
	Called up share capital			500	500



	Profit and loss account		5	25,252	17,120

Total equity				25,752	17,620


These accounts have been prepared in accordance with the special provisions applicable to companies subject to the small companies regime of the Companies Act 2006.
For the year ended 31 December 2017 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.

As permitted by section 444 (5A)of the Companies Act 2006 the directors have not delivered to the Registrar a copy of the company's profit and loss account.

Approved by the board on 21 September 2018

And signed on its behalf by:

H.A. Lorie
Director

for the year ended 31 December 2017

Accounting policies

Basis of preparation

The accounts have been prepared in accordance with FRS 102 - The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard) and the Companies Act 2006 . There were no material departures from that standard.

The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets and in accordance with the accounting policies set out below.

Turnover

Turnover is measured at the fair value of the consideration received or receivable. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Revenue from the sale of goods is recognised when all the following conditions are satisfied:
• the Company has transferred to the buyer the significant risks and rewards of ownership of the
goods;
• the Company retains neither continuing managerial involvement to the degree usually associated
with ownership nor effective control over the goods sold;
• the amount of revenue can be measured reliably;
• it is probable that the economic benefits associated with the transaction will flow to the Company;
and
• the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Specifically, revenue from the sale of goods is recognised when goods are delivered and legal title is passed.

Taxation

Income tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the profit and loss account because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The Company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable temporary differences. Deferred tax assets are generally recognised for all deductible timing differences to the extent that it is probable that taxable profits will be available against which those deductible temporary differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period.

Current or deferred tax for the year is recognised in profit or loss, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Costs, which comprise direct production costs, are based on the method most appropriate to the type of inventory class, but usually on a first-in-first-out basis. Overheads are charged to profit or loss as incurred. Net realisable value is based on the estimated selling price less any estimated completion or selling costs.

When stocks are sold, the carrying amount of those stocks is recognised as an expense in the period in which the related revenue is recognised. The amount of any write-down of stocks to net realisable value and all losses of stocks are recognised as an expense in the period in which the write-down or loss occurs. The amount of any reversal of any write-down of stocks is recognised as a reduction in the amount of inventories recognised as an expense in the period in which the reversal occurs.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method, less impairment losses for bad and doubtful debts.

Trade and other creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Foreign currencies

Transactions in currencies, other than the functional currency of the Company, are recorded at the rate of exchange on the date the transaction occurred. Monetary items denominated in other currencies are translated at the rate prevailing at the end of the reporting period. all differences are taken to the profit and loss account. Non-monetary items that are measured at historic cost in a foreign currency are not retranslated.

2	Stocks
			2017	2016
			£	£


		Finished goods	11,326	15,494
			11,326	15,494

3	Debtors
			2017	2016
			£	£
		Trade debtors	4,577	14,802
		Amounts owed by group undertakings	2,647	-


		VAT recoverable	122	2,348



			7,346	17,150

4	Creditors:
		amounts falling due within one year
			2017	2016
			£	£




		Trade creditors	960	166
		Amounts owed to group undertakings	9,851	9,851
		Corporation tax	1,938	-


		Other creditors	20,272	5,272
		Accruals and deferred income	1,100	33,650
			34,121	48,939

Reserves

Profit and loss account - includes all current and prior period retained profits and losses.

6	Related party disclosures
					2017	2016
		Transactions with related parties			£	£

		Name of related party	Blemann Investments Ltd


		Amount due from/(to) the related party			(9,851)	(9,851)



		Name of related party	Epicurean Food & Drink Corporation Ltd


		Amount due from/(to) the related party			2,647	-






































































































































































































































































































































		Controlling party
		Immediate controlling party		No single party controls the company.

Additional information

Its registered number is:

01003095

Its registered office is:

Blemann House

Unit 3 Clayton Wood Ind. Est

Clayton Wood Close

LS16 6QE