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REGISTERED NUMBER:
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YAMGO LTD |
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AUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 DECEMBER 2017 |
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REGISTERED NUMBER:
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YAMGO LTD |
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AUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 DECEMBER 2017 |
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YAMGO LTD (REGISTERED NUMBER: 03597254) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2017 |
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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 | to | 7 |
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YAMGO LTD |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 31 DECEMBER 2017 |
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DIRECTORS: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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AUDITORS: |
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Chartered Accountants and Statutory Auditor |
3 New Mill Court |
Swansea Enterprise Park |
Swansea |
SA7 9FG |
YAMGO LTD (REGISTERED NUMBER: 03597254) |
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BALANCE SHEET |
31 DECEMBER 2017 |
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2017 | 2016 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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Investments | 5 |
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CURRENT ASSETS |
Debtors | 6 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 7 |
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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 | 8 |
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Share premium |
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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 Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors on
its behalf by: |
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YAMGO LTD (REGISTERED NUMBER: 03597254) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2017 |
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1. | STATUTORY INFORMATION |
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Yamgo Ltd is a
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registered number and registered office address can be found on the Company Information page. |
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The principal activity of the company during the year was the provision of digital advertising services. |
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The presentation currency of the financial statements is the Pound Sterling (£). |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Going concern |
The company reported a profit during the year, which the directors expected, due to a focus on rich |
media content formats and expansion into Asia. However, the company lost a major customer which |
has resulted in a significant reduction in turnover and has, in turn, given rise to significant losses since |
the year end. |
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The directors are developing alternative income streams and strategies that are anticipated will return |
the company to profitability and positive cash generation, but existing cash reserves are insufficient to |
finance this development. |
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The directors are seeking to raise additional finance, which they consider will be sufficient to provide |
the necessary funds. |
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The directors are confident that such funds will be raised and therefore believe it appropriate to |
prepare the accounts on the going concern basis, on the basis that sufficient funds will be raised to |
enable the company to trade for a period of at least 12 months from the date that the financial |
statements are authorised for issue. |
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Preparation of consolidated financial statements |
The financial statements contain information about Yamgo Ltd as an individual company and do not |
contain consolidated financial information as the parent of a group. The company is exempt under |
Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial |
statements. |
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Significant judgements and estimates |
In the application of the company's accounting policies, the directors are required to make judgements, |
estimates and assumptions about the carrying amounts of assets and liabilities that are not readily |
apparent from other sources. The estimates and associated assumptions are based on historical |
experience and other factors which are considered to be relevant. Actual results may differ from these |
estimates. |
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The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting |
estimates are recognised in the period in which the estimate is revised if the revision only effects that |
period or in the period of the revision and future periods if the revision affects both current and future |
periods. |
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Recovery of trade debtors |
The directors assess trade debtor balances outstanding at the reporting date and make provisions |
against specific balances where deemed necessary. |
YAMGO LTD (REGISTERED NUMBER: 03597254) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2017 |
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2. | ACCOUNTING POLICIES - continued |
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Turnover and revenue recognition |
Turnover represents the revenue arising from the sale of services, stated at the fair value of the |
consideration receivable, excluding value added tax, rebates and discounts. Turnover is recognised |
evenly over the period in which the underlying service is provided. |
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Tangible fixed assets |
Tangible fixed assets ae included at cost less depreciation and impairment. Depreciation is provided at |
the following annual rates in order to write off each asset over its estimated useful life. |
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Plant and machinery etc - 25% on cost and 10% on cost |
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Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, |
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 taxation |
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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Research and development |
Expenditure on research and development is written off in the year in which it is incurred. |
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Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at |
the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of |
exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at |
the operating result. |
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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. |
YAMGO LTD (REGISTERED NUMBER: 03597254) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2017 |
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2. | ACCOUNTING POLICIES - continued |
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Financial instruments |
Basic financial assets, which include trade and other debtors and cash and bank balances, are initially |
measured at transaction price 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. |
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Basic financial liabilities, including trade and other creditors and bank loans, 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. |
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Other 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 entity after deducting all of its financial liabilities. |
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Where the contractual obligations of financial instruments (including share capital) are equivalent to a |
similar debt instrument, those financial instruments are classed as financial liabilities. Financial |
liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to |
financial liabilities are included in the profit and loss account. Finance costs are calculated so as to |
produce a constant rate of return on the outstanding liability. |
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Where the contractual terms of share capital do not have any terms meeting the definition of a |
financial liability then this is classed as an equity instrument. Dividends and distributions relating to |
equity instruments are debited direct to equity. |
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Government grants |
Grants are credited to deferred revenue when entitlement to the grant has been established. Grants |
towards capital expenditure are then released to the Income Statement over the useful life of the |
assets. Grants towards revenue expenditure are released to the Income Statement as the related |
expenditure is incurred. |
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Share-based payments |
The company has applied the requirements of FRS 102 1A in respect of share-based payments. The |
company has issued equity-settled share based-payments to directors and employees, which have |
been measured at fair-value at the grant date. |
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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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YAMGO LTD (REGISTERED NUMBER: 03597254) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2017 |
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4. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
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COST |
At 1 January 2017 |
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Additions |
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At 31 December 2017 |
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DEPRECIATION |
At 1 January 2017 |
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Charge for year |
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At 31 December 2017 |
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NET BOOK VALUE |
At 31 December 2017 |
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At 31 December 2016 |
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5. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
£ |
COST |
At 1 January 2017 |
and 31 December 2017 |
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NET BOOK VALUE |
At 31 December 2017 |
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At 31 December 2016 |
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6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2017 | 2016 |
£ | £ |
Trade debtors |
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Other debtors |
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7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2017 | 2016 |
£ | £ |
Trade creditors |
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Taxation and social security |
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Other creditors |
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YAMGO LTD (REGISTERED NUMBER: 03597254) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2017 |
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8. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2017 | 2016 |
value: | £ | £ |
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Ordinary | 10p | 39,998 | 39,998 |
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9. | 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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Without qualifying the audit the following paragraph was included in the audit report in the full financial |
statements: |
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Material uncertainty relating to going concern |
We draw attention to note 2 to the financial statements, which indicates that the company has incurred |
significant losses since the balance sheet date and is seeking to obtain additional finance to develop |
new income streams and strategies. As stated in note 2, these conditions, along with other matters set |
forth in note 2, indicate that a material uncertainty exists that may cast significant doubt on the |
company's ability to continue as a going concern. Our opinion is not modified in respect of this matter. |
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10. | OTHER FINANCIAL COMMITMENTS |
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The company has future operating lease commitments totalling £62,286 (2016 - £128,280). |
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11. | SHARE-BASED PAYMENT TRANSACTIONS |
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The company has granted share options, which were still in issue at the balance sheet date, as |
follows: |
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Year of issue | 2013 | 2014 | 2015 | 2016 |
Number granted | 2,666 | 11,000 | 9,200 | 15,000 |
Exercise price | £10 | £10 | £10 | £10 |
Number of employees/directors/others | 2 | 2 | 1 | 2 |
Exercisable to | 31/12/17 | 31/12/19 | 31/12/25 | 31/12/26 |
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At the balance sheet date, the total share options granted to directors were as follows: |
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Director | Options held |
S Ellison | 1,000 |
T Denny (resigned 31/12/17) | 1,666 |
I R Mullins | 14,200 |
D R Moreau | 1,000 |
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12. | RELATED PARTY DISCLOSURES |
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At the balance sheet date an amount of £9,198 (2016 - £8,646) was owed to a company director. The |
balance is unsecured, interest free, and repayable on demand. |