YDB_INVESTMENTS_LIMITED - Accounts


Company Registration No. 02367474 (England and Wales)
YDB INVESTMENTS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2017
PAGES FOR FILING WITH REGISTRAR
YDB INVESTMENTS LIMITED
COMPANY INFORMATION
Directors
G H Williams
(Appointed 7 March 2018)
P F Gordon
(Appointed 22 January 2018)
Company number
02367474
Registered office
Units 1- 3, Venture Court
Metcalf Drive
Altham
Accrington
Lancashire
BB5 5WH
Accountants
Pierce C A Limited
Mentor House
Ainsworth Street
Blackburn
Lancashire
BB1 6AY
Business address
Units 1- 3, Venture Court
Metcalf Drive
Altham
Accrington
Lancashire
BB5 5WH
YDB INVESTMENTS LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
YDB INVESTMENTS LIMITED
BALANCE SHEET
AS AT
30 JUNE 2017
30 June 2017
- 1 -
2017
2016
Notes
£
£
£
£
Current assets
Debtors
4
1,230,967
1,350,352
Cash at bank and in hand
27
1,214
1,230,994
1,351,566
Creditors: amounts falling due within one year
5
(44,381)
(42,823)
Net current assets
1,186,613
1,308,743
Creditors: amounts falling due after more than one year
6
-
(243,885)
Net assets
1,186,613
1,064,858
Capital and reserves
Called up share capital
7
100
100
Profit and loss reserves
1,186,513
1,064,758
Total equity
1,186,613
1,064,858

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 June 2017 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 Act with respect to accounting records and the preparation of financial statements.

The members have 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.

The financial statements were approved by the board of directors and authorised for issue on 23 March 2018 and are signed on its behalf by:
P F Gordon
Director
Company Registration No. 02367474
YDB INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2017
- 2 -
1
Accounting policies
Company information

YDB Investments Limited is a private company limited by shares incorporated in England and Wales. The registered office is Units 1- 3, Venture Court, Metcalf Drive, Altham, Accrington, Lancashire, BB5 5WH.

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 amounts 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.

These financial statements for the year ended 30 June 2017 are the first financial statements of YDB Investments Limited prepared in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland. The date of transition to FRS 102 was 1 July 2015. The reported financial position and financial performance for the previous period are not affected by the transition to FRS 102.

1.2
Turnover
Turnover represents amounts receivable for goods and services net of VAT.
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:

Fixtures, fittings & equipment
10% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.4
Cash at bank and in hand

Cash at bank and in hand are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.5
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

YDB INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2017
1
Accounting policies
(Continued)
- 3 -
Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

1.6
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of direct issue 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 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.

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.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was 2 (2016 - 2).

YDB INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2017
- 4 -
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 July 2016 and 30 June 2017
186,751
Depreciation and impairment
At 1 July 2016 and 30 June 2017
186,751
Carrying amount
At 30 June 2017
-
At 30 June 2016
-
4
Debtors
2017
2016
Amounts falling due within one year:
£
£
Trade debtors
-
263,352
Other debtors
10,000
12,000
10,000
275,352
Amounts falling due after more than one year:
Other debtors
1,220,967
1,075,000
Total debtors
1,230,967
1,350,352

Other debtors falling due after more than one year represent amounts due from a fellow subsidiary, Olympic Fixing Products Limited.

5
Creditors: amounts falling due within one year
2017
2016
£
£
Trade creditors
414
1,033
Corporation tax
29,755
35,170
Other taxation and social security
14,212
6,620
44,381
42,823
YDB INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2017
- 5 -
6
Creditors: amounts falling due after more than one year
2017
2016
£
£
Other creditors
-
243,885

Other creditors represent interest free loans advanced to the company by the former directors, Mr C Yates and Mr G T Brookes, which were fully repaid by the financial year-end.

7
Called up share capital
2017
2016
£
£
Ordinary share capital
Issued and fully paid
100Ordinary shares of £1 each
100
100
100
100
8
Financial commitments, guarantees and contingent liabilities

The company is party to a cross guarantee with its fellow subsidiaries whereby it has guaranteed the borrowings of its parent company, The OFG Group Limited, with the ultimate parent company, PHD (Nominees) Limited. At the financial year-end these borrowings amounted to £2,999,000.

9
Parent company

The company's ultimate parent company is PHD (Nominees) Limited, a company registered in England and Wales.

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