Company Registration No. 08540463 (England and Wales)
YES GROWTH LIMITED
ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 MAY 2016
YES GROWTH LIMITED
CONTENTS
Page
Abbreviated balance sheet
1
Notes to the abbreviated accounts
2 - 3
YES GROWTH LIMITED
ABBREVIATED BALANCE SHEET
- 1 -
2016
2015
Notes
£
£
£
£
Fixed assets
Tangible assets
2
255
-
Current assets
Debtors
36,347
22,264
Cash at bank and in hand
54,533
169,031
90,880
191,295
Creditors: amounts falling due within one year
(24,538)
(79,074)
Net current assets
66,342
112,221
Total assets less current liabilities
66,597
112,221
Creditors: amounts falling due after more than one year
(199,982)
(920,133)
(133,385)
(807,912)
Capital and reserves
Called up share capital
3
989,724
100
Share premium account
199,997
-
Profit and loss account
(1,323,106)
(808,012)
Shareholders' funds
(133,385)
(807,912)
For the financial year ended 31 May 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
-
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;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These abbreviated financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
Approved by the Board for issue on 7 November 2016
Mr J Harrison
Director
Company Registration No. 08540463
YES GROWTH LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 MAY 2016
- 2 -
1
Accounting policies
1.1
Accounting convention
The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).
1.2
Turnover
The turnover shown in the profit and loss account represents interest received on loans extended and amounts invoiced for consultancy services during the period, exclusive of Value Added Tax.
1.3
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:
Computer equipment
25% reducing balance
1.4
The company has a deficit of £133,385 (201
5
: £
80
7,912) on the balance sheet and a loss of £
5
15,094(201
5
: £
446
,
232
) this year. However, £
222,020
(201
5
: £
977
,
171
) of the creditor was by way of monies owed to three of the Director Shareholders and the Director Shareholders have made a commitment not to seek repayment of their loans until the company is sufficiently profitable.
The losses have been incurred, as was expected by the Directors, in developing the platform through which the company operates and the Directors are confident that the company will shortly be profitable and the balance sheet will strengthen. Accordingly the accounts have been prepared on the Going Concern basis.
2
Fixed assets
Tangible assets
£
Cost
At 1 June 2015
-
Additions
340
At 31 May 2016
340
Depreciation
At 1 June 2015
-
Charge for the year
85
At 31 May 2016
85
Net book value
At 31 May 2016
255
YES GROWTH LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2016
- 3 -
3
Share capital
2016
2015
£
£
Allotted, called up and fully paid
10,286 Ordinary Shares of 1p each
103
100
989,621 Preference shares of £1 each
989,621
-
989,724
100
On 12 February 2016, 100 Ordinary £1 shares were sub-divided into 10,000 Ordinary £0.01 shares.
On 12 February 2016, 2
86 Ordinary
£0.01
shares
were issued for consideration
of £69
9.30 per share, creating a share premium of £199,997.
On 9 May 2016,
989
,
621
£1
Preference shares
were issued at par.