Registration number:
Yoginvest Ltd
Annual
for the Year Ended 29 February 2024
Yoginvest Ltd
Contents
Company Information |
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Accountants' Report |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
Yoginvest Ltd
Company Information
Director |
N M Leslau |
Registered office |
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Accountants |
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Chartered Accountants' Report to the Director on the Preparation of the Unaudited Financial Statements of
Yoginvest Ltd
for the Year Ended 29 February 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Yoginvest Ltd for the year ended 29 February 2024, which comprise the statement of comprehensive income, balance sheet and the related notes, from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation/a-z.
It is your duty to ensure that Yoginvest Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of Yoginvest Ltd. You consider that Yoginvest Ltd is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Yoginvest Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.
Use of our report
This report is made solely to the director of Yoginvest Ltd, in accordance with the terms of our engagement. Our work has been undertaken solely to prepare for your approval the accounts of Yoginvest Ltd and state those matters that we have agreed to state to the director of Yoginvest Ltd, in this report in accordance with ICAEW Technical Release TECH 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Yoginvest Ltd and its director for our work or for this report.
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Chartered Accountants
Champions Way
Hendon
London
NW4 1PX
Yoginvest Ltd
(Registration number: 10162467)
Balance Sheet as at 29 February 2024
Note |
2024 |
2023 |
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Fixed assets |
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Investment property |
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Investments |
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|
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Other financial assets |
15,545,724 |
15,512,128 |
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Current assets |
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Debtors |
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|
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Cash at bank and in hand |
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|
|
|
|
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Net assets |
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Capital and reserves |
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Called up share capital |
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|
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Share premium reserve |
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|
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Retained earnings |
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|
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Shareholder's funds |
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For the financial year ended 29 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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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. |
These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006. The statement of comprehensive income and the director's report are not delivered to the Registrar of Companies in accordance with the special provisions applicable to companies subject to the small companies regime.
Yoginvest Ltd
(Registration number: 10162467)
Balance Sheet as at 29 February 2024
Approved and authorised for issue by the
.........................................
N M Leslau
Director
Yoginvest Ltd
Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024
General information |
The company is a private company limited by share capital incorporated in England. The registered office address is shown on page 1 and the principal activity of the company is set out in the director's report.
Accounting policies |
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A Small Entities and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that, where otherwise disclosed in these accounting policies, certain items are measured at fair value.
The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.
Exemption from preparing group accounts
Yoginvest Ltd
Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024
2 |
Accounting policies (continued) |
Judgements in applying accounting policies and key sources of estimation uncertainty
The preparation of financial statements in compliance with FRS 102 Section 1A Small Entities may require the use of certain critical accounting estimates. It may also require the director to exercise judgement in applying the accounting policies. |
In preparing these financial statements, the director has had to make the following significant judgements: |
- Determine whether there are indicators of impairment of the company's investments that are carried at cost. Factors taken into consideration in reaching such a decision include knowledge as to the economic viability and expected future financial performance of the investments and the extent to which distributions received from the investments are linked to a reduction in the scale of operations of the relevant underlying business. |
- Determine the fair value of the investment properties making assumptions in respect of the state of the property market in the locations where the properties are situated and in respect of the range of reasonable fair value estimates of the assets. There is an inevitable degree of judgement involved in that every property is unique and value can only ultimately be reliably tested in the market itself. The valuation method is further described in note 4 together with the valuation of the properties at the reporting date. |
- Determine whether there is objective evidence to support the reliable remeasurement of the company's other investments to fair value. Such evidence could include the market share price where shares are publicly traded, new external investment being made into the investee entity, an arm's length disposal of all or part of the investment close to the balance sheet date or the investee entity generating sustainable earnings to support a valuation basis on a multiple of those earnings. |
There were no other significant judgements or areas of critical estimation uncertainty. |
Summary of significant accounting policies
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all periods presented, unless otherwise stated.
Turnover
Turnover consists principally of rent receivable from the letting of investment properties in the United Kingdom. Rental income is measured at the fair value of rent receivable for the period, recognised on a straight line basis over the term of the respective lease.
Foreign currency transactions and balances
Income from group undertakings and other fixed asset investments
This income is recognised when the amounts have been received or otherwise where there is certainty as to the receipt of the income receivable at the relevant balance sheet date.
Yoginvest Ltd
Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024
2 |
Accounting policies (continued) |
Tax
The tax expense for the year comprises current and deferred tax, where applicable. Tax is recognised in profit or loss, except that a charge attributable to an item of income or expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The company's liability for current tax is calculated using tax rates and laws that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that the recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against suitable future taxable profits.
Deferred tax is measured using 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.
Current and deferred tax assets and liabilities are not discounted.
Investment properties
Investment in subsidiaries and associates
Investment in subsidiaries and associates are measured in the company's balance sheet at cost less any accumulated impairment. Any impairment movements are included in profit or loss.
An entity is treated as a subsidiary where the company has the power to govern the financial and operating policies of the investee entity so as to obtain benefits from its activities.
An entity is treated as an associate where the company exercises significant influence in that it has the power to participate in the operating and financial policy decisions.
Cash at bank and in hand
Cash is represented by cash in hand and deposits held with financial institutions repayable without penalty on notice of not more than 24 hours.
Trade creditors
Trade creditors are obligations to pay for goods and services that have been provided in the ordinary course of business by suppliers. Trade creditors 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.
Yoginvest Ltd
Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024
2 |
Accounting policies (continued) |
Financial instruments including other fixed asset investments
Investments in equity shares which are publicly traded are remeasured to their market value at each balance sheet date, with changes in fair value recognised in profit or loss.
