Yeshili Reflective Material Co Limited - Accounts to registrar (filleted) - small 18.2
Yeshili Reflective Material Co Limited - Accounts to registrar (filleted) - small 18.2
| REGISTERED NUMBER: |
| UNAUDITED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 MAY 2018 |
| 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 2018 |
| Page |
| Company Information | 1 |
| Statement of Financial Position | 2 |
| Notes to the Financial Statements | 3 |
| YESHILI REFLECTIVE MATERIAL CO LIMITED |
| COMPANY INFORMATION |
| for the Year Ended 31 May 2018 |
| 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 2018 |
| 2018 | 2017 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Intangible assets | 4 |
| Tangible assets | 5 |
| CURRENT ASSETS |
| Stocks | 6 |
| Debtors | 7 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 8 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT 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. |
| 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 Board of Directors on |
| YESHILI REFLECTIVE MATERIAL CO LIMITED (REGISTERED NUMBER: 05937861) |
| NOTES TO THE FINANCIAL STATEMENTS |
| for the Year Ended 31 May 2018 |
| 1. | STATUTORY INFORMATION |
| Yeshili Reflective Material Co Limited is a |
| Wales. The company's registered number and registered office address can be found on the Company |
| Information page. |
| 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 |
| 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 2018 |
| 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. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| 4. | INTANGIBLE FIXED ASSETS |
| Goodwill |
| £ |
| COST |
| At 1 June 2017 |
| and 31 May 2018 |
| AMORTISATION |
| At 1 June 2017 |
| Amortisation for year |
| At 31 May 2018 |
| NET BOOK VALUE |
| At 31 May 2018 |
| At 31 May 2017 |
| YESHILI REFLECTIVE MATERIAL CO LIMITED (REGISTERED NUMBER: 05937861) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the Year Ended 31 May 2018 |
| 5. | TANGIBLE FIXED ASSETS |
| Improvements | Fixtures |
| to | and | Motor | Computer |
| property | fittings | vehicles | equipment | Totals |
| £ | £ | £ | £ | £ |
| COST |
| At 1 June 2017 |
| Additions |
| Disposals | ( |
) | ( |
) |
| At 31 May 2018 |
| DEPRECIATION |
| At 1 June 2017 |
| Charge for year |
| Eliminated on disposal | ( |
) | ( |
) |
| At 31 May 2018 |
| NET BOOK VALUE |
| At 31 May 2018 |
| At 31 May 2017 |
| 6. | STOCKS |
| 2018 | 2017 |
| £ | £ |
| Items for resale |
| 7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2018 | 2017 |
| £ | £ |
| Trade debtors |
| Amount owed by associated undertakings | 297,815 | 297,815 |
| Prepayments |
| 8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2018 | 2017 |
| £ | £ |
| Trade creditors |
| Amounts owed to associated undertakings | 32,173 | - |
| Social security and other taxes |
| Directors' current accounts | 464,323 | 468,723 |
| Accrued expenses |
| Other loans | 524,741 | 607,136 |
| YESHILI REFLECTIVE MATERIAL CO LIMITED (REGISTERED NUMBER: 05937861) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the Year Ended 31 May 2018 |
| 9. | RELATED PARTY DISCLOSURES |
| The property from which the Company operates is occupied rent free by agreement with the landlord, Mr M J |
| Sharpe, a director and shareholder of Yeshili Reflective Material Co Limited. The rent and rates for the property |
| are being paid for by an associated company,who are joint tenants, with a recharge to Yeshili Reflective Material |
| Co Limited of £24,491 in respect of rates for the year (2017: £24,558). |
| Amounts owed by associated undertakings |
| At the year end the Company was owed £297,815 (2017: £297,815) from associated companies in which Mr D |
| Whelan, a Director of the Company, has a significant financial interest. |
| Amounts owed to associated undertakings |
| At the year end the Company owed £32,173 (2017: £Nil) to a company associated with Mr D Whelan, a Director |
| of the Company. |
| Other loan |
| An amount of £524,741 (2017: £607,136) remains owing at the year end to Mrs J Best, daughter of Mr D |
| Whelan and Mrs P M Whelan who are Directors of the Company. |