Company Registration No. 12370529 (England and Wales)
BLACKER YARNS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2021
PAGES FOR FILING WITH REGISTRAR
BLACKER YARNS LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
BLACKER YARNS LIMITED
BALANCE SHEET
AS AT 31 MARCH 2021
31 March 2021
- 1 -
2021
Notes
£
£
Fixed assets
Intangible assets
3
4,125
Current assets
Stocks
56,234
Debtors
4
8,204
Cash at bank and in hand
8,078
72,516
Creditors: amounts falling due within one year
5
(70,267)
Net current assets
2,249
Total assets less current liabilities
6,374
Capital and reserves
Called up share capital
6
200
Profit and loss reserves
6,174
Total equity
6,374
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 period 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 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.
T
he member has not required the company to obtain an audit of its financial statements for the period 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 by the board of directors and authorised for issue on 16 September 2021 and are signed on its behalf by:
Mr G S Higgins
Mr C S Halsey
Director
Director
Company Registration No. 12370529
BLACKER YARNS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2021
- 2 -
1
Accounting policies
Company information
Blacker Yarns Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Unit B Pipers Court, Pennygillam Way, Launceston, Cornwall, PL15 7PJ.
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
Reporting period
The company was incorporated on 19 December 2019.
T
he accounting period
therefore
reflects a period of 15 months and 12 days. The results will not be directly comparable with future accounting periods.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods provided in the normal course of business
, and
is shown net of VAT and other sales related taxes
.
1.4
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.
Amortisation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:
Website costs
6 years straight line basis
1.5
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
1.6
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.7
Taxation
The tax expense represents the sum of the tax currently payable.
BLACKER YARNS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2021
1
Accounting policies
(Continued)
- 3 -
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.
2
Employees
The average monthly number of persons (including directors) employed by the company during the period was 2
.
3
Intangible fixed assets
Website costs
£
Cost
At 19 December 2019
Additions
4,950
At 31 March 2021
4,950
Amortisation and impairment
At 19 December 2019
Amortisation charged for the period
825
At 31 March 2021
825
Carrying amount
At 31 March 2021
4,125
4
Debtors
2021
Amounts falling due within one year:
£
Trade debtors
1,238
Amounts owed by group undertakings
200
Other debtors
6,766
8,204
BLACKER YARNS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2021
- 4 -
5
Creditors: amounts falling due within one year
2021
£
Trade creditors
2,629
Amounts owed to group undertakings
64,496
Taxation and social security
1,642
Other creditors
1,500
70,267
6
Called up share capital
2021
£
Ordinary share capital
Issued and fully paid
200 Ordinary shares of £1 each
200
7
Parent company
The parent company is The Natural Fibre Company Holdings Limited, a company incorporated in England and Wales. The registered office of the parent company is Unit B, Pipers Court, Pennygillam Way, Launceston, Cornwall, PL15 7PJ.