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Registration number: 06449098

Yodel Mobile Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2023

 

Yodel Mobile Limited

Contents

Company Information

1

Balance Sheet

2 to 4

Notes to the Unaudited Financial Statements

5 to 14

 

Yodel Mobile Limited

Company Information

Directors

M McLauchlan

M Rigby

I Miller

Registered office

Smokehouse Yard
44-46 St. John Street
London
EC1M 4DF

Accountants

Sterlings Ltd
Chartered Accountants
Lawford House
Albert Place
London
N3 1QA

 

Yodel Mobile Limited

(Registration number: 06449098)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

18,847

18,801

Investments

5

-

818

 

18,847

19,619

Current assets

 

Debtors

6

523,646

409,467

Cash at bank and in hand

 

635,653

269,089

 

1,159,299

678,556

Creditors: Amounts falling due within one year

7

(669,788)

(397,482)

Net current assets

 

489,511

281,074

Total assets less current liabilities

 

508,358

300,693

Creditors: Amounts falling due after more than one year

7

(14,167)

(24,167)

Provisions for liabilities

(4,711)

(3,573)

Net assets

 

489,480

272,953

Capital and reserves

 

Called up share capital

8

101

101

Share premium reserve

19,999

19,999

Other reserves

267

267

Profit and loss account

469,113

252,586

Shareholders' funds

 

489,480

272,953

For the financial year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' 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 directors acknowledge their 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.

 

Yodel Mobile Limited

(Registration number: 06449098)
Balance Sheet as at 31 December 2023

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

 

Yodel Mobile Limited

(Registration number: 06449098)
Balance Sheet as at 31 December 2023

Approved and authorised by the Board on 26 September 2024 and signed on its behalf by:
 

.........................................
M McLauchlan
Director

 

Yodel Mobile Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

1

General information

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

The address of its registered office is:
Smokehouse Yard
44-46 St. John Street
London
EC1M 4DF

The principal place of business is:
Smokehouse Yard
44-46 St. John Street
London
EC1M 4DF

These financial statements were authorised for issue by the Board on ........... .

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.

The financial statements are presented in Pounds Sterling, which is also the functional currency of the Company. Rounding of amounts shown in the financial statements is to the nearest Pound.

Group accounts not prepared

The company is a parent company subject to the small companies regime. The company and its subsidiary company comprise a small group. The company is therefore not required to prepare group accounts.

Going concern

The financial statements have been prepared on a going concern basis.

 

Yodel Mobile Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Judgements

In the application of the Company's accounting policies, which are described above, management is required to make judgements, estimates, and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on judgement and experience together with any other factors that are considered to be relevant. Actual results may differ from these estimates.

Estimates and any underlying assumptions used are reviewed on a continuing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both the current period and subsequent periods.

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.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current and deferred corporation 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 corporation 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.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

 

Yodel Mobile Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

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

Computer equipment

over 3 years straight line

Fixtures and fittings

over 3 years straight line

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

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.

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

 

Yodel Mobile Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

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.

Provisions

Provisions are recognised when the company has an obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Share based payments

The company operates a share option scheme for certain qualifying employees. The estimated fair value of the option is expensed when granted and an amount is recognised to other reserves. The amount recognised as an expense is adjusted where applicable to reflect the number of options for which the relevant conditions are expected to be met such that the number ultimately recognised is based on the number of options which meet the relevant conditions as at the exercise date.

When the options are exercised the proceeds received net of any directly attributable transaction costs are credited to share capital for the nominal value and share premium for the excess over and above nominal value when the options are exercised.

 

Yodel Mobile Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Financial instruments

Classification
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.

 Recognition and measurement
A financial instrument is recognised when the Company becomes a party to the contractual provisions of the instrument with initial measurement being at the transaction price.

 Impairment
Financial assets are assessed for indications of impairment at the end of each accounting period. They are considered to be impaired when there is evidence that the estimated future cash flows of the asset have been affected.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 28 (2022 - 28).

 

Yodel Mobile Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 January 2023

78,390

78,390

Additions

13,288

13,288

At 31 December 2023

91,678

91,678

Depreciation

At 1 January 2023

59,589

59,589

Charge for the year

13,242

13,242

At 31 December 2023

72,831

72,831

Carrying amount

At 31 December 2023

18,847

18,847

At 31 December 2022

18,801

18,801

5

Investments

2023
£

2022
£

Investments in subsidiaries

-

818

Subsidiaries

£

Cost or valuation

At 1 January 2023

818

Disposals

(818)

At 31 December 2023

-

Provision

Carrying amount

At 31 December 2023

-

At 31 December 2022

818

 

Yodel Mobile Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

6

Debtors

Current

2023
£

2022
£

Trade debtors

320,679

189,708

Prepayments

21,225

13,384

Other debtors

181,742

206,375

 

523,646

409,467

 

Yodel Mobile Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

10

10,000

9,999

Trade creditors

 

61,664

29,799

Taxation and social security

 

239,847

167,805

Accruals and deferred income

 

309,134

171,198

Other creditors

 

49,143

18,681

 

669,788

397,482

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

10

14,167

24,167

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary A shares of £0.10 each

800

80

800

80

Ordinary B shares of £0.10 each

200

20

200

20

Ordinary C shares of £0.10 each

10

1

10

1

 

1,010

101

1,010

101

 

Yodel Mobile Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

9

Share-based payments

The company has a share option scheme for certain employees. Options can be exercised at a price of £2.475 per share at the earlier of the sale of the company or the tenth anniversary since issue of the options. Ability to exercise the options is subject to continued employment with the company except in the case of death of the option holder within the twelve months prior to exercise of the option. If the options are not exercised within ten years from the date they are granted then the options expire. Options can no longer be exercised if the employee who holds them ceases employment with the company.

During the year 124 options were outstanding at the beginning of the year, nil options were granted, 16 options had lapsed, and 108 options remained outstanding as at year end. No share options have been exercised.

The other reserve as shown in the balance sheet comprises the equity recognised in respect of the company's share based payment arrangements.

10

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Other borrowings

14,167

24,167

2023
£

2022
£

Current loans and borrowings

Other borrowings

10,000

9,999

Bank borrowings

The company has a bank loan under the Bounce Back Loan Scheme as backed by the Secretary of State for Business, Energy and Industrial Strategy and as guaranteed by HM Government. The Bounce Back loan as at
year end is denominated in Pounds Sterling with a nominal interest rate of 2.5%, and the final instalment is due in May 2026. The interest due for the first twelve months is paid directly to the bank by HM Government as a
business interruption payment. The carrying amount at year end is £24,167 (2022 - £34,167).

11

Financial commitments, guarantees and contingencies

As at year end, the company had total commitments under non-cancellable operating leases over the life of those leases of £34,629(2022 - £98,478).

 

Yodel Mobile Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

12

Related party transactions

Transactions with directors

2023

At 1 January 2023
£

Repayments by director
£

At 31 December 2023
£

M McLauchlan

2.25% interest charged

45,002

-

45,002

       
     

M Rigby

2.25% interest charged

88,735

(6)

88,729

       
     

 

2022

At 1 January 2022
£

Advances to director
£

Repayments by director
£

At 31 December 2022
£

M McLauchlan

2.25% interest charged

45,002

84,625

(84,625)

45,002

         
       

M Rigby

2.25% interest charged

88,735

68,718

(68,718)

88,735

         
       

 

Summary of transactions with other related parties

During the year there was closure of the company Yodel Mobile Inc, a wholly owned subsidiary company incorporated in the United States of America.