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REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 30 NOVEMBER 2018 |
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YPG PROJECT LTD |
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REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 30 NOVEMBER 2018 |
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FOR |
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YPG PROJECT LTD |
YPG PROJECT LTD (REGISTERED NUMBER: 05987108) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 NOVEMBER 2018 |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 4 |
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YPG PROJECT LTD |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 30 NOVEMBER 2018 |
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DIRECTOR: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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YPG PROJECT LTD (REGISTERED NUMBER: 05987108) |
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BALANCE SHEET |
30 NOVEMBER 2018 |
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2018 | 2017 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 3 |
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CURRENT ASSETS |
Stocks |
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Debtors | 4 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 5 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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PROVISIONS FOR LIABILITIES |
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NET ASSETS |
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RESERVES |
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. |
YPG PROJECT LTD (REGISTERED NUMBER: 05987108) |
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BALANCE SHEET - continued |
30 NOVEMBER 2018 |
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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 on
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YPG PROJECT LTD (REGISTERED NUMBER: 05987108) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 NOVEMBER 2018 |
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1. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Significant judgements and estimates |
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to |
accounting estimates are recognised in the period in which the estimate is revised if the revision |
effects only that period, or in the period of revision and future periods if the revision effects both current |
and future periods. |
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In preparing these financial statements, the director has made the following judgements: |
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The company reviews the carrying value of all assets for indications of impairment at each period. If |
indicators of impairment exist, the carrying value of the asset is subject to further testing to determine |
whether its carrying value exceeds its recoverable amount. This process will usually involve the |
estimation of future cash flows which are likely to be generated by the asset. |
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A provision is recognised when the company has a present legal or constructive obligation as a result |
of a past event for which it is probable that an outflow of resources will be required to settle the |
obligation and the amount can be reliably estimated. If the effect is material, provisions are determined |
by discounting the expected future cash flows at a rate that reflects the time value of money and the |
risk specific to the liability. |
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Whether a present obligation is probable or not requires judgement. The nature and type of risks for |
these provisions differ and management's judgement is applied regarding the nature and extent of |
obligations in deciding if an outflow of resources is probable or not. |
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The director has reviewed the asset lives and associated residual values of all fixed assets classes. In |
re-assessing asset lives, factors such as technological innovation, product life cycles and maintenance |
programmes are taken into account. Residual value assessments consider issues such as future |
market conditions, the remaining life of the asset and projects disposal values. |
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The director does not believe there to be any significant estimates made in the preparation of these |
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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Freehold property | - |
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Fixtures and fittings | - |
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Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for |
obsolete and slow moving items. |
YPG PROJECT LTD (REGISTERED NUMBER: 05987108) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 NOVEMBER 2018 |
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1. | ACCOUNTING POLICIES - continued |
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Financial instruments |
(i) Cash and cash equivalents |
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Cash and cash equivalents are basic financial instruments and include cash in hand, deposits held at |
call with banks, other short-term liquid investments with original maturities of three months or less, and |
bank overdrafts. |
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(ii) Financial assets and liabilities |
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All financial assets and liabilities are recognised when the company becomes party to the contractual |
provisions of the instrument. |
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Financial liabilities and equity instruments are classified according to the substance of the contractual |
arrangements entered into. An equity instrument is any contract that evidences a residual interest in |
the assets of the company after deducting all its liabilities. |
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All financial assets and liabilities are initially measured at transaction price (including transaction |
costs), except for those financial assets classified as at fair value through the profit and loss account, |
which are initially measured at fair value unless the arrangement constitutes a financing transaction. If |
an arrangement constitutes a financing transaction, the financial asset or liability is measured at the |
present value of the future payments discounted at a market rate of interest for a similar debt |
instrument. |
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Financial assets and liabilities are only offset at the balance sheet date when, and only when there |
exists a legally enforceable right to set off the recognised amounts and the company intends either to |
settle on a net basis, or to realise the asset and settle the liability simultaneously. |
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Debt instruments that have no stated interest rate and are classified as payable or receivable within |
one year are initially measured at an undiscounted amount of the cash or other consideration expected |
to be paid or received, net of impairment. Other debt instruments not meeting these conditions are |
measured at fair value through the profit and loss account. |
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Commitments to make or receive loans which meet the conditions mentioned above are measured at |
cost less impairment. |
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Financial assets are derecognised when and only when the contractual rights to the cash flows for the |
financial asset expire or are settled, when the company transfers to another party substantially all the |
risks and rewards of ownership of the financial asset, or the company, despite having retained some, |
but not all, significant risks and rewards of ownership, has transferred control of the asset to another |
party. |
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Financial liabilities are derecognised only when the obligation specified in the contract is discharged, |
cancelled or expires. |
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YPG PROJECT LTD (REGISTERED NUMBER: 05987108) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 NOVEMBER 2018 |
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1. | ACCOUNTING POLICIES - continued |
Current and deferred taxation |
Current tax, including UK corporation tax, is provided at amounts expected to be paid or recovered |
using the tax rates and laws that have been enacted or substantively enacted by the balance sheet |
date. |
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Deferred tax is recognised in respect of all timing differences that have originated but not reversed at |
the balance sheet date where transactions or events that result in an obligation to pay more tax in the |
future or a right to pay less tax in the future have occurred at the balance sheet date. Timing |
differences are differences between the company's taxable profits and it results as stated in the |
financial statements that arise from inclusion of gains and losses in tax assessments in periods |
different from those in which they are recognised in the financial statements. |
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Unrelieved tax losses and other deferred tax assets are only recognised 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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Deferred tax is measured using the tax rates and laws that have been enacted or substantively |
enacted by the reporting date and that are expended to apply to the reversal of the timing differences. |
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Where items recognised in other comprehensive income and equity are chargeable to or deductible for |
tax purposes, the resulting current or deferred tax expense or income is presented in the same |
component of comprehensive income or equity as the transaction or other event that resulted in the tax |
expense or income. |
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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. |
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Impairment of assets |
Assets, other than those measured at fair value, are assessed for indicators of impairment at each |
balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in |
profit or loss. |
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For financial assets carried at amortised costs, the amount of an impairment is the difference between |
the asset's carrying amount and the present value of estimated future cash flows, discounted at the |
financial asset's original effective interest rate. |
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For financial assets carried at cost less impairment, the impairment loss is the difference between the |
asset's carrying amount and the best estimate of the amount that would be received for the asset if it |
were to be sold at the reporting date. |
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Where indicators exist for the decrease in impairment loss, and the decrease can be related |
objectively to an event occuring after the impairment was recognised, the prior impairment loss is |
tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset |
to the extent that the revised recoverable value does not lead to a revised carrying amount higher than |
the carrying value had no impairment been recognised. |
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2. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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YPG PROJECT LTD (REGISTERED NUMBER: 05987108) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 NOVEMBER 2018 |
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3. | TANGIBLE FIXED ASSETS |
Fixtures |
Freehold | and |
property | fittings | Totals |
£ | £ | £ |
COST |
At 1 December 2017 |
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Additions |
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At 30 November 2018 |
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DEPRECIATION |
At 1 December 2017 |
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Charge for year |
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At 30 November 2018 |
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NET BOOK VALUE |
At 30 November 2018 |
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At 30 November 2017 |
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4. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2018 | 2017 |
£ | £ |
Trade debtors |
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Other debtors |
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5. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2018 | 2017 |
£ | £ |
Trade creditors |
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Taxation and social security |
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Other creditors |
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6. | COMPANY STATUS |
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The company is a private company limited by guarantee and consequently does not have share |
capital. |