Registered number: 02062196
YORKBRIDGE LIMITED
UNAUDITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED
30 SEPTEMBER 2022
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CONTENTS
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Notes to the financial statements
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YORKBRIDGE LIMITED
REGISTERED NUMBER:
02062196
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BALANCE SHEET
AS AT
30 SEPTEMBER 2022
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Debtors: amounts falling due within one year
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Current asset investments
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Creditors: amounts falling due within one year
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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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Provisions for liabilities
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Capital redemption reserve
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1
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YORKBRIDGE LIMITED
REGISTERED NUMBER:
02062196
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BALANCE SHEET
(CONTINUED)
AS AT
30 SEPTEMBER 2022
The director considers that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.
The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The
financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf by
:
The notes on pages 3 to 9 form part of these financial statements.
2
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2022
Yorkbridge Limited is a private company, limited by shares, registered in England and Wales, registration number
02062196
. The registered office address is Elsley Court, 20-22 Great Titchfield Street, London, W1W 8BE and the trading address is 81-82 Crawford Street, London, W1H 2HA.
The principal activity of the company continued to be that of a residential letting office and estate agents, trading under the name of York Estates.
2.
Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of
Financial Reporting Standard 102, the Financial Reporting Standard applicable in
the UK and the Republic of Ireland and the Companies Act 2006
.
The company's functional and presentational currency is pound sterling.
The following principal accounting policies have been applied:
Turnover comprises revenue recognised by the company in respect of property sale commissions and letting fees during the year, exclusive of Value Added Tax.
Grants are accounted under the accruals model as permitted by FRS 102. Grants of a revenue nature are recognised in the Profit and loss account in the same period as the related expenditure. Grants received in respect of interest and finance charges on the Coronavirus Bounce Back Loan Scheme are inlcuded in other operating income.
Interest income is recognised in profit or loss using the effective interest method.
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
All borrowing costs are recognised in profit or loss in the year in which they are incurred.
3
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2022
2.
Accounting policies (continued)
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Current and deferred taxation
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The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company operates and generates income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Balance sheet date, except that:
∙
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
∙
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.
Depreciation is provided on the following basis:
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Short term leasehold property
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The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
Short term debtors are measured at transaction price, less any impairment.
4
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2022
2.
Accounting policies (continued)
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, and loans to related parties.
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
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The average monthly number of employees, including directors, during the year was
4
(2021 -
4
)
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Dividends paid on equity capital
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5
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2022
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Short term leasehold property
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Charge for the year on owned assets
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Amounts owed by group undertakings
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Current asset investments
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6
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2022
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Cash and cash equivalents
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Creditors: amounts falling due within one year
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Other taxation and social security
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The bank loan of £26,000 (2021 - £26,000) included in creditors due within one year is guaranteed personally by J Isadore.
The bank loan has fixed and floating charge held over the assets of the company.
The bank loan of £4,000 (2021 - £4,000) included in creditors due within one year is a Coronavirus Bounce Back Loan, 100% guaranteed by the government.
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Creditors: amounts falling due after more than one year
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The bank loan of £3,333 (2021 - £59,333) included in creditors due after more than one year is guaranteed personally by J Isadore.
The bank loan has fixed and floating charge held over the assets of the company.
The bank loan of £10,667 (2021 - £14,667) included in creditors due after more than one year is a Coronavirus Bounce Back Loan, 100% guaranteed by the government.
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7
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2022
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Analysis of the maturity of loans is given below:
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Bank loans due within one year
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Bank loans falling due 1-2 years
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Bank loans falling due 2-5 years
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Charged to profit or loss
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The provision for deferred taxation is made up as follows:
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Accelerated capital allowances
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8
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2022
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Allotted, called up and fully paid
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100
Ordinary
shares of £
1.00
each
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The listed investment was omitted in prior year accounts. This resulted in the prior year brought forward cost in current asset investments, and the director's loan account being adjusted by £3,000, as the listed investment was funded by the director.
The retained earnings of 2021 has been restated by £13,459 due to the fair value movement in the listed investment in 2020.
The fair value movement of £1,309 which was omitted in 2021 accounts, has been restated in the comparative column of the Profit and Loss.
The company operates defined contributions pension scheme. The assets of the scheme are held seperately from those of the company in an independantly administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £
60,245
(2021 - £
19,769
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Related party transactions
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No disclosures has been made of transactions with other wholly owned group companies in accordance with FRS 102 Section 1AC.35, as the company is itself a wholly owned subsidiary of Lichfield Estates Limited.
Included within other creditors at the year end is a balance totalling £
12,130
(2021 restated - £
37,130
) due to the
director
. The
loan
is interest free and repayable on demand.
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9
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