Yellow Brick Capital (UK) Limited - Period Ending 2021-12-31

Yellow Brick Capital (UK) Limited

Contents

Balance Sheet	1 to 2
Notes to the Unaudited Financial Statements	3 to 8

Yellow Brick Capital (UK) Limited

(Registration number: 06942502)
Balance Sheet as at 31 December 2021

	Note	2021  £	2020  £
Fixed assets
Tangible assets	4	3,192	3,990
Investments		327,193	327,193
		330,385	331,183
Current assets
Debtors	6	438,381	505,284
Cash at bank and in hand		29,077	32,350
		467,458	537,634
Creditors: Amounts falling due within one year	7	(904,553)	(1,002,819)
Net current liabilities		(437,095)	(465,185)
Net liabilities		(106,710)	(134,002)
Capital and reserves
Called up share capital	8	50,000	50,000
Profit and loss account		(156,710)	(184,002)
Total equity		(106,710)	(134,002)

For the financial year ending 31 December 2021 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 accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Yellow Brick Capital (UK) Limited

(Registration number: 06942502)
Balance Sheet as at 31 December 2021

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the Board on 29 September 2022 and signed on its behalf by:
 

.........................................

J Kol-Bar

Director

Yellow Brick Capital (UK) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021

1	General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
Pelican London Tower
203 Blackshaw Road
London
SW17 0BZ

These financial statements were authorised for issue by the Board on 29 September 2022.

These financial statements have been prepared in compliance with Section 1A of FRS 102, ‘The Financial Reporting Standard applicable in the UK and the Republic of Ireland’.

2	Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis.

The financial statements are prepared in sterling, which is the functional currency of the entity,

Going concern

The company has net liabilities. However, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The validity of the going concern concept is dependent on the ongoing support of the directors and related parties.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Specifically, judgements and estimates are used in determining the carrying value of investments and the recoverability of debtors..

Revenue recognition

The turnover shown in the profit and loss account represents the amount of work done during the year.

Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that it is probable the expenses recognised will be recovered.

Tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively.

Yellow Brick Capital (UK) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021

Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets is stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Equipment	20% reducing balance

Investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

Financial instruments

Classification
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.

 Recognition and measurement
Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.

Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Yellow Brick Capital (UK) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021

Trade and other debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade and other creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Operating leases

Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 11 (2020 - 6).

Yellow Brick Capital (UK) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021

4	Tangible assets

	Furniture, fittings and equipment  £	Total £
Cost or valuation
At 1 January 2021	6,272	6,272
At 31 December 2021	6,272	6,272
Depreciation
At 1 January 2021	2,282	2,282
Charge for the year	798	798
At 31 December 2021	3,080	3,080
Carrying amount
At 31 December 2021	3,192	3,192
At 31 December 2020	3,990	3,990

5	Investments

	2021 £	2020 £
Investments other than loans	327,193	327,193

6

Debtors

	2021 £	2020 £
Trade debtors	284,169	292,620
Other debtors	154,212	212,664
	438,381	505,284

Yellow Brick Capital (UK) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021

7

Creditors

Creditors: amounts falling due within one year

	Note	2021  £	2020  £
Due within one year
Trade creditors		276,671	443,048
Other taxation and social security		25,801	20,983
Other creditors		602,081	538,788
		904,553	1,002,819

8	Share capital

Allotted, called up and fully paid shares

	2021		2020
	No.	£	No.	£
Ordinary of £1 each	50,000	50,000	50,000	50,000

9	Related party transactions

Director's advances, credits and guarantees

2021	At 1 January 2021 £	Advances/ (Credits) £	Repayments £	At 31 December 2021 £
J Kol-Bar	(46,391)	(36,000)	-	(82,391)

2020	At 1 January 2020 £	Advances/ (Credits) £	Repayments £	At 31 December 2020 £
J Kol-Bar	(30,246)	(16,145)	-	(46,391)

Loans from directors are interest free and without security.

Yellow Brick Capital (UK) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021

Summary of transactions with other related parties

At the year-end £306,226 (2020: £305,952) was due to Yellow Brick Estates II Ltd, which is also controlled by the directors of the company.

Turnover includes £402,847 (2020: £nil) of transactions with Yellow Brick Estates Limited. At the year end, the company owed £232,500 (2020: £371,544) to Yellow Brick Estates Ltd, a company controlled by the directors.

At the year end the company owed £87,316 (2020: £120,106) to Yellow Brick Capital Advisers (US) LLC which is a sister company.

At the year end, the company was owed £117,372 (2020: £130,232) by various other related entities.