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Registered number: 15494101
DIRECTORS' REPORT AND FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024
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YEB UK HOLDINGS LIMITED
Company Information
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YEB UK HOLDINGS LIMITED
Contents
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YEB UK HOLDINGS LIMITED
Group Strategic Report
For the Period Ended 31 December 2024
The Directors present their Strategic Report for the period ending 31 December 2024.
The Directors report a set of results that show a loss of £293,703 for the period ended 31 December 2024.
At the start of the period, the Group purchased 100% of the share capital of CMT Learning Limited and its subsidiary, Sports Camps UK Limited. More detail on this acquisition is set out in note 21. Overall, the Directors were content with the performance of the Group and look forward to improvements in future years as the business grows.
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YEB UK HOLDINGS LIMITED
Group Strategic Report (continued)
For the Period Ended 31 December 2024
The principal risks and uncertainties faced by the Group are set out below:
Acquisitions and investments Part of the Group’s strategy is to acquire and make investments in complementary businesses, services or products as appropriate opportunities arise. The risks the Group may face should it acquire or invest in complementary businesses include: • Difficulties with the integration and assimilation of the acquired business; • Diversion of the attention of the Group’s management team from other business concerns; • Availability of favourable acquisition or investment financing; and • Loss of key employees of any acquired business. To mitigate the risks in respect of acquisitions and investments, the Group carries out detailed due diligence and produces cash flow projections to ensure that any target is a suitable strategic fit and is financially sound. The Group generally uses the same employees and advisors to do the acquisition work. Attraction and retention of key employees The Group depends on its Directors and other key employees and whilst it has entered into contractual arrangements with these individuals, retention of these services cannot be guaranteed. The Group has attempted to reduce this risk by offering competitive remuneration packages. The Group also invests significantly in training and development. Regulatory Risks The Group may be affected by the prevailing regulatory and legal environment relating to its business. Financial Risks The Group operates in the UK and is currently not exposed to any significant foreign exchange risk. The Group is exposed to credit risk, but despite trade receivables being a material number, it comprises of a large number of individual clients. Receivable balances are also monitored on an on-going, regular basis with the result that the Group’s exposure to bad debts is not significant. All of the Group’s cash and bank balances are held with recognised UK clearing banks. Liquidity risk is managed through weekly, quarterly and annual cash flow forecasting and monitoring..
The Directors use a number of key performance indicators to monitor and appraise the trading and performance of the businesses. This is primarily achieved through the comprehensive monthly monitoring of sales volumes and margins, regular analysis of staff costs and HR trends and forecasting of cash receipts and payments.
The main key performance indicators of the group are: Registrations - total registrations for the calendar year were 4,446; Ticket price - average ticket price (accross sport categories) was £1,992; and Revenue - revenue for the period was £10.13m.
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YEB UK HOLDINGS LIMITED
Group Strategic Report (continued)
For the Period Ended 31 December 2024
This report was approved by the board on 25 July 2025 and signed on its behalf.
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YEB UK HOLDINGS LIMITED
Directors' Report
For the Period Ended 31 December 2024
The directors present their report and the financial statements for the period ended 31 December 2024.
The loss for the period, after taxation, amounted to £432,255.
The directors do not recommend payment of a final dividend.
For more details on the performance for the period, see the Review of Business in the Strategic Report. Share capital Full details of the issued share capital of the Company are set out in note 18 to the financial statements. Acquisitions On 20 February 2024, YEB UK Holdings Limited purchased 100% of the share capital of CMT Learning Limited and its subidiary, Sports Camps UK Limited. More detail on the acquisitions can be found in note 20.
The directors who served during the period were:
Following the year end, a performance-related contingent consideration included in the agreement for the purchase of CMT Learning Limited and Sports Camps UK Limited was determined to have been satisfied. This resulted in an additional cost to purchase the group and additional goodwill of £2,278,566.
Items of strategic importance are disclosed in the Strategic Report.
There were no other post balance sheet events not already disclosed above.
