Company Registration No. 08540463 (England and Wales)
YES GROWTH LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2018
PAGES FOR FILING WITH REGISTRAR
YES GROWTH LTD
CONTENTS
Page
Balance sheet
1 - 2
Statement of changes in equity
3
Notes to the financial statements
4 - 7
YES GROWTH LTD
BALANCE SHEET
- 1 -
2018
2017
Notes
£
£
£
£
Fixed assets
Tangible assets
3
911
1,214
Current assets
Debtors
4
91,849
32,172
Cash at bank and in hand
490,753
642,718
582,602
674,890
Creditors: amounts falling due within one year
5
(29,107)
(29,661)
Net current assets
553,495
645,229
Total assets less current liabilities
554,406
646,443
Creditors: amounts falling due after more than one year
6
(613,425)
(613,425)
Net (liabilities)/assets
(59,019)
33,018
Capital and reserves
Called up share capital
7
989,773
989,750
Share premium account
1,899,943
1,199,971
Profit and loss reserves
(2,948,735)
(2,156,703)
Total equity
(59,019)
33,018
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 May 2018 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.
T
he 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.
YES GROWTH LTD
BALANCE SHEET (CONTINUED)
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 31 October 2018 and are signed on its behalf by:
Mr J Harrison
Director
Company Registration No. 08540463
YES GROWTH LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MAY 2018
- 3 -
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 June 2016
989,724
199,997
(1,323,106)
(133,385)
Year ended 31 May 2017:
Loss and total comprehensive income for the year
-
-
(833,597)
(833,597)
Issue of share capital
7
26
999,974
-
1,000,000
Balance at 31 May 2017
989,750
1,199,971
(2,156,703)
33,018
Year ended 31 May 2018:
Loss and total comprehensive income for the year
-
-
(792,032)
(792,032)
Issue of share capital
7
23
699,972
-
699,995
Balance at 31 May 2018
989,773
1,899,943
(2,948,735)
(59,019)
YES GROWTH LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2018
- 4 -
1
Accounting policies
Company information
Yes Growth Ltd is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
264 Banbury Road, Oxford, OX2 7DY.
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 a
mounts
in these financial statements are
rounded to the nearest £.
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
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Computer equipment
25% reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
1.4
Cash at bank and in hand
Cash at bank and in hand
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 balance sheet 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.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, 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.
YES GROWTH LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2018
1
Accounting policies
(Continued)
- 5 -
1.6
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.7
Leases
Rentals payable under operating leases,
including
any lease incentives received, are charged to income on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease asset are consumed.
1.8
The company has a deficit of £59,019 (2017: surplus £33,018) on the balance sheet and a loss of £792,032 (2017: £833,597) this year. However, £636,851 (2017: £636,851) of the creditor was by way of monies owed to three of the Director Shareholders, and one shareholder, 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
Employees
The average monthly number of persons (including directors) employed by the company during the year was 4 (2017 - 6).
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 June 2017 and 31 May 2018
1,448
Depreciation and impairment
At 1 June 2017
234
Depreciation charged in the year
303
At 31 May 2018
537
Carrying amount
At 31 May 2018
911
At 31 May 2017
1,214
YES GROWTH LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2018
- 6 -
4
Debtors
2018
2017
Amounts falling due within one year:
£
£
Trade debtors
72,390
-
Other debtors
19,459
32,172
91,849
32,172
5
Creditors: amounts falling due within one year
2018
2017
£
£
Other creditors
29,107
29,661
6
Creditors: amounts falling due after more than one year
2018
2017
£
£
Other creditors
613,425
613,425
7
Called up share capital
2018
2017
£
£
Ordinary share capital
Issued and not fully paid
15,108 Ordinary Shares of 1p each
152
129
152
129
Preference share capital
Issued and fully paid
989,621 Preference shares of £1 each
989,621
989,621
989,621
989,621
At the year end Yes Growth Ltd held 771 ordinary shares in itself.
On 19 January 2018 the Company issued 2,250 Ordinary Shares of 1p each for consideration of £699,994.
8
Related party transactions
YES GROWTH LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2018
8
Related party transactions
(Continued)
- 7 -
During the year the company paid £39,368 (2017: £39,000) in directors remuneration.
At the year end the company owed the directors £610,463 (2017: £636,851).
At the year end the company owed a shareholder £26,387 (2017: nil).