Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-317566849364962000000300000084837041801252801686058212023-01-01false0.1912023-12-31112306310.2352false 11230631 2023-01-01 2023-12-31 11230631 5 2023-01-01 2023-12-31 11230631 2022-01-01 2022-12-31 11230631 5 2022-01-01 2022-12-31 11230631 2023-12-31 11230631 2022-12-31 11230631 2022-01-01 11230631 d:Director1 2023-01-01 2023-12-31 11230631 d:Director2 2023-01-01 2023-12-31 11230631 d:Director3 2023-01-01 2023-12-31 11230631 d:Director4 2023-01-01 2023-12-31 11230631 d:RegisteredOffice 2023-01-01 2023-12-31 11230631 e:CurrentFinancialInstruments 2023-12-31 11230631 e:CurrentFinancialInstruments 2022-12-31 11230631 e:ShareCapital 2023-01-01 2023-12-31 11230631 e:ShareCapital 2023-12-31 11230631 e:ShareCapital 2022-01-01 2022-12-31 11230631 e:ShareCapital 2022-12-31 11230631 e:ShareCapital 2022-01-01 11230631 e:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 11230631 e:RetainedEarningsAccumulatedLosses 2023-12-31 11230631 e:RetainedEarningsAccumulatedLosses 2022-01-01 2022-12-31 11230631 e:RetainedEarningsAccumulatedLosses 2022-12-31 11230631 d:OrdinaryShareClass1 2023-01-01 2023-12-31 11230631 d:OrdinaryShareClass1 2023-12-31 11230631 d:OrdinaryShareClass1 2022-12-31 11230631 d:FullIFRS 2023-01-01 2023-12-31 11230631 d:Audited 2023-01-01 2023-12-31 11230631 d:FullAccounts 2023-01-01 2023-12-31 11230631 d:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 11230631 e:ContinuingOperations 2023-01-01 2023-12-31 11230631 e:ContinuingOperations 2022-01-01 2022-12-31 11230631 f:PoundSterling 2023-01-01 2023-12-31 iso4217:GBP xbrli:pure xbrli:shares
Registered number: 11230631


YM GLOBAL PROJECTS LTD
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

 
YM GLOBAL PROJECTS LTD
 
 
 
COMPANY INFORMATION

 
Directors
E Arioglu 
M B Arioglu 
S O Arioglu 
E Aykar 




Registered number
11230631



Registered office
1 Park Row

Leeds

United Kingdom

LS1 5AB




Independent auditors
Menzies LLP
Chartered Accountants & Statutory Auditor

Lynton House

7-12 Tavistock Square

London

United Kingdom

WC1H 9LT





 
YM GLOBAL PROJECTS LTD
 
 
 
CONTENTS


Page
Directors' report
1 - 2
Independent auditors' report
3 - 6
Statement of Profit or Loss and Other Comprehensive Income
7
Statement of financial position
8
Statement of changes in equity
9
Statement of cash flows
10
Notes to the financial statements
11 - 21
Detailed profit and loss account and summaries
21

 
YM GLOBAL PROJECTS LTD
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

The directors present their report and the financial statements for the year ended 31 December 2023.

Directors' responsibilities statement

The directors are responsible for preparing the Directors' Report and the financial statements, in accordance with applicable law.

Company law requires the directors to prepare financial statements for each financial year. Under that law they have elected to prepare the financial statements in accordance with International Financial Reporting Standards (IFRS) as adopted by the UK.

Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period. In preparing the financial statements, the directors are required to:

select suitable accounting policies and then apply them consistently;

make judgements and estimates that are reasonable and prudent;

state whether they have been prepared in accordance with IFRS as adopted by the UK, subject to any material departures disclosed and explained in the financial statements;

assess the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern; and

use the going concern basis of accounting unless they either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are responsible for such internal control as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error, and have general responsibility for taking such steps as are reasonably open to them to safeguard the assets of the Company and to prevent and detect fraud and other irregularities.

Principal activity

The nature of the Company’s operation and its principal activities are to act as an intermediary agent between the suppliers and YM Global Projects Ltd group companies.

Results and dividends

The loss for the year, after taxation, amounted to £378,342 (2022 -profit £468,248).

The directors have not recommended a dividend in the current or previous period.