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YEB UK HOLDINGS LIMITED
Directors' Report (continued)
For the Period Ended 31 December 2024
The directors are responsible for preparing the Group Strategic Report, the Directors' Report and the consolidated financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Group's financial statements and then apply them consistently;
∙make judgements and accounting estimates that are reasonable and prudent;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The auditor, Sayers Butterworth LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board on
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YEB UK HOLDINGS LIMITED
Independent Auditor's Report to the Members of YEB UK Holdings Limited
We have audited the financial statements of YEB UK Holdings Limited (the 'parent Company') and its subsidiaries (the 'Group') for the period ended 31 December 2024, which comprise the Consolidated Statement of Comprehensive Income, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's or the parent Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
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YEB UK HOLDINGS LIMITED
Independent Auditor's Report to the Members of YEB UK Holdings Limited (continued)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditor's Report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Group Strategic Report and the Directors' Report for the financial period for which the financial statements are prepared is consistent with the financial statements; and
∙the Group Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Directors' Report.
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YEB UK HOLDINGS LIMITED
Independent Auditor's Report to the Members of YEB UK Holdings Limited (continued)
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditor's Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Group financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Discussions were held with, and enquiries made of management and those charged with governance with a view to identifying those laws and regulations that could be expected to have a material impact on the financial statements. During the engagement team briefing, the outcome of these discussions and enquiries were shared with the team, as well as consideration as to where and how fraud may occur in the Group.
The following laws and regulations were identified as being of significance to the Group: Those laws and regulations considered to have a direct effect on the financial statements include UK financial reporting standards, Company Law, GDPR, Employment, Safeguarding, Tax and Pension legislation, and distributable profits legislations. It is considered that there are no laws and regulations for which non-compliance may be fundamental to the operating aspects of the business. Audit procedures undertaken in response to the potential risks relating to irregularities (which include fraud and non-compliance with laws and regulations) comprised of: inquiries of management and those charged with governance as to whether the Group complies with such laws and regulations; enquiries with the same concerning any actual or potential litigation or claims; inspection of relevant legal correspondence; testing the appropriateness of entries in the nominal ledger, including journal entries; reviewing transactions around the end of the reporting period; and the performance of analytical procedures to identify unexpected movements in account balances which may be indicative of fraud. No instances of material non-compliance were identified. However, the likelihood of detecting irregularities, including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the Group's controls, and the nature, timing and extent of the audit procedures performed. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error. As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK).
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YEB UK HOLDINGS LIMITED
Independent Auditor's Report to the Members of YEB UK Holdings Limited (continued)
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditor's Report.
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditor's Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Chartered Accountants and Statutory Auditor
3rd Floor
12 Gough Square
EC4A 3DW
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YEB UK HOLDINGS LIMITED
Consolidated Statement of Comprehensive Income
For the Period Ended 31 December 2024
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YEB UK HOLDINGS LIMITED
Registered number: 15494101
Consolidated Balance Sheet
As at
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 17 to 33 form part of these financial statements.
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YEB UK HOLDINGS LIMITED
Registered number: 15494101
Company Balance Sheet
As at
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 17 to 33 form part of these financial statements.
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YEB UK HOLDINGS LIMITED
Consolidated Statement of Changes in Equity
For the Period Ended 31 December 2024
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YEB UK HOLDINGS LIMITED
Company Statement of Changes in Equity
For the Period Ended 31 December 2024
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YEB UK HOLDINGS LIMITED
Consolidated Statement of Cash Flows
For the Period Ended 31 December 2024
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YEB UK HOLDINGS LIMITED
Consolidated Analysis of Net Debt
For the Period Ended 31 December 2024
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YEB UK HOLDINGS LIMITED
Notes to the Financial Statements
For the Period Ended 31 December 2024
YEB UK Holdings Limited is a private limited company, incorporated in the United Kingdon and registered in England and Wales. The company's registered office is 3rd Floor, 12 Gough Square, London EC4A 3DW. The company was incorporated on 16 February 2024 and these financial statements are for the period to 31 December 2024.
The principal activity of the group is the provision of technical and vocational secondary education through camps for students.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgement in applying the Group's accounting policies (see note 3).
The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements.
Advantage has been taken of the reduced disclosure exemption available in FRS 102 to not present the Cash flow statement for the parent company and a reconciliation of shares outstanding at the start and end of the period.
The following principal accounting policies have been applied:
The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance Sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Comprehensive Income from the date on which control is obtained. They are deconsolidated from the date control ceases.
