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Company registration number: NI646522
YOUNGE LTD
Unaudited filleted financial statements
31 March 2023
YOUNGE LTD
Contents
Directors and other information
Director's report
Statement of financial position
Statement of changes in equity
Notes to the financial statements
YOUNGE LTD
Directors and other information
Director Mr Raymond Younge
Company number NI646522
Registered office Unit C6 Knockmore Hill Business Park
9 Ferguson Drive
Lisburn
Antrim
BT28 2EX
Business address Unit C6 Knockmore Hill Business Park
9 Ferguson Drive
Lisburn
Antrim
BT28 2EX
Bankers HSBC UK
Belfast Royal Avenue
25-29 Royal Avenue
Belfast
BT1 1FB
YOUNGE LTD
Director's report
Year ended 31 March 2023
The director presents his report and the unaudited financial statements of the company for the year ended 31 March 2023.
Director
The director who served the company during the year was as follows:
Mr Raymond Younge
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on 10 October 2023 and signed on behalf of the board by:
Mr Raymond Younge
Director
YOUNGE LTD
Statement of financial position
31 March 2023
2023 2022
Note £ £ £ £
Fixed assets
Investments 4 294,508 294,508
_______ _______
294,508 294,508
Current assets
Work in Progress 5 61,697 -
Debtors 6 245,000 220,000
Cash at bank and in hand 3,852 119,004
_______ _______
310,549 339,004
Creditors: amounts falling due
within one year 7 ( 42,839) ( 89,103)
_______ _______
Net current assets 267,710 249,901
_______ _______
Total assets less current liabilities 562,218 544,409
_______ _______
Net assets 562,218 544,409
_______ _______
Capital and reserves
Called up share capital 8 100 100
Profit and loss account 562,118 544,309
_______ _______
Shareholder funds 562,218 544,409
_______ _______
For the year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements 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 comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 10 October 2023 , and are signed on behalf of the board by:
Mr Raymond Younge
Director
Company registration number: NI646522
YOUNGE LTD
Statement of changes in equity
Year ended 31 March 2023
Called up share capital Profit and loss account Total
£ £ £
At 1 April 2021 100 437,064 437,164
Profit for the year 107,245 107,245
_______ _______ _______
Total comprehensive income for the year - 107,245 107,245
_______ _______ _______
At 31 March 2022 and 1 April 2022 100 544,309 544,409
Profit for the year 17,809 17,809
_______ _______ _______
Total comprehensive income for the year - 17,809 17,809
_______ _______ _______
At 31 March 2023 100 562,118 562,218
_______ _______ _______
YOUNGE LTD
Notes to the financial statements
Year ended 31 March 2023
1. General information
The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is Unit C6 Knockmore Hill Business Park, 9 Ferguson Drive, Lisburn, Antrim, BT28 2EX.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and 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 are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. 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.
Fixed asset investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment
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. 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 are largely independent of the cash inflows from other assets or groups of assets .
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Financial instruments
A financial asset or a financial liability is recognised only when the company 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. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
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 or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Investments
Other investments other than loans Total
£ £
Cost
At 1 April 2022 and 31 March 2023 294,508 294,508
_______ _______
Impairment
At 1 April 2022 and 31 March 2023 - -
_______ _______
Carrying amount
At 31 March 2023 294,508 294,508
_______ _______
At 31 March 2022 294,508 294,508
_______ _______
5. Stocks
2023 2022
£ £
Work in progress 61,697 -
_______ _______
Work in progress consists of construction development costs to date on an unfinished project .
6. Debtors
2023 2022
£ £
Trade debtors - 20,000
Other debtors 245,000 200,000
_______ _______
245,000 220,000
_______ _______
7. Creditors: amounts falling due within one year
2023 2022
£ £
Bank loans and overdrafts 26,564 34,312
Corporation tax 4,178 25,157
Social security and other taxes 1,508 19,133
Other creditors 10,589 10,501
_______ _______
42,839 89,103
_______ _______
8. Called up share capital
Issued, called up and fully paid
2023 2022
No £ No £
Ordinary Shares shares of £ 1.00 each 100 100 100 100
_______ _______ _______ _______
9. Related party transactions
During the year a related party paid expenses on behalf of Younge Ltd totalling £10,588 which were recharged at the year end and remain outstanding at 31st March 2023. The director of the company is the controlling inidividual of this related party by virtue of his shareholding. Younge Ltd also advanced another related party £45,000 during the year by way of a related party loan.