Registered number
08893226
Youth Dreams Project Ltd
Filleted Accounts
5 April 2023
Youth Dreams Project Ltd
Registered number: 08893226
Balance Sheet
as at 5 April 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 6,796 6,183
6,796 6,183
Current assets
Debtors 4 58,406 120,362
Cash at bank and in hand 226,377 48,566
284,783 168,928
Creditors: amounts falling due within one year 5 (137,513) (84,022)
Net current assets 147,270 84,906
Total assets less current liabilities 154,066 91,089
Creditors: amounts falling due after more than one year 6 (2,124) (4,237)
Provisions for liabilities (1,699) -
Net assets 150,243 86,852
Capital and reserves
Called up share capital 100 100
Profit and loss account 150,143 86,752
Shareholders' funds 150,243 86,852
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr L Kennedy
Director
Approved by the board on 13 October 2023
Youth Dreams Project Ltd
Notes to the Accounts
for the year ended 5 April 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Other operating income
Government grants included within other operating income are reported under the accrual model as a 'revenue based' grant. They are recognised in the period in which it becomes receivable.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Office equipment 25% reducing balance
Plant and machinery 25% reducing balance
Motor vehicles 25% reducing balance
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Dividends
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
Interest income
Interest income is recognised in the profit and loss using the effective interest method.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 3 2
3 Tangible fixed assets
Office equipment Plant and machinery Motor vehicles Total
£ £ £ £
Cost
At 6 April 2022 - 578 6,000 6,578
Additions 2,231 204 - 2,435
At 5 April 2023 2,231 782 6,000 9,013
Depreciation
At 6 April 2022 - 145 250 395
Charge for the year 259 125 1,438 1,822
At 5 April 2023 259 270 1,688 2,217
Net book value
At 5 April 2023 1,972 512 4,312 6,796
At 5 April 2022 - 433 5,750 6,183
4 Debtors 2023 2022
£ £
Trade debtors 16,311 4,428
Other debtors 42,095 115,934
58,406 120,362
5 Creditors: amounts falling due within one year 2023 2022
£ £
Obligations under finance lease and hire purchase contracts 2,113 2,113
Trade creditors 8,686 2,090
Taxation and social security costs 69,505 77,204
Other creditors 57,209 2,615
137,513 84,022
Obligations under finance lease and hire purchase contracts of £2,113 (2022: £2,113), due within one year, are secured by the company.
6 Creditors: amounts falling due after one year 2023 2022
£ £
Obligations under finance lease and hire purchase contracts 2,124 4,237
2,124 4,237
Obligations under finance lease and hire purchase contracts of £2,124 (2022: £4,237), due after more than one year, are secured by the company.
7 Loans to directors
During the year, loans were made to a director totalling £90,097 (2022: £194,250) and repayments
made by the director totalled £170,333 (2022: £147,041). At the end of the year, the director owed
the company £37,416 (2022: £115,934), this amount is included within other debtors. Interest of
£1,718 (2022: £3,190) has been charged on this loan.
8 Other information
Youth Dreams Project Ltd is a private company limited by shares and incorporated in England. Its registered office is:
38 Chatsfield
Werrington
Peterborough
PE4 5DL
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