Yard Soho Limited
Unaudited Financial Statements
For the period ended 27 April 2023
Pages for Filing with Registrar
Company Registration No. 07334263 (England and Wales)
Yard Soho Limited
Contents
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
Yard Soho Limited
Balance Sheet
As at 27 April 2023
Page 1
2023
2021
Notes
£
£
£
£
Fixed assets
Tangible assets
3
72,831
32,762
Current assets
Stock
30,858
26,301
Debtors
4
607,644
557,288
Cash at bank and in hand
458,248
566,663
1,096,750
1,150,252
Creditors: amounts falling due within one year
5
(1,040,006)
(953,419)
Net current assets
56,744
196,833
Total assets less current liabilities
129,575
229,595
Creditors: amounts falling due after more than one year
6
(111,667)
(216,667)
Net assets
17,908
12,928
Capital and reserves
Called up share capital
7
100
100
Profit and loss reserves
17,808
12,828
Total equity
17,908
12,928

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial period ended 27 April 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The member has not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 1 August 2024 and are signed on its behalf by:
Yard Soho Limited
Balance Sheet (Continued)
As at 27 April 2023
Page 2
A C Jones
Director
Company Registration No. 07334263
Yard Soho Limited
Notes to the Financial Statements
For the period ended 27 April 2023
Page 3
1
Accounting policies
Company information

Yard Soho Limited is a private company limited by shares incorporated in England and Wales. The registered office is 6th Floor, Charlotte Building, 17 Gresse Street, London, United Kingdom, W1T 1QL.

1.1
Reporting period

The financial statements are presented for a period longer than one year, in order to better reflect the seasonality of the business on an ongoing basis, therefore comparative amounts presented in the financial statements (including the related notes) are not entirely comparable.

1.2
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Yard Soho Limited
Notes to the Financial Statements (Continued)
For the period ended 27 April 2023
1
Accounting policies
(Continued)
Page 4

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold improvements
33% on cost
Fixtures and fittings
33% on cost

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.6
Stock

Stock are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stock to their present location and condition.

 

Stock held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stock over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.7
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

Yard Soho Limited
Notes to the Financial Statements (Continued)
For the period ended 27 April 2023
1
Accounting policies
(Continued)
Page 5
1.8
Financial instruments

The company has only basic financial instruments measured at amortised cost, with no financial instruments classified as other or basic instruments measured at fair value.

1.9
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.10
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.11
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.12
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Yard Soho Limited
Notes to the Financial Statements (Continued)
For the period ended 27 April 2023
1
Accounting policies
(Continued)
Page 6
1.13
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

1.14
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

1.15
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Employees

The average monthly number of persons (including directors) employed by the company during the period was:

2023
2021
Number
Number
Total
29
11
Yard Soho Limited
Notes to the Financial Statements (Continued)
For the period ended 27 April 2023
Page 7
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 29 October 2021
40,032
244,404
284,436
Additions
62,509
13,527
76,036
At 27 April 2023
102,541
257,931
360,472
Depreciation and impairment
At 29 October 2021
40,032
211,642
251,674
Depreciation charged in the period
16,729
19,238
35,967
At 27 April 2023
56,761
230,880
287,641
Carrying amount
At 27 April 2023
45,780
27,051
72,831
At 28 October 2021
-
0
32,762
32,762
4
Debtors
2023
2021
Amounts falling due within one year:
£
£
Corporation tax recoverable
-
0
4,499
Other debtors
493,162
498,894
Prepayments and accrued income
114,482
53,895
607,644
557,288
5
Creditors: amounts falling due within one year
2023
2021
£
£
Bank loans
20,000
20,000
Trade creditors
105,439
81,451
Amounts owed to group undertakings
-
0
17,362
Corporation tax
267,561
53,534
Other taxation and social security
85,780
81,769
Other creditors
522,226
583,581
Accruals and deferred income
39,000
115,722
1,040,006
953,419
Yard Soho Limited
Notes to the Financial Statements (Continued)
For the period ended 27 April 2023
Page 8
6
Creditors: amounts falling due after more than one year
2023
2021
£
£
Bank loans and overdrafts
45,000
75,000
Other creditors
66,667
141,667
111,667
216,667
7
Called up share capital
2023
2021
2023
2021
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
-
100
-
100
B Ordinary of £1 each
29
-
29
-
A Ordinary of £1 each
71
-
71
-
100
100
100
100

On the 30th March 2023, 71 Ordinary Shares were re-designated as A Ordinary Shares and 29 Ordinary Shares were re-designated as B Ordinary Shares.

8
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2023
2021
£
£
1,619,783
2,361,000
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