Registration number:
Yodel Mobile Limited
for the Year Ended 31 December 2023
Yodel Mobile Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
Yodel Mobile Limited
Company Information
Directors |
M McLauchlan M Rigby I Miller |
Registered office |
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Accountants |
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Yodel Mobile Limited
(Registration number: 06449098)
Balance Sheet as at 31 December 2023
Note |
2023 |
2022 |
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Fixed assets |
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Tangible assets |
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Investments |
- |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
101 |
101 |
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Share premium reserve |
19,999 |
19,999 |
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Other reserves |
267 |
267 |
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Profit and loss account |
469,113 |
252,586 |
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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:
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• |
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
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Yodel Mobile Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
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
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
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
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
Recognition and measurement
Impairment
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Yodel Mobile Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023
Tangible assets |
Furniture, fittings and equipment |
Total |
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Cost or valuation |
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At 1 January 2023 |
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Additions |
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At 31 December 2023 |
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Depreciation |
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At 1 January 2023 |
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Charge for the year |
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At 31 December 2023 |
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Carrying amount |
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At 31 December 2023 |
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At 31 December 2022 |
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Investments |
2023 |
2022 |
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Investments in subsidiaries |
- |
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Subsidiaries |
£ |
Cost or valuation |
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At 1 January 2023 |
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Disposals |
( |
At 31 December 2023 |
- |
Provision |
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Carrying amount |
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At 31 December 2023 |
- |
At 31 December 2022 |
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Yodel Mobile Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023
Debtors |
Current |
2023 |
2022 |
Trade debtors |
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Prepayments |
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Other debtors |
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Yodel Mobile Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023
Creditors |
Creditors: amounts falling due within one year
Note |
2023 |
2022 |
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Due within one year |
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Loans and borrowings |
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Trade creditors |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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Creditors: amounts falling due after more than one year
Note |
2023 |
2022 |
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Due after one year |
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Loans and borrowings |
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Share capital |
Allotted, called up and fully paid shares
2023 |
2022 |
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No. |
£ |
No. |
£ |
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80 |
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80 |
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20 |
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20 |
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1 |
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1 |
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Yodel Mobile Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023
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.
Loans and borrowings |
2023 |
2022 |
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Non-current loans and borrowings |
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Other borrowings |
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2023 |
2022 |
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Current loans and borrowings |
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Other borrowings |
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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).
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
Related party transactions |
Transactions with directors |
2023 |
At 1 January 2023 |
Repayments by director |
At 31 December 2023 |
M McLauchlan |
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2.25% interest charged |
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- |
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M Rigby |
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2.25% interest charged |
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( |
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2022 |
At 1 January 2022 |
Advances to director |
Repayments by director |
At 31 December 2022 |
M McLauchlan |
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2.25% interest charged |
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( |
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M Rigby |
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2.25% interest charged |
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( |
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Summary of transactions with other related parties