Company Registration No. 08148077 (England and Wales)
Yes Estates Ltd
Unaudited accounts
for the year ended 31 March 2022
Yes Estates Ltd
Unaudited accounts
Contents
Yes Estates Ltd
Company Information
for the year ended 31 March 2022
Directors
Mr D A Webb
Mrs Y Webb
Company Number
08148077 (England and Wales)
Registered Office
Albany House
Claremont Lane
Esher
Surrey
KT10 9FQ
Accountants
Wellden Turnbull Limited
Albany House
Claremont Lane
Esher
Surrey
KT10 9FQ
Yes Estates Ltd
Statement of financial position
as at 31 March 2022
Investment property
1,914,136
1,869,914
Cash at bank and in hand
1,969
3,636
Creditors: amounts falling due within one year
(1,223,978)
(1,177,550)
Net current liabilities
(1,217,315)
(1,171,220)
Total assets less current liabilities
696,821
698,694
Creditors: amounts falling due after more than one year
(664,710)
(678,368)
Called up share capital
4
4
Profit and loss account
32,107
20,322
Shareholders' funds
32,111
20,326
For the year ending 31 March 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. 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 and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 3 September 2022 and were signed on its behalf by
Mr D A Webb
Director
Company Registration No. 08148077
Yes Estates Ltd
Notes to the Accounts
for the year ended 31 March 2022
Yes Estates Ltd is a private company, limited by shares, registered in England and Wales, registration number 08148077. The registered office is Albany House, Claremont Lane, Esher , Surrey, KT10 9FQ.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The accounts are presented in £ sterling.
At the time of approving the financial statements, the Directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the Directors continue to adopt the going concern basis of accounting in preparing the financial statements.
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:
Turnover represents rents receivable for the year.
Finance costs are charged to the statement of income and retained earnings over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
All borrowing costs are recognised in the statement of income and retained earnings in the year in which they are incurred.
Yes Estates Ltd
Notes to the Accounts
for the year ended 31 March 2022
Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the statement of income and retained earnings.
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
Yes Estates Ltd
Notes to the Accounts
for the year ended 31 March 2022
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.
Debt instruments (other than those wholly repayable or receivable within one year), including loansand other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in the case of an out-right short-term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the statement of income and retained earnings.
Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an 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.
Fair value at 1 April 2021
1,869,914
At 31 March 2022
1,914,136
Amounts falling due within one year
Accrued income and prepayments
4,694
2,694
6
Creditors: amounts falling due within one year
2022
2021
Bank loans and overdrafts
41,793
57,886
Taxes and social security
2,765
3,260
Loans from directors
1,176,620
1,114,444
Yes Estates Ltd
Notes to the Accounts
for the year ended 31 March 2022
7
Creditors: amounts falling due after more than one year
2022
2021
Bank loans
664,710
678,368
Allotted, called up and fully paid:
9
Transactions with related parties
At 31 March 2022 the Directors were owed £1,176,620 (2021 - £1,114,444) by the Company. This loan is interest free and repayable on demand.
10
Average number of employees
During the year the average number of employees was 2 (2021: 2).
