Company Registration No. 07416113 (England and Wales)
AB YOURS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
AB YOURS LIMITED
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 5
AB YOURS LIMITED
BALANCE SHEET
AS AT
31 MARCH 2021
31 March 2021
- 1 -
2021
2020
Notes
£
£
£
£
Fixed assets
Intangible assets
3
31,667
50,574
Current assets
Debtors
4
8,343
Cash at bank and in hand
157,223
55
165,566
55
Creditors: amounts falling due within one year
5
(240,464)
(175,653)
Net current liabilities
(74,898)
(175,598)
Net liabilities
(43,231)
(125,024)
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
(43,331)
(125,124)
Total equity
(43,231)
(125,024)
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 March 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved and signed by the director and authorised for issue on 21 December 2021
Mr D J Lewis
Director
Company Registration No. 07416113
AB YOURS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2021
- 2 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 April 2019
100
(116,017)
(115,917)
Year ended 31 March 2020:
Loss and total comprehensive income for the year
-
(9,107)
(9,107)
Balance at 31 March 2020
100
(125,124)
(125,024)
Year ended 31 March 2021:
Profit and total comprehensive income for the year
-
81,793
81,793
Balance at 31 March 2021
100
(43,331)
(43,231)
AB YOURS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
- 3 -
1
Accounting policies
Company information
AB Yours Limited is a
private
company
limited by shares
incorporated in
England and Wales
.
The registered office is
Milton Court, Gomm Road, High Wycombe, Buckinghamshire, England, HP13 7DJ.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business
, and
is shown net of VAT and other sales related taxes
.
The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.3
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date
where
it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the
fair
value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Software
10 years
1.4
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the
profit and loss account
because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.
AB YOURS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
1
Accounting policies
(Continued)
- 4 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date 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 is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the
profit and loss account
, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the
company
has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.5
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation
in the period
are included in profit or loss.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2021
2020
Number
Number
Total
3
Intangible fixed assets
Other
£
Cost
At 1 April 2020 and 31 March 2021
189,072
Amortisation and impairment
At 1 April 2020
138,498
Amortisation charged for the year
18,907
At 31 March 2021
157,405
Carrying amount
At 31 March 2021
31,667
At 31 March 2020
50,574
AB YOURS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
- 5 -
4
Debtors
2021
2020
Amounts falling due within one year:
£
£
Trade debtors
1,940
Other debtors
6,403
8,343
5
Creditors: amounts falling due within one year
2021
2020
£
£
Trade creditors
27,905
Other creditors
211,559
174,653
Accruals and deferred income
1,000
1,000
240,464
175,653