Investments are classified as fixed asset investments in the circumstances where the company's intention was to hold or advance them on a continuing basis.
Dividends
Final dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid.
Employee information |
The company had
Investment properties |
Long leasehold |
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At 1 March 2023 |
|
Fair value adjustments in the year |
( |
At 29 February 2024 |
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The investment properties were valued at 29 February 2024 by N M Leslau Bsc (Hons) FRICS, the director of the company, at fair value. The valuations were arrived at after consideration of the most recently available market evidence of transaction prices for similar properties around their location on a vacant possession basis and also takes into account the director's assessment of the state of the rental market around the area where the properties are situated as at the reporting date.
Yoginvest Ltd
Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024
Investment in subsidiaries and associates |
Carrying amount of: |
2024 |
2023 |
Investment in subsidiaries |
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Investment in associates |
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Subsidiaries |
£ |
Cost |
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At 1 March 2023 |
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At 29 February 2024 |
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Impairment |
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At 1 March 2023 |
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Impairment in the year |
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At 29 February 2024 |
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Carrying amount |
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At 29 February 2024 |
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At 28 February 2023 |
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Associates |
£ |
Cost |
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At 1 March 2023 |
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At 29 February 2024 |
|
Impairment |
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At 1 March 2023 |
- |
Impairment in the year |
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At 29 February 2024 |
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Carrying amount |
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At 29 February 2024 |
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At 28 February 2023 |
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Yoginvest Ltd
Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024
5 |
Investment in subsidiaries and associates (continued) |
Details of subsidiaries and associates are as follows:
Name |
Registered office |
Nature of holding |
Percentage of voting rights held |
|
2024 |
2023 |
Subsidiaries |
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Belfry House
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Ordinary shares |
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Associates |
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Cavendish House
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'B', 'C', and 'E' Ordinary share capital |
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Ground Floor
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Ordinary share capital |
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Hamezach
|
Member's capital |
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Principal activities
The principal activity of Lesray Holdings Limited is |
The principal activity of Sleep Solutions Limited is |
The principal activity of Parkhurst Caledonian Limited is |
The principal activity of Rimonim Agro GP LP is |
Yoginvest Ltd
Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024
Other investments |
Investments |
Long term loans |
Total |
|
Cost or valuation |
|||
At 1 March 2023 |
15,012,128 |
500,000 |
15,512,128 |
Additions in the year |
4,271,701 |
- |
4,271,701 |
Fair value adjustments |
(2,278) |
- |
(2,278) |
Disposals/capital repaid |
(4,235,827) |
- |
(4,235,827) |
At 29 February 2024 |
15,045,724 |
500,000 |
15,545,724 |
Carrying amount |
|||
At 29 February 2024 |
|
|
15,545,724 |
At 28 February 2023 |
|
|
15,512,128 |
The investments principally represent shares or member's capital held in listed entities or other unlisted entities. Interests held are less than 20% of voting rights in each instance.
Debtors |
Note |
2024 |
2023 |
|
Amounts owed by associates |
|
|
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Other debtors |
|
|
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Other loans |
- |
1,740,106 |
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Prepayments |
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Accrued income |
18,578 |
45,345 |
|
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Yoginvest Ltd
Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024
Creditors: amounts falling due within one year |
2024 |
2023 |
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Trade creditors |
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Director's loan account |
29,511 |
162,202 |
Other creditors |
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Accruals |
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Deferred income |
- |
116 |
Corporation tax |
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Deferred tax |
Deferred tax arises as a result of the revaluation of certain of the company’s fixed asset investments and its investment properties. At 29 February 2024 the company had an unprovided deferred tax asset of £9.70m (2023 - £8.51m) arising from net revaluation deficits. This has not been recognised due to uncertainty over the timing of realisation of these as tax allowable losses and of future taxable gains against which these losses could be utilised.
Share capital |
Allotted, called up and fully paid shares
2024 |
2023 |
|||
No. |
£ |
No. |
£ |
|
|
|
100.01 |
|
100.01 |
Yoginvest Ltd
Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024
Related party transactions |
Loans to related parties
2024 |
Associates |
At start of year |
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Advances / interest capitalised during the year |
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At end of year |
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2023 |
Associates |
Director |
At start of year |
|
|
Advances / interest capitalised during the year |
|
- |
Repaid in the year |
- |
( |
At end of year |
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- |
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Terms of loans to related parties
During the year the company capitalised interest accrued of £111,164 (2023 - £53,262) on a loan to Parkhurst Caledonian Limited. The balance outstanding on this loan at end of year was £745,176 (2023 - £634,012). The loan is unsecured, incurs interest at a rate of 10% per annum and is repayable on demand. The total interest receivable from this loan in the year is £69,079 (2023 - £61,129) which is included in other interest receivable and similar income in the statement of comprehensive income.
Another loan of £249,949 (2023 - £249,949) to Parkhurst Caledonian Limited is unsecured, interest free and repayable on demand.
Yoginvest Ltd
Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024
11 |
Related party transactions (continued) |
Loans from related parties
2024 |
Associates |
At start of year |
( |
Repaid in the year |
|
At end of year |
- |
|
2023 |
Associates |
At start of year |
( |
At end of year |
( |
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Terms of loans from related parties
During the year, the loan from Sleep Solutions Limited was fully repaid. The loan was unsecured, interest free and repayable on demand.
Post balance sheet events |
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Controlling party |
The company is controlled by