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Registration number: 12787290

Yela Tech Ltd

Annual Report and Unaudited Financial Statements

for the Period from 1 September 2021 to 31 December 2022

 

Yela Tech Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 8

 

Yela Tech Ltd

Company Information

Directors

A Eid

C Dakroub

Registered office

20 Heathrise
Kersfield Road
London
SW15 3HF

Accountants

Balance Accounts Limited
Chartered Certified Accountants
4 Beau Street
Bath
BA1 1QY

 

Yela Tech Ltd

(Registration number: 12787290)
Balance Sheet as at 31 December 2022

Note

2022
£

2021
£

Fixed assets

 

Intangible assets

4

18,374

-

Tangible assets

5

475

713

 

18,849

713

Current assets

 

Debtors

6

225,936

105,326

Cash at bank and in hand

 

797,147

969,501

 

1,023,083

1,074,827

Creditors: Amounts falling due within one year

7

(14,519)

(48,408)

Net current assets

 

1,008,564

1,026,419

Net assets

 

1,027,413

1,027,132

Capital and reserves

 

Share premium reserve

1,438,064

1,208,666

Retained earnings

(410,651)

(181,534)

Shareholders' funds

 

1,027,413

1,027,132

For the financial 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 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.

 

Yela Tech Ltd

(Registration number: 12787290)
Balance Sheet as at 31 December 2022

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 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 31 August 2023 and signed on its behalf by:
 

.........................................
A Eid
Director

 

Yela Tech Ltd

Notes to the Unaudited Financial Statements for the Period from 1 September 2021 to 31 December 2022

1

General information

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

The address of its registered office is:
20 Heathrise
Kersfield Road
London
SW15 3HF
United Kingdom

These financial statements were authorised for issue by the Board on 31 August 2023.

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 that as disclosed in the accounting policies certain items are shown at fair value.

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.

 

Yela Tech Ltd

Notes to the Unaudited Financial Statements for the Period from 1 September 2021 to 31 December 2022

Tax

The tax expense for the period comprises deferred 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.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

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

Office equipment

25% straight line

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Domain names

Over 6 years and revalued periodically

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.

 

Yela Tech Ltd

Notes to the Unaudited Financial Statements for the Period from 1 September 2021 to 31 December 2022

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the period, was 3 (2021 - 0).

 

Yela Tech Ltd

Notes to the Unaudited Financial Statements for the Period from 1 September 2021 to 31 December 2022

4

Intangible assets

Other intangible assets
 £

Total
£

Cost or valuation

Additions acquired separately

20,353

20,353

At 31 December 2022

20,353

20,353

Amortisation

Amortisation charge

1,979

1,979

At 31 December 2022

1,979

1,979

Carrying amount

At 31 December 2022

18,374

18,374

5

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 September 2021

713

713

At 31 December 2022

713

713

Depreciation

Charge for the period

238

238

At 31 December 2022

238

238

Carrying amount

At 31 December 2022

475

475

At 31 August 2021

713

713

 

Yela Tech Ltd

Notes to the Unaudited Financial Statements for the Period from 1 September 2021 to 31 December 2022

6

Debtors

Note

2022
£

2021
£

Other debtors

 

95,529

-

Prepayments

 

37,294

76,515

Deferred tax assets

93,113

28,811

 

225,936

105,326

7

Creditors

Creditors: amounts falling due within one year

Note

2022
£

2021
£

Due within one year

 

Trade creditors

 

8,343

-

Amounts due to related parties

2,076

-

Accruals

 

4,100

48,408

 

14,519

48,408

8

Share capital

Allotted, called up and fully paid shares

 

2022

2021

 

No.

£

No.

£

Ordinary of £0.000001 each

291,299

0.29

291,299

0.29