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Registration number: 07088842

Ynergy Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 April 2024

 

Ynergy Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 12

 

Ynergy Limited

Company Information

Directors

Mrs S Shakesheff

Mr S G Reynolds

Registered office

St Ethelbert House
Ryelands Street
Hereford
Herefordshire
HR4 0LA

Accountants

Young & Co
Chartered Accountants
St Ethelbert House
Ryelands Street
Hereford
Herefordshire
HR4 0LA

 

Ynergy Limited

(Registration number: 07088842)
Balance Sheet as at 30 April 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

951,690

1,034,220

Current assets

 

Stocks

5

41,290

47,216

Debtors

6

142,914

167,788

Cash at bank and in hand

 

188,538

208,278

 

372,742

423,282

Creditors: Amounts falling due within one year

7

(316,793)

(222,540)

Net current assets

 

55,949

200,742

Total assets less current liabilities

 

1,007,639

1,234,962

Creditors: Amounts falling due after more than one year

7

(315,818)

(526,117)

Provisions for liabilities

(100,555)

(117,113)

Net assets

 

591,266

591,732

Capital and reserves

 

Called up share capital

8

100

100

Retained earnings

591,166

591,632

Shareholders' funds

 

591,266

591,732

For the financial year ending 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

 

Ynergy Limited

(Registration number: 07088842)
Balance Sheet as at 30 April 2024
(continued)

These financial statements have 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.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 12 November 2024 and signed on its behalf by:
 

.........................................
Mrs S Shakesheff
Director

 

Ynergy Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
St Ethelbert House
Ryelands Street
Hereford
Herefordshire
HR4 0LA
England

The principal place of business is:
Great Ynys Farm
Orcop
Hereford
HR2 8EP

These financial statements were authorised for issue by the Board on 12 November 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

 

Ynergy Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024
(continued)

2

Accounting policies (continued)

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

 

Ynergy Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024
(continued)

2

Accounting policies (continued)

Asset class

Depreciation method and rate

Freehold land

Nil

Plant and machinery

5% of cost per annum

Computer equipment

33% of cost per annum

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable 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.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

Ynergy Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024
(continued)

2

Accounting policies (continued)

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2023 - 3).

 

Ynergy Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024
(continued)

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 May 2023

475,478

1,227,533

1,703,011

At 30 April 2024

475,478

1,227,533

1,703,011

Depreciation

At 1 May 2023

-

668,791

668,791

Charge for the year

-

82,530

82,530

At 30 April 2024

-

751,321

751,321

Carrying amount

At 30 April 2024

475,478

476,212

951,690

At 30 April 2023

475,478

558,742

1,034,220

Included within the net book value of land and buildings above is £475,478 (2023 - £475,478) in respect of freehold land and buildings.
 

5

Stocks

2024
£

2023
£

Other inventories

41,290

47,216

 

Ynergy Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024
(continued)

6

debtors

2024
£

2023
£

Trade debtors

4,392

25,963

Prepayments

123,575

141,825

Other debtors

14,947

-

142,914

167,788

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

191,679

58,400

Trade creditors

 

9,366

1,615

Taxation and social security

 

34,363

60,692

Accruals and deferred income

 

55,884

51,781

Other creditors

 

25,501

50,052

 

316,793

222,540

 

Ynergy Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024
(continued)

7

Creditors (continued)

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

315,818

526,117

2024
£

2023
£

Due after more than five years

After more than five years by instalments

218,855

376,866

-

-

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary of £1 each

100

100

100

100

       

9

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

83,454

242,694

Other borrowings

232,364

283,423

315,818

526,117

 

Ynergy Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024
(continued)

9

Loans and borrowings (continued)

Current loans and borrowings

2024
£

2023
£

Bank borrowings

148,879

15,600

Other borrowings

42,800

42,800

191,679

58,400

Bank borrowings

Bank Loan is denominated in £ with a nominal interest rate of 2.2% above LIBOR%, and the final instalment is due on 3 June 2030. The carrying amount at year end is £232,333 (2023 - £258,294).

The loan is secured by a debenture over the company's assets and undertakings and by personal guarantees.

Other borrowings

Shareholder loan is denominated in £ with a nominal interest rate of 2.3% above LIBOR%, and the final instalment is due on 3 June 2030. The carrying amount at year end is £275,164 (2023 - £326,223).

The loan is unsecured.

 

Ynergy Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024
(continued)

10

Related party transactions

Transactions with directors

2024

At 1 May 2023
£

Advances to director
£

Repayments by director
£

At 30 April 2024
£

Mr S G Reynolds

(20,239)

98,717

(64,171)

14,307