Company registration number 07345798 (England and Wales)
YORKSHIRE PROSPERITY LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
YORKSHIRE PROSPERITY LIMITED
CONTENTS
Page
Statement of financial position
1
Notes to the financial statements
2 - 10
YORKSHIRE PROSPERITY LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Non-current assets
Tangible assets
5
11,770
6,367
Current assets
Debtors falling due after more than one year
6
169,444
393,149
Debtors falling due within one year
6
826,528
1,230,890
Cash at banks
13,061
28,095
1,009,033
1,652,134
Creditors: amounts falling due within one year
7
(1,610,632)
(1,751,078)
Net current liabilities
(601,599)
(98,944)
Net liabilities
(589,829)
(92,577)
Capital and reserves
Called up share capital
11
50,100
50,100
Profit and loss reserves
(639,929)
(142,677)
Total equity
(589,829)
(92,577)

The notes on pages 2 to 10 form part of these financial statements.

The directors of the company have elected not to include a copy of the income statement within the financial statements.true

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 were approved by the board of directors and authorised for issue on 19 September 2024 and are signed on its behalf by:
Mr Z Al-Najafi
Director
Company Registration No. 07345798
YORKSHIRE PROSPERITY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
1
Accounting policies
Company information

Yorkshire Prosperity Limited is a private company limited by shares incorporated in England and Wales. The registered office is 6 Blenheim Terrace, Leeds, United Kingdom LS2 9HZ.

1.1
Accounting convention
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 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 preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies.
The presentation currency is pounds sterling (GBP) and all amounts in these financial statements have been rounded to the nearest pound.
The following principal accounting policies have been applied:
1.2
Prior period error

In the prior year, a balance of £351,740 in respect of recharge expenses was incorrectly included within 'Administrative expenses'.

 

Management have established that this balance should have been netted off with recharge income in 'Turnover'.

 

Accordingly, the prior year 'Turnover' and 'Administrative expenses' have both been restated and decreased by £351,740.

 

The impact of the above adjustment on the Company net assets and statement of comprehensive income is £nil.

1.3
Going concern

The company made a loss for the year of £497,252 (2022: £167,921) and had net liabilities of £589,829 (2022: £92,577) at 31 December 2023. The directors have made an assessment of the company's ability to continue as a going concern for the foreseeable future. The company has obtained a letter of support from the parent company for the provision of financial support however the company has put measures in place where appropriate to reduce the company's expenditure and the directors have also considered the group profit after tax for the year of £3,950,885 (2022: £2,425,366) and net assets of £6,850,817 (2022: £3,853,125). The directors therefore have no doubt over the company's ability to continue as a going concern for the foreseeable future.true

 

The company has undertaken a going concern assessment considering the principal risks and current and projected financial position over the going concern period of 12 months from the date of sign-off. The Directors are therefore able to conclude that they have a reasonable expectation that the company has adequate resources to continue in operational existence and meet its liabilities as they fall due for the next 12 months and have accordingly prepared the financial statements on the going concern basis.

YORKSHIRE PROSPERITY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 3 -
1.4
Turnover

Turnover is the amount derived from the provision of services, and stated after trade discounts, other sales taxes and net of VAT.

 

Revenue from consultancy and offshore advisory work are fees in relation to compliance and tax advisory services and stated after other sales taxes and net of VAT.

 

Revenue from insurance arrangement, finder and planning fees are fees on identified projects and stated after trade discounts, other sales taxes and net of VAT.

1.5
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:

Fixtures, Fittings and Equipment
33% Reducing Balance

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.

1.6
Impairment of fixed assets

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

1.7
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks and other short-term liquid investments with original maturities of three months or less.

YORKSHIRE PROSPERITY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
1.8
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 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.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans and loans from fellow group companies 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.

1.9
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.

1.10
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.

1.11
Retirement benefits

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

YORKSHIRE PROSPERITY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 5 -
1.12
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.

