Company Registration No. 04452936 (England and Wales)
YUDU LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
30 NOVEMBER 2023
30 November 2023
PAGES FOR FILING WITH REGISTRAR
PM+M Solutions for Business LLP
Chartered Accountants
New Century House
Greenbank Technology Park
Challenge Way
Blackburn
Lancashire
BB1 5QB
YUDU LIMITED
BALANCE SHEET
AS AT
30 NOVEMBER 2023
30 November 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
3
1,302,717
1,297,406
Tangible assets
4
4,345
3,988
1,307,062
1,301,394
Current assets
Debtors
5
256,953
253,883
Cash at bank and in hand
13,343
24,430
270,296
278,313
Creditors: amounts falling due within one year
6
(454,679)
(472,627)
Net current liabilities
(184,383)
(194,314)
Total assets less current liabilities
1,122,679
1,107,080
Creditors: amounts falling due after more than one year
7
(1,179,127)
(1,120,034)
Net liabilities
(56,448)
(12,954)
Capital and reserves
Called up share capital
8
224
224
Share premium account
2,822,202
2,822,202
Equity reserve
1,949,662
1,830,670
Other reserves
1,015,517
893,979
Profit and loss reserves
9
(5,844,053)
(5,560,029)
Total equity
(56,448)
(12,954)

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 year ended 30 November 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 members have not required the company to obtain an audit of its financial statements for the year 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.

YUDU LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 NOVEMBER 2023
30 November 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 15 December 2023 and are signed on its behalf by:
J R Stephenson
Director
Company registration number 04452936 (England and Wales)
YUDU LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 3 -
Share capital
Share premium account
Convertible loan notes
Shareholder loans
Profit and loss reserves
Total
Notes
£
£
£
£
£
£
Balance at 1 December 2021
224
2,822,202
1,718,938
614,406
(5,286,107)
(130,337)
Year ended 30 November 2022:
Loss and total comprehensive income for the year
-
-
-
-
(162,190)
(162,190)
Interest on convertible loan
-
-
111,732
-
-
111,732
Transfers
8
-
0
-
0
-
-
(111,732)
(111,732)
Other movements
-
-
-
95,773
95,773
Issue of shareholder loans
-
-
-
183,800
-
183,800
Balance at 30 November 2022
224
2,822,202
1,830,670
893,979
(5,560,029)
(12,954)
Year ended 30 November 2023:
Loss and total comprehensive income for the year
-
-
-
-
(165,032)
(165,032)
Interest on convertible loan
-
-
118,992
-
-
118,992
Transfers
8
-
0
-
0
-
-
(118,992)
(118,992)
Other movements
-
-
-
121,538
121,538
Balance at 30 November 2023
224
2,822,202
1,949,662
1,015,517
(5,844,053)
(56,448)
YUDU LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 4 -
1
Accounting policies
Company information

Yudu Limited is a private company limited by shares incorporated in England and Wales. The registered office is Primrose Studios, Primrose Road, Clitheroe, Lancashire, BB7 1DR.

1.1
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 disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

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.

1.2
Going concern

The company has strong expectations of revenue growth from the introduction of new products and is confident of raising adequate finance to allow the benefit of that revenue growth to be realised.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for 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 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
Research and development expenditure

Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

1.5
Intangible fixed assets other than goodwill

Development costs are capitalised within intangible assets where they can be identified with a specific product or project anticipated to produce future benefits, and are amortised on the straight line basis over the anticipated life of the benefits arising from the completed product or project.

 

Deferred research and development costs are reviewed annually, and where future benefits are deemed to have ceased or to be in doubt, the balance of any related research and development is written off to the Profit and loss account.

Amortisation 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:

Development costs
10 years.
YUDU LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
1
Accounting policies
(Continued)
- 5 -
1.6
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.

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:

Short term leasehold property
33% straight line
Office Equipment
33% straight line
Motor vehicles
25% straight line

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.

1.7
Fixed asset investments

Interests in subsidiaries and associates are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

1.8
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible 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.

1.9
Cash at bank and in hand

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.

YUDU LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
1
Accounting policies
(Continued)
- 6 -
1.10
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.11
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.

Funds contributed by shareholders which carry a right to interest but no entitlement to participate in the profits of the company and which are not repayable except in the event of a change in control of the company or similar event are classified within shareholders funds in the balance sheet.

 

The interest on these finds is recognised as a cost in the profit and loss account each year and is then accumulated with the underlying capital within shareholders funds.

1.12
Taxation

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

YUDU LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
1
Accounting policies
(Continued)
- 7 -
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.

1.13
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.

1.14
Retirement benefits

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

1.15
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.

1.16
Foreign exchange

Transactions in currencies other than 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 are included in the profit and loss account for the period.

