Company registration number 11477657 (England and Wales)
YOHO YORK STREET LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
PAGES FOR FILING WITH REGISTRAR
YOHO YORK STREET LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
YOHO YORK STREET LTD
BALANCE SHEET
AS AT 31 DECEMBER 2022
31 December 2022
- 1 -
2022
2021
Notes
£
£
£
£
Current assets
Stocks
11,130,358
11,130,358
Debtors
3
35,182
632,660
Cash at bank and in hand
106,226
206
11,271,766
11,763,224
Creditors: amounts falling due within one year
4
(5,064)
(138,184)
Net current assets
11,266,702
11,625,040
Creditors: amounts falling due after more than one year
5
(11,111,192)
(11,464,920)
Net assets
155,510
160,120
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
155,410
160,020
Total equity
155,510
160,120

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 December 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 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 October 2023 and are signed on its behalf by:
Mr M Stephen
Director
Company registration number 11477657 (England and Wales)
YOHO YORK STREET LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
- 2 -
1
Accounting policies
Company information

Yoho York Street Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 59-60 Grosvenor Street, London, England, W1K 3HZ.

1.1
Reporting period
This set of accounts covers period from 1 January 2022 to 31 December 2022.
1.2
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.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

1.4
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Stocks were transferred from the parent entity York Street Holdings Limited within this reporting period. A valuation of the stock asset was performed by Knight Frank on 12 November 2019, for which a market value of £16,310,000 was confirmed. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

 

These financial statements for the year ended 31 December 2022 are the first financial statements of Yoho York Street Ltd 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 January 2021. The reported financial position and financial performance for the previous period are not affected by the transition to FRS 102.

YOHO YORK STREET LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 3 -

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.5
Cash and cash equivalents

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.

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.

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.

YOHO YORK STREET LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 4 -
2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2022
2021
Number
Number
Total
1
2
3
Debtors
2022
2021
Amounts falling due within one year:
£
£
Other debtors
35,182
627,660
Prepayments
-
0
5,000
35,182
632,660
4
Creditors: amounts falling due within one year
2022
2021
£
£
Trade creditors
1,680
480
Other creditors
-
0
114,167
Accruals
3,384
23,537
5,064
138,184
5
Creditors: amounts falling due after more than one year
2022
2021
Notes
£
£
Bank loans and overdrafts
11,045,778
11,349,547
Trade creditors
65,414
115,373
11,111,192
11,464,920

All loans are attributable to construction of the asset and are repayable on completion of the construction project. All loans are interest bearing. Total accrued interest for the period for loans was £488,666 (2021: £437,393).

6
Related party transactions
YOHO YORK STREET LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
6
Related party transactions
(Continued)
- 5 -

York Street Holdings Ltd

The balance due to York Street Holdings Ltd at the balance sheet date was £3,683 (2021: £627,561). Mr M Stephen is also the director of York Street Holdings Ltd.

 

Reditum Capital Ltd

The balance due to Reditum Capital Ltd at the balance sheet date was £Nil (2021: £8,042). Mr M Stephen is also the director of Reditum Capital Ltd.

 

Reditum SPV 57 Ltd

The balance due to Reditum SPV 57 Ltd at the balance sheet date was £Nil (2021: £106,124). Mr M Stephen is also the director of Reditum SPV 57 Ltd.

 

Reditum Capital Management Ltd

The balance due from Reditum Capital Management Ltd at the balance sheet date was £31,400 (2021: £Nil). Mr M Stephen is also the director of Reditum Capital Management Ltd.

 

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