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Registered number: 13099065
Project Yonder Ltd
Directors' Report and
Financial Statements
For The Year Ended 31 January 2024
Contents
Page
Company Information 1
Directors' Report 2—4
Statement of Income and Retained Earnings 5
Statement of Financial Position 6—7
Notes to the Financial Statements 8—11
Page 1
Company Information
Directors Ms G Robertson
Mr C Hughes
Mr A Dent
Mr B Basham
Company Number 13099065
Registered Office Unit 8 Platform Business Centre
Haywood Way
Hastings
East Sussex
TN35 4FB
Accountants BKS Business Services Ltd
17 Clifton Close
Farnham
Surrey
GU10 4TP
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Directors' Report
The directors present their report and the financial statements for the year ended 31 January 2024.
Principal Activity
Project Yonder Ltd is the trading arm of the Project Yonder group, focusing on the manufacturing, marketing and sale of premium 4X4 Mercedes Sprinter motorhomes. Our mission is to build, promote and deliver luxury, off-grid motorhomes that combine state-of-the-art technology with exceptional craftsmanship and design offering absolute freedom without limitation.
Review of the Business
FY 2024 was a transformative year for Project Yonder Ltd, highlighted by significant investments in research and development (R&D) focused on the Freedom4X, a long-wheelbase, all-wheel-drive Mercedes Sprinter motorhome featuring a revolutionary gas-free habitation system.
The Directors spearheaded an extensive R&D initiative to equip the Freedom 4X with the latest internal systems, sourced from top-quality suppliers. Our commitment to a gas-free approach sets us apart in the market, as we provide an advanced electrical system designed for extended off-grid living. Key innovations, including a rapid-charging component and a lithium battery system, enable the vehicle to operate independently with remarkable efficiency.
Prototype Development
A key focus for the Directors was the creation of a prototype from rough plywood, allowing the team to evaluate how our 3D CAD designs translated into real-world applications.
During this hands-on development process, the Directors and design team identified essential modifications to enhance both functionality and aesthetics. Insights gained from working with the prototype resulted in a more refined final product, demonstrating the importance of practical testing and user feedback in optimizing the motorhome’s layout and features, ultimately contributing to the Freedom 4X’s superior quality.
Innovations Achieved
The development process led to several significant innovations:
3D CAD Design: The team enhanced 3D CAD files to perfect the interior layout, enabling the transition to CNC cutting for precision manufacturing of furniture, which improved quality and accuracy.
Marine-Inspired Features: Taking inspiration from the luxury marine industry, Project Yonder incorporated innovative design elements like marine cork flooring, marrying luxury with durability and sustainability.
GRP Sleeping Pods: The introduction of unique GRP sleeping pods allows users to sleep comfortably across the width of the van, enhancing internal space and serving as a distinctive design feature with the Project Yonder logo embossed on the exterior.
Notable Achievements
The group’s achievements during the year:
Development of the Freedom 4X: Development of the Freedom 4X which later went on to win the prestigious "Best in Class" award at the UK’s largest camping and motorhome show, dethroning the previous winner of six consecutive years.
Collaboration with Garmin
In a major technological advancement, Project Yonder Ltd became the first UK company to partner with Garmin to integrate the EmpirBus control system into its motorhomes. This system allows users to control essential features, such as lighting, awning deployment, and electronic waste management, through a 10-inch touchscreen branded with Project Yonder's unique interface. Additionally, the system offers app connectivity, enabling remote control of the motorhome for an enhanced user experience.
Marketing and Brand Development
Significant resources were dedicated to building the Project Yonder brand:
• A comprehensive rebranding initiative was undertaken, including the redesign of the company logo and brand identity.
• A custom website was launched to showcase the group’s vehicles and establish brand recognition.
• Multiple photoshoots and renderings highlighted the Freedom 4X, focusing on both interior and exterior design elements.
• The group’s social media presence grew, with Instagram followers exceeding 70,000.
• Coverage in various online publications, magazines, and blogs further solidified Project Yonder's reputation as a pioneer in the motorhome industry. 
...CONTINUED
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Review of the Business - continued
Strategic Partnerships
Project Yonder Ltd developed robust relationships with key suppliers and partners:
• The group secured a Mercedes-Benz bodybuilder license, allowing it to build on pre-registration vehicles and ensuring that customers become the first registered keepers of their motorhomes.
• All vehicles will undergo thorough independent testing by the DVSA, ensuring compliance with IVA road safety standards, which facilitated the official registration of the Freedom 4X as a motorhome.
Future Developments
Looking ahead, Project Yonder Ltd plans to continue supporting growth through:
• Increasing production capacity to meet the rising demand for the Freedom 4X.
• Further investments in R&D to innovate new products and enhance existing models.
• Expanding marketing efforts to boost brand awareness both domestically and internationally.
• Strengthening the supplier and partner network to ensure the highest standards of production and customer service.
Financial Overview
As a trading entity, Project Yonder Ltd’s financial performance reflects the substantial investments made in R&D, marketing, and infrastructure throughout the year. The Directors are confident that these investments will support long-term growth and profitability as we establish our position in the luxury motorhome market.
Corporate Governance
The Board is committed to upholding high standards of corporate governance, ensuring that the Company’s operations align with its long-term strategic objectives. The Directors oversee financial performance, risk management, and compliance with applicable regulations, while being mindful of the environmental impact and striving for sustainable practices in our operations.
