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Registered number: 04601493
YORKTRENT LIMITED
UNAUDITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2017
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YORKTRENT LIMITED
REGISTERED NUMBER: 04601493
STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2017
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Provisions for liabilities
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The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The financial statements have been prepared 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 financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.
Page 1
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YORKTRENT LIMITED
REGISTERED NUMBER: 04601493
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 MARCH 2017
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 3 to 7 form part of these financial statements.
Page 2
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YORKTRENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2017
Yorktrent Limited ("the Company") is a private company limited by share capital and is incorporated and domiciled in England. The address of the Company's registered office is Regina House, 124 Finchley Road, London, NW3 5JS.
2.Accounting policies
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Basis of preparation of financial statements
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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.
There are no critical judgments nor any critical accounting estimates made in applying the Company's accounting policies towards the preparation of the financial statements in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland.
The policies applied under the Company's previous accounting framework are not materially different to those applied under Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland. Consequently, there has been no material impact on equity brought forward nor total comprehensive income reported for the preceding reporting period.
The Company statement of financial position shows net liabilities of £394,345 as at the reporting date and is dependant on the continued financial support of Mahiki Limited, a company with directors in common.
The directors of Mahiki Limited have confirmed that Mahiki Limited will not seek repayment until such time as the Company can repay them and will continue to provide financial support as and when the Company requires in order to meet its liabilities as they should fall due. The directors of Yorktrent Limited therefore consider it appropriate to prepare the financial statements on a going concern basis.
Should such support be subsequently withdrawn, the Company may be unable to continue trading and adjustments would have to be made to reduce the value of its assets to their recoverable amount, to provide for any further liabilities which may arise and to reclassify any fixed assets and long term liablilities as current assets and liabilities.
Turnover comprises recharged rent, insurances and service charges payable on leasehold property held under operating leases during the reporting period exclusive of value added tax.
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
Page 3
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YORKTRENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2017
2.Accounting policies (continued)
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Tangible fixed assets (continued)
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Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives.
Depreciation is provided on the following basis:
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S/Term Leasehold Property
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Over the period of the lease
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The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors.
Debt instruments that are payable or receivable within one year, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received.
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 comprehensive income.
Financial assets and liabilities are offset and the net amount reported in the statement of financial position 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.
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.
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.
Rentals receivable and/or payable under operating leases are allocated to the statement of comprehensive income on a straight line basis over the lease term.
Page 4
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YORKTRENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2017
2.Accounting policies (continued)
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Current and deferred taxation
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The tax expense for the year comprises current and deferred tax. Tax is recognised in the statement of comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date and is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence.
The Company had no employees, other than its directors, during the current and preceding financial reporting periods.
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YORKTRENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2017
The Company held no financial instruments that require disclosure under Financial Reporting Standard 102.
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Prepayments and accrued income
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Creditors: Amounts falling due within one year
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Amounts owed to group undertakings
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Accruals and deferred income
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Amounts owed to group undertakings are unsecured, interest-free and repayable within twelve months of demand being made.
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Charged to profit or loss
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The provision for deferred taxation is made up as follows:
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Accelerated capital allowances
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Page 6
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YORKTRENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2017
8.Deferred taxation (continued)
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The amount of net deferred tax liabilites expected to reverse in the following reporting period is not considered to be material.
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The Company is party to a cross guarantee in which a fixed charge over the leasehold property held by the Company and a floating charge over all present and future assets of the Company has been granted in respect of bank loans held by Mahiki Limited, a company with directors in common.
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Related party transactions
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Key management personnel
The directors of the Company are recognised as being the key management personnel of Yorktrent Limited. It is these individuals whom together hold sole responsibility for planning, directing and controlling the activities of Yorktrent Limited.
No remuneration was payable to key management personnel during the current and preceding financial reporting periods.
Other related parties
During the year Mahiki Limited, a company with directors in common, and Club Lease LLP, the immediate parent undertaking, maintained unsecured interest-free loan accounts with the Company. The loan accounts have no fixed date of repayment and are repayable on demand, except for that with Club Lease LLP which is repayable within twelve months of demand for repayment being made. As at the reporting date the Company owed Club Lease LLP £399,500 (2016: £399,500) and Mahiki Limited £122,112 (2016: £123,359).
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The immediate and ultimate parent undertaking is Club Lease LLP, a partnership registered in England and Wales, by virtue of a 100% holding of the issued share capital in the Company.
Copies of consolidated group financial statements for Club Lease LLP are not publically available on the grounds of exemption from preparation available under the Companies Act 2006, as applied by The Limited Liability Partnerships (Accounts and Audit) Regulations 2008. Individual financial statements for Club Lease LLP may be obtained from the UK Companies House website: https://beta.companieshouse.gov.uk/.
Control of Club Lease LLP is shared equally amongst its members.
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