REGISTERED NUMBER: 13378435 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 December 2024

for

Yak Holdings Limited

Previously known as

Milexa Holdings Limited

Page

Company Information

1

Chartered Accountants' Report

2

Statement of Financial Position

3

Notes to the Financial Statements

5

DIRECTORS:

R G Wilde

C Jacob

REGISTERED OFFICE:

43 Bridgewater Street

Liverpool

Merseyside

L1 0AR

REGISTERED NUMBER:

13378435 (England and Wales)

ACCOUNTANTS:

Ascendant Partners Limited

Second Floor

Curzon House

24 High Street

Banstead

Surrey

SM7 2LJ

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Statement of Financial Position. Readers are cautioned that the Statement of Comprehensive Income and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Yak Holdings Limited for the year ended 31 December 2024 which comprise the Statement of Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Yak Holdings Limited, as a body, in accordance with the terms of our engagement letter dated 21 July 2025. Our work has been undertaken solely to prepare for your approval the financial statements of Yak Holdings Limited and state those matters that we have agreed to state to the Board of Directors of Yak Holdings Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Yak Holdings Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Yak Holdings Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Yak Holdings Limited. You consider that Yak Holdings 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 financial statements of Yak Holdings 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 financial statements.

Ascendant Partners Limited

Second Floor

Curzon House

24 High Street

Banstead

Surrey

SM7 2LJ

29 September 2025

FIXED ASSETS

Tangible assets

4

6,825

2,481,150

Investments

5

-

1

Investment property

6

2,603,316

-

2,610,141

2,481,151

CURRENT ASSETS

Debtors

7

986,046

296,370

Cash at bank

4,788,409

2,601,394

5,774,455

2,897,764

CREDITORS

Amounts falling due within one year

8

39,683

55,293

NET CURRENT ASSETS

5,734,772

2,842,471

TOTAL ASSETS LESS CURRENT LIABILITIES

8,344,913

5,323,622

CAPITAL AND RESERVES

Called up share capital

2

2

Retained earnings

8,344,911

5,323,620

SHAREHOLDERS' FUNDS

8,344,913

5,323,622

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 29 September 2025 and were signed on its behalf by:

R G Wilde - Director

1.	STATUTORY INFORMATION

Yak Holdings Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Going concern

The preparation of the financial statements requires the director to make an assessment of the entity's ability to continue as a going concern. The director has reviewed this and consider it appropriate to prepare the financial statements on a going concern basis.

Significant judgements and estimates

Management is required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

Revenue

Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Rental income is recognised in the period to which it relates.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.

Fixtures and fittings

-

25% per annum on cost

Computer equipment

-

25% per annum on cost

Investment property

Investment property is included at fair value. Gains and losses are recognised in the income statement. Deferred tax is provided on any gain at the future tax rate expected to apply when the property may be sold.

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.

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.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2023 - NIL).

4.	PROPERTY, PLANT AND EQUIPMENT

Fixtures

Freehold

and

Computer

property

fittings

equipment

Totals

£

£

£

£

COST

At 1 January 2024

2,497,247

-

-

2,497,247

Additions

139,657

6,323

896

146,876

Disposals

(2,636,904

)

-

-

(2,636,904

)

At 31 December 2024

-

6,323

896

7,219

DEPRECIATION

At 1 January 2024

16,097

-

-

16,097

Charge for year

17,491

263

131

17,885

Eliminated on disposal

(33,588

)

-

-

(33,588

)

At 31 December 2024

-

263

131

394

NET BOOK VALUE

At 31 December 2024

-

6,060

765

6,825

At 31 December 2023

2,481,150

-

-

2,481,150

The freehold property was reclassified as an investment property on 26 June 2024.

5.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1 January 2024

1

Disposals

(1

)

At 31 December 2024

-

NET BOOK VALUE

At 31 December 2024

-

At 31 December 2023

1

On 26 June 2024 the company disposed of its interest in Milexa Group Limited.

6.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

Additions

2,603,316

At 31 December 2024

2,603,316

NET BOOK VALUE

At 31 December 2024

2,603,316

7.

DEBTORS

2024

2023

£

£

Amounts falling due within one year:

Amounts owed by group undertakings

-

55,254

Amounts due from related parties

35,496

-

Other debtors

10,177

-

Directors' current accounts

370,384

241,116

Deferred tax asset

19,989

-

436,046

296,370

Amounts falling due after more than one year:

Other debtors

550,000

-

Aggregate amounts

986,046

296,370

Other debtors represents an estimate of the deferred consideration to be received on the sale of the investment in Milexa Group Limited over the earnout period of three years.

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade creditors

2,120

-

Social security and other taxes

5,563

8,293

Accruals and deferred income

32,000

47,000

39,683

55,293

9.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 December 2024 and 31 December 2023:

2024

2023

£

£

R G Wilde

Balance outstanding at start of year

241,116

-

Amounts advanced

444,105

241,116

Amounts repaid

(314,837

)

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

370,384

241,116

10.	RELATED PARTY DISCLOSURES

During the year, total dividends of £193,475 (2023: £22,000) were paid to the directors.

Mr R Wilde who is the director of the company, is also a director of Gimmersta Wallpaper UK Limited (Formerly Milexa Group Limited).

On 25 June 2024 Yak Holdings Limited (formerly Milexa Holdings Limited) sold its shares in Milexa Group

Limited to Gimmersta Wallpaper AB.

During the period under review the company received dividends of £399,000 (2023: £5,283,383) from Gimmersta Wallpaper UK Limited and charged rent to Gimmersta Wallpaper UK Limited of £147,500 (2023: £80,507)

At the balance sheet date, the amounts outstanding were as follows:

2024

2023

Due from

Due to

Due from

Due to

£

£

£

£

Gimmersta Wallpaper UK Limited

35,496

-

55,254

-

11.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is R G Wilde.