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Company registration number: 10579981
Yiasoumi Enterprises Limited
Unaudited filleted financial statements
31 January 2023
Yiasoumi Enterprises Limited
Contents
Directors and other information
Statement of financial position
Notes to the financial statements
Yiasoumi Enterprises Limited
Directors and other information
Directors Mr Panayiotis Yiasoumi
Mrs Mairead Yiasoumi
Company number 10579981
Registered office White Lodge
Westbrook Road
Blackheath
London
SE3 0LL
Business address White Lodge
Westbrook Road
Blackheath
London
SE3 0LL
Accountants Langers
8-10 Gatley Road
Cheadle
Cheshire
SK8 1PY
Yiasoumi Enterprises Limited
Statement of financial position
31 January 2023
2023 2022
Note £ £ £ £
Fixed assets
Tangible assets 5 2,303 3,591
Investments 6 594,068 557,404
_______ _______
596,371 560,995
Current assets
Debtors 7 150 150
Cash at bank and in hand 63,908 50,295
_______ _______
64,058 50,445
Creditors: amounts falling due
within one year 8 ( 437,933) ( 435,505)
_______ _______
Net current liabilities ( 373,875) ( 385,060)
_______ _______
Total assets less current liabilities 222,496 175,935
Provisions for liabilities ( 34,123) ( 27,402)
_______ _______
Net assets 188,373 148,533
_______ _______
Capital and reserves
Called up share capital 9 1 1
Fair value reserve 210,975 167,347
Profit and loss account ( 22,603) ( 18,815)
_______ _______
Shareholders funds 188,373 148,533
_______ _______
For the year ending 31 January 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- 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;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 13 October 2023 , and are signed on behalf of the board by:
Mr Panayiotis Yiasoumi
Director
Company registration number: 10579981
Yiasoumi Enterprises Limited
Notes to the financial statements
Year ended 31 January 2023
1. General information
The company is a private company limited by shares, registered in England. The address of the registered office is White Lodge, Westbrook Road, Blackheath, London, SE3 0LL.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery - 25 % straight line
Fittings fixtures and equipment - 25 % straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Fixed asset investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Debt instruments are subsequently measured at amortised cost.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2022: 2 ).
5. Tangible assets
Plant and machinery Fixtures, fittings and equipment Total
£ £ £
Cost
At 1 February 2022 and 31 January 2023 808 5,380 6,188
_______ _______ _______
Depreciation
At 1 February 2022 808 1,789 2,597
Charge for the year - 1,288 1,288
_______ _______ _______
At 31 January 2023 808 3,077 3,885
_______ _______ _______
Carrying amount
At 31 January 2023 - 2,303 2,303
_______ _______ _______
At 31 January 2022 - 3,591 3,591
_______ _______ _______
6. Investments
Other investments other than loans Total
£ £
Cost or valuation
At 1 February 2022 557,405 557,405
Revaluations 36,663 36,663
_______ _______
At 31 January 2023 594,068 594,068
_______ _______
Impairment
At 1 February 2022 and 31 January 2023 - -
_______ _______
Carrying amount
At 31 January 2023 594,068 594,068
_______ _______
At 31 January 2022 557,405 557,405
_______ _______
Investment property has been revalued by the director with reference to the land registry house price index for flats and semi detached houses in the Trafford Local Authority.
7. Debtors
2023 2022
£ £
Other debtors 150 150
_______ _______
8. Creditors: amounts falling due within one year
2023 2022
£ £
Corporation tax 2,321 299
Other creditors 435,612 435,206
_______ _______
437,933 435,505
_______ _______
9. Called up share capital
Issued, called up and fully paid
2023 2022
No £ No £
Ordinary shares of £ 0.01 each 100 1 100 1
_______ _______ _______ _______
10. Related party transactions
At 31 January 2023 the company owed directors Panayiotis & Mairead Yiasoumi £434,568 (2022: £434,180). No interest has been charged to the company in respect of these loans which are repayable on demand and classified in creditors due within one year.