Conclusion
2024 was a year of substantial progress for Project Yonder Ltd. The launch of the Freedom 4X, successful collaborations with partners like Garmin, and significant brand recognition have established a solid foundation for future growth. The Directors remain optimistic about the Company's prospects and are dedicated to driving innovation and expanding our market presence.
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Directors
The directors who held office during the year were as follows:
Ms G Robertson
Mr C Hughes
Mr A Dent
Mr B Basham
Small Company Rules
This report has 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.
On behalf of the board
Ms G Robertson
Director
30 October 2024
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Statement of Income and Retained Earnings
2024 2023
Notes £ £
TURNOVER 121,093 160,797
Cost of sales (102,231 ) (89,427 )
GROSS PROFIT 18,862 71,370
Administrative expenses (133,770 ) (73,352 )
OPERATING LOSS (114,908 ) (1,982 )
Profit on disposal of fixed assets 2,494 -
Other interest receivable and similar income 109 -
LOSS BEFORE TAXATION (112,305 ) (1,982 )
Tax on Loss 296 533
LOSS AFTER TAXATION BEING LOSS FOR THE FINANCIAL YEAR (112,009 ) (1,449 )
RETAINED EARNINGS
As at 1 February 2023 1,533 6,982
Dividends paid - (4,000)
As at 31 January 2024 (110,476 ) 1,533
The notes on pages 8 to 11 form part of these financial statements.
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Page 6
Statement of Financial Position
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 30,333 30,545
30,333 30,545
CURRENT ASSETS
Stocks 5 86,744 -
Debtors 6 110,746 13,675
Cash at bank and in hand 6,158 57,584
203,648 71,259
Creditors: Amounts Falling Due Within One Year 7 (115,306 ) (64,875 )
NET CURRENT ASSETS (LIABILITIES) 88,342 6,384
TOTAL ASSETS LESS CURRENT LIABILITIES 118,675 36,929
Creditors: Amounts Falling Due After More Than One Year 8 (229,051 ) (35,000 )
PROVISIONS FOR LIABILITIES
Deferred Taxation - (296 )
NET (LIABILITIES)/ASSETS (110,376 ) 1,633
CAPITAL AND RESERVES
Called up share capital 10 100 100
Income Statement (110,476 ) 1,533
SHAREHOLDERS' FUNDS (110,376) 1,633
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For the year ending 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
On behalf of the board
Ms G Robertson
Director
30 October 2024
The notes on pages 8 to 11 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Project Yonder Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 13099065 . The registered office is Unit 8 Platform Business Centre, Haywood Way, Hastings, East Sussex, TN35 4FB.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Going Concern Disclosure
The financial statements have been prepared on a going concern basis, despite the loss for the period and deficit of shareholders' funds, as the group's directors and financers have confirmed that they will continue to provide financial support to the group for the foreseeable future to enable it to meet its financial liabilities as they fall due.
2.3. Turnover
Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,
value added tax and other sales taxes.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Leasehold 25% on cost
Plant & Machinery 25% on cost
Motor Vehicles 25% on reducing balance
2.5. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.6. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of 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 liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. 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.
...CONTINUED
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2.6. Taxation - continued
Deferred tax assets and liabilities 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. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect 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.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 4 (2023: 2)
4 2
4. Tangible Assets
Land & Property
Leasehold Plant & Machinery Motor Vehicles Total
£ £ £ £
Cost
As at 1 February 2023 3,585 12,419 26,728 42,732
Additions 1,300 10,928 - 12,228
Disposals - (3,483 ) - (3,483 )
As at 31 January 2024 4,885 19,864 26,728 51,477
Depreciation
As at 1 February 2023 1,792 4,151 6,244 12,187
Provided during the period 1,113 4,900 5,121 11,134
Disposals - (2,177 ) - (2,177 )
As at 31 January 2024 2,905 6,874 11,365 21,144
Net Book Value
As at 31 January 2024 1,980 12,990 15,363 30,333
As at 1 February 2023 1,793 8,268 20,484 30,545
5. Stocks
2024 2023
£ £
Stock 6,917 -
Work in progress 79,827 -
86,744 -
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6. Debtors
2024 2023
£ £
Due within one year
Amounts owed by group undertakings 74,764 -
Other debtors 35,982 13,675
110,746 13,675
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Amounts owed to group undertakings 108,875 61,163
Other creditors 5,567 3,712
Taxation and social security 864 -
115,306 64,875
8. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Amounts owed to group undertakings 195,000 -
Other creditors 34,051 35,000
229,051 35,000
9. Provisions for Liabilities
Deferred Tax Total
£ £
As at 1 February 2023 296 296
Utilised (296 ) (296)
10. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
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11. Other Commitments
The total of future minimum lease payments under non-cancellable operating leases are as following:
2024 2023
£ £
Later than one year and not later than five years 31,000 44,000
31,000 44,000
12. Related Party Transactions
During the year, the company received loans from its parent company, Project Yonder Holdings Ltd ("PYH").  As at 31 January 2024, the company owed PYH £303,875.
During the year, the company made payments on behalf of Project Yonder IP Limited ("PYIP"), a fellow group undertaking, and recharged directors' salary costs of £41,118 and rent of £9,613.  As at 31 January 2024, PYIP owed the company £74,764.
Both loans are interest free.
13. Ultimate Parent Undertaking and Controlling Party
The company is a wholly owned subsidiary of Project Yonder Holdings Ltd. The group is classified as small as defined by The Companies Act 2006 and is therefore exempt from the requirement to prepare consolidated financial statements.
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