Registered number
06469486
Young Contracting Company (Holdings) Limited
Unaudited Filleted Accounts
30 September 2023
Young Contracting Company (Holdings) Limited
Registered number: 06469486
Balance Sheet
as at 30 September 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 84,066 93,858
Investments 4 200 200
84,266 94,058
Current assets
Stocks 1,000 1,000
Debtors 5 347,813 458,741
Cash at bank and in hand 278,333 294,213
627,146 753,954
Creditors: amounts falling due within one year 6 (154,387) (316,987)
Net current assets 472,759 436,967
Total assets less current liabilities 557,025 531,025
Creditors: amounts falling due after more than one year 7 (41,974) (75,749)
Provisions for liabilities (21,016) (23,453)
Net assets 494,035 431,823
Capital and reserves
Called up share capital 200 200
Profit and loss account 493,835 431,623
Shareholders' funds 494,035 431,823
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 N I Caswell
Director
Approved by the board on 30 November 2023
Young Contracting Company (Holdings) Limited
Notes to