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Registration number: 10602535

Ynez Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2024

 

Ynez Ltd

Contents

Company Information

1

Director's Report

2

Accountants' Report

3

Profit and Loss Account

4

Statement of Comprehensive Income

5

Balance Sheet

6

Statement of Changes in Equity

7

Notes to the Unaudited Financial Statements

8 to 13

 

Ynez Ltd

Company Information

Director

Mrs Ynez Symonds

Company secretary

Britannia Accountancy & Tax Services Ltd

Registered office

A24 The Sanderson Centre
Lees Lane
Gosport
Hampshire
PO12 3UL

Accountants

Britannia Accountancy & Tax Services Ltd
A24 The Sanderson Centre
Lees Lane
Gosport
Hampshire
PO12 3UL

 

Ynez Ltd

Director's Report for the Year Ended 31 March 2024

The director presents her report and the financial statements for the year ended 31 March 2024.

Director of the company

The director who held office during the year was as follows:

Mrs Ynez Symonds

Principal activity

The principal activity of the company is consultancy

Small companies provision statement

This report has 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.

Approved by the director on 18 July 2024 and signed on its behalf by:

.........................................
Mrs Ynez Symonds
Director

   
     
 

Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Ynez Ltd
for the Year Ended 31 March 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Ynez Ltd for the year ended 31 March 2024 as set out on pages 4 to 13 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 Ynez Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Ynez Ltd and state those matters that we have agreed to state to the Board of Directors of Ynez Ltd, as a body, in this report. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Ynez Ltd and its Board of Directors as a body for our work or for this report. To the best of our knowledge at the time of preparation; all information contained in this report is accurate, based upon the information and representations made to us by Ynez Ltd

It is your duty to ensure that Ynez Ltd 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 Ynez Ltd. You consider that Ynez Ltd 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 Ynez Ltd. 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.

......................................

Britannia Accountancy & Tax Services Ltd
A24 The Sanderson Centre
Lees Lane
Gosport
Hampshire
PO12 3UL

18 July 2024

 

Ynez Ltd

Profit and Loss Account for the Year Ended 31 March 2024

Note

2024
£

2023
£

Turnover

 

77,750

80,160

Cost of sales

 

(41,250)

(42,224)

Gross profit

 

36,500

37,936

Administrative expenses

 

(11,986)

(26,508)

Operating profit

 

24,514

11,428

Interest payable and similar expenses

 

(9,571)

(11,016)

Profit before tax

4

14,943

412

Tax on profit

 

(606)

-

Profit for the financial year

 

14,337

412

The above results were derived from continuing operations.

 

Ynez Ltd

Statement of Comprehensive Income for the Year Ended 31 March 2024

2024
£

2023
£

Profit for the year

14,337

412

Deficit on property, plant and equipment revaluation

-

(21,000)

Total comprehensive income for the year

14,337

(20,588)

 

Ynez Ltd

(Registration number: 10602535)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

5

3,079

4,103

Tangible assets

6

349,950

350,158

 

353,029

354,261

Current assets

 

Debtors

7

8,556

7,600

Cash at bank and in hand

 

104,263

86,091

 

112,819

93,691

Creditors: Amounts falling due within one year

8

(606)

(36,157)

Net current assets

 

112,213

57,534

Total assets less current liabilities

 

465,242

411,795

Creditors: Amounts falling due after more than one year

8

(128,150)

(89,040)

Net assets

 

337,092

322,755

Capital and reserves

 

Called up share capital

9

250,001

250,001

Retained earnings

87,091

72,754

Shareholders' funds

 

337,092

322,755

For the financial year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges her 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.

Approved and authorised by the director on 18 July 2024
 

.........................................
Mrs Ynez Symonds
Director

   
     
 

Ynez Ltd

Statement of Changes in Equity for the Year Ended 31 March 2024

Share capital
£

Retained earnings
£

Total
£

At 1 April 2023

250,001

72,754

322,755

Profit for the year

-

14,337

14,337

At 31 March 2024

250,001

87,091

337,092

Share capital
£

Revaluation reserve
£

Retained earnings
£

Total
£

At 1 April 2022

250,001

21,000

72,342

343,343

Profit for the year

-

-

412

412

Other comprehensive income

-

(21,000)

-

(21,000)

Total comprehensive income

-

(21,000)

412

(20,588)

At 31 March 2023

250,001

-

72,754

322,755

 

Ynez Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

1

General information

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

The address of its registered office is:
A24 The Sanderson Centre
Lees Lane
Gosport
Hampshire
PO12 3UL

These financial statements were authorised for issue by the director on 18 July 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 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.

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.

 

Ynez Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

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

Plant and machinery

18% on net book value

Vehicles

18% on net book value

Office equipment

18% on net book value

Furniture and fittings

18% on net book value

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

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

Goodwill

10% on cost

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.

 

Ynez Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

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.

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.

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 the director) during the year, was 1 (2023 - 1).

4

Profit before tax

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

208

254

Amortisation expense

1,024

1,024

 

Ynez Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

5

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 April 2023

10,247

10,247

At 31 March 2024

10,247

10,247

Amortisation

At 1 April 2023

6,144

6,144

Amortisation charge

1,024

1,024

At 31 March 2024

7,168

7,168

Carrying amount

At 31 March 2024

3,079

3,079

At 31 March 2023

4,103

4,103

6

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 April 2023

349,000

2,098

351,098

At 31 March 2024

349,000

2,098

351,098

Depreciation

At 1 April 2023

-

940

940

Charge for the year

-

208

208

At 31 March 2024

-

1,148

1,148

Carrying amount

At 31 March 2024

349,000

950

349,950

At 31 March 2023

349,000

1,158

350,158

Included within the net book value of land and buildings above is £349,000 (2023 - £349,000) in respect of freehold land and buildings.
 

 

Ynez Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

7

Debtors

Current

2024
£

2023
£

Trade debtors

4,800

7,600

Other debtors

3,756

-

 

8,556

7,600

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

11

-

34,004

Taxation and social security

 

606

-

Accruals and deferred income

 

-

2,153

 

606

36,157

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

11

128,150

89,040

9

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary of £1 each

1

1

1

1

Preference of £1,000 each

250

250,000

250

250,000

 

251

250,001

251

250,001

10

Reserves

The changes to each component of equity resulting from items of other comprehensive income for the current year were as follows:

 

Ynez Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

The changes to each component of equity resulting from items of other comprehensive income for the prior year were as follows:

Revaluation reserve
£

Total
£

Surplus/deficit on property, plant and equipment revaluation

(21,000)

(21,000)

11

Loans and borrowings

2024
£

2023
£

Non-current loans and borrowings

Bank borrowings

4,400

6,540

Other borrowings

123,750

82,500

128,150

89,040

2024
£

2023
£

Current loans and borrowings

Other borrowings

-

34,004

12

Dividends

Final dividends paid

 

2024
£

2023
£

Final dividend of £0 per each Ordinary share

-

-