Directors

The directors who served during the year were:

E Arioglu 
M B Arioglu 
S O Arioglu 
E Aykar 

Qualifying third party indemnity provisions

Under the provisions of its Articles of Association, the Company grants an indemnity to its directors in respect of
proceedings brought by third parties. The indemnity applied throughout the financial year and remains in force.

Page 1

 
YM GLOBAL PROJECTS LTD
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Small companies' exemption note

In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.

Auditors

The auditorsMenzies LLPwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board and signed on its behalf.
 



S O Arioglu
Director

Date: 24 September 2024

Page 2

 
YM GLOBAL PROJECTS LTD
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF YM GLOBAL PROJECTS LTD
 

Opinion


We have audited the financial statements of YM Global Projects Ltd for the year ended 31 December 2023 which comprise the Statement of Profit or Loss and Other Comprehensive Incomethe Statement of Financial Positionthe Statement of Cash Flowsthe Statement of Changes in Equity and the related notes, including a summary of significant accounting policies set out on pages 12 - 13. The financial reporting framework that has been applied in their preparation is applicable law and International Financial Reporting Standards (IFRSs) as adopted by the United Kingdom.

In our opinion the financial statements:

give a true and fair view of the state of the Company's affairs as at 31 December 2023 and of its loss for the year then ended;

have been properly prepared in accordance with IFRSs as adopted by the United Kingdom; and

have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern


In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information


The other information comprises the information included in the Annual Report, other than the financial statements and our auditors' report thereon.  The directors are responsible for the other information contained within the Annual ReportOur opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. 

We have nothing to report in this regard.

Page 3

 
YM GLOBAL PROJECTS LTD
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF YM GLOBAL PROJECTS LTD (CONTINUED)


Opinion on other matters prescribed by the Companies Act 2006


In our opinion, based on the work undertaken in the course of the audit: 

the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

the financial statements are not in agreement with the accounting records and returns; or

certain disclosures of directors' remuneration specified by law are not made; or

we have not received all the information and explanations we require for our audit.


Responsibilities of directors

As explained more fully in the directors' responsibilities statement on page 1, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.
 
Page 4

 
YM GLOBAL PROJECTS LTD
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF YM GLOBAL PROJECTS LTD (CONTINUED)



Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

The Company is subject to laws and regulations that directly affect the financial statements including financial reporting
legislation. We determined that the following laws and regulations were most significant:
 
The Companies Act 2006;
International Financial Reporting Standards;
General Data Protection Regulations;
UK tax legislation; and
Employment Regulations.

We assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial
statement items.
 
We understood how the Company is complying with those legal and regulatory frameworks by making inquiries to
management and those responsible for legal and compliance procedures.
 
The engagement partner assessed whether the engagement team collectively had the appropriate competence and
capabilities to identify or recognise non-compliance with laws and regulations. The assessment did not identify any issues in this area.
 
We assessed the susceptibility of the Company’s financial statements to material misstatement, including how fraud might
occur. Audit procedures performed by the engagement team included:

Identifying and assessing the design effectiveness of controls management has in place to prevent and detect fraud;
Understanding how those charged with governance considered and addressed the potential for override of controls or
other inappropriate influence over the financial reporting process; and
Identifying and testing journal entries, in particular any journal entries posted outside of the normal working patterns of
the accounts team, or with unusual descriptions or account combinations.

As a result of the above procedures, we considered the opportunities and incentives that may exist within the organisation
for fraud and identified the greatest potential for fraud in the following areas:
 
The posting of unusual journals and complex transactions; or
The use of management override of controls to manipulate results.
 
Page 5

 
YM GLOBAL PROJECTS LTD
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF YM GLOBAL PROJECTS LTD (CONTINUED)



Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance.  The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditors' report.

Use of our report

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.




 
 
Ralph Mitchison FCA (Senior statutory auditor)
  
for and on behalf of
Menzies LLP
 
Chartered Accountants
Statutory Auditor
  
Lynton House
7-12 Tavistock Square
London
United Kingdom
WC1H 9LT

24 September 2024
Page 6

 
YM GLOBAL PROJECTS LTD
 
 
 
STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
Note
£
£

  

  

Other operating income/(charges)
 8 
(307,189)
613,248

Administrative expenses
  
(157,465)
(81,753)

(Loss)/profit from operations
  
(464,654)
531,495

  

Finance income
 9 
9
15

Finance expense
 9 
(3,647)
(4,095)

(Loss)/profit before tax
  
(468,292)
527,415

  

Tax credit/(expense)
 10 
89,950
(59,167)

(Loss)/profit for the year
  
(378,342)
468,248


Total comprehensive income
  
(378,342)
468,248


All of the activities of the company are classed as continuing.
  

