One Young World UK Trading Limited - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 08004146 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 December 2022

for

One Young World UK Trading Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

Kate Robertson

David Jones

REGISTERED OFFICE:

10 Queen Street

London

EC4R 1BE

REGISTERED NUMBER:

08004146 (England and Wales)

ACCOUNTANTS:

Ramon Lee Ltd

93 Tabernacle Street

London

EC2A 4BA

FIXED ASSETS

Tangible assets

3

13,947

21,437

CURRENT ASSETS

Debtors

4

1,602,509

1,567,993

Cash at bank

510,895

686,435

2,113,404

2,254,428

CREDITORS

Amounts falling due within one year

5

(4,653,897

)

(4,788,830

)

NET CURRENT LIABILITIES

(2,540,493

)

(2,534,402

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(2,526,546

)

(2,512,965

)

CAPITAL AND RESERVES

Called up share capital

1

1

Retained earnings

(2,526,547

)

(2,512,966

)

SHAREHOLDERS' FUNDS

(2,526,546

)

(2,512,965

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2022 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 27 September 2023 and were signed on its behalf by:

Kate Robertson - Director

1.	Accounting policies

BASIS OF PREPARING THE FINANCIAL STATEMENTS

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 amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

GOING CONCERN

The company have taken steps to reduce the negative reserve position for the forthcoming periods as follows:-

o Host city paying for opening ceremony and delegate dinners

o Summit costs reduced due to engagement with local partners

Based on the information above the Directors have a reasonable expectation that the company has adequate resources to continue in operation for the foreseeable future and will return to profitability in future periods.

Therefore, the company have adopted the going concern basis in preparing these accounts.

TURNOVER

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business , and is shown net of VAT and other sales related taxes . The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered .

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:

Plant and equipment Straight line over 3 and 5 years

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.

IMPAIRMENT OF FIXED ASSETS

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss , unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss , unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

FOREIGN EXCHANGE

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

EMPLOYEE BENEFITS

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets .

The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

RETIREMENT BENEFITS

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

CASH AND CASH EQUIVALENTS

Cash and cash equivalents 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.

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.

2.	Employees and directors

The average number of employees during the year was 43 (2021 - 37 ) .

3.	Tangible fixed assets

Plant and

machinery

£

COST

At 1 January 2022

145,476

Additions

4,462

At 31 December 2022

149,938

DEPRECIATION

At 1 January 2022

124,039

Charge for year

11,952

At 31 December 2022

135,991

NET BOOK VALUE

At 31 December 2022

13,947

At 31 December 2021

21,437

4.

Debtors: amounts falling due within one year

2022

2021

£

£

Trade debtors

389,060

479,141

Other debtors

116,789

5,016

Deferred Cost

655,740

766,832

VAT

-

34,947

Prepayments and accrued income

440,920

282,057

1,602,509

1,567,993

5.

Creditors: amounts falling due within one year

2022

2021

£

£

Trade creditors

1,319,112

661,887

Social security and other tax

62,534

108,503

Pension Liability

-

4,814

VAT

281,817

-

Other creditors

70,149

(20

)

Deferred income- spare account

929,383

2,054,073

Amt. due to parent undertaking

1,610,254

1,684,777

Directors' current accounts

129,480

189,479

Accruals and deferred income

251,168

85,317

4,653,897

4,788,830

6.	Pension commitments

31.12.2022

31.12.2021

Defined contribution schemes

£

£

Charge to profit or loss in respect of defined contribution schemes

36,105

37,457

The company operates an occupational defined contribution pension scheme under The Peoples Pensions for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

At the period end contributions of £Nil (2021- £4,814) was due.

7.	Related party transactions

The company has taken advantage of the exemptions not to disclose any transactions with its parent undertaking conferred by FRS 102.33.1A on the grounds that the company is a wholly subsidiary of the parent undertaking. The company's results have also been included in the consolidated results of the parent company.

At the balance sheet date the company owed the directors £129,480 (2021 - £189,480). This is an interest free loan and repayable on demand.

8.	Parent company

The company's ultimate parent undertaking and controlling party is One Young World Limited, a registered charity (number 1147298) and company limited by guarantee (number 06970067).

Copies of the consolidated financial statements are available from the Charity Commission. The company donates available profits to its parent undertaking as a gift.