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Company No: 10024610 (England and Wales)

LOVE YELLOW LIMITED

Unaudited Financial Statements
For the financial year ended 31 July 2024
Pages for filing with the registrar

LOVE YELLOW LIMITED

Unaudited Financial Statements

For the financial year ended 31 July 2024

Contents

LOVE YELLOW LIMITED

STATEMENT OF FINANCIAL POSITION

As at 31 July 2024
LOVE YELLOW LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 July 2024
Note 2024 2023
£ £
Fixed assets
Intangible assets 3 530 693
Tangible assets 4 86,299 127,621
Investments 5 3,191,501 2,861,501
3,278,330 2,989,815
Current assets
Debtors
- due within one year 6 1,079,336 1,278,308
- due after more than one year 6 2,113,658 1,262,065
Cash at bank and in hand 114,253 59,859
3,307,247 2,600,232
Creditors: amounts falling due within one year 7 ( 7,589,558) ( 6,623,059)
Net current liabilities (4,282,311) (4,022,827)
Total assets less current liabilities (1,003,981) (1,033,012)
Net liabilities ( 1,003,981) ( 1,033,012)
Capital and reserves
Called-up share capital 8 1 1
Profit and loss account ( 1,003,982 ) ( 1,033,013 )
Total shareholder's deficit ( 1,003,981) ( 1,033,012)

For the financial year ending 31 July 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The financial statements of LOVE YELLOW LIMITED (registered number: 10024610) were approved and authorised for issue by the Director on 26 November 2024. They were signed on its behalf by:

J B Waller
Director
LOVE YELLOW LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 July 2024
LOVE YELLOW LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 July 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

LOVE YELLOW LIMITED (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is C/O Bishop Fleming Llp, 10 Temple Back, Bristol, BS1 6FL, United Kingdom. The Company's business address is Stonebridge Henley Bridge, Henley-on-Thames, Oxfordshire, RG9 2LN.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The director has assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The director notes that the business has net liabilities of £1,003,981. The Company is supported through loans from the director. The director has confirmed that the loan facilities will continue to be available for at least 12 months from the date of signing these financial statements and the director will continue to support the Company. Given the current position, the director believes that any foreseeable debts can be met for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Group accounts exemption

Group accounts exemption s399
The Company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the Company as an individual entity and not about its group.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Statement of Financial Position date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Statement of Income and Retained Earnings in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Trademarks, patents and licences 10 years straight line
Trademarks, patents and licences

Separately acquired patents and trademarks are included at cost and amortised in equal annual instalments over a period of [amount of years] years which is their estimated useful economic life. Provision is made for any impairment.

Tangible fixed assets

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. Depreciation is provided on all tangible fixed assets, other than investment properties and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line basis over its expected useful life, as follows:

Plant and machinery 50 years straight line
Vehicles 10 years straight line
Fixtures and fittings 10 years straight line
Computer equipment 3 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Fixed asset investments

Investments in Associates and Joint Ventures are held at cost less impairment.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Loans and borrowings
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including the director 1 1

3. Intangible assets

Trademarks, patents
and licences
Total
£ £
Cost
At 01 August 2023 1,625 1,625
At 31 July 2024 1,625 1,625
Accumulated amortisation
At 01 August 2023 932 932
Charge for the financial year 163 163
At 31 July 2024 1,095 1,095
Net book value
At 31 July 2024 530 530
At 31 July 2023 693 693

4. Tangible assets

Plant and machinery Vehicles Fixtures and fittings Computer equipment Total
£ £ £ £ £
Cost
At 01 August 2023 8,826 102,083 50,370 5,853 167,132
Disposals 0 ( 30,950) 0 0 ( 30,950)
At 31 July 2024 8,826 71,133 50,370 5,853 136,182
Accumulated depreciation
At 01 August 2023 1,062 2,321 30,823 5,305 39,511
Charge for the financial year 176 9,951 5,037 366 15,530
Disposals 0 ( 5,158) 0 0 ( 5,158)
At 31 July 2024 1,238 7,114 35,860 5,671 49,883
Net book value
At 31 July 2024 7,588 64,019 14,510 182 86,299
At 31 July 2023 7,764 99,762 19,547 548 127,621

5. Fixed asset investments

Investments in subsidiaries

2024
£
Cost
At 01 August 2023 2,861,501
At 31 July 2024 2,861,501
Carrying value at 31 July 2024 2,861,501
Carrying value at 31 July 2023 2,861,501

Other investments Total
£ £
Cost or valuation before impairment
At 01 August 2023 0 0
Additions 330,000 330,000
At 31 July 2024 330,000 330,000
Carrying value at 31 July 2024 330,000 330,000
Carrying value at 31 July 2023 0 0

6. Debtors

2024 2023
£ £
Debtors: amounts falling due within one year
Trade debtors 632 0
Amounts owed by Group undertakings 963,644 1,274,812
Amounts owed by associates 115,000 0
VAT recoverable 0 193
Other debtors 60 3,303
1,079,336 1,278,308
Debtors: amounts falling due after more than one year
Amounts owed by Group undertakings 1,736,356 925,188
Amounts owed by joint ventures 377,302 336,877
2,113,658 1,262,065

7. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 5,708 0
Amounts owed to connected companies 1,110,000 1,795,000
Amounts owed to director 6,338,856 4,712,836
Accruals 5,914 6,685
Taxation and social security 129,080 108,538
7,589,558 6,623,059

8. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
1 Ordinary share of £ 1.00 1 1

9. Related party transactions

Transactions with entities in which the entity itself has a participating interest

Transactions with the entity's director

2024 2023
£ £
Amounts owed to directors 6,338,856 4,712,836

This loan is interest free and repayable on demand.

Other related party transactions

2024 2023
£ £
Amounts owed by subsidiary undertaking 2,700,000 2,200,000
Amounts owed by joint venture 377,302 336,877