There is no other comprehensive income during the current or the previous period.
  
The notes on pages 12 to 21 form part of these financial statements.

Page 7

 
YM GLOBAL PROJECTS LTD
REGISTERED NUMBER: 11230631
 
 
STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Assets

  

Current assets
  

Trade and other receivables
 11 
5,231,272
5,647,809

Cash and cash equivalents
  
57,018
66,795

  
5,288,290
5,714,604

  

Total assets

  

5,288,290
5,714,604

Liabilities

  

Current liabilities
  

Trade and other liabilities
 12 
46,438
94,410

  
46,438
94,410

  

Total liabilities
  
46,438
94,410

  

  

Net assets
  
5,241,852
5,620,194


Issued capital and reserves
  

Share capital
 13 
1,000,000
1,000,000

Retained earnings
 14 
4,241,852
4,620,194

TOTAL EQUITY
  
5,241,852
5,620,194

The financial statements on pages 7 to 21 were approved and authorised for issue by the board of directors and were signed on its behalf by:




S O Arioglu
Director

Date: 24 September 2024

The notes on pages 12 to 21 form part of these financial statements.

Page 8

 
YM GLOBAL PROJECTS LTD

 
 
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023


Share capital
Retained earnings
Total equity


£
£
£

At 1 January 2022
1,000,000
4,151,946
5,151,946

Comprehensive income for the year


Profit for the year
-
468,248
468,248

Total comprehensive income for the year
-
468,248
468,248

At 31 December 2022
1,000,000
4,620,194
5,620,194

At 1 January 2023
1,000,000
4,620,194
5,620,194

Loss for the year
-
(378,342)
(378,342)

Total comprehensive income for the year
-
(378,342)
(378,342)

At 31 December 2023
1,000,000
4,241,852
5,241,852

The notes on pages 12 to 21 form part of these financial statements.

Page 9

 
YM GLOBAL PROJECTS LTD

 
 
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
Note
£
£

Cash flows from operating activities
  

(Loss)/profit for the year
  
(378,342)
468,248

Adjustments for
  

Finance income
 9 
(9)
(15)

Finance expense
 9 
3,647
4,095

Income tax expense
 10 
(89,950)
59,167

  
(464,654)
531,495

Movements in working capital:
  

Decrease in intercompany receivables
  
426,530
(528,340)

(Increase)/decrease in trade an other receivables
  
110
(2,592)

Increase/(decrease) in trade and other payables
  
21,648
17,108

Cash generated from operations
  
(16,366)
17,671

  

Income taxes refund
  
10,227
-

Net cash (used in)/from operating activities

  
(6,139)
17,671

Cash flows from investing activities
  

Interest paid
  
(3,647)
(4,095)

Interest received
  
9
15

Net cash used in investing activities

  
(3,638)
(4,080)

Cash flows from financing activities
  

Net (decrease)/increase in cash and cash equivalents
  
(9,777)
13,591

  

Cash and cash equivalents at the beginning of year
  
66,795
53,204

Cash and cash equivalents at the end of the year
  
57,018
66,795

The notes on pages 12 to 21 form part of these financial statements.

Page 10

 
YM GLOBAL PROJECTS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

YM Global Projects Ltd (the 'Company') is a private company, limited by shares, incorporated in England & Wales under the Companies Act 2006. The address of the Company's registered offices are given in the company information page.


2.


Basis of preparation

The financial statements have been prepared in accordance with International Financial Reporting Standards, International Accounting Standards and Interpretations as adopted by the UK (collectively IFRSs). They were authorised for issue by the Company's board of directors on 24 September 2024.

Details of the Company's accounting policies, including changes during the year, are included in note 4.

In preparing these financial statements, management has made judgements, estimates and assumptions that affect the application of the Company accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates.

Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to estimates are recognised prospectively.

The areas where judgements and estimates have been made in preparing the financial statements and their effects are disclosed in note 5.


2.1 Basis of measurement

The financial statements have been prepared on the historical cost basis.




