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Registered number: 14614462
YKONE UK LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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YKONE UK LIMITED
COMPANY INFORMATION
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P Albuquerque (appointed 1 September 2024)
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F Jeanmaire (resigned 1 September 2024)
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3rd Floor, Waverley House
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Ecovis Wingrave Yeats LLP
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Chartered Accountants and Statutory Auditor
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3rd Floor, Waverley House
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YKONE UK LIMITED
CONTENTS
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Notes to the Financial Statements
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YKONE UK LIMITED
REGISTERED NUMBER: 14614462
BALANCE SHEET
AS AT 31 DECEMBER 2024
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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The financial statements have been prepared 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 financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 19 September 2025.
The notes on pages 2 to 9 form part of these financial statements.
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YKONE UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Ykone UK Limited is a private company, limited by shares, incorporated in England and Wales, registration number 14614462. The registered office is 3rd Floor, Waverley House, 7-12 Noel Street, London, W1F 8GQ.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
The Company has reported a loss for the year of £244,646 (2023 - £48,402). The Company is in its start up phase and is expected to be loss making in the short / medium term and as such, does not have a free cash flow on statutory level and requires significant intercompany injections to expand its operations to the level that is planned.
From inception, the Company has relied on the parent company for liquidity. The parent company has indicated that it is willing to provide ongoing support to the Company in order to meet its financial obligations as they fall due. The Directors are therefore satisfied that the statutory financial statements can be prepared on a going concern basis.
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Foreign currency translation
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Functional and presentation currency
The Company's functional and presentational currency is GBP.
Transactions and balances
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.
At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.
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YKONE UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:
Rendering of services
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
∙the amount of revenue can be measured reliably;
∙it is probable that the Company will receive the consideration due under the contract;
∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and
∙the costs incurred and the costs to complete the contract can be measured reliably.
The Company considers that it is acting as principal in respect of the creative and influencer marketing services provided to its customers. This is on the basis that the Company has exposure to the significant risks and rewards associated with the provision of creative and influencer marketing services and the contractual arrangements between the Company and its customers which stipulates that the Company maintains primary responsibility for price setting, agreeing contracts and control in managing the services provided to the customer. Revenue, which is stated net of discounts, rebates, value added tax and other sales tax or duty, represents the gross contract value, and is recognised when the service takes place.
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
Defined contribution pension plan
The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension 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 other creditors as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently adminstered funds.
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YKONE UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Where share-based payments are awarded to employees, the fair value of the share-based payments at the date of grant is charged to profit or loss over the vesting period. Non-market vesting conditions are taken into account by adjusting the number of equity instruments expected to vest at each balance sheet date so that, ultimately, the cumulative amount recognised over the vesting period is based on the number of share-based payments that eventually vest. Market vesting conditions are factored into the fair value of the share-based payments granted. The cumulative expense is not adjusted for failure to achieve a market vesting condition.
The fair value of the award also takes into account non-vesting conditions. These are either factors beyond the control of either party (such as a target based on an index) or factors which are within the control of one or other of the parties (such as the Company keeping the scheme open or the employee maintaining any contributions required by the scheme).
Where the terms and conditions of share-based payments are modified before they vest, the increase in the fair value of the share-based payments, measured immediately before and after the modification, is also charged to profit or loss over the remaining vesting period.
Where equity instruments are granted to persons other than employees, profit or loss is charged with fair value of goods and services received.
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
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.
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Comprehensive Income.
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YKONE UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the balance sheet date.
Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an 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.
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Judgments in applying accounting policies and key sources of estimation uncertainty
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Recognition of deferred tax asset
Management is required to assess whether it is appropriate to recognise a deferred tax asset relating to taxable losses available to the Company. The recognition of deferred tax assets is based upon whether it is more likely than not that sufficient and suitable taxable profits will be available in the future against which the reversal of losses and other deductions can be deducted. To determine the future taxable profits, reference is made to the latest available forecasts. Accordingly, management exercises judgement over the Company's future financial performance when determining whether it is appropriate to recognise a deferred tax asset. The trade losses available to be carried forward to offset future taxable profits at 31 December 2024 are £244,490 (2023 - £46,590).
