Aqua Boracay By Yoo Limited Filleted accounts for Companies House (small and micro)

AQUA BORACAY BY YOO LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 08656472

Aqua Boracay By Yoo Limited

Filleted Unaudited Accounts

31 March 2022

Aqua Boracay By Yoo Limited

Statement of Financial Position

31 March 2022

	31 Mar 22	31 Dec 20
Note	£	£

Current assets

Debtors	6	100	100

Creditors: amounts falling due within one year	7	( 1,530,194)	( 1,527,506)
		------------	------------
Net current liabilities		( 1,530,094)	( 1,527,406)
		------------	------------
Total assets less current liabilities		( 1,530,094)	( 1,527,406)
		------------	------------
Net liabilities		( 1,530,094)	( 1,527,406)
		------------	------------

Capital and reserves

Called up share capital	100	100
Profit and loss account	( 1,530,194)	( 1,527,506)
	------------	------------
Shareholders deficit	( 1,530,094)	( 1,527,406)
	------------	------------

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 Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

For the period ending 31 March 2022 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 period 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 accounts .

These accounts were approved by the board of directors and authorised for issue on 18 January 2023 , and are signed on behalf of the board by:

J Johal

Director

Company registration number: 08656472

Aqua Boracay By Yoo Limited

Notes to the Accounts

Period from 1 January 2021 to 31 March 2022

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 2 Bentick Street, London, W1U 2FA, England.

2. Statement of compliance

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

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss. The financial statements have been prepared on a going concern basis. The financial statements are prepared in sterling, which is the functional currency of the entity.

Comparatives

The accounts cover the period from 1 January 2021 to 31 March 2022. The comparatives cover the period from 1 January 2020 to 31 December 2020.

The accounting period has been extended and hence figures may not be considered directly comparable.

Intangible assets

Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

	Development costs	-	15% straight line

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Research and development

Research expenditure is written off in the period in which it is incurred. Development expenditure incurred is capitalised as an intangible asset only when all of the following criteria are met: - It is technically feasible to complete the intangible asset so that it will be available for use or sale; - There is the intention to complete the intangible asset and use or sell it; - There is the ability to use or sell the intangible asset; - The use or sale of the intangible asset will generate probable future economic benefits; - There are adequate technical, financial and other resources available to complete the development and to use or sell the intangible asset; and - The expenditure attributable to the intangible asset during its development can be measured reliably. Expenditure that does not meet the above criteria is expensed as incurred.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

	Equipment	-	15% straight line

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics.

4. Intangible assets

	Development costs
	£
Cost
At 1 January 2021 and 31 March 2022	16,930
	--------
Amortisation
At 1 January 2021 and 31 March 2022	16,930
	--------
Carrying amount
At 31 March 2022	–
	--------
At 31 December 2020	–
	--------

5. Tangible assets

	Equipment
	£
Cost
At 1 January 2021 and 31 March 2022	1,225
	-------
Depreciation
At 1 January 2021 and 31 March 2022	1,225
	-------
Carrying amount
At 31 March 2022	–
	-------
At 31 December 2020	–
	-------

6. Debtors

	31 Mar 22	31 Dec 20
	£	£
Other debtors	100	100
	----	----

7. Creditors: amounts falling due within one year

	31 Mar 22	31 Dec 20
	£	£
Amounts owed to group undertakings and undertakings in which the company has a participating interest	1,527,519	1,527,506
Other creditors	2,675	–
	------------	------------
	1,530,194	1,527,506
	------------	------------

8. Related party transactions

In accordance with FRS102 Section 1A the company has not disclosed transactions between wholly owned entities.

9. Controlling party

The company is a wholly owned subsidiary of Yoo Holdings Limited , a company incorporated in the UK with a registered office of 2 Bentinck Street, London, W1U 2FA, which is the ultimate parent of the company. Yoo Holdings Limited prepares consolidated accounts which are available to the public from Companies House at Crown Way, Cardiff, CF14 3UZ, DX 33050, Cardiff. This is both the largest and smallest group of undertakings for which consolidated accounts are drawn up. Throughout the period, the company was under the control of director J Hitchcox .