Company Registration No. 11663805 (England and Wales)
Yinka Ilori Limited
Unaudited accounts
for the year ended 31 March 2024
Yinka Ilori Limited
Company Information
for the year ended 31 March 2024
Company Number
11663805 (England and Wales)
Registered Office
A and L, Suite 1-3 The Hop Exchange
Southwark Street
London
SE1 1TY
England
Accountants
Accounts and Legal Consultants Ltd
Suite 1-3, The Hop Exchange
24 Southwark Street
London
SE1 1TY
Yinka Ilori Limited
Accountants' report
Accountants' report to the director of Yinka Ilori Limited on the preparation of the unaudited statutory accounts for the year ended 31 March 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of
Yinka Ilori Limited for the year ended
31 March 2024 as set out on pages
5 -
8 from the company's accounting records and from information and explanations you have given us.
This report is made solely to the Board of Directors of Yinka Ilori Limited, as a body, in accordance with the terms of our engagement. Our work has been undertaken solely to prepare for your approval the accounts of Yinka Ilori Limited and state those matters that we have agreed to state to them, as a body, in this report. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Yinka Ilori Limited and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that Yinka Ilori Limited 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 Yinka Ilori Limited. You consider that Yinka Ilori Limited 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 accounts of Yinka Ilori Limited. 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.
Accounts and Legal Consultants Ltd
Suite 1-3, The Hop Exchange
24 Southwark Street
London
SE1 1TY
12 March 2025
Yinka Ilori Limited
Statement of financial position
as at 31 March 2024
Tangible assets
1,693
3,440
Cash at bank and in hand
346,686
1,029,766
Creditors: amounts falling due within one year
(106,652)
(238,039)
Net current assets
846,282
1,098,915
Net assets
847,975
1,102,355
Called up share capital
1
1
Profit and loss account
847,974
1,102,354
Shareholders' funds
847,975
1,102,355
For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 12 March 2025 and were signed on its behalf by
Olayinka Ilori
Director
Company Registration No. 11663805
Yinka Ilori Limited
Notes to the Accounts
for the year ended 31 March 2024
Yinka Ilori Limited is a private company, limited by shares, registered in England and Wales, registration number 11663805. The registered office is A and L, Suite 1-3 The Hop Exchange, Southwark Street, London, SE1 1TY, England .
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover represents the amounts (excluding value added tax) derived from the provision of goods and services to third party customers during the year. The goods and services are derived from the principal activities of the company.
Tax is recognised in profit or loss except that a charge attributable to an item of income and 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 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.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Computer equipment
25% Straight Line
Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
Short term debtors are measured at transaction price, less any impairment. Loans receivables are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
Short term trade creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
Yinka Ilori Limited
Notes to the Accounts
for the year ended 31 March 2024
The company operates a defined contribution plan for its employees. A defined contribution plan is a plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.
The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the statement of financial position. The assets of the plan are held separately from the company in independently administered funds.
Transactions in foreign currencies are translated into sterling at the rates of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
Interest income is recognised in profit or loss using the effective interest method.
4
Tangible fixed assets
Computer equipment
Amounts falling due within one year
Accrued income and prepayments
21,539
416
Other debtors
314,052
215,656
Amounts falling due after more than one year
Amounts due from group undertakings etc.
269,865
-
Yinka Ilori Limited
Notes to the Accounts
for the year ended 31 March 2024
6
Creditors: amounts falling due within one year
2024
2023
Trade creditors
2,335
3,316
Amounts owed to group undertakings and other participating interests
-
52,663
Taxes and social security
91,736
180,748
Other creditors
3,906
1,054
The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. Contributions totalling £918 (2023: £913) were payable to the fund at the reporting date and are included in creditors.
Brought
Forward
Advance/
credit
Repaid
Carried
Forward
Director's loan
215,656
312,239
217,000
310,895
215,656
312,239
217,000
310,895
Loans to directors include interest at 2.25%
The balance outstanding at the end of the period was £310,895 which was repaid in full on 7 April 2024.
9
Transactions with related parties
As at 31 March 2024, the company held the following balances with Yinka Ilori Homeware Limited and Starlight Lettings Limited: £12,576 (2023 (£52,663)) due from Yinka Ilori Homeware Limited and £257,289 (2023 £Nil) due from Starlight Lettings Limited.
10
Average number of employees
During the year the average number of employees was 7 (2023: 7).