Company Registration No. 11663805 (England and Wales)
YINKA ILORI LIMITED
Unaudited accounts
for the year ended 31 March 2023
YINKA ILORI LIMITED
Unaudited accounts
Contents
YINKA ILORI LIMITED
Company Information
for the year ended 31 March 2023
Director
Olayinka Ayorinde Ilori
Company Number
11663805 (England and Wales)
Registered Office
A and L, Suite 1-3 The Hop Exchange
Southwark Street
LONDON
SE1 1TY
ENGLAND
Accountants
Accounts and Legal Consultants Ltd
Suite 1-3
The Hop Exchange
24 Southwark Street
London
SE1 1TY
YINKA ILORI LIMITED
Accountants' report
Accountants' report to the director of YINKA ILORI LIMITED on the preparation of the unaudited statutory accounts for the year ended 31 March 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of
YINKA ILORI LIMITED for the year ended
31 March 2023 as set out on pages
5 -
7 from the company's accounting records and from information and explanations you have given us.
This report is made solely to the Board of Directors of YINKA ILORI LIMITED, as a body, in accordance with the terms of our engagement. Our work has been undertaken solely to prepare for your approval the accounts of YINKA ILORI LIMITED and state those matters that we have agreed to state to them, as a body, in this report. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than YINKA ILORI LIMITED and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that YINKA ILORI LIMITED has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of YINKA ILORI LIMITED. You consider that YINKA ILORI LIMITED is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the accounts of YINKA ILORI LIMITED. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.
Accounts and Legal Consultants Ltd
Suite 1-3
The Hop Exchange
24 Southwark Street
London
SE1 1TY
15 March 2024
YINKA ILORI LIMITED
Statement of financial position
as at 31 March 2023
Tangible assets
3,440
5,187
Cash at bank and in hand
1,029,766
116,415
Creditors: amounts falling due within one year
(238,039)
(149,939)
Net current assets
1,098,915
576,300
Net assets
1,102,355
581,487
Called up share capital
1
1
Profit and loss account
1,102,354
581,486
Shareholders' funds
1,102,355
581,487
For the year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 15 March 2024 and were signed on its behalf by
Olayinka Ayorinde Ilori
Director
Company Registration No. 11663805
YINKA ILORI LIMITED
Notes to the Accounts
for the year ended 31 March 2023
YINKA ILORI LIMITED is a private company, limited by shares, registered in England and Wales, registration number 11663805. The registered office is A and L, Suite 1-3 The Hop Exchange, Southwark Street, LONDON, SE1 1TY, ENGLAND.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Computer equipment
25% Straight Line
4
Tangible fixed assets
Computer equipment
YINKA ILORI LIMITED
Notes to the Accounts
for the year ended 31 March 2023
Amounts falling due within one year
Amounts due from group undertakings etc.
-
84,834
Accrued income and prepayments
416
-
Other debtors
215,656
524,390
6
Creditors: amounts falling due within one year
2023
2022
Trade creditors
3,316
3,777
Amounts owed to group undertakings and other participating interests
52,663
-
Taxes and social security
180,748
127,686
Brought
Forward
Advance/
credit
Repaid
Carried
Forward
Director's loan
524,390
231,096
539,830
215,656
524,390
231,096
539,830
215,656
Loans to directors include interest at 2.00%
The balance outstanding at the end of the period was £215,656 which was repaid in full on 7 April 2023.
8
Transactions with related parties
As at 31 March 2023, the company held the following balances with Yinka Ilori Homeware Limited, a related party: £52,663 (2022 £84,834) owed to Yinka Illori Homeware Limited.
During the financial period ending March 2023, there has been thorough analysis undertaken to ensure the closing balance at the financial period end date is correct and aligns with the related party records. The impact of this analysis has been a movement of £134,795 from the Director's Loan Account to Yinka Ilori Homeware Ltd related party account.
It is impractical to determine the precise amounts of the adjustments made for each prior period. Reasonable efforts have been made to provide the most accurate retrospective adjustments with the information available.
The materiality of the prior period errors have been assessed and we believe the correction is essential to show a true and fair view of the company's financial position. There have been measures implemented to prevent similar errors occurring in the future.
9
Average number of employees
During the year the average number of employees was 7 (2022: 4).