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COMPANY REGISTRATION NUMBER: 10940867
Yorze Limited
Filleted Unaudited Financial Statements
31 December 2022
Yorze Limited
Statement of Financial Position
31 December 2022
31 Dec 22
31 Aug 21
Note
£
£
Fixed assets
Intangible assets
5
612,052
571,603
Current assets
Debtors
6
90,629
116,718
Cash at bank and in hand
1,492
1,949
--------
---------
92,121
118,667
Creditors: amounts falling due within one year
7
( 454,851)
( 443,367)
---------
---------
Net current liabilities
( 362,730)
( 324,700)
---------
---------
Total assets less current liabilities
249,322
246,903
Provisions
( 87,341)
( 66,379)
---------
---------
Net assets
161,981
180,524
---------
---------
Capital and reserves
Called up share capital
127,236
127,236
Share premium account
702,206
702,206
Profit and loss account
( 667,461)
( 648,918)
---------
---------
Shareholders funds
161,981
180,524
---------
---------
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 comprehensive income has not been delivered.
For the period ending 31 December 2022 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 period 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 .
Yorze Limited
Statement of Financial Position (continued)
31 December 2022
These financial statements were approved by the board of directors and authorised for issue on 22 December 2023 , and are signed on behalf of the board by:
A Jones
Director
Company registration number: 10940867
Yorze Limited
Notes to the Financial Statements
Period from 1 September 2021 to 31 December 2022
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is The Old Wheel House, 31/37 Church Street, Reigate, Surrey, RH2 0AD, United Kingdom.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the 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.
Going concern
As with many early-stage entities the company's ability to continue to develop its products and services and to bring them to market is dependent upon the business being able to raise additional funds to support its operations as required. The Directors are confident that they will be able to secure sufficient additional funding to meet the company's requirements during the next year and to enable it to fulfil its plans.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
Research and development
Research expenditure is written off in the period in which it is incurred. Development expenditure incurred is capitalised as an intangible asset only when all of the following criteria are met: - It is technically feasible to complete the intangible asset so that it will be available for use or sale; - There is the intention to complete the intangible asset and use or sell it; - There is the ability to use or sell the intangible asset; - The use or sale of the intangible asset will generate probable future economic benefits; - There are adequate technical, financial and other resources available to complete the development and to use or sell the intangible asset; and - The expenditure attributable to the intangible asset during its development can be measured reliably. Expenditure that does not meet the above criteria is expensed as incurred.
Impairment of fixed assets
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. For the purposes of impairment testing, 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 largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
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 as a finance cost 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. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Employee numbers
The average number of persons employed by the company during the period amounted to Nil (2021: Nil).
5. Intangible assets
Development costs
£
Cost
At 1 September 2021
571,603
Additions
40,449
---------
At 31 December 2022
612,052
---------
Amortisation
At 1 September 2021 and 31 December 2022
---------
Carrying amount
At 31 December 2022
612,052
---------
At 31 August 2021
571,603
---------
6. Debtors
31 Dec 22
31 Aug 21
£
£
Trade debtors
108
Deferred tax asset
87,341
66,379
Corporation tax repayable
49,379
Other debtors
3,288
852
--------
---------
90,629
116,718
--------
---------
7. Creditors: amounts falling due within one year
31 Dec 22
31 Aug 21
£
£
Trade creditors
56,874
85,193
Accruals and deferred income
120,120
113,583
Shareholder loans
125,695
121,195
Other creditors
152,162
123,396
---------
---------
454,851
443,367
---------
---------
Shareholder loans The shareholder loans are non-interest bearing and, having been rolled over by the majority of lending shareholders (with remaining rollover consents pending confirmed approval as at 21 December 2023), are now due for repayment on the earlier of 31 May 2024 or upon the company receiving new investor proceeds of £750,000 or more.
8. Deferred tax
The deferred tax included in the statement of financial position is as follows:
31 Dec 22
31 Aug 21
£
£
Included in debtors (note 6)
87,341
66,379
Included in provisions
( 87,341)
( 66,379)
--------
--------
--------
--------
The deferred tax account consists of the tax effect of timing differences in respect of:
31 Dec 22
31 Aug 21
£
£
Accelerated capital allowances
87,341
66,379
Unused tax losses
( 87,341)
( 66,379)
--------
--------
--------
--------
9. Related party transactions
The company was not under the control of any one party or individual throughout the period ended 31 December 2022. During the period ended 31 December 2022, the company was charged the following in respect of development services provided and associated expenses: - Asel Group Limited, where A P Jones is a director, £32,162 (2021 - £33,037), for software development services procured in Asia, none of which services were provided by A P Jones, of which £32,162 (2021 - £33,037) has been capitalised as an intangible asset. At the period end, a balance of £55,848 (2021 - £29,661) was outstanding and included in current liabilities. During the period ended 31 December 2022, the company was charged the following in respect of consultancy and marketing services: - Andrew Knox, a shareholder in Yorze Ltd, £nil (2021 - £15,636). At the period end, a balance of £2,780 (2021 - £19,752) was outstanding and included in current liabilities. - Ellen Ma, a shareholder in Yorze Ltd, £nil (2021 - £81,689). At the period end, a balance of £84,000 (2021 - £86,199) was outstanding and included in current liabilities. During the period various shareholders advanced short-term loans to the company totalling £4,500 (2021 - £23,286). The loans are non-interest bearing and have the repayment terms detailed in note 9 of the financial statements. The balance outstanding at the year-end was £125,695 (2021 - £121,195). The company has also received various advances from shareholders on account for future share issues. £152,162 (2021 - £123,396) is included in other creditors at the year end in respect of these amounts.