Company registration number 14034015 (England and Wales)
YALM LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
PAGES FOR FILING WITH REGISTRAR
YALM LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
YALM LIMITED
BALANCE SHEET
AS AT
30 APRIL 2024
30 April 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
1,490,352
1,727,155
Current assets
Stocks
21,553
19,227
Debtors
5
26,559
162,883
Cash at bank and in hand
126,594
21,262
174,706
203,372
Creditors: amounts falling due within one year
6
(1,154,069)
(521,660)
Net current liabilities
(979,363)
(318,288)
Total assets less current liabilities
510,989
1,408,867
Creditors: amounts falling due after more than one year
7
(1,793,925)
(1,856,279)
Net liabilities
(1,282,936)
(447,412)
Capital and reserves
Called up share capital
8
100
1
Profit and loss reserves
(1,283,036)
(447,413)
Total equity
(1,282,936)
(447,412)
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their 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.
YALM LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 APRIL 2024
30 April 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 27 January 2025 and are signed on its behalf by:
Mr S R Ashdown
Director
Company registration number 14034015 (England and Wales)
YALM LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
- 3 -
1
Accounting policies
Company information
YALM Limited is a private company limited by shares incorporated in England and Wales. The registered office is Mentor House, Ainsworth Street, Blackburn, Lancashire, BB1 6AY.
1.1
Reporting period
The accounting reference period was extended in the previous period so as to end on the nearest month-end following the first anniversary of the incorporation of the company.
1.2
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.
1.3
Going concern
The company continues on a going concern basis due to the financial support provided by trueconnected companies.
The directors are not aware of any reasons as to why this financial support would be withdrawn and the company is expected to continue to operate in its present manner.
The directors therefore consider that in preparing the financial statements they have taken into account all the information that could reasonably be expected to be available.
On this basis they consider it appropriate to prepare the financial statements on the going concern basis.
1.4
Turnover
Turnover represents amounts receivable for goods and services net of VAT.
1.5
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fit out costs
Straight line over a five year term
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
YALM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 4 -
1.6
Stocks
Stocks are valued at the lower of cost and net realisable value.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.7
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 current liabilities.
1.8
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 balance sheet 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 and cash and bank balances, 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.
1.9
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.
YALM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 5 -
1.10
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.11
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are 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.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
46
42
YALM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 6 -
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 May 2023
1,901,455
Additions
179,360
At 30 April 2024
2,080,815
Depreciation and impairment
At 1 May 2023
174,300
Depreciation charged in the year
416,163
At 30 April 2024
590,463
Carrying amount
At 30 April 2024
1,490,352
At 30 April 2023
1,727,155
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
176
Other debtors
26,383
162,883
26,559
162,883
6
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
65,650
139,220
Taxation and social security
34,579
Other creditors
1,053,840
382,440
1,154,069
521,660
Included in Other creditors are loans of £188,599 (2023: £ £226,763) owed to connected companies.
The loans are unsecured and interest-bearing.
YALM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 7 -
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
1,793,925
1,856,279
Included in Other creditors is a loan of £1,793,925 (2023: £1,856,279) owed to a connected company.
On 25 May 2023 the above loan was restated as a formal term loan agreement, secured by a charge over the assets of the company and bearing interest at a fixed rate of 9% per annum.
This loan has a fixed term of five years commencing from 15 November 2023.
8
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and not fully paid
Ordinary of £1 each
-
1
-
1
A Ordinary of £1 each
75
-
75
-
B Ordinary of £1 each
25
-
25
-
100
1
100
1
On 6 July 2023 the one £1 ordinary share in issue was redesignated as an A £1 ordinary share.
On the same date the company issued 74 A £1 ordinary shares and 25 B £1 ordinary shares. All classes of shares rank pari passu in all respects.
9
Operating lease commitments
The company entered into a licence to occupy agreement on 6 June 2023 for the units at Royal Arcade, Norwich. The agreement provided for a start date of 22 November 2022.
A total amount of £60,000, per annum, is payable under the terms of the licence commencing from 22 May 2023.