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Unaudited Financial Statements for the Year Ended 31 August 2020 |
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Yellow Mountain Property Ltd |
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Unaudited Financial Statements for the Year Ended 31 August 2020 |
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for |
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Yellow Mountain Property Ltd |
Yellow Mountain Property Ltd (Registered number: 05902629) |
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Contents of the Financial Statements |
for the Year Ended 31 August 2020 |
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Page |
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Company Information | 1 |
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Chartered Certified Accountants' Report | 2 |
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Balance Sheet | 3 |
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Notes to the Financial Statements | 5 |
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Yellow Mountain Property Ltd |
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Company Information |
for the Year Ended 31 August 2020 |
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DIRECTOR: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Suite B, Montana Suites |
Galley House |
Moon Lane |
High Barnet |
Herefordshire |
EN5 5YL |
Chartered Certified Accountants' Report to the Director |
on the Unaudited Financial Statements of |
Yellow Mountain Property Ltd |
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The following reproduces the text of the report prepared for the director in |
respect of the company's annual unaudited financial statements. In accordance |
with the Companies Act 2006, the company is only required to file a Balance |
Sheet. Readers are cautioned that the Income Statement and certain other primary |
statements and the Report of the Director are not required to be filed with the |
Registrar of Companies. |
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In order to assist you to fulfil your duties under the Companies Act 2006, we |
have prepared for your approval the financial statements of Yellow Mountain |
Property Ltd for the year ended 31 August 2020 which comprise the Income |
Statement, Balance Sheet and the related notes from the company's accounting |
records and from information and explanations you have given us. |
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As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/rulebook. |
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This report is made solely to the director of Yellow Mountain Property Ltd in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Yellow Mountain Property Ltd and state those matters that we have agreed to state to the director of Yellow Mountain Property Ltd in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/factsheet163. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its director for our work or for this report. |
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It is your duty to ensure that Yellow Mountain Property Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Yellow Mountain Property Ltd. You consider that Yellow Mountain Property Ltd is exempt from the statutory audit requirement for the year. |
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We have not been instructed to carry out an audit or a review of the financial statements of Yellow Mountain Property Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements. |
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Suite B, Montana Suites |
Galley House |
Moon Lane |
High Barnet |
Herefordshire |
EN5 5YL |
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Yellow Mountain Property Ltd (Registered number: 05902629) |
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Balance Sheet |
31 August 2020 |
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31.8.20 | 31.8.19 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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Investment property | 5 |
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CURRENT ASSETS |
Cash at bank |
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CREDITORS |
Amounts falling due within one
year |
6 |
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NET CURRENT LIABILITIES | ( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more
than one year |
7 |
( |
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( |
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PROVISIONS FOR LIABILITIES | ( |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital |
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Fair value reserve | 9 |
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Retained earnings |
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The director acknowledges his 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. |
Yellow Mountain Property Ltd (Registered number: 05902629) |
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Balance Sheet - continued |
31 August 2020 |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the director and authorised for issue
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Yellow Mountain Property Ltd (Registered number: 05902629) |
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Notes to the Financial Statements |
for the Year Ended 31 August 2020 |
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1. | STATUTORY INFORMATION |
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Yellow Mountain Property Ltd is a
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registered in England and Wales. The company's registered number and |
registered office address can be found on the Company Information page. |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Turnover |
Turnover is measured at the fair value of the consideration received or |
receivable, excluding discounts, rebates, value added tax and other sales |
taxes. |
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Tangible fixed assets |
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Plant and machinery etc | - |
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Investment property |
Investment property is shown at most recent valuation. Any aggregate |
surplus or deficit arising from changes in fair value is recognised in |
profit or loss. |
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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. |
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Current or deferred taxation assets and liabilities are not discounted. |
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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. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have |
originated but not reversed at the balance sheet date. |
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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. |
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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. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was NIL (2019 - NIL). |
Yellow Mountain Property Ltd (Registered number: 05902629) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 August 2020 |
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4. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
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COST |
At 1 September 2019 |
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Disposals | ( |
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At 31 August 2020 |
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DEPRECIATION |
At 1 September 2019 |
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Eliminated on disposal | ( |
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At 31 August 2020 |
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NET BOOK VALUE |
At 31 August 2020 |
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At 31 August 2019 |
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5. | INVESTMENT PROPERTY |
Total |
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FAIR VALUE |
At 1 September 2019 |
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Revaluations | 94,000 |
At 31 August 2020 |
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NET BOOK VALUE |
At 31 August 2020 |
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At 31 August 2019 |
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Fair value at 31 August 2020 is represented by: |
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Valuation in 2018 | 880,000 |
Valuation in 2019 | 60,000 |
Valuation in 2020 | 94,000 |
1,034,000 |
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If Investment property had not been revalued it would have been included at |
the following historical cost: |
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31.8.20 | 31.8.19 |
£ | £ |
Cost | 512,548 | 512,548 |
Aggregate depreciation | (51,608 | ) | (46,386 | ) |
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Investment property was valued on an open market basis on 31 August 2020 by |
the director Mr D Gordon . |
Yellow Mountain Property Ltd (Registered number: 05902629) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 August 2020 |
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6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.8.20 | 31.8.19 |
£ | £ |
Bank loans and overdrafts |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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7. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
31.8.20 | 31.8.19 |
£ | £ |
Bank loans |
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Amounts falling due in more than five years: |
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Repayable by instalments |
Bank loans more 5 yr by instal | 154,000 | 154,000 |
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8. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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31.8.20 | 31.8.19 |
£ | £ |
Bank loans |
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The liability is secured by a legal charge in favour of the company's |
bankers which grants a fixed and floating charge over all the assets of the |
company. |
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9. | RESERVES |
Fair |
value |
reserve |
£ |
At 1 September 2019 |
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Reserve transfer | 78,020 |
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At 31 August 2020 |
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10. | RELATED PARTY DISCLOSURES |
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The company's shareholders have loaned the company an amount of £162,157 |
which is repayable on demand. A further £20,000 was loaned to the company |
by a close family member which is also repayable on demand. |
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The company owes an amount of £79,525 at the year end to another company in |
which the shareholders also have an equity interest for work done. |