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YADDO LIMITED

AUDITED FINANCIAL STATEMENTS

PERIOD FROM 01 JULY 2021
TO 30 NOVEMBER 2022

















Company Registration Number - 09111722

















Andrews and Company

Accountants & Tax Consultants

Y010


1.
YADDO LIMITED
COMPANY NUMBER - 09111722

Balance sheet as at 30 November 2022





2022
2021





(as restated)

Notes
£ £ £ £

Current assets




Debtors 5 10,749
6,728

Cash at bank and in hand
-
12,559




10,749
19,287
Current liabilities




Creditors - Amounts
falling due within one year 6 32,262
15,296


NET CURRENT (LIABILITIES) ASSETS

(21,513)
3,991


Total assets less current liabilities

(21,513)
3,991












CAPITAL AND RESERVES

Called up share capital 7
3,211
3,211

Share premium account

2,402,477
2,402,477

Profit and Loss account

(2,427,201)
(2,401,697)


Shareholders' funds

(21,513)
3,991



These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
In accordance with section 444 (5A) of the Companies Act 2006, the director's report and the profit and loss account have not been delivered.


Approved by the board of directors on 13 November 2023
and signed on their behalf by:




James Brent Garrett Ross



Director

Prior year adjustment as described in note 9.










The notes on pages 2 to 6 form an integral part of these accounts.


2.
YADDO LIMITED

Notes to the Financial Statements

For the period ended 30 November 2022


1. General Information

Yaddo Limited is a Private Company, limited by shares, domiciled in England and Wales, registration number 09111722.


The company's registered office is 4 Grand Cinema Buildings, Poole Road, Bournemouth, Dorset BH4 9DW.


2. Accounting policies

Basis of accounting

The financial statements have been prepared under the historical cost convention in accordance with the accounting policies set out below. These financial statements have been prepared in accordance with FRS102, section 1A - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.


Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable and represents goods supplied or services rendered, stated net of Value Added Tax. Turnover is reduced for estimated customer returns, rebates and other similar allowances. Turnover from the sale of goods is recognised when goods are delivered and legal title has passed.


Intangible fixed assets

Intangible fixed assets (including purchased goodwill and patents) are amortised at rates calculated to write off the assets on a straight line basis over their estimated useful economic lives. Impairment of intangible assets is reviewed where circumstances indicate that the carrying value of an asset may not be fully recoverable.


Foreign currency transactions and balances

The financial statements are presented in Sterling (£), which is also the company's functional currency. Monetary amounts in these financial statements are rounded to the nearest £.

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.


Tangible fixed assets and depreciation

Depreciation is provided, after taking account of any grants receivable, at the following annual rates in order to write off each asset over its estimated useful life.




3.
YADDO LIMITED

Notes to the Financial Statements

For the period ended 30 November 2022


Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.


Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.


Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.


Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.


Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company's interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.


Going concern

As disclosed in note 11, since the year end the company has been acquired by the Asia Satellite Telecommunications Company Limited group. A fellow group company has provided a letter of support to indicate its willingness and ability to support the company for a period of at least twelve months from the date of approval of these financial statements.

Therefore the director has a reasonable expectation that the company has adequate resources to continue in operational existence and meet its liabilities as they fall due for the foreseeable future. Accordingly, he continues to adopt the going concern basis in preparing the financial statements.



4.
YADDO LIMITED

Notes to the Financial Statements

For the period ended 30 November 2022


Change in reporting date

These financial statements are for the period 1 July 2021 to 30 November 2022. The previous financial statements were prepared for the year ended 30 June 2021. The company's accounting reference date was changed to align with its parent. Therefore the figures presented are not entirely comparable.


Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.


3. Employees

The average number employed by the company (including directors) during the period 2022 was 1
and in the previous year 2021 was 1.

4. Fixed assets - intangible

Goodwill


Cost £
At 01 July 2021 418,433
and 30 November 2022

Amortisation
At 01 July 2021 418,433

At 30 November 2022 418,433

Net book values nil




2022
2021


£
£




2022
2021


£
£
5. Debtors

Due within one year:



Trade debtors 3,127
6,728
Other debtors 7,622
-



10,749
6,728





5.
YADDO LIMITED

Notes to the Financial Statements

For the period ended 30 November 2022




2022
2021


£
£
6. Creditors

Amounts falling due within one year:



Trade creditors 750
-
Other creditors:



Other taxation and social security 9,028
3,199
Accruals and deferred income 22,484
12,097


32,262 15,296



7. Called up share capital

There was no change in share capital during the period.


Allotted, called up and fully paid



3,211 Ordinary shares of £1 each 3,211
3,211


8. Control

During the period, the company was a wholly-owned subsidiary of Lightning International (China) Limited, a company incorporated in England and Wales. Lightning International (China) Limited was a wholly-owned subsidiary of Lightning International Limited, a company incorporated in Hong Kong.

Since the year end, the entire share capital of the company has been acquired by the Asia Satellite Telecommunications Company Limited group.


9. Prior year adjustment

During the preparation of the accounts for the period ended 30 November 2022 it became apparent that the goodwill shown in the balance sheet at a net carrying value of £160,057 as at 30 June 2021 was fully impaired as of that date, following the company entering into a Voluntary arrangement. Therefore a prior year adjustment was made to recognise this impairment in the 2021 financial statements. The effect of the impairment was to reduce the fixed assets shown in the original 2021 financial statements to £ nil and to reduce the reported profit for that year by the same amount.

It was also discovered that sales amounting to £6,728 gross (£5,607 net of VAT) were incorrectly omitted from sales for the year ended 30 June 2021 and from trade debtors as at 30 June 2021. The effect of correcting for this has been to increase the net profit for the year, and increase net assets in the balance sheet, by £5,607.

Finally it was discovered that no provision had been made for VAT on sales made during the year ended 30 June 2021 amounting to £2,078. Correcting for this has reduced both the sales and profit for that year by £2,078.




6.
YADDO LIMITED

Notes to the Financial Statements

For the period ended 30 November 2022

10. Related party transactions

During the year the company incurred costs amounting to £33,012 (2021 £nil) payable to its ultimate holding company, Lightning International Limited, a company registered in Hong Kong. As at 30 November 2022 Lightning International Limited owed the company £4,914 (2021 £nil).

The immediate parent company, Lightning International (China) Limited, which handled all transactions on behalf of the company, held £2,708 on behalf of the company as at 30 November 2022 (2021 £nil).


11. Post balance sheet events

Since the year end, the entire share capital of the company has been acquired by the Asia Satellite Telecommunications Company Limited group.


12. Summary audit opinion

The independent Auditor's Report was unqualified.

The name of the Senior Statutory Auditor who signed the audit report on 13 November 2023 was
Gary Moss FCA, who signed for and on behalf of
Sterlings Ltd.