York Barbell (U.K.) Limited - Accounts to registrar (filleted) - small 18.2
York Barbell (U.K.) Limited - Accounts to registrar (filleted) - small 18.2
REGISTERED NUMBER: |
Financial Statements |
for the Year Ended 28 February 2018 |
for |
York Barbell (U.K.) Limited |
York Barbell (U.K.) Limited (Registered number: 01491442) |
Contents of the Financial Statements |
for the Year Ended 28 February 2018 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
York Barbell (U.K.) Limited |
Company Information |
for the Year Ended 28 February 2018 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
63 Broad Green |
Wellingborough |
Northamptonshire |
NN8 4LQ |
BANKERS: |
St Clair House |
5 Old Bedford Road |
Northampton |
NN4 7AA |
York Barbell (U.K.) Limited (Registered number: 01491442) |
Balance Sheet |
28 February 2018 |
2018 | 2017 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 5 |
Tangible assets | 6 |
CURRENT ASSETS |
Stocks |
Debtors | 7 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 8 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES |
NET LIABILITIES | ( |
) | ( |
) |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered. |
The financial statements were approved by the director on |
York Barbell (U.K.) Limited (Registered number: 01491442) |
Notes to the Financial Statements |
for the Year Ended 28 February 2018 |
1. | STATUTORY INFORMATION |
York Barbell (U.K.) Limited is a |
The company's registered number and registered office address can be found on the Company |
Information page. |
2. | STATEMENT OF COMPLIANCE |
3. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Going Concern |
After reviewing the Company's forecasts and projections, the Director has a reasonable expectation |
that the Company has adequate resources to continue in operational existence for the foreseeable |
future. The company therefore continues to adopt the going concern basis in preparing its financial |
statements. |
The director has provided assurances to the company of continued financial support for at least 12 |
months from the date of approval of these financial statements |
Revenue |
Turnover represents net amounts invoiced during the year for goods, excluding value added tax. |
Tangible fixed assets |
Land and buildings | - |
Plant and machinery etc | - |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for |
obsolete and slow moving items. Net realisable value is based on selling price less anticipated costs to |
completion and selling costs. |
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 or deferred taxation assets and liabilities are not discounted. |
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 balance sheet date. |
York Barbell (U.K.) Limited (Registered number: 01491442) |
Notes to the Financial Statements - continued |
for the Year Ended 28 February 2018 |
3. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at |
the balance sheet 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 |
Transactions in foreign currencies are translated into sterling at the exchange ruling at the date of |
transaction. Monetary assets and liabilities denominated in foreign currencies are translated into |
sterling at the rates of exchange ruling at the balance sheet date. Non-monetary items carried at fair |
value that are denominated in foreign currencies are retranslated at the rates prevailing on the date |
when the fair value was determined. Non-monetary items that are measured at historical cost in a |
foreign currency are not retranslated. |
Exchange differences arising on the settlement of monetary items and on the retranslation of monetary |
items are taken to the profit and loss account. Exchange differences arising on non-monetary items, |
carried at fair value, are included in the profit and loss account, except for the differences arising on |
the retranslation of non-monetary items in respect of which gains and losses are recorded in equity. |
For such non-monetary items, any exchange component of that gain or loss is also recognised directly |
in equity. |
Pension costs and other post-retirement 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. |
Financial instruments |
Financial instruments are classified and accounted for, according to the substance of the contractual |
arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument |
is any contract that evidences a residual interest in the assets if the company after deducting all of its |
liabilities. |
Trade and other debtors |
Trade and other debtors are recognised and carried forward at invoiced amounts less provisions for |
any doubtful debts. Bad debts are written off when identified. |
Interest-bearing loans borrowings |
All loans and borrowings are recognised initially at cost, which is the fair value of the consideration |
received, net of issue costs associated with the borrowing. |
After initial recognition, interest-bearing loans and borrowings are measured at amortised cost using |
the effective interest method. Gains and losses are recognised in the profit and loss account when |
liabilities are derecognised or impaired as well as through the amortisation process. |
4. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
York Barbell (U.K.) Limited (Registered number: 01491442) |
Notes to the Financial Statements - continued |
for the Year Ended 28 February 2018 |
5. | INTANGIBLE FIXED ASSETS |
Other |
intangible |
assets |
£ |
COST |
At 1 March 2017 |
and 28 February 2018 |
AMORTISATION |
At 1 March 2017 |
and 28 February 2018 |
NET BOOK VALUE |
At 28 February 2018 |
At 28 February 2017 |
6. | TANGIBLE FIXED ASSETS |
Plant and |
Land and | machinery |
buildings | etc | Totals |
£ | £ | £ |
COST |
At 1 March 2017 |
and 28 February 2018 |
DEPRECIATION |
At 1 March 2017 |
Charge for year |
At 28 February 2018 |
NET BOOK VALUE |
At 28 February 2018 |
At 28 February 2017 |
7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2018 | 2017 |
£ | £ |
Trade debtors |
Other debtors |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2018 | 2017 |
£ | £ |
Trade creditors |
Taxation and social security |
Other creditors |
York Barbell (U.K.) Limited (Registered number: 01491442) |
Notes to the Financial Statements - continued |
for the Year Ended 28 February 2018 |
9. | FINANCIAL INSTRUMENTS |
The company holds or issues financial instruments in order to achieve three main objectives, being: |
(a) to finance its operations. |
(b) to manage its exposure to interest and currency risks arising from its operations and from its |
sources of finance; and |
(c) for trading purposes. |
In addition, various financial instruments (e.g. trade debtors, trade creditors, accruals and |
prepayments) arise directly from the company's operations. |
Transactions in financial instruments result in the company assuming or transferring to another party |
one or more of the financial risks described below. |
Interest rate risk |
The company finances its operations through a mixture of cash reserves and loans. |
Credit risk |
The company's principal financial assets are cash held by the company's bankers. The principal credit |
risk arises from its trade debtors. In order to manage credit risk the director sets limits for customers |
based on a combination of payment history and trade references. Credit limits are reviewed on a |
regular basis. |
Liquidity risk |
The company seeks to manage financial risk by ensuring sufficient liquidity is available to meet |
foreseeable needs to invest cash assets safely and profitably. |
Currency risk |
The company is exposed to foreign exchange risk and includes a margin for exchange fluctuations in |
its pricing. It also reviews currency movements on a regular basis and hedges. |
10. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
11. | CONTINGENT LIABILITIES |
HSBC Bank plc provide a guarantee to HMRC on behalf of the company in order to enable operation |
of a duty deferment account. The amount guaranteed is £50,000 (2014 - £50,000). The guarantee is |
secured by a counter indemnity over the company's cash deposits. |
York Barbell (U.K.) Limited (Registered number: 01491442) |
Notes to the Financial Statements - continued |
for the Year Ended 28 February 2018 |
12. | RELATED PARTY DISCLOSURES |
The company owes £5,865,701 (2017 £5,865,697) to a company which it shares common |
shareholders and directors. This loan is provided interest free and is repayable on demand. |
During the year the company made purchase of £434,271 (2017 - £290,980) and was charged |
management fees of £64,397 (2017 - £209,564) from companies under the control of the director. At |
the year end the company owed these companies £479,486 (2017 - £Nil) |
The director loaned the company £11,300 (2017 - Nil) which was outstanding at the year end, the loan |
is interest free and repayable on demand. |
13. | ULTIMATE CONTROLLING PARTY |
The ultimate controlling party is |