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Registered number: 14514635
Project Yonder IP Ltd
Directors' Report and
Financial Statements
For the Period 29 November 2022 to 31 January 2024
Contents
Page
Company Information 1
Directors' Report 2—3
Statement of Income and Retained Earnings 4
Statement of Financial Position 5
Notes to the Financial Statements 6—7
Page 1
Company Information
Directors Ms G Robertson
Mr C Hughes
Mr A Dent
Mr B Basham
Company Number 14514635
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 period ended 31 January 2024.
Principal Activity
Project Yonder IP Ltd (PYIP) is the intellectual property (IP) arm of the Project Yonder group, responsible for developing, managing, protecting, and strategically leveraging the Company’s intellectual assets. This includes trademarks and proprietary technologies related to the design and manufacturing of high-end 4X4 motorhomes.
The Company plays a crucial role in safeguarding the innovations of the group, which specialises in designing and building luxury, off-grid 4X4 motorhomes that combine cutting-edge technology with impeccable design and high-end craftsmanship. This focus on innovation positions Project Yonder as a leader in the luxury motorhome industry.
Review of the Business
FY 2024 was a landmark year for PYIP, marked by significant advancements in the development and protection of the group’s IP portfolio. A key highlight was the successful launch of the Freedom 4X, an all-wheel-drive Mercedes Sprinter motorhome featuring a revolutionary gas-free habitation system.
IP Development and Management
PYIP undertook initiatives in IP development and management:
Trademarks and Branding: PYIP successfully obtained trademarks for both 'PROJECT YONDER' and the Project Yonder logo. This enhances brand recognition and value, allowing for better protection of the Company's identity in the marketplace.
Notable Achievements
During the year, PYIP achieved substantial milestones:
Development of the Freedom 4X: The Freedom 4X is distinguished by its unique marine cork flooring, which offers durability and eco-friendliness, and the state-of-the-art Garmin control system that provides seamless control over various vehicle functions. A standout feature of the Freedom 4X is its innovative gas-free off-grid system, which empowers users to experience true freedom without limitations. This system allows for self-sufficient living, enabling adventures in remote locations without the need for traditional fuel sources.
• Furthermore, the development of 3D CAD designs enable us to build the Freedom 4X consistently and efficiently, ensuring high-quality production and ease of replication. This proprietary design capability not only solidifies our competitive advantage but also underscores our commitment to innovation in the luxury motorhome sector.
Collaboration and Strategic Partnerships
In 2024, PYIP fostered strategic partnerships that enhanced the value of its IP assets:
Collaboration with Garmin: PYIP played a critical role in the collaboration with Garmin to integrate the EmpirBus control system into the Freedom 4X, reinforcing the innovative nature of the vehicle and its technology.
Supplier Agreements: By securing key supplier agreements, PYIP ensured access to the highest quality components necessary for the development and enhancement of its motorhomes.
Future Developments
Looking ahead, PYIP plans to:
Expand IP Portfolio: Continue to identify and secure new IP opportunities, particularly in the realms of sustainability and technology.
Enhance R&D Investments: Increase investment in research and development to foster innovation in product design and technology integration.
Expand 3D Design Portfolio: Actively work on expanding our 3D design portfolio to include additional products beyond the Freedom 4X. This initiative will focus on creating unique, innovative designs that can be leveraged across various models and product lines, enhancing our competitive edge in the luxury motorhome market.
Strengthen Partnerships: Develop further collaborations that leverage the group’s technological advancements and enhance the overall market position.
Financial Overview
As the intellectual property holding entity, PYIP does not engage in direct trading activities but plays a crucial role in supporting the group's overall financial performance. The investments made in securing and managing the group’s IP are expected to contribute to long-term profitability and market leadership.
...CONTINUED
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Future Developments - continued
Corporate Governance
The Board of Directors remains committed to high standards of corporate governance, ensuring that all operations align with the Company’s strategic goals. The Directors are responsible for overseeing the management of IP assets, ensuring compliance with legal standards and regulations.
Conclusion
2024 marked a year of significant progress for PYIP, characterized by successful IP management and the launch of innovative products. The strategic collaborations and robust protection of intellectual assets, particularly the unique 3D CAD designs for the Freedom 4X, have laid a solid foundation for future growth. The Directors remain optimistic about the Company's prospects and are focused on driving innovation and expanding its role within the Project Yonder group.
Directors
The directors who held office during the period were as follows:
Ms G Robertson Appointed 29/11/2022
Mr C Hughes Appointed 29/11/2022
Mr A Dent Appointed 09/01/2023
Mr B Basham Appointed 09/01/2023
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
31 January 2024
Notes £
Administrative expenses (15,509 )
OPERATING LOSS AND LOSS FOR THE FINANCIAL PERIOD (15,509 )
The notes on pages 6 to 7 form part of these financial statements.
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Statement of Financial Position
31 January 2024
Notes £ £
FIXED ASSETS
Intangible Assets 4 59,355
59,355
Creditors: Amounts Falling Due Within One Year 5 (74,764 )
NET CURRENT ASSETS (LIABILITIES) (74,764 )
TOTAL ASSETS LESS CURRENT LIABILITIES (15,409 )
NET LIABILITIES (15,409 )
CAPITAL AND RESERVES
Called up share capital 6 100
Income Statement (15,509 )
SHAREHOLDERS' FUNDS (15,409)
For the period 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 6 to 7 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Project Yonder IP Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 14514635 . 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. Intangible Fixed Assets and Amortisation - Intellectual Property
Intellectual property assets represent trade mark registration costs and associated design and development costs pertaining to the company's bespoke van designs and fibreglass pods.
They are amortised to the income statement over the estimated useful economic life of 5 years.
2.4. 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.
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 period was: 4
4
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4. Intangible Assets
Intellectual Property
£
Cost
As at 29 November 2022 -
Additions 74,194
As at 31 January 2024 74,194
Amortisation
As at 29 November 2022 -
Provided during the period 14,839
As at 31 January 2024 14,839
Net Book Value
As at 31 January 2024 59,355
As at 29 November 2022 -
5. Creditors: Amounts Falling Due Within One Year
31 January 2024
£
Amounts owed to group undertakings 74,764
6. Share Capital
31 January 2024
£
Allotted, Called up and fully paid 100
7. Related Party Transactions
During the year, Project Yonder Ltd ("PYL"), a fellow group undertaking, made payments on behalf of the company, and recharged directors' salary costs of £41,118 and rent of £9,613.  As at 31 January 2024, the company owed PYL £74,764.
The loan is interest free and repayable upon demand.
8. Ultimate Parent Undertaking and Controlling Party
The company's immediate and ultimate parent undertaking is 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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