YPO Procurement Holdings Limited
YPO Procurement Holdings Limited
Registered number: 09143304
Unaudited Financial Statements
For The Year Ended 31 December 2019
YPO
YPO Procurement Holdings Limited
Unaudited Financial Statements
For The Year Ended 31 December 2019
Unaudited Financial Statements
| Contents | |
| Page | |
|---|---|
| Balance Sheet | 1—2 |
| Notes to the Financial Statements | 3—6 |
YPO Procurement Holdings Limited
Balance Sheet
As at
31 December 2019
Balance Sheet
Registered number:
09143304
For the year ending 31 December 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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| Notes | £ | £ | £ | £ | |
| FIXED ASSETS | |||||
| Intangible Assets | 3 |
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| Investments | 4 |
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| CURRENT ASSETS | |||||
| Debtors | 5 |
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| Cash at bank and in hand |
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| Creditors: Amounts Falling Due Within One Year | 6 |
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| NET CURRENT ASSETS (LIABILITIES) |
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| TOTAL ASSETS LESS CURRENT LIABILITIES |
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| Creditors: Amounts Falling Due After More Than One Year | 7 |
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| NET ASSETS |
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| CAPITAL AND RESERVES | |||||
| Called up share capital | 8 |
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| Share premium account |
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| Profit and Loss Account |
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| SHAREHOLDERS' FUNDS | (364,380) | (79,100) | |||
Page 1
YPO Procurement Holdings Limited
Balance Sheet (continued)
As at
31 December 2019
Directors' responsibilities:
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The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. -
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. -
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime. - The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
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The notes on pages 3 to 6 form part of these financial statements.
Page 2
YPO Procurement Holdings Limited
Notes to the Financial Statements
For The Year Ended 31 December 2019
Notes to the Financial Statements
1.
Accounting Policies
1.1.
Basis of Preparation of Financial Statements
YPO Procurement Holdings Ltd is a private company limited by shares, registered in England and Wales.
The financial statements are prepared under the historical cost convention and in accordance with the FRS 102 Section 1A Small Entities - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
The accounting policies set out below have, unless otherwise stated, been applied consistently to all periods presented in these financial statements.
1.2.
Going Concern Disclosure
The directors have not identified any material uncertainties related to events or conditions that may cast significant doubt about the company's ability to continue as a going concern.
1.3.
Intangible Fixed Assets and Amortisation - Other Intangible
Intangible assets are stated at cost less accumulated amortisation and accumulated impairment losses. Amortisation is charged to the profit and loss on a straight line basis over the estimated useful lives of intangible assets. Intangible assets are amortised from the date they are available for use.
1.4.
Financial Instruments
Trade and other debtors / creditors
Trade and other debtors are recognised initially at transaction price less attributable transaction costs. Trade creditors are recognised initially at transaction price plus attributable transaction costs.
Cash and cash equivalents
Bank balances are represented by cash balances held in UK bank accounts and are shown on the face of the Balance Sheet.
Interest-bearing borrowings classified as basic financial instruments
Interest-bearing borrowings are recognised at fair value.
Investments in subsidiaries and associates
Investments in subsidiaries and associates are carried at cost less impairment.
1.5.
Foreign Currencies
There have been no foreign currency transactions for the accounting period that these financial statements cover. The presentation currency of these accounts is GBP.
1.6.
Provisions
A provision is recognised in the balance sheet when the Company has a present legal or constructive obligation as a result of a past event, that can be reliably measured and it is probable that an outflow of economic benefits will be required to settle the obligation. Provisions are recognised at the best estimate of the amount required to settle the obligation at the reporting date.
2.
Average Number of Employees
YPO Procurement Holdings Group and its subsidiaries do not have any persons employed.
| 2019 | 2018 | ||
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| Office and administration |
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Page 3
YPO Procurement Holdings Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2019
3.
Intangible Assets
| Other | |||
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| £ | |||
| Cost | |||
| As at |
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| As at |
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| Amortisation | |||
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| Provided during the period |
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| As at |
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| Net Book Value | |||
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4.
Investments
| Listed | |
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| £ | |
| Cost | |
| As at |
465,000 |
| As at |
465,000 |
| Provision | |
| As at |
- |
| Added in period | 262,279 |
| As at |
262,279 |
| Net Book Value | |
| As at |
202,721 |
| As at |
465,000 |
5.
Debtors
| 2019 | 2018 | ||
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| £ | £ | ||
| Due within one year | |||
| VAT |
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Page 4
YPO Procurement Holdings Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2019
6.
Creditors: Amounts Falling Due Within One Year
| 2019 | 2018 | ||
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| £ | £ | ||
| Accruals and deferred income |
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7.
Creditors: Amounts Falling Due After More Than One Year
| 2019 | 2018 | ||
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| £ | £ | ||
| Amounts owed to subsidiaries |
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| Amounts owed to related parties |
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The amount due after more than one year is for a loan received from Yorkshire Purchasing Organisation of £500K to help fund the investment detailed in note 9. A Loan agreement has been drawn up and the full capital amount, along with any interest accrued is payable by the 31st December 2030. Due to the long term nature of the loan and repayment dates, all interest accrued to the 31st December 2019 is also classed as falling due after more than one year.
Also included in the company accounts is an Intercompany balance of £49,660 owing to the group's subsidiary YPO Supplies Limited. The balance reflects invoices paid by YPO Supplies on behalf of YPO Procurement Holdings for goods and services received. A loan agreement exists between the companies acknowledging that this balance will remain due until cash inflows are generated by YPO Procurement Holdings Limited.
9.
Post Balance Sheet Events
The outbreak of the Covid-19 pandemic has had a significant impact on the trading of YPO Supplies during 2020, with reduced trading seen across both our UK and International customer bases. The financial impact is likely to result in small losses recognised at 31 December 2020. The company has seen some recovery since September 2020 and future plans indicate that trading levels will get back to pre-Covid levels in 2021. The impact of Covid-19 has been factored in to our going concern assessment.
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YPO Procurement Holdings Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2019
10.
Related Party Transactions
EdTech Impact Limited
Two members of the YPO Procurement Holdings Limited Board are also Board members of EdTech Impact Limited.
During 2018 YPO Procurement Holdings invested £450K with EdTech Impact Limited for a 30% shareholding.
Yorkshire Purchasing Organisation
Board members for YPO Procurement Holdings and YPO Supplies are also members of the Yorkshire Purchasing Organisation board.
The transactions involve a payment from YPO Supplies Ltd to Yorkshire Purchasing Organisation for picking items in the warehouse and the cost of telephone call handing. Those charges are at a standard cost. The cost of goods sold is paid by the YPO Supplies Ltd to Yorkshire Purchasing Organisation at an agreed transfer price. This includes an element of sales, procurement and marketing costs incurred by Yorkshire Purchasing Organisation. Other charges include a fee for Directors and accounting services. The rationale is to recover the costs of operating on behalf of the new company. The value of transactions with Yorkshire Purchasing Organisation in 2019 was £1.607m and the balance owing as at the 31st December 2019 was £327K. During 2018 a loan was made from Yorkshire Purchasing Organisation to YPO Procurement Holdings, as at the 31st December the full loan value plus all accured interest, totalling £527K, was outstanding.
The company has taken advantage of the exemption in the Section 1A of FRS102 to not disclose transactions entered into with wholly owned group companies.
11.
Audit of Accounts
The companies financial statements were audited by Parsons Accountants Ltd. The senior statutory auditor was Ian Parsons. The audit report was unqualified and did not refer to any matters which the auditor drew attention to by way of emphasis.
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