REGISTERED NUMBER: |
Financial Statements for the Year Ended 30 June 2024 |
for |
YOVITA LTD |
REGISTERED NUMBER: |
Financial Statements for the Year Ended 30 June 2024 |
for |
YOVITA LTD |
YOVITA LTD (REGISTERED NUMBER: 09146919) |
Contents of the Financial Statements |
for the year ended 30 June 2024 |
Page |
Company Information | 1 |
Statement of Financial Position | 2 |
Notes to the Financial Statements | 3 |
YOVITA LTD |
Company Information |
for the year ended 30 June 2024 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants & |
Statutory Auditors |
5th Floor |
Palladium House |
1-4 Argyll Street |
London |
W1F 7TA |
YOVITA LTD (REGISTERED NUMBER: 09146919) |
Statement of Financial Position |
30 June 2024 |
2024 | 2023 |
Notes | £ | £ |
FIXED ASSETS |
Property, plant and equipment | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 | ( |
) | ( |
) |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
CAPITAL AND RESERVES |
Called up share capital | 8 |
Retained earnings | 9 | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) |
The financial statements were approved by the Board of Directors and authorised for issue on |
YOVITA LTD (REGISTERED NUMBER: 09146919) |
Notes to the Financial Statements |
for the year ended 30 June 2024 |
1. | STATUTORY INFORMATION |
Yovita Ltd is a |
2. | STATEMENT OF COMPLIANCE |
3. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Significant judgements and estimates |
Estimates and judgements are continually evaluated and are based on historical experience and other factors, including explanations of future events that are believe to be reasonable under the circumstances. |
Key accounting estimates and assumptions |
The company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below; |
Going concern |
As described on the balance sheet the company has total net current liabilities of £3,000,532 and net liabilities of £498,188. These liabilities comprise of amounts owed to group companies of £3,062,916. Accordingly, with the continued support of Nouvita Healthcare Limited and its fellow subsidiaries the directors believe the company will be able to meet its day to day working capital requirements. |
The board of Nouvita Healthcare Limited has indicated in writing that along with fellow subsidiaries, it will continue to financially support the company for a period of at least one year from the approval date of these financial statements. On this basis the directors consider it appropriate to prepare the financial statements on a going concern basis. |
If the company were unable to continue in operational existence for the foreseeable future, adjustments would have to be made to reduce the balance sheet values of assets to their recoverable amounts, and to provide for further liabilities that might arise, and to reclassify fixed assets and long-term liabilities as current assets and liabilities. |
Turnover |
Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
YOVITA LTD (REGISTERED NUMBER: 09146919) |
Notes to the Financial Statements - continued |
for the year ended 30 June 2024 |
3. | ACCOUNTING POLICIES - continued |
Property plant and equipment |
Property, plant and equipment are stated at cost (or deemed cost) less accumulated depreciation and accumulated impairment losses. Cost includes the original purchase price, costs directly attributable to bringing the asset to its working condition for its intended use, dismantling and restoration initially recorded at cost. |
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. |
Freehold buildings | 50 years |
Plant and machinery | 4 years |
Motor vehicles | 4 years |
No depreciation is charged on Freehold land. |
The carrying values of property plant and equipment are reviewed for impairment when events or changes in circumstances indicate the carrying value may not be recoverable. |
Financial instruments |
The company has chosen to adopt Section 11 of FRS 102 in respect of financial instruments as it has only basic financial instruments. |
Basic financial liabilities |
Financial liabilities are classified as liabilities and equity instruments 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. |
Trade creditors, other creditors and loans from fellow group and related companies are initially recognised at transaction price and subsequently carried at amortised cost, being transaction price less any amounts settled. |
Bank overdrafts and invoice discounting facility are presented within creditors: amounts falling due within one year. |
Other loans are initially recognised at the transaction price, including transaction costs and subsequently measured at amortised cost using the effective interest method. Interest expense is recognised on the basis of the effective interest method and is included in interest payable and other similar charges. |
Basic financial liabilities are derecognised when the contractual obligation is discharged, cancelled or expired. |
Equity instruments |
The ordinary share capital of the company is classified as equity and recorded at fair value of the cash or other resources received or receivable, net of direct costs of issuing the equity instruments. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date. |
YOVITA LTD (REGISTERED NUMBER: 09146919) |
Notes to the Financial Statements - continued |
for the year ended 30 June 2024 |
3. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
4. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
5. | PROPERTY, PLANT AND EQUIPMENT |
Freehold | Motor |
property | vehicles | Totals |
£ | £ | £ |
COST |
At 1 July 2023 |
and 30 June 2024 |
DEPRECIATION |
At 1 July 2023 |
Charge for year |
Impairments |
At 30 June 2024 |
NET BOOK VALUE |
At 30 June 2024 |
At 30 June 2023 |
The Company's property is used as security against the group loan facility. |
The freehold property owned by the Company was impaired during the year by £729,806. The property was previously valued at £3.2m and is now valued at £2.5m, which is based on management's estimate given current market conditions. |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade debtors |
Prepayments and accrued income |
YOVITA LTD (REGISTERED NUMBER: 09146919) |
Notes to the Financial Statements - continued |
for the year ended 30 June 2024 |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Amounts owed to parent undertakings |
Amounts owed to fellow subsidiaries | 2,559,886 | 2,854,528 |
Tax |
Accruals and deferred income |
Amounts owed to fellow subsidiaries are are unsecured, interest free and has no fixed date of repayment and is repayable on demand. |
Amounts owed to parent undertaking are unsecured, interest free and has no fixed date of repayment and is repayable on demand. |
8. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Ordinary | 1 | 10 | 10 |
9. | RESERVES |
Retained |
earnings |
£ |
At 1 July 2023 |
Deficit for the year | ( |
) |
At 30 June 2024 | ( |
) |
10. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
We draw attention to note 3, in the financial statements, concerning the company's ability to continue as a going concern. As stated in note 3, these events or conditions, along with the other matters as set forth in the note indicate that a material uncertainty exists that may cast significant doubt on the company's ability to continue as a going concern. Our opinion is not modified in respect of this matter. |
for and on behalf of |
11. | CONTINGENT LIABILITIES |
The company is a part of an unlimited multilateral banking guarantee with fellow group companies. At the balance sheet date the total amount outstanding under the agreement was £9.01m. |
YOVITA LTD (REGISTERED NUMBER: 09146919) |
Notes to the Financial Statements - continued |
for the year ended 30 June 2024 |
12. | RELATED PARTY DISCLOSURES |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
13. | ULTIMATE CONTROLLING PARTY |
The Company is a wholly owned subsidiary of Nouvita Healthcare Limited. |
Mr L V Adams is considered to be the ultimate controlling party. |