Company Registration No. 11378260 (England and Wales)
YFM Private Equity GP 2 Limited
Unaudited financial statements
for the year ended 31 March 2023
Pages for filing with the registrar
YFM Private Equity GP 2 Limited
Company information
Directors
David Bell
David Hall
Marcus Karia
Eamon Nolan
James Roberts
Ian Waterfield
Charles Winward
(Appointed 11 April 2023)
Stephen Harrison
(Appointed 11 April 2023)
Company number
11378260
Registered office
5th Floor Valiant Building
14 South Parade
Leeds
Yorkshire
LS1 5QS
Accountants
Saffery Champness LLP
Trinity
16 John Dalton Street
Manchester
M2 6HY
YFM Private Equity GP 2 Limited
Contents
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 6
YFM Private Equity GP 2 Limited
Statement of financial position
As at 31 March 2023
Page 1
2023
2022
Notes
£
£
£
£
Fixed assets
Investments
3
625
500
Current assets
Debtors
4
1
1
Net current assets
1
1
Total assets less current liabilities
626
501
Creditors: amounts falling due after more than one year
5
(625)
(500)
Net assets
1
1
Capital and reserves
-
-
Called up share capital
6
1
1
The directors of the company have elected not to include a copy of the income statement within the financial statements.true
For the financial year ended 31 March 2023 the company was entitled to exemption from audit under section 480 of the Companies Act 2006 relating to dormant 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.
YFM Private Equity GP 2 Limited
Statement of financial position (continued)
As at 31 March 2023
Page 2
The financial statements were approved by the board of directors and authorised for issue on 21 June 2023 and are signed on its behalf by:
Marcus Karia
Director
Company Registration No. 11378260 (England and Wales)
YFM Private Equity GP 2 Limited
Notes to the financial statements
For the year ended 31 March 2023
Page 3
1
Accounting policies
Company information
YFM Private Equity GP 2 Limited is a private company limited by shares incorporated in England and Wales. The registered office is 5th Floor Valiant Building, 14 South Parade, Leeds, Yorkshire, LS1 5QS.
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.
1.2
Profit and loss account
The company has not traded during the year or the preceding financial period. During this time, the company received no income and incurred no expenditure and therefore no Profit and loss account is presented in these financial statements.
1.3
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.
1.4
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 statement of financial position 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.
YFM Private Equity GP 2 Limited
Notes to the financial statements (continued)
For the year ended 31 March 2023
1
Accounting policies (continued)
Page 4
Basic financial assets
Basic financial assets, which include debtors, 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.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.5
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.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
YFM Private Equity GP 2 Limited
Notes to the financial statements (continued)
For the year ended 31 March 2023
Page 5
3
Fixed asset investments
2023
2022
£
£
Shares in group undertakings and participating interests
625
500
The company holds 50% of the shares of the five Limited Liability Partnerships for which it acts as a designated member for. The company does not have any entitlement to profits in either LLP, therefore the investments are held at cost less impairment.
Movements in fixed asset investments
Shares in subsidiaries
£
Cost or valuation
At 1 April 2022
500
Additions
125
At 31 March 2023
625
Carrying amount
At 31 March 2023
625
At 31 March 2022
500
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
1
1
5
Creditors: amounts falling due after more than one year
2023
2022
£
£
Amounts owed to group undertakings
625
500
YFM Private Equity GP 2 Limited
Notes to the financial statements (continued)
For the year ended 31 March 2023
Page 6
6
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
1
1
1
1
7
Ultimate parent undertaking
The company is a subsidiary of YFM Private Equity Limited. The ultimate parent entity and controlling party is YFM Equity Partners LLP, incorporated in England and Wales.