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YEB UK HOLDINGS LIMITED
Notes to the Financial Statements
For the Period Ended 31 December 2024
2.Accounting policies (continued)
Functional and presentation currency
Transactions and balances
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YEB UK HOLDINGS LIMITED
Notes to the Financial Statements
For the Period Ended 31 December 2024
2.Accounting policies (continued)
The cost of a business combination is the fair values of the assets transferred, the liabilities incurred and the equity interests issued by the Group in exchange for control and the costs directly attributable to the business combination. The consideration transferred includes the estimate of any asset or liability resulting from a contingent consideration arrangement where the transfer of further consideration is probable and can be measured reliably. Identifiable assets acquired and liabilities and contingent liabilities assumed in the business combination are measured initially at their fair values at the acquisition date. Contingent liabilities are only recognised where the fair value can be measured reliably.
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YEB UK HOLDINGS LIMITED
Notes to the Financial Statements
For the Period Ended 31 December 2024
2.Accounting policies (continued)
Goodwill
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
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YEB UK HOLDINGS LIMITED
Notes to the Financial Statements
For the Period Ended 31 December 2024
2.Accounting policies (continued)
The Group has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the Group's Balance Sheet when the Group becomes party to the contractual provisions of the instrument.
Basic financial assets
Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.
Discounting is omitted where the effect of discounting is immaterial. The Group's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.
Basic 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 Group after the deduction of all its liabilities.
Basic financial liabilities, which include trade and other creditors, bank loans, other loans and loans due to fellow group companies are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.
Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially
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YEB UK HOLDINGS LIMITED
Notes to the Financial Statements
For the Period Ended 31 December 2024
2.Accounting policies (continued)
recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
Derecognition of financial instruments
Derecognition of financial assets
Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Group transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Group will continue to recognise the value of the portion of the risks and rewards retained.
Derecognition of financial liabilities
Financial liabilities are derecognised when the Group's contractual obligations expire or are discharged or cancelled.
Critical 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. (i) Recoverability of debtors and accuracy of deferred income When assessing the recoverability of trade debtors the directors consider whether there are any circumstances regarding a customer's inability to meet its financial obligation and whether a provision is required against the debtor or deferred income. These amounts are adjusted for management's best estimate of future cancellations based on previous experience. (ii) Impairment of investments in subsidiary companies and other goodwill When assessing the valuation of investments and goodwill the directors consider whether there are any indicators of impairment of the investments in subsidiary companies. Factors taken into consideration in reaching such a decision include the expected future financial performance of the subsidiaries. Estimate and judgement is also required in determining the appropriate amortisation period.
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YEB UK HOLDINGS LIMITED
Notes to the Financial Statements
For the Period Ended 31 December 2024
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YEB UK HOLDINGS LIMITED
Notes to the Financial Statements
For the Period Ended 31 December 2024
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YEB UK HOLDINGS LIMITED
Notes to the Financial Statements
For the Period Ended 31 December 2024
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YEB UK HOLDINGS LIMITED
Notes to the Financial Statements
For the Period Ended 31 December 2024
9.Taxation (continued)
There were no factors that may affect future tax charges.
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YEB UK HOLDINGS LIMITED
Notes to the Financial Statements
For the Period Ended 31 December 2024
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YEB UK HOLDINGS LIMITED
Notes to the Financial Statements
For the Period Ended 31 December 2024
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YEB UK HOLDINGS LIMITED
Notes to the Financial Statements
For the Period Ended 31 December 2024
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YEB UK HOLDINGS LIMITED
Notes to the Financial Statements
For the Period Ended 31 December 2024
During the year, the company issued 8,457,205 £1 Ordinary shares at nominal value.
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YEB UK HOLDINGS LIMITED
Notes to the Financial Statements
For the Period Ended 31 December 2024
Profit & loss account
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YEB UK HOLDINGS LIMITED
Notes to the Financial Statements
For the Period Ended 31 December 2024
21.Business combinations (continued)
The group contributes to a defined contribution pension scheme. The pension cost charge represents contributions payable by the group to the fund and amounted to £85,042. There were no contributions payable at the balance sheet date.
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YEB UK HOLDINGS LIMITED
Notes to the Financial Statements
For the Period Ended 31 December 2024
The immediate parent company of the group is YE Brands Holdings LLC, a company registered in Delaware, USA.
The ultimate parent company is RC V Camp Holdings LLC, a company registered in Delaware, USA.
YEB UK Holdings Limited is the smallest and largest group of companies for which consolidated accounts are prepared and are publicly available. The largest group of companies for which consolidated accounts are prepared is Youth Enrichment Brands, LLC.
The directors do not consider that there is any one ultimate controlling party of the group.
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