Company Registration No. 09745836 (England and Wales)
YLH Limited
Unaudited financial statements
for the year ended 30 March 2024
Pages for filing with the registrar
YLH Limited
Contents
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 7
YLH Limited
Statement of financial position
As at 30 March 2024
1
2024
2023
as restated
Notes
£
£
£
£
Fixed assets
Investments
3
26,232,768
26,232,768
Current assets
Debtors
4
336,792
336,792
Cash at bank and in hand
2,578,710
3,657,797
2,915,502
3,994,589
Creditors: amounts falling due within one year
5
(25,053,604)
(23,268,342)
Net current liabilities
(22,138,102)
(19,273,753)
Total assets less current liabilities
4,094,666
6,959,015
Creditors: amounts falling due after more than one year
6
(3,497,371)
(5,944,246)
Net assets
597,295
1,014,769
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
597,195
1,014,669
Total equity
597,295
1,014,769
The directors of the company have elected not to include a copy of the income statement within the financial statements.true
For the financial year ended 30 March 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.
YLH Limited
Statement of financial position (continued)
As at 30 March 2024
2
The financial statements were approved by the board of directors and authorised for issue on 27 March 2025 and are signed on its behalf by:
Amandip Singh Johal
Director
Company Registration No. 09745836
YLH Limited
Notes to the financial statements
For the year ended 30 March 2024
3
1
Accounting policies
Company information
YLH Limited is a private company limited by shares incorporated in England and Wales. The registered office is Trinity, 16 John Dalton Street, Manchester, M2 6HY.
1.1
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, modified to include investment properties. The principal accounting policies adopted are set out below.
1.2
Going concern
The directors have committed to fund the ongoing activities of YLH Ltd and it's subsidiary and have indicated that the support will not be withdrawn. Accordingly, the going concern basis of accounting has been used in preparing the financial statements.
1.3
Fixed asset investments
Interests in subsidiaries, and associates are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
1.4
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.
1.5
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 statement of financial position 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.
YLH Limited
Notes to the financial statements (continued)
For the year ended 30 March 2024
1
Accounting policies (continued)
4
Basic financial assets
Basic financial assets, which include debtors, 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 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.
1.6
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.
1.7
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
YLH Limited
Notes to the financial statements (continued)
For the year ended 30 March 2024
1
Accounting policies (continued)
5
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Where items recognised in other comprehensive income or equity are chargeable to or deductible for tax purposes, the resulting current or deferred tax expense or income is presented in the same component of comprehensive income or equity as the transaction or other event that resulted in the tax expense or income. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
2
Employees
The average monthly number of persons (including non-remunerated directors) employed by the company during the year was:
2024
2023
Number
Number
Total
2
2
3
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
26,232,768
26,232,768
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Corporation tax recoverable
327,831
327,831
Other debtors
8,961
8,961
336,792
336,792
YLH Limited
Notes to the financial statements (continued)
For the year ended 30 March 2024
6
5
Creditors: amounts falling due within one year
2024
2023
£
£
Amounts owed to group undertakings
17,988,561
16,199,426
Other creditors
7,065,043
7,068,916
25,053,604
23,268,342
An outstanding charge exists against the company held by Amandip Singh Johal as security trustee. The charge is fixed and floating over the property or undertaking of the company and its subsidiary.
6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
3,497,371
5,944,246
7
Related party transactions
2024
2023
Amounts due to related parties
£
£
Entities over which the entity has control, joint control or significant influence
17,988,561
16,199,426
The following amounts were outstanding at the reporting end date:
2024
2023
Amounts due from related parties
£
£
Other related parties
8,961
8,961
YLH Limited
Notes to the financial statements (continued)
For the year ended 30 March 2024
7
8
Directors' transactions
Included in other creditors are A loan notes with a total value of £3,497,371 held by a director of the company. A loan notes attract an interest rate of 10%.
9
Prior period adjustment
Reconciliation of changes in equity
31 March
30 March
2022
2023
£
£
Adjustments to prior year
Effect on equity
-
7,186
Equity as previously reported
7,914,182
1,007,583
Equity as adjusted
7,914,182
1,014,769
Analysis of the effect upon equity
Profit and loss reserves
-
7,186
Reconciliation of changes in loss for the previous financial period
2023
£
Adjustments to prior year
Effect on profit
7,186
Loss as previously reported
(6,830,983)
Loss as adjusted
(6,823,797)
Notes to reconciliation
During the financial year, the Company identified an error in the classification of drawings made by a director in the prior year. These drawings incorrectly recorded a reduction in the director's loan account of £575,000 instead of reducing the value of loan notes by the same and interest earned of £7,186 that had been issued to the director. This error has now been rectified.
During the financial year, an error was identified in the classification of fixed asset investments. An amount of £162,979 was incorrectly capitalised as an addition to the fixed asset investment. It has been agreed that this amount should be recharged to the Company's subsidiary and a restatement has been posted to rectify this error.