Useful life of tangible fixed assets
Tangible assets are depreciated over their useful lives taking into account residual values where appropriate. The actual lives of assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing in the assets' lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into account.
Revenue recognition
The Directors have concluded that the Company is acting as principal, not agent, in sales transactions; however, there is significant judgement made in arriving at this conclusion. Some contracts are more vague than others in respect of the key criteria relating to the principal or agent accounting treatment under FRS 102. As such, this is a highly judgemental area. The Directors have considered the overall substance of its sales agreements when concluding that the Company is operating as principal.
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YKONE UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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Judgments in applying accounting policies and key sources of estimation uncertainty (continued)
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Share-based payments
The Company has granted equity-settled share-based payments to a director under a long-term incentive arrangement. In accordance with FRS 102, management has exercised judgment in determining whether the arrangement meets the definition of a share-based payment and in assessing the appropriate accounting treatment.
Key assumptions were required to estimate the fair value of the share-based payments at the grant date, including projected EBITDA, net financial position, vesting conditions, and the timing of a potential realisation event. Management concluded that, based on current forecasts and actual performance to date, the fair value of the share-based payments is £Nil and therefore no expense has been recognised in the year.
This assessment is subject to ongoing review and may be revised in future periods should performance conditions be met or if the underlying assumptions change.
The average monthly number of employees, including directors, during the year was 3 (2023 - 2).
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YKONE UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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Amounts owed by group undertakings
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Amounts owed by group undertakings are unsecured, interest free and repayable on demand.
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Creditors: Amounts falling due within one year
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Amounts owed to group undertakings
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Other taxation and social security
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Amounts owed to group undertakings bear interest at the average Euribor rate for 12 months plus 2%, are unsecured and are repayable on demand.
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YKONE UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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Allotted, called up and fully paid
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100 (2023 - 100) Ordinary shares of £1.00 each
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255 (2023 - Nil) Ordinary A shares of £1.00 each
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45 (2023 - Nil) Ordinary B shares of £1.00 each
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On 31 July 2024 the Company re-designated 100 Ordinary shares into 100 Ordinary A shares.
On 31 July 2024 the Company also issued 155 £1 A Ordinary shares and 45 £1 Ordinary B shares at par value.
Ordinary A shares have attached to them full voting, dividend and capital distribution rights; they do not confer any right of redemption. Ordinary B shares do not have any voting rights attached to them but do have attached to them dividend and capital distribution rights, subject to the Articles of Association; they do not confer any right of redemption.
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The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £1,500 (2023 - £Nil). Contributions totalling £770 (2023 - £Nil) were payable to the fund at the reporting date and are included in creditors.
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Related party transactions
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The Company has taken advantage of the exemption contained within FRS 102 from disclosing transactions with wholly owned group companies.
At the year end, the Company owed £277,688 (2023: £31,974) to entities that exercise control over it. The company was also owed £12,830 (2023: £Nil) by these entities.
At the year end, the Company owed £5,000 (2023: £Nil) to entities under common ownership. The company was also owed £6,825 (2023: £Nil) by these entities.
During the year, the Company made sales totalling £12,830 (2023 - £Nil) and made purchases totalling £57,483 (2023 - £Nil) to entities that exercise control over it.
During the year, the Company made sales totalling £6,825 (2023 - £Nil) and made purchases totalling £Nil (2023 - £Nil) to entities under common ownership.
During the year, the Company incurred interest charges of £7,950 in respect of intercompany balances with group companies that exercise control over it; the full amount of £7,950 (2023: £Nil) remained outstanding at the year end.
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YKONE UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
The immediate parent company is Ykone SAS, a company incorporated in France with the registered office at; 3 Rue Moncey, 75009, Paris, France.
The parent of the smallest group for which consolidated financial statements are drawn up is Future Tech Retail SAS, a company incorporated in France with the registered office at; 3 Rue Moncey, 75009, Paris, France.
The ultimate controlling party is BinDawood Holding, a company incorporated in Saudi Arabia.
The auditors' report on the financial statements for the year ended 31 December 2024 was unqualified.
The audit report was signed on 19 September 2025 by Michael Storey (Senior Statutory Auditor) on behalf of Ecovis Wingrave Yeats LLP.
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