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Financial Statements |
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for the year ended |
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31 December 2019 |
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for |
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YRG Solutions Limited |
REGISTERED NUMBER:
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Financial Statements |
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for the year ended |
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31 December 2019 |
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for |
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YRG Solutions Limited |
YRG Solutions Limited (Registered number: 05318005) |
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Contents of the Financial Statements |
for the year ended 31 December 2019 |
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Page |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 3 |
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YRG Solutions Limited |
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Company Information |
for the year ended 31 December 2019 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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SENIOR STATUTORY AUDITOR: |
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AUDITORS: |
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Chartered Accountants |
Statutory Auditors |
Oak Tree House, Harwood Road |
Northminster Business Park |
Upper Poppleton |
York |
YO26 6QU |
YRG Solutions Limited (Registered number: 05318005) |
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Balance Sheet |
31 December 2019 |
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2019 | 2018 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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CURRENT ASSETS |
Debtors | 5 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 6 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CAPITAL AND RESERVES |
Called up share capital | 7 |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered. |
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The financial statements were approved by the Board of Directors and authorised for issue on
signed on its behalf by: |
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YRG Solutions Limited (Registered number: 05318005) |
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Notes to the Financial Statements |
for the year ended 31 December 2019 |
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1. | STATUTORY INFORMATION |
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YRG Solutions Limited is a
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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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There were no material departures from that standard. |
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The principal accounting policies adopted in the preparation of the financial statements are set out below and |
have remained unchanged from the previous year, and also have been consistently applied within the same |
accounts. |
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Going concern |
The directors assess whether the use of going concern is appropriate i.e. whether there are any material |
uncertainties related to events or conditions that may cast significant doubt on the ability of the company to |
continue as a going concern. The directors make this assessment in respect of a period of at least one year from |
the date the financial statements are approved. |
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At the date of approval the country and indeed the rest of the world is in the midst of dealing with the COVID-19 |
pandemic. Whilst there is uncertainty around the length of time the COVID-19 pandemic will last and the full |
impact on the economy, the directors believe that it is appropriate to continue to adopt the going concern basis of |
accounting in preparing the financial statements. |
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The financial statements are prepared on the going concern basis which assumes that the company will continue |
to trade. If the company is unable to continue to trade, adjustments would be required to reduce the value of |
assets to their recoverable amounts, to provide for any further liabilities that might arise and to analyse long term |
liabilities as current liabilities. |
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Related party exemption |
All transactions entered into with companies under common control were concluded under normal market |
conditions, therefore no further disclosure is necessary in accordance with FRS102 Section 1A. |
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Significant judgements and estimates |
The preparation of the financial statements requires management to make judgements, estimates and assumptions |
that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for |
income and expenses during the year. However, the nature of estimation means that actual outcomes could differ |
from those estimates. The following judgements (apart from those involving estimates) have had the most |
significant effect on amounts recognised in the financial statements: |
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COVID-19 |
During December 2019 China alerted the World Health Organisation (WHO) of several cases of an unusual form |
of pneumonia in Wuhan. Substantive information about what has now been identified as COVID-19 came to |
light in early 2020, with the WHO announcing a pandemic on 11 March 2020. Therefore the company has |
determined in light of the dates and information available, that as at 31 December 2019 year end, the emergence |
of COVID-19 is a non-adjusting event. |
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Turnover |
Turnover represents the amount derived from the provision of goods and services to customers after deduction of |
trade discounts and value added tax. Turnover is recognised at the point at which the risks and rewards of the |
goods are transferred to the customer and the services are rendered. |
YRG Solutions Limited (Registered number: 05318005) |
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Notes to the Financial Statements - continued |
for the year ended 31 December 2019 |
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2. | ACCOUNTING POLICIES - continued |
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Tangible fixed assets |
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Fixtures and fittings | - |
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Computer equipment | - |
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Financial instruments |
Basic financial instruments are recognised at amortised cost with changes recognised in profit or loss. |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, |
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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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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Invoice financing |
The invoice financing creditor represents amounts received in respect of financed debts. There is full resource to |
the company for losses on debts, and so the financed debts continue to be recognised on the balance sheet. |
Interest and other charges relating to invoice financing are recognised in the profit and loss account over the |
relevant period. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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YRG Solutions Limited (Registered number: 05318005) |
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Notes to the Financial Statements - continued |
for the year ended 31 December 2019 |
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4. | TANGIBLE FIXED ASSETS |
Fixtures |
and | Computer |
fittings | equipment | Totals |
£ | £ | £ |
COST |
At 1 January 2019 |
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Disposals | ( |
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( |
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At 31 December 2019 |
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DEPRECIATION |
At 1 January 2019 |
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Charge for year |
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Eliminated on disposal | ( |
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( |
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At 31 December 2019 |
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NET BOOK VALUE |
At 31 December 2019 |
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At 31 December 2018 |
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5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2019 | 2018 |
£ | £ |
Trade debtors |
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Amounts owed by group undertakings |
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Other debtors |
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Deferred tax asset |
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Prepayments and accrued income |
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6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2019 | 2018 |
£ | £ |
Trade creditors |
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Amounts owed to group undertakings |
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Tax |
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Social security and other taxes |
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Accruals and deferred income |
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YRG Solutions Limited (Registered number: 05318005) |
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Notes to the Financial Statements - continued |
for the year ended 31 December 2019 |
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7. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2019 | 2018 |
value: | £ | £ |
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Ordinary A shares | £1 | 12,750 | 12,750 |
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Ordinary B and C shares | £1 | 12,250 | 12,250 |
25,000 | 25,000 |
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8. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
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The Report of the Auditors was unqualified. |
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for and on behalf of
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9. | CONTINGENT LIABILITIES |
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The company and its fellow group members have granted a cross guarantee to the group's bankers in respect of |
each company's bank borrowings.The total value of these borrowings in the group as at 31 December 2019 is |
£3,004,218 (2018: £3,112,970). |
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10. | ULTIMATE PARENT COMPANY |
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The ultimate parent company is YRG Group Limited, a private company, limited by shares, registered in |
England and Wales. The company's registered office is 20 Trinity Lane, Micklegate, York, North Yorkshire, |
YO1 6EL. |