Company registration number 04585332 (England and Wales)
YOH SOLUTIONS LTD
FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
Century House
Wargrave Road
Henley-on-Thames
Oxfordshire
United Kingdom
RG9 2LT
YOH SOLUTIONS LTD
CONTENTS
Page
Company information
1
Balance sheet
2
Statement of changes in equity
3
Notes to the financial statements
4 - 9
YOH SOLUTIONS LTD
COMPANY INFORMATION
- 1 -
Directors
Mr. E. McGrath
Mr. J. Comito III
Secretary
Mr. S. Fast
Company number
04585332
Registered office
Arena Business Centre
100 Berkshire Place
Winnersh
Wokingham
RG41 5RD
Auditor
Verallo
Century House
Wargrave Road
Henley-on-Thames
Oxfordshire
United Kingdom
RG9 2LT
YOH SOLUTIONS LTD
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 2 -
2023
2022
Notes
£
£
£
£
Current assets
Debtors
5
1,041,114
1,049,172
Cash at bank and in hand
205,704
187,574
1,246,818
1,236,746
Creditors: amounts falling due within one year
6
(526,934)
(659,474)
Net current assets
719,884
577,272
Creditors: amounts falling due after more than one year
7
(4,698,960)
(4,072,528)
Net liabilities
(3,979,076)
(3,495,256)
Capital and reserves
Called up share capital
8
1,800
1,800
Capital redemption reserve
200
200
Profit and loss reserves
(3,981,076)
(3,497,256)
Total equity
(3,979,076)
(3,495,256)

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

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 24 September 2024 and are signed on its behalf by:
Mr. J.  Comito III
Director
Company Registration No. 04585332
The notes on pages 4 to 9 form part of these financial statements
YOH SOLUTIONS LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
Share capital
Capital redemption reserve
Profit and loss reserves
Total
£
£
£
£
Balance at 1 January 2022
1,800
200
(2,917,873)
(2,915,873)
Year ended 31 December 2022:
Loss and total comprehensive income for the year
-
-
(579,383)
(579,383)
Balance at 31 December 2022
1,800
200
(3,497,256)
(3,495,256)
Year ended 31 December 2023:
Loss and total comprehensive income for the year
-
-
(483,820)
(483,820)
Balance at 31 December 2023
1,800
200
(3,981,076)
(3,979,076)
The notes on pages 4 to 9 form part of these financial statements
YOH SOLUTIONS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
1
Accounting policies
Company information

Yoh Solutions Ltd (04585332) is a private company limited by shares incorporated in England and Wales. The registered office is Arena Business Centre, 100 Berkshire Place, Winnersh, Wokingham, RG41 5RD.

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 £1.

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 directors' of the company have carefully considered the funding requirements of the company for the foreseeable future. The directors' assessment suggests there will be an increase in the trading activity for Yoh Solutions Ltd over the next 12 months and together with further funding provided by the parent company, Yoh Services LLC, the company is forecasting that it can continue to operate for the foreseeable future.

 

The company meets its day to day working capital requirements through cash reserves and a group credit facility provided by Day & Zimmermann Group Inc., the company's ultimate controlling party which has been pledged for the foreseeable future. The ultimate controlling party have pledged not to call in the debt of £4,698,960 payable to group company's, to the detriment of the Yoh Solutions Ltd creditors, within the foreseeable future, being a minimum of twelve months from signing these financial statements.

 

The directors' have further considered the continued impact of the economy on the operations and financial position of the company.

 

The directors' are confident that the company has adequate resources to continue operating for the foreseeable future and accordingly they continue to adopt the going concern basis of accounting in preparing the annual financial statements.

 

Should the assumptions referred to above prove to be invalid, the going concern basis may also be invalid and, accordingly, adjustments may have to be made to the value of assets to their realisable amounts, to provide for any further liabilities which might arise and to reclassify all fixed assets and long term liabilities as current assets and current liabilities respectively.

 

 

YOH SOLUTIONS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 5 -
1.3
Turnover

Turnover represents the amounts, excluding Value Added Tax, derived from the provision of services to third party customers during the period.

 

Contractor revenue is recognised as work is carried out on the following basis:

 

Permanent placement fees are recognised in the period in which the candidate commences their new employment.

 

Turnover is accrued based on time worked, that is yet to be invoiced, to the principal or end user at the year end.

1.4
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.

1.5
Financial instruments

Financial instruments are recognised in the company's statement of financial position 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.

YOH SOLUTIONS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 6 -
Basic financial liabilities

Basic financial liabilities, including trade and other payables and loans from fellow group companies 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 receipts discounted at a market rate of interest.

 

Trade payables 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 payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

 

1.6
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.

1.7
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.

YOH SOLUTIONS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 7 -
1.8
Retirement benefits

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

1.9
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.

1.10
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 year was:

2023
2022
Number
Number
Total
90
96
3
Operating loss
2023
2022
Operating loss for the year is stated after charging:
£
£
Fees payable to the company's auditor for the audit of the company's financial statements
16,000
13,650
4
Taxation

At 31st December 2023 the company had £5,088,405 (2022 - £4,603,288) of tax losses available for future use.

YOH SOLUTIONS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 8 -
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
332,462
607,387
Amounts owed by group undertakings
508,968
276,244
Other debtors
6,156
5,983
Prepayments and accrued income
193,528
159,558
1,041,114
1,049,172
6
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
36,085
83,282
Taxation and social security
143,913
138,300
Other creditors
77,392
21,760
Accruals and deferred income
269,544
416,132
526,934
659,474
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Other borrowings
4,698,960
4,072,528

Included in the other creditors due in more than one year is an amount of £1,066,130 (2022 - £992,260) owed to Yoh Services LLC and £3,632,830 (2022 - £3,080,268) owed to Day & Zimmermann, who are both related company's. These loans are subject to interest at 8% on net assets less cash of the company. This will be charged from the point when the company is profitable.

8
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A of 1p each
150,000
150,000
1,500
1,500
Ordinary B of 1p each
300
300
300
300
150,300
150,300
1,800
1,800
YOH SOLUTIONS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
8
Called up share capital
(Continued)
- 9 -

The share classes are ranked pari passu.

9
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

The senior statutory auditor was Michelle Hewitt-Dutton FCCA and the auditor was Verallo.
10
Turnover

During the year the company acted as an agent. If the company were the principal company completing the transaction turnover would for the year would amount to £4,996,427 (2022 - £6,248,898).

11
Related party transactions

The company has taken advantage of the exemption available in FRS 102 s33.1a "Related party disclosures" whereby it has not disclosed transactions with the ultimate parent company or any wholly owned subsidiary undertaking of the group.

12
Ultimate parent company

The company's ultimate parent company and controlling party in the current and previous year was Day & Zimmermann Group Inc, a company incorporated in the United States of America.

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