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Registration number: 12020479

Whyaye Ltd

Unaudited Filleted Financial Statements

for the Period from 1 July 2022 to 10 May 2023

 

Whyaye Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

Whyaye Ltd

Company Information

Directors

A Malhotra

D H Scourfield

S A H Orr

Registered office

1 More London Place
London
SE12AF

Accountants

Matthews Hanton Limited
Chartered Certified Accountants
93 Aldwick Road
Bognor Regis
West Sussex
PO21 2NW

 

Whyaye Ltd

(Registration number: 12020479)
Balance Sheet as at 10 May 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

85,012

46,446

Current assets

 

Stocks

6

402,464

99,502

Debtors

7

2,837,201

2,039,512

Cash at bank and in hand

 

1,284,531

67,707

 

4,524,196

2,206,721

Creditors: Amounts falling due within one year

8

(3,779,612)

(1,444,636)

Net current assets

 

744,584

762,085

Total assets less current liabilities

 

829,596

808,531

Creditors: Amounts falling due after more than one year

8

-

(49,000)

Net assets

 

829,596

759,531

Capital and reserves

 

Called up share capital

9

10

10

Share premium reserve

199,800

199,800

Retained earnings

629,786

559,721

Shareholders' funds

 

829,596

759,531

For the financial period ending 10 May 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 accounts for the period in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

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.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 29 January 2024 and signed on its behalf by:
 

 

Whyaye Ltd

(Registration number: 12020479)
Balance Sheet as at 10 May 2023

.........................................
S A H Orr
Director

 

Whyaye Ltd

Notes to the Unaudited Financial Statements for the Period from 1 July 2022 to 10 May 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
1 More London Place
London
SE12AF
England

These financial statements were authorised for issue by the Board on 29 January 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except where, as disclosed in the accounting policies, certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Foreign currency transactions and balances

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.

 

Whyaye Ltd

Notes to the Unaudited Financial Statements for the Period from 1 July 2022 to 10 May 2023

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 income 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Furniture, Fittings, Tools and Equipment

10% per annum, straight line

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 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.

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.

 

Whyaye Ltd

Notes to the Unaudited Financial Statements for the Period from 1 July 2022 to 10 May 2023

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the period, was 108 (2022 - 68).

 

Whyaye Ltd

Notes to the Unaudited Financial Statements for the Period from 1 July 2022 to 10 May 2023

4

Intangible assets

The aggregate amount of research and development expenditure recognised as an expense during the period is £- (2022 - £5,184).
 

5

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 July 2022

55,598

55,598

Additions

50,499

50,499

Disposals

(5,018)

(5,018)

At 10 May 2023

101,079

101,079

Depreciation

At 1 July 2022

9,152

9,152

Charge for the period

10,026

10,026

Eliminated on disposal

(3,111)

(3,111)

At 10 May 2023

16,067

16,067

Carrying amount

At 10 May 2023

85,012

85,012

At 30 June 2022

46,446

46,446

6

Stocks

2023
£

2022
£

Work in progress

402,464

99,502

7

Debtors

Current

2023
£

2022
£

Trade debtors

2,662,848

1,923,061

Prepayments

166,950

111,494

Other debtors

7,403

4,957

 

2,837,201

2,039,512

 

Whyaye Ltd

Notes to the Unaudited Financial Statements for the Period from 1 July 2022 to 10 May 2023

8

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

611,823

201,993

Taxation and social security

1,373,635

639,921

Accruals and deferred income

397,852

9,830

Other creditors

1,396,302

592,892

3,779,612

1,444,636

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

10

-

49,000

9

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary of £0.00 each

9,100

9

9,100

9

A Ordinary of £0.00 each

900

1

900

1

 

10,000

10

10,000

10

 

Whyaye Ltd

Notes to the Unaudited Financial Statements for the Period from 1 July 2022 to 10 May 2023

10

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Other borrowings

-

49,000

11

Non adjusting events after the financial period

On 11 May 2023, the company was acquired by EY Professional Services Limited, a company registered in England and Wales. Following the acquisition, the company's ultimate parent undertaking and controlling party is Ernst & Young LLP. Ernst & Young LLP is the parent undertaking of the smallest and largest group that consolidates these financial statements, copies of which are available from its registered office, 1 More London Place, London, SE1 2AF.