Company Registration No. 08540463 (England and Wales)
YES GROWTH LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2021
PAGES FOR FILING WITH REGISTRAR
YES GROWTH LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
YES GROWTH LTD
BALANCE SHEET
AS AT 31 MARCH 2021
31 March 2021
- 1 -
2021
2020
Notes
£
£
£
£
Fixed assets
Tangible assets
3
9
213
Investments
4
100
109
213
Current assets
Debtors
5
950,688
675,341
Cash at bank and in hand
20,973
435,823
971,661
1,111,164
Creditors: amounts falling due within one year
6
(797,418)
(27,490)
Net current assets
174,243
1,083,674
Total assets less current liabilities
174,352
1,083,887
Creditors: amounts falling due after more than one year
7
(983,423)
(1,513,423)
Net liabilities
(809,071)
(429,536)
Capital and reserves
Called up share capital
8
989,772
989,772
Share premium account
1,899,943
1,899,943
Profit and loss reserves
(3,698,786)
(3,319,251)
Total equity
(809,071)
(429,536)
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 members have 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.
YES GROWTH LTD
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2021
31 March 2021
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 18 February 2022 and are signed on its behalf by:
Mr J Harrison
Director
Company Registration No. 08540463
YES GROWTH LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2021
- 3 -
1
Accounting policies
Company information
Yes Growth Ltd is a
private
company
limited by shares
incorporated in
England and Wales
.
The registered office is
264 Banbury Road, Oxford, OX2 7DY.
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 £.
1.2
Turnover
The turnover shown in the profit and loss account represents interest received on loans extended and amounts invoiced for consultancy services during the period, exclusive of Value Added Tax.
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
25% 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
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
The investments are assessed for impairment at each reporting date
and
any
impairment
losses or reversals of impairment losses are recognised immediately in
profit
or
loss
.
A subsidiary is an entity controlled by the company
. Control is
the power to govern the financial and operating policies of
the
entity so as to obtain benefits from its activities.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities
.
1.5
Cash at bank and in hand
Cash and cash equivalents
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.
YES GROWTH LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2021
1
Accounting policies
(Continued)
- 4 -
1.6
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.
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.
1.7
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.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
1.8
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.9
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
s
asset are consumed.
1.10
The company has a deficit of £809,071 (2020: £429,536) on the balance sheet date, and a loss of £379,535 (2020: £131,438) in the year. However £1,010,273(2020: £1,535,461) of the creditors owed are to three of the director shareholders and one shareholder. The director shareholders have made a commitment not to seek repayment of their loans until the company is sufficiently profitable.
The losses have been incurred, as was expected by the Directors, in developing the platform through which the company operates and the directors are confident that the company will shortly be profitable and the balance sheet will strengthen. Accordingly the accounts have been prepared on the going concern basis.
YES GROWTH LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2021
- 5 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the period was:
2021
2020
Number
Number
Total
6
4
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 June 2020 and 31 March 2021
1,448
Depreciation and impairment
At 1 June 2020
1,235
Depreciation charged in the period
204
At 31 March 2021
1,439
Carrying amount
At 31 March 2021
9
At 31 May 2020
213
4
Fixed asset investments
2021
2020
£
£
Shares in group undertakings and participating interests
100
Investments of £100 represents the issued share capital of Ignite Funding Ltd, a 100% subsidiary.
YES GROWTH LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2021
4
Fixed asset investments
(Continued)
- 6 -
Movements in fixed asset investments
Shares in subsidiaries
£
Cost or valuation
At 1 June 2020
-
Additions
100
At 31 March 2021
100
Carrying amount
At 31 March 2021
100
At 31 May 2020
-
5
Debtors
2021
2020
Amounts falling due within one year:
£
£
Trade debtors
24,738
11,645
Amounts owed by group undertakings
838,940
Other debtors
87,010
663,696
950,688
675,341
6
Creditors: amounts falling due within one year
2021
2020
£
£
Trade creditors
16,200
Taxation and social security
5,530
Other creditors
775,688
27,490
797,418
27,490
7
Creditors: amounts falling due after more than one year
2021
2020
£
£
Other creditors
983,423
1,513,423
YES GROWTH LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2021
- 7 -
8
Called up share capital
2021
2020
£
£
Ordinary share capital
Issued and not fully paid
15,108 Ordinary shares of 1p each
151
151
151
151
Preference share capital
Issued and fully paid
989,621 Preference shares of £1 each
989,621
989,621
989,621
989,621
At the year end Yes Growth Ltd held 771 ordinary shares in itself.
9
Related party transactions
During the period the company paid £80,000 (2020: £66,500) in directors' remuneration.
At the period end the company owed the directors £985,273 (2020: £1,510,461). These amounts are unsecured and interest free, with no fixed repayment terms.
At the period end the company owed a shareholder £25,000 (2020: £25,000). This amount is unsecured and interest free, with no fixed repayment terms.
At the period end the company was owed £839,040 from its subsidiary company. There are no fixed repayment terms.
At the period end the company owed £239,410 to a company controlled by one of the Directors of Yes Growth Limited. This loan is repayable before or after 364 days from date of draw-down and interest is charged at 1.5%.