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Registration number: NI010712

Walter Young Ltd

Unaudited Filleted Financial Statements

for the Year Ended 30 June 2023

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of Walter Young Ltd for the Year Ended 30 June 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Walter Young Ltd for the year ended 30 June 2023 as set out on pages 2 to 8 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in Ireland, we are subject to its ethical and other professional requirements which are laid down by the Institute relating to members undertaking the compilation of financial statements.

This report is made solely to the Board of Directors of Walter Young Ltd, as a body, in accordance with the terms of our engagement. Our work has been undertaken so that we might compile the financial statements that we have been engaged to compile, report to the Company's Board of Directors that we have done so, and state those matters that we have agreed to state to them, in this report in accordance with technical guidance issued by the Institute. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Walter Young Ltd and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Walter Young Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Walter Young Ltd. You consider that Walter Young Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Walter Young Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Stevenson and Wilson
Chartered Accountants
22-30 Broadway Avenue
Ballymena
Co Antrim
BT43 7AA

12 January 2024

 

Walter Young Ltd

(Registration number: NI010712)
Balance Sheet as at 30 June 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

83,865

87,476

Current assets

 

Stocks

5

145,109

159,635

Debtors

6

40,764

28,511

Cash at bank and in hand

 

9,235

11,228

 

195,108

199,374

Creditors: Amounts falling due within one year

7

(177,946)

(78,575)

Net current assets

 

17,162

120,799

Total assets less current liabilities

 

101,027

208,275

Creditors: Amounts falling due after more than one year

7

(20,787)

(509,208)

Net assets/(liabilities)

 

80,240

(300,933)

Capital and reserves

 

Called up share capital

9

50,000

50,000

Retained earnings

30,240

(350,933)

Shareholders' funds/(deficit)

 

80,240

(300,933)

For the financial year ending 30 June 2023 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 year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

 

Walter Young Ltd

(Registration number: NI010712)
Balance Sheet as at 30 June 2023

Approved and authorised by the Board on 12 January 2024 and signed on its behalf by:
 

..............................................
Mr Mark David Young
Director

   
     
 

Walter Young Ltd

Statement of Changes in Equity for the Year Ended 30 June 2023

Share capital
£

Profit and loss account
£

Total
£

At 1 July 2022

50,000

(350,933)

(300,933)

Profit for the year

-

381,173

381,173

At 30 June 2023

50,000

30,240

80,240

Share capital
£

Retained earnings
£

Total
£

At 1 July 2021

50,000

(290,756)

(240,756)

Loss for the year

-

(60,177)

(60,177)

At 30 June 2022

50,000

(350,933)

(300,933)

 

Walter Young Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

1

General information

The company is a private company limited by share capital, incorporated in Northern Ireland.

The address of its registered office is: 51 Main Street, Broughshane, Ballymena, BT42 4JP.

These financial statements were authorised for issue by the Board on 12 January 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover, which excludes value added tax and trade discounts, is measured at the fair value of consideration received or receivable and represents the invoiced value of goods and services supplied. Turnover from the sale of goods is recognised when the Company has completed its performance obligations under the terms of the sale which is typically upon goods delivery and at which the point the risks and rewards associated with the ownership of the goods have passed to the purchaser. Turnover from the rendering of services is recognised on completion of the work, at which point the Company has earned entitlement to the consideration.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

 

Walter Young Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Property Alterations

2.5% per annum straight line basis

Equipment and fittings

20% per annum reducing balance basis

Motor vehicles

15% per annum straight line basis

Short-term debtors and creditors

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the income statement in operating expenses.

Stock

Stocks and work in progress are valued at the lower of cost and net realisable value with provision made for obsolete and slow-moving items. Net realisable value is calculated as expected selling price, less costs to completion. Cost is based on purchase price including related delivery and conversion costs. Raw material stock is valued on a ‘first-in, first-out’ basis.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Pension scheme

The Company pension scheme is a defined contribution insured scheme operated by a life assurance company and is available to all staff. The assets of the scheme are held separately from those of the Company in an independently administered fund. The premiums payable by the Company are charged in the accounts in the year in which they are paid.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 7 (2022 - 8).

 

Walter Young Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

4

Tangible assets

Property Alterations
£

Plant and equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 July 2022

184,286

372,410

16,995

573,691

Additions

-

5,170

-

5,170

At 30 June 2023

184,286

377,580

16,995

578,861

Depreciation

At 1 July 2022

131,781

337,439

16,995

486,215

Charge for the year

753

8,028

-

8,781

At 30 June 2023

132,534

345,467

16,995

494,996

Carrying amount

At 30 June 2023

51,752

32,113

-

83,865

At 30 June 2022

52,505

34,971

-

87,476

5

Stocks

2023
£

2022
£

Stock of goods for resale

145,109

159,635

 

Walter Young Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

6

Debtors

2023
£

2022
£

Trade debtors

38,939

25,889

Prepayments

1,825

2,622

 

40,764

28,511

7

Creditors: due within one year

2023
£

2022
£

Bank loan

10,000

9,760

Trade creditors

93,397

55,323

Taxation and social security

10,578

6,812

Accruals

3,971

6,680

Other creditors

60,000

-

177,946

78,575

8

Creditors: due after more than one year

2023
£

2022
£

Bank loan

20,787

30,788

Amounts due to parent company

-

478,420

20,787

509,208

9

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

50,000

50,000

50,000

50,000