Registration number:
for the Period from 1 January 2016 to
Chartered Accountants
56 Marchmont Road
Edinburgh
EH9 1HS
Yoga Jo's Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Financial Statements |
Yoga Jo's Limited
Company Information
Directors |
Craig Findlay Joanne Lockhart |
Registered office |
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Accountants |
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Yoga Jo's Limited
(Registration number: SC386204)
Balance Sheet as at 31 March 2017
Note |
2017 |
2015 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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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 |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
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Total equity |
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For the financial period ending 31 March 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
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Craig Findlay
Director
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Yoga Jo's Limited
Notes to the Financial Statements for the Period from 1 January 2016 to 31 March 2017
General information |
The company is a private company limited by share capital, incorporated in Scotland.
The address of its registered office is:
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
The company has elected to adopt FRS 102, Section 1A with the effective date of transition being 1 January 2015.
Information on the impact of the first-time adoption of FRS 102 is given in note 9.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Revenue recognition
Turnover represents amounts chargeable, net of value added tax, in respect of the sale of services to customers.
Turnover for the sale of services is recognised when the amount of revenue can be measured reliably; it is probable that the economic benefits associated with the transaction will be received by the company and the stage of completion at the balance sheet date can be measured reliably.
Tax
The tax expense for the period comprises current tax. Tax is recognised in the profit and loss account except to the extent that it relates to items recognised directly in equity or other comprehensive income, in which case it is recognised directly in equity or other comprehensive income.
Current tax is the expected tax payable or receivable on the taxable income or loss for the year, using tax rates enacted or substantively enacted at the balance sheet date, and any adjustment to tax payable in respect of previous years.
Tangible assets
Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses.
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Yoga Jo's Limited
Notes to the Financial Statements for the Period from 1 January 2016 to 31 March 2017
Depreciation
Depreciation is charged to the profit and loss account at the following rates over the estimated useful lives of each part of an item of tangible fixed assets. Leased assets are depreciated over the shorter of the lease term and their useful lives.
Asset class |
Depreciation method and rate |
Land and buildings |
10% straight line |
Fixtures and fittings |
10% straight line |
Computer equipment |
20% straight line |
Cash and cash equivalents
Cash and cash equivalents comprise cash balances and call deposits. Bank overdrafts that are repayable on demand and form an integral part of the Company’s cash management are included as a component of cash and cash equivalents for the purpose only of the cash flow statement.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Staff numbers |
The average number of persons employed by the company (including directors) during the period, was
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Yoga Jo's Limited
Notes to the Financial Statements for the Period from 1 January 2016 to 31 March 2017
Tangible assets |
Land and buildings |
Furniture, fittings and equipment |
Total |
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Cost or valuation |
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At 1 January 2016 |
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At 31 March 2017 |
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Depreciation |
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At 1 January 2016 |
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Charge for the period |
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At 31 March 2017 |
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Carrying amount |
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At 31 March 2017 |
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At 31 December 2015 |
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Debtors |
2017 |
2015 |
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Other debtors |
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Creditors |
Creditors: amounts falling due within one year
Note |
2017 |
2015 |
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Due within one year |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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Creditors: amounts falling due after more than one year
Note |
2017 |
2015 |
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Due after one year |
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Loans and borrowings |
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Yoga Jo's Limited
Notes to the Financial Statements for the Period from 1 January 2016 to 31 March 2017
Share capital |
Allotted, called up and fully paid shares
2017 |
2015 |
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No. |
£ |
No. |
£ |
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Ordinary A shares of £1 each |
50 |
50 |
50 |
50 |
Related party transactions |
Other transactions with directors |
As at 31 March 2017, the director, Joanne Lockhart, owed the company £24,462 (2015: £32,900) and the director, Craig Findlay, was owed by the company £3,811 (2015: owed to the company £4,888). The amount due from Joanne Lockhart was repaid after the yearend and interest was paid on this balance at the rate of 3% per annum.
As at the period end £34,658 (2015: £27,478) was due to Yoga Jo Teacher Training Limited, a company with common directors.
Transition to FRS 102 |
The date of transition to FRS 102 is therefore 1 January 2015. In carrying out the transition to FRS 102, the company has not applied any of the optional exemptions permitted by Section 35 Transition to this FRS.
There have been no changes to accounting policies or accounting treatments required to be made upon transition to FRS 102. Accordingly, the company’s opening equity position as at the 1 January 2015 and its financial position and performance for the year ended 31 December 2015 are unchanged from that previously presented under previously extant UK GAAP.
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