2
Employees

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

2023
2022
Number
Number
Total
13
18
YUDU LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 8 -
3
Intangible fixed assets
Goodwill
Other
Total
£
£
£
Cost
At 1 December 2022
40,000
7,965,723
8,005,723
Additions
-
0
226,084
226,084
At 30 November 2023
40,000
8,191,807
8,231,807
Amortisation and impairment
At 1 December 2022
40,000
6,668,317
6,708,317
Amortisation charged for the year
-
0
220,773
220,773
At 30 November 2023
40,000
6,889,090
6,929,090
Carrying amount
At 30 November 2023
-
0
1,302,717
1,302,717
At 30 November 2022
-
0
1,297,406
1,297,406

The other intangible fixed assets are capitalised development costs. The directors are confident that the future trading of the company will benefit in full from the value of these assets.

4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 December 2022
48,412
492,594
541,006
Additions
-
0
3,873
3,873
At 30 November 2023
48,412
496,467
544,879
Depreciation and impairment
At 1 December 2022
48,412
488,606
537,018
Depreciation charged in the year
-
0
3,516
3,516
At 30 November 2023
48,412
492,122
540,534
Carrying amount
At 30 November 2023
-
0
4,345
4,345
At 30 November 2022
-
0
3,988
3,988
YUDU LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 9 -
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
219,148
167,616
Corporation tax recoverable
28,863
77,764
Other debtors
8,942
8,503
256,953
253,883
6
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
76,326
118,722
Amounts owed to group undertakings
83,354
86,342
Taxation and social security
39,895
37,374
Other creditors
255,104
230,189
454,679
472,627

The amount due to group undertaking of £83,354 (2022 - £86,342) are due to a subsidiary of the company.

 

Included in other creditors are amounts totalling £8,115 (2022 - £13,746) due to directors of the company, on short term loans.

 

Included in other creditors are amounts totalling £90,000 (2022 - £90,000) being part of a loan totaling £865,643 (2022 - £732,403) advanced by a director of the company. The loan is secured by a fixed and floating charge over all the company's assets, and is subject to interest on part of the loan at a rate that is linked to the Royal Bank of Scotland base rate. The rate of interest applicable on this loan is between 5% and 8%. The agreement permits the lender to demand the repayment of part of the principal loan to a maximum of £90,000 in any twelve month period. During the year £92,000 was introduced by the director (2022 - £Nil) and repayments totalling £17,600 (2022 - £48,400) were made, interest amounting to £58,840 (2022 - £44,286) accrued in the period.

 

Included within other creditors is £55,025 (2022 - £23,469) being part of a loan totalling £246,412 (2022 - £275,997) outstanding at year end (see note 7).

Included within other creditors is £21,153 (2022 - £18,472) being part of a government backed loan totalling £88,554 (2022 - £98,878) outstanding at year end (see note 7).

7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Amounts owed to group undertakings
144,697
144,697
Other creditors
1,034,430
975,337
1,179,127
1,120,034
YUDU LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
7
Creditors: amounts falling due after more than one year
(Continued)
- 10 -

Included within other creditors is £775,643 (2022 - £642,403) relating to amounts advanced by a director of the company (see note 6).

 

Included within other creditors is an amount of £191,386 (2022 - £252,528) outstanding at the year end relating to a loan commencing 14 February 2020 and carries a fixed interest rate at 8.5%. This is secured by a personal guarantee given by a director of the company.

 

Also included within other creditors is a government backed loan with £67,401 (2022 - £80,406) outstanding at the year end commencing 28 May 2020 and carries a fixed interest rate at 10.04%.

 

The amount due to group undertaking of £144,697 (2022 - £144,697) is due to a subsidiary of the company.

YUDU LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 11 -
8
Called up share capital
2023
2022
£
£
Ordinary share capital
Issued and fully paid
2,234 A ordinary of 10p each
224
224
224
224

Shareholders funds attributable to equity interests include 153 A ordinary shares issued at £3,750 each which have a preferential right in the circumstances of a return of assets on liquidation or sale of the business, to a preferred Payment In Kind dividend at the rate of 7.5% per annum on the subscription price, compounded annually.

 

9
Profit and loss reserves
2023
2022
£
£
At the beginning of the year
(5,560,029)
(5,286,107)
Loss for the year
(165,032)
(162,190)
Transfer to reserves
(118,992)
(111,732)
At the end of the year
(5,844,053)
(5,560,029)
10
Pension commitments

The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £21,684 (2022 - £28,935) of which £9,714 (2022 - £18,202) is included in capitalised development costs. There was £10,431 (2022 - £14,662) due to be paid into the fund at the balance sheet date.

11
Enterprise Management Incentive Plan

The company set up an Enterprise Management Incentive (EMI) Plan during the financial year to 30 November 2008. At 30 November 2023 there were 20 (2022 - 30) options outstanding for Ordinary C shares of 1p each.

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