Company Registration No. 11090534 (England and Wales)
YSI Holding Limited
Unaudited financial statements
for the year ended 31 March 2024
Pages for filing with the registrar
YSI Holding Limited
Contents
Page
Statement of financial position
1
Notes to the financial statements
2 - 5
YSI Holding Limited
Statement of financial position
As at 31 March 2024
1
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
4
2,469,398
1,890,824
Current assets
-
-
Creditors: amounts falling due within one year
5
(2,004,985)
(2,004,985)
Net current liabilities
(2,004,985)
(2,004,985)
Net assets/(liabilities)
464,413
(114,161)
Capital and reserves
Called up share capital
6
1
1
Profit and loss reserves
464,412
(114,162)
Total equity
464,413
(114,161)
The director of the company has elected not to include a copy of the income statement within the financial statements.true
For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved and signed by the director and authorised for issue on 14 October 2024.
Yves Stemmer
Director
Company Registration No. 11090534
YSI Holding Limited
Statement of financial position (continued)
As at 31 March 2024
31 March 2024
2
1
Critical accounting judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
2
Accounting policies
Company information
YSI Holding Limited is a private company limited by shares incorporated in England and Wales. The registered office is 66 Lincoln's Inn Fields, London, WC2A 3LH.
2.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
2.2
Going concern
The director has at the time of approving the financial statements, a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Therefore, the director has elected to prepare the financial statements on the going concern basis.
2.3
Fixed asset investments
The company holds equity and other investments for long term capital appreciation and accordingly recognises these assets as fixed asset investments held at fair value through profit or loss. Fair value is determined by reference to external market information.
2.4
Cash at bank and in hand
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 current liabilities.
YSI Holding Limited
Notes to the financial statements
For the year ended 31 March 2024
2
Accounting policies (continued)
3
2.5
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
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.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
2.6
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
2.7
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
YSI Holding Limited
Notes to the financial statements (continued)
For the year ended 31 March 2024
4
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
1
1
4
Fixed asset investments
2024
2023
£
£
Investments other than loans
2,469,398
1,890,824
Fixed asset investments revalued
Investments have been revalued to the quoted market price at the reporting date in line with the company's accounting policy. The cost of investments at 31 March 2024 was £2,051,053.
Movements in fixed asset investments
Investments other than loans
£
Cost or valuation
At 1 April 2023
1,890,824
Unrealised gain/(loss)
592,507
Movement in cash
22,743
Disposals
(36,676)
At 31 March 2024
2,469,398
Carrying amount
At 31 March 2024
2,469,398
At 31 March 2023
1,890,824
5
Creditors: amounts falling due within one year
2024
2023
£
£
Other creditors
2,004,985
2,004,985
Included in other creditors at the year end is a loan due to Yves Stemmer, the ultimate controlling party, of £1,989,986 (2022: £1,989,986). This amount is unsecured, interest free and repayable on demand.
YSI Holding Limited
Notes to the financial statements (continued)
For the year ended 31 March 2024
5
6
Called up share capital
2024
2023
£
£
Ordinary share capital
Issued and fully paid
1 Ordinary Share Capital of £1 each
1
1