Company Registration No. 08626484 (England and Wales)
Y7 LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
PAGES FOR FILING WITH REGISTRAR
Y7 LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 7
Y7 LIMITED
ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF Y7 LIMITED FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Y7 Limited for the year ended 30 September 2023 which comprise, the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/en/members/regulations-standards-and-guidance.
This report is made solely to the Board of Directors of Y7 Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Y7 Limited and state those matters that we have agreed to state to the Board of Directors of Y7 Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Y7 Limited and its Board of Directors as a body, for our work or for this report.
It is your duty to ensure that Y7 Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Y7 Limited. You consider that Y7 Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Y7 Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Ormerod Rutter Limited
10 January 2024
Chartered Accountants
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
Y7 LIMITED
BALANCE SHEET
AS AT
30 SEPTEMBER 2023
30 September 2023
- 2 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
2,952
2,907
Current assets
Debtors
5
51,737
86,556
Cash at bank and in hand
125,471
3,350
177,208
89,906
Creditors: amounts falling due within one year
6
(123,116)
(49,303)
Net current assets
54,092
40,603
Total assets less current liabilities
57,044
43,510
Creditors: amounts falling due after more than one year
7
(9,238)
(20,863)
Provisions for liabilities
9
(595)
Net assets
47,211
22,647
Capital and reserves
Called up share capital
10
100
2
Profit and loss reserves
47,111
22,645
Total equity
47,211
22,647
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 30 September 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The member has 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.
Y7 LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 SEPTEMBER 2023
30 September 2023
- 3 -
The financial statements were approved by the board of directors and authorised for issue on 10 January 2024 and are signed on its behalf by:
Mr P B Dormon
Director
Company Registration No. 08626484
Y7 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 4 -
1
Accounting policies
Company information
Y7 Limited is a private company limited by shares incorporated in England and Wales. The registered office is Oak Lawns, Poolhead Lane, Tanworth-in-Arden, Warwickshire, B94 5ED.
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 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 services provided in the normal course of business, and is shown net of VAT.
Revenue from the provision of services is recognised by reference to the stage of completion, when the costs incurred and costs to complete can be estimated reliably.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation 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:
Computer equipment
20% on reducing balance
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.
Y7 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
1
Accounting policies
(Continued)
- 5 -
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
Employee benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
1.6
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.7
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease asset are consumed.
2
Exceptional costs
2023
2022
£
£
Irrecoverable loan write off
39,400
During the year, loans of £39,400 to Glass Cherry Interiors Limited were deemed irrecoverable and written off at the agreement of the directors.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was 2 (2022 - 2).
Y7 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 6 -
4
Tangible fixed assets
Computer equipment
£
Cost
At 1 October 2022
6,342
Additions
784
At 30 September 2023
7,126
Depreciation and impairment
At 1 October 2022
3,437
Depreciation charged in the year
737
At 30 September 2023
4,174
Carrying amount
At 30 September 2023
2,952
At 30 September 2022
2,907
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
51,737
46,323
Other debtors
40,233
51,737
86,556
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
6,120
324
Taxation and social security
33,410
28,442
Other creditors
83,586
20,537
123,116
49,303
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
9,238
20,863
Y7 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 7 -
8
Secured debts
The following secured debts are included within creditors:
2023
2022
£
£
Bank overdrafts
324
Bank loans
15,358
20,863
15,358
21,187
Bank loans are secured by way of a government-backed guarantee.
9
Provisions for liabilities
2023
2022
£
£
Deferred tax liabilities
595
10
Called up share capital
2023
2022
£
£
Ordinary share capital
Issued and fully paid
2 Ordinary of £1 each
-
2
80 Ordinary A of £1 each
80
-
20 Ordinary B of £1 each
20
-
100
2
During the year, the company underwent a share reorganisation.
98 Ordinary shares of £1 were allotted and fully paid for cash at par.
Subsequently, the company then passed a special resolution by reclassifying 100 Ordinary £1 shares into 80 Ordinary A £1 shares and 20 Ordinary B £1 shares. The rights and privileges attached to these shares remain unaltered.
11
Ultimate controlling party
The ultimate controlling party is Mr P B Dormon and Mrs G A Dormon.