1.13
Profit and loss account
The profit and loss represent cumulative profits and losses, net of dividends paid and other adjustments.
2
Judgements and key sources of estimation uncertainty

In preparing these financial statements, the Directors have had to make following judgements:

3
Employees

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

2023
2022
Number
Number
Total
3
4
The directors' are considered to be key management personnel.
4
Dividends
2023
2022
£
£
Final paid
-
0
110,818
The dividends were paid during the year when sufficient reserves were available for distribution.
YORKSHIRE PROSPERITY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
5
Tangible fixed assets
Fixtures, fittings and equipment
£
Cost
At 1 January 2023
61,204
Additions
8,949
At 31 December 2023
70,153
Depreciation and impairment
At 1 January 2023
54,837
Depreciation charged in the year
3,546
At 31 December 2023
58,383
Carrying amount
At 31 December 2023
11,770
At 31 December 2022
6,367
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
55,468
-
0
Amounts owed by group undertakings
254,839
258,361
Other debtors
516,221
972,529
826,528
1,230,890
2023
2022
Amounts falling due after more than one year:
£
£
Other debtors
169,444
393,149
Total debtors
995,972
1,624,039

Amounts owed by Group undertakings are unsecured, repayable on demand and interest free.

 

Included within 'Trade debtors' and 'Other debtors due after more than one year' is a balance due from a related party. This balance has been referred to in note 13.

YORKSHIRE PROSPERITY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
7
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
-
0
948
Trade creditors
110,492
72,791
Amounts owed to group undertakings
1,457,532
1,662,780
Taxation and social security
438
519
Other creditors
42,170
14,040
1,610,632
1,751,078

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

 

Included within 'Trade creditors' and 'Other creditors' is a balance owed to a related party. This balance has been referred to in note 13.

8
Loans and overdrafts
2023
2022
£
£
Bank overdrafts
-
0
948
Payable within one year
-
0
948
9
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
2023
2022
£
£
Within one year
132,655
66,063
In two to five years
467,620
236,300
In over five years
244,011
159,138
844,286
461,501
YORKSHIRE PROSPERITY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 8 -
10
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
3,359
2,981

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

11
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
50,100 Ordinary shares of £1 each
50,100
50,100
50,100
50,100

During the year, Dales Investments Holdings Limited (Co. Number 12765027) purchased 40% of the entire issued share capital of the Company.

 

Later in the year, the entire issued share capital of the Company was allotted to Y&D Holdco Limited (Co. Number 14984379), a Company controlled by YPP Holdings Limited.

12
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 Hamid Ghafoor.
The auditor was BDO LLP.
YORKSHIRE PROSPERITY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 9 -
13
Related party transactions

As 100% of the voting rights of the Company are controlled within the group headed by YPP Holdings Limited the Company has taken advantage of the exemption contained in section 1AC.35 of FRS 102 and has therefore not disclosed transactions or balances with entities which form part of the Group.

 

Yorkshire Prosperity Limited, MAAN Investments Limited and MAAN Enterprises Limited are all controlled by the Al-Najafi family.

 

A loan agreement was signed on 16 July 2020 between MAAN Investments Limited and Yorkshire Prosperity Limited for a revolving finance facility of £50,000,000 ending at 31st December 2035. This agreement covered all previous loans outstanding. As at 31 December 2023, a balance of £169,444 (2022: £393,149) was owed by MAAN Investments Limited. This balance is included in ‘Other debtors’ in note 6.

 

During the year, total sales with MAAN Enterprises Limited was £88 (2022: nil) and total costs was £248,705 (2022: £nil). As at 31 December 2023, a balance of £88 (2022: £nil) was owed by MAAN Enterprises Limited and is included in 'Trade debtors' in note 6. As at 31 December 2023, balance of £25,000 (2022: £nil) was owed to MAAN Enterprises Limited. This balance is included in 'Trade creditors' in note 7.

 

Other transactions between the Company and its related parties are disclosed below. Related parties are those entities entities which are controlled or jointly controlled by MAAN including those entities where the Al- Najafi family have significant influence.

Turnover and cost

During the year the company entered into the following transactions with related parties:

2023
2022
Turnover
Cost
Turnover
Cost
£
£
£
£
Alphabet Enterprises Limited (Jersey No. 125831)
2,350
-
0
1,574
-
0
Black Caviar Holdings Limited (Jersey No. 141912)
10,750
-
0
1,500
-
0
Black Caviar Property Limited (Jersey No. 118885)
14,391
-
0
1,574
-
0
Crescent Enterprises Limited (Jersey No. 126057)
1,146
-
1,574
-
0
Crescent Holdings Limited (Jersey No. 145321)
2,350
-
0
1,500
-
0
Goodwood Estates Limited (Jersey No. 125297)
2,350
-
0
2,563
-
0
Jefferson Investments Limited (Jersey No. 133221)
3,331
-
0
1,574
-
0
MAAN Holdings Limited (Jersey No. 124646)
850
-
0
1,169
-
0
MAAN Investments Limited (Jersey No. 99123)
-
0
-
0
1,500
-
0
Minshull Investments Holdings Limited (Jersey No. 136498)
2,955
-
0
1,500
-
0
Rose Gold Estates Limited (Jersey No. 117299)
2,350
-
0
1,574
-
0
Signature Black Holdings Limited (Jersey No.
127077)
2,350
-
0
1,546
-
0
Square Seven Property Limited (Jersey No.
119048)
2,644
-
0
1,574
-
0
St Albans Estates Limited (Jersey No. 127223)
16,308
-
0
1,574
-
0
St James Holdings Limited (Jersey No. 132622)
3,365
-
0
1,574
-
0
X&X Holdings Limited (Jersey No. 127069)
3,886
-
0
1,574
-
0
Amounts due from/to related parties
Yorkshire Prosperity Limited had no balances outstanding at the year end with related parties who are not members of the Group (2022: £nil).
YORKSHIRE PROSPERITY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
13
Related party transactions
(Continued)
- 10 -

All sales and other transactions were conducted on normal trading terms to the related parties.

 

Key management personnel are considered to be the directors. The total compensation paid to key management personnel for services provided to the group are disclosed in note 3.

 

14
Parent and Ultimate Controlling Party

The immediate parent undertaking is Y&D Holdco Limited, a company registered in England and Wales. The registered office of Y&D Holdco Limited is 6 Blenheim Terrace, Leeds, England, LS2 9HZ.

 

The group in which the results are consolidated is that headed by YPP Holdings Limited. Copies of the YPP Holdings Limited consolidated financial statements can be obtained from Companies House, Crown Way, Cardiff, CF14 3UZ.

 

The ultimate controlling party of YPP Holdings Limited is the Al Najafi family.

2023-12-312023-01-01false19 September 2024CCH SoftwareCCH Accounts Production 2023.300No description of principal activityThis audit opinion is unqualifiedMr A M Al-Nejaifi Al-KhaldiMr O Al-NajafiMr Z Al-NajafiMr Z Al-Najafifalse073457982023-01-012023-12-31073457982023-12-31073457982022-12-3107345798core:OtherPropertyPlantEquipment2023-12-3107345798core:OtherPropertyPlantEquipment2022-12-3107345798core:Non-currentFinancialInstrumentscore:AfterOneYear2023-12-3107345798core:Non-currentFinancialInstrumentscore:AfterOneYear2022-12-3107345798core:CurrentFinancialInstrumentscore:WithinOneYear2023-12-3107345798core:CurrentFinancialInstrumentscore:WithinOneYear2022-12-3107345798core:CurrentFinancialInstruments2023-12-3107345798core:CurrentFinancialInstruments2022-12-3107345798core:ShareCapital2023-12-3107345798core:ShareCapital2022-12-3107345798core:RetainedEarningsAccumulatedLosses2023-12-3107345798core:RetainedEarningsAccumulatedLosses2022-12-3107345798bus:CompanySecretaryDirector12023-01-012023-12-31073457982022-01-012022-12-3107345798core:OtherPropertyPlantEquipment2022-12-3107345798core:OtherPropertyPlantEquipment2023-01-012023-12-3107345798core:WithinOneYear2023-12-3107345798core:WithinOneYear2022-12-3107345798core:AfterOneYear2023-12-3107345798core:AfterOneYear2022-12-3107345798core:BetweenTwoFiveYears2023-12-3107345798core:BetweenTwoFiveYears2022-12-3107345798core:MoreThanFiveYears2023-12-3107345798core:MoreThanFiveYears2022-12-3107345798bus:PrivateLimitedCompanyLtd2023-01-012023-12-3107345798bus:SmallCompaniesRegimeForAccounts2023-01-012023-12-3107345798bus:FRS1022023-01-012023-12-3107345798bus:Audited2023-01-012023-12-3107345798bus:Director12023-01-012023-12-3107345798bus:Director22023-01-012023-12-3107345798bus:Director32023-01-012023-12-3107345798bus:CompanySecretary12023-01-012023-12-3107345798bus:FullAccounts2023-01-012023-12-31xbrli:purexbrli:sharesiso4217:GBP