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Registered number: 14614462









YKONE UK LIMITED









FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 DECEMBER 2023

 
YKONE UK LIMITED
 
 
COMPANY INFORMATION


Directors
O Billon (appointed 24 January 2023)
F Jeanmaire (appointed 27 April 2023)




Registered number
14614462



Registered office
3rd Floor, Waverley House
7-12 Noel Street

London

W1F 8GQ




Independent auditors
Ecovis Wingrave Yeats LLP
Chartered Accountants and Statutory Auditor

3rd Floor, Waverley House

7-12 Noel Street

London

W1F 8GQ





 
YKONE UK LIMITED
 

CONTENTS



Page
Balance Sheet
 
1
Notes to the Financial Statements
 
2 - 4


 
YKONE UK LIMITED
REGISTERED NUMBER: 14614462

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
Note
£

  

Current assets
  

Debtors: amounts falling due within one year
 5 
3,132

  
3,132

Creditors: amounts falling due within one year
 6 
(51,434)

Net current liabilities
  
 
 
(48,302)

  

Net liabilities
  
(48,302)


Capital and reserves
  

Called up share capital 
 7 
100

Profit and loss account
  
(48,402)

Shareholders' deficit
  
(48,302)


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

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 28 August 2024.




O Billon
Director

The notes on pages 2 to 4 form part of these financial statements.

Page 1

 
YKONE UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

1.


General information

Ykone UK Limited is a private company, limited by shares, incorporated in England and Wales, registration number 14614462. The registered office is 3rd Floor, Waverley House, 7-12 Noel Street, London, W1F 8GQ. The Company was incorporated on 24 January 2023.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Going concern

The Company has reported a loss for the period of £48,402 and at the period-end the Company’s total liabilities exceeded its total assets by £48,302. The Company is in its start up phase and is expected to be loss making in the short / medium term and as such, does not have a free cash flow on statutory level and requires significant intercompany injections to expand its operations to the level that is planned.
From inception, the Company has relied on the parent company for liquidity. The parent company has indicated that it is willing to provide ongoing support to the Company in order to meet its financial obligations as they fall due. The Directors are therefore satisfied that the statutory financial statements can be prepared on a going concern basis.

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

 
2.4

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Page 2

 
YKONE UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

3.


Judgments in applying accounting policies and key sources of estimation uncertainty

Recognition of deferred tax asset 
Management is required to assess whether it is appropriate to recognise a deferred tax asset relating to taxable losses available to the Company. The recognition of deferred tax assets is based upon whether it is more likely than not that sufficient and suitable taxable profits will be available in the future against which the reversal of losses and other deductions can be deducted. To determine the future taxable profits, reference is made to the latest available forecasts. Therefore, this involves judgement regarding the future financial performance of the Company in which a deferred tax asset has been recognised. The trade losses available to be carried forward to offset future taxable profits at 31 December 2023 are £46,590.


4.


Employees

The average monthly number of employees, including directors, during the period was 2.


5.


Debtors

2023
£


Other debtors
100

Prepayments
3,032

3,132



6.


Creditors: Amounts falling due within one year

2023
£

Trade creditors
5,010

Amounts owed to group undertakings
31,974

Accruals
14,450

51,434


Amounts owed to group undertakings are unsecured, interest free and repayable on demand.

Page 3

 
YKONE UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

7.


Share capital

2023
£
Allotted, called up and fully paid


100 Ordinary shares of £1.00 each
100


During the period, the Company issued 100 £1 Ordinary shares at par value.
The shares have attached to them full voting, dividend and capital distribution rights; they do not confer any rights of redemption.


8.


Related party transactions

The Company has taken advantage of the exemption under paragraph 33.1A of FRS 102 from disclosing transactions with wholly owned members of the same group.


9.


Controlling party

The immediate parent company is Ykone SAS, a company incorporated in France with the registered office at; 3 rue Moncey, 75009, Paris, France.
The parent of the smallest group for which consolidated financial statements are drawn up is Future Tech Retail SAS, a company incorporated in France with the registered office at; 3 rue Moncey, 75009, Paris, France.
The ultimate controlling party is BinDawood Holding a company incorporated in Saudi Arabia.


10.


Post balance sheet events

On 31st July 2024 the Company re-designated 100 Ordinary shares into 100 Ordinary A shares. The shares have attached to them full voting, dividend and capital distribution rights; they do not confer any rights of redemption.
On 31st July 2024 the Company issued 155 £1 Class A Ordinary shares at par value.
On 31st July 2024 the Company issued 45 £1 Class B Ordinary shares at par value. The shares do not have any voting rights attached to them.


11.


Auditors' information

The auditors' report on the financial statements for the period ended 31 December 2023 was unqualified.

The audit report was signed on 28 August 2024 by Sally Casson (Senior Statutory Auditor) on behalf of Ecovis Wingrave Yeats LLP.

 
Page 4