2.2 Changes in accounting policies

i) New standards, interpretations and amendments effective from 1 January 2023

There has been no changes in accounting policies in the current year.


3.


Going concern

The directors have, at the time of approving the financial statements, a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the financial statements. 

Page 11

 
YM GLOBAL PROJECTS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.Accounting policies


4.1

Foreign currency

In preparing the financial statements of the entity, transactions in currencies other than the entity's functional currency (foreign currencies) are recognised at the rates of exchange prevailing at the dates of the transactions. At the end of each reporting period, monetary items denominated in foreign currencies are retranslated at the rates prevailing at that date.
Exchange differences on monetary items are recognised in profit or loss in the period in which they arise.

 
4.2

Taxation

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


(i) Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from ‘profit before tax’ as reported in the Statement of Profit or Loss and Other Comprehensive Income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The Company's current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.


(ii) Deferred tax

Deferred tax liabilities are recognised for taxable temporary differences associated with investments in subsidiaries and associates, and interests in joint ventures, except where the Company is able to control the reversal of the temporary difference and it is probable that the temporary difference will not reverse in the foreseeable future. Deferred tax assets arising from deductible temporary differences associated with such investments and interests are only recognised to the extent that it is probable that there will be sufficient taxable profits against which to utilise the benefits of the temporary differences and they are expected to reverse in the foreseeable future.

The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 liabilities and assets are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period.

The measurement of deferred tax liabilities and assets reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.


(iii) Current and deferred tax for the year

Current and deferred tax are recognised in profit or loss, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax are also recognised in other comprehensive income or directly in equity respectively. Where current tax or deferred tax arises from the initial accounting for a business combination, the tax effect is included in the accounting for the business combination.


4.3

Cash and cash equivalents

Cash and cash equivalents comprises cash on hand and current balances with banks and similar institutions, which are readily convertible to known amounts of cash and which are subject to insignificant risk of changes in value. This definition is also used for the statement of cash flows.

Page 12

 
YM GLOBAL PROJECTS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.Accounting policies (continued)

 
4.4

Financial instruments

Financial assets and financial liabilities are recognised when an entity becomes a party to the contractual provisions of the instruments.

Financial assets and financial liabilities are initially measured at fair value. Transaction costs that are directly attributable to the acquisition or issue of financial assets and financial liabilities (other than financial assets and financial liabilities at fair value through profit or loss) are added to or deducted from the fair value of the financial assets or financial liabilities, as appropriate, on initial recognition. Transaction costs directly attributable to the acquisition of financial assets or financial liabilities at fair value through profit or loss are recognised immediately in profit or loss.


5.


Critical accounting judgements and key sources of estimation uncertainty

In the application of the Company's accounting policies, which are described in note 4, the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant.  Actual results may differ from these estimates.


5.1 Critical judgements in applying the company's accounting policies

The directors do not consider there to be any critical judgements or key sources of estimation uncertainty made in
the company's accounting policies that have a significant effect on the amounts recognised in financial statements.


6.


Wages and salaries

There were £133,285 wages or salaries expenses during the current year. These were £49,992 in the previous year.
Excluding directors, there was 1 employee during the period (2022 - 1 employee).


7.


Auditors' remuneration

During the year, the Company obtained the following services from the Company's auditors:


2023
2022
£
£

Fees payable for audit services
6,400
5,950

Fees payable for taxation compliance services
2,400
2,250

Fees payable for other assurance services

3,250
1,750

12,050
9,950

Page 13

 
YM GLOBAL PROJECTS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

8.


Foreign exchange gains and (losses)

2023
2022
£
£


Foreign exchange difference (loss)/gain
(307,189)
613,248

(307,189)
613,248


9.


Finance income and expense

Recognised in profit or loss


2023
2022
£
£
Finance income



Other interest receivable
9
15

Total finance income

9
15

Finance expense

Bank interest payable
(3,647)
(4,095)

Total finance expense
(3,647)
(4,095)

Net finance expense recognised in profit or loss
(3,638)
(4,080)






Page 14

 
YM GLOBAL PROJECTS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

10.


Tax expense

10.1 Income tax recognised in profit or loss



2023
2022
£
£

Current tax on profits for the year
-
69,307

Adjustments in respect of prior years
(89,950)
(10,140)

Total current tax
(89,950)
59,167


(89,950)
59,167


Tax (income)/expense
(89,950)
59,167

(89,950)
59,167

The reasons for the difference between the actual tax charge for the year and the standard rate of corporation tax in the United Kingdom applied to profits for the year are as follows:


2023
2022
£
£

(Loss)/profit for the year
(378,342)
468,248

Income tax expense
(89,950)
59,167

(Loss)/profit before income taxes
(468,292)
527,415


Tax using the Company's domestic tax rate of 23.52% (2022:19%)
(110,142)
100,209

Adjustments to tax charge in respect of prior periods
(59,167)
(10,140)

Unrecognised deferred tax adjustment in respect of prior periods
(644)
627

Unrecognised deferred tax adjustments
26,561
(41,287)

Remeasurement of deferred tax for changes in rate unrecognised
(1,572)
9,758

Losses carried back
55,014
-

Total tax expense
(89,950)
59,167


Changes in tax rates and factors affecting the future tax charges

There were no factors that may affect future tax charges.

Page 15

 
YM GLOBAL PROJECTS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

10.Tax expense (continued)

10.2 Current tax assets and liabilities

2023
2022
£
£


Current tax liabilities

Corporation tax payable
-
59,167

-
59,167





11.


Trade and other receivables


2023
2022
£
£


Receivables from related parties
5,228,133
5,644,560

Total financial assets
5,228,133
5,644,560

Prepayments
3,139
3,249

Total trade and other receivables

5,231,272
5,647,809


12.


Trade and other payables


2023
2022
£
£


Trade payables
10,103
-

Other payables
11,662
20,366

Total financial liabilities
21,765
20,366

Other payables - tax and social security payments
24,673
74,044

Total trade and other payables

46,438
94,410


Page 16

 
YM GLOBAL PROJECTS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
13.


Share capital

Authorised

2023
2023
2022
2022
Number
£
Number
£

Shares treated as equity
Ordinary shares of £1.00 each

1,000,000

1,000,000

1,000,000
 
1,000,000
 
1,000,000

1,000,000

1,000,000
 
1,000,000
 

Issued and fully paid


2023
2023
2022
2022
Number
£
Number
£

Ordinary shares of £1.00 each

At 1 January and 31 December
1,000,000

1,000,000

1,000,000
 
1,000,000
 


Ordinary shares entitle the holder to participate in dividends and the proceeds on the winding up of the company in
proportion to the number of and amounts paid on the shares held. The company does not have a limited amount of
authorised capital.

Ordinary shares have full voting rights.


14.


Retained earnings

This reserve records retained earnings and accumulated losses.

Page 17

 
YM GLOBAL PROJECTS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

15.


Financial instruments


15.1 Financial risk management objectives

Management monitor and manage the financial risks relating to the operations of the Company on a periodic basis
and analyse exposure by degree and magnitude of risks. These risks include liquidity risk.


15.2 Market risk

Market risk is the risk that changes in market prices, such as foreign currency exchange rates and interest rates will
affect the Company’s income or the value of its holdings of financial instruments. Risks related to foreign currency
exchange rates are disclosed below. The Company is not significantly exposed to other market risks


15.3 Foreign currency risk management

The Company undertakes transactions denominated in foreign currencies; consequently, exposures to exchange rate fluctuations arise. Exchange rate exposures are managed within approved policy parameters utilising forward foreign exchange contracts.

The carrying amounts of the Company's foreign currency denominated monetary assets and monetary liabilities at the end of the reporting period are as follows:


Liabilities
Assets
2023
2022
2023
2022
£
£
£
£

United States Dollars
-
-
5,263,177
5,700,559

Euros
(1,183)
-
-
-

(1,183)
-
5,263,177
5,700,559


Foreign currency sensitivity analysis

The Company is mainly exposed to the United States Dollars and the Euros.

The following table details the Company's sensitivity to a 10% increase and decrease in the Pound Sterling  against the relevant foreign currencies. 10% is the sensitivity rate used when reporting foreign currency risk internally to key management personnel and represents management's assessment of the reasonably possible change in foreign exchange rates. The sensitivity analysis includes only outstanding foreign currency denominated monetary items and adjusts their translation at the period end for a 10% change in foreign currency rates. The sensitivity analysis includes external loans as well as loans to foreign operations within the Company where the denomination of the loan is in a currency other than the functional currency of the lender or the borrower. A positive number below indicates an increase in profit or equity where the  strengthens 10% against the relevant currency. For a 10% weakening of the  against the relevant currency, there would be a comparable impact on the profit or equity, and the balances below would be negative.



United States Dollars impact
Euros impact
2023
2022
2023
2022
£
£
£
£

Profit or loss
526,318
570,056
(118)
-

Equity
526,318
570,056
(118)
-

Page 18

 
YM GLOBAL PROJECTS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

15.Financial instruments (continued)


15.4 Credit risk management

Credit risk refers to the risk that a counterparty will default on its contractual obligations resulting in financial loss to
the Company. The carrying amount of financial assets represents the Company's maximum exposure to credit risk.
The receivables at year-end are due from intercompany. There are no significant overdue balances



15.5 Liquidity risk management

Liquidity and interest risk tables

The following tables detail the Company's remaining contractual maturity for its non-derivative financial liabilities with agreed repayment periods. The tables have been drawn up based on the undiscounted cash flows of financial liabilities based on the earliest date on which the Company can be required to pay. The tables include both interest and principal cash flows. To the extent that interest flows are floating rate, the undiscounted amount is derived from interest rate curves at the end of the reporting period. The contractual maturity is based on the earliest date on which the Company may be required to pay.

Carrying amount
Total
12 months or less
From 1 to 5 years
More than 5 years
        £
        £
        £
        £
        £
31 December 2023







Other payables

36,335

36,335

36,335

-

-



36,335
36,335
36,335
-
-

Carrying amount
Total
12 months or less
From 1 to 5 years
More than 5 years
        £
        £
        £
        £
        £
31 December 2022







Other payables

35,243

35,243

35,243

-

-



35,243
35,243
35,243
-
-

Page 19

 
YM GLOBAL PROJECTS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

15.Financial instruments (continued)


15.5 Liquidity risk management (continued)

The following table details the Company's expected maturity for its non-derivative financial assets. The table has been drawn up based on the undiscounted contractual maturities of the financial assets including interest that will be earned on those assets. The inclusion of information on non-derivative financial assets is necessary in order to understand the Company's liquidity risk management as the liquidity is managed on a net asset and liability basis. 

Carrying amount
Total
12 months or less
From 1 to 5 years
More than 5 years
        £
        £
        £
        £
        £
31 December 2023







Cash and cash equivalent

57,018

57,018

57,018

-

-

Other receivable

3,139

3,139

3,139

-

-



60,157
60,157
60,157
-
-

Carrying amount
Total
12 months or less
From 1 to 5 years
More than 5 years
        £
        £
        £
        £
        £
31 December 2022







Cash and cash equivalent

66,795

66,795

66,795

-

-

Other receivables

3,249

3,249

3,249

-

-



70,044
70,044
70,044
-
-

Page 20

 
YM GLOBAL PROJECTS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

16.


Related party transactions

Details of transactions between the Company and its related parties are disclosed below.

16.1 Due from related parties


2023
2022
£
£

Parent company

5,228,133
5,644,560

5,228,133
5,644,560


17.


Capital risk management

The Company’s objectives when managing capital (i.e. equity and borrowings) are to safeguard the Company’s ability to continue as a going concern in order to provide returns for shareholders and benefits for other stakeholders and to maintain an optimal capital to reduce the cost of capital.


18.


Ultimate parent company

The immediate parent company Yapi Merkezi Insaat ve Sanayi A.S., a company incorporated in Turkey. 
The smallest group in which the results of the company are consolidated is that headed by Yapi Merkezi Insaat ve Sanayi A.S. Their registered office address is Burhaniye Mh. Haci Resit Pasa Sokak No: 4 Üsküdar 34676 Istanbul Turkey.
The largest group in which the results of the company are consolidated is that headed by Yapi Merkezi Holding A.S., a company whose accounts are available to the public. The registered office Burhaniye Mh. Haci Resit Pasa Sokak No: 4 Üsküdar 34676 Istanbul Turkey. 


19.


Remuneration of key management personnel

The key management personnel of the Company, as specified in IAS 24 Related Party Disclosures were not remunerated by this company. The directors of this company are remunerated by the immediate parent company Yapi Merkezi Insaat ve Sanayi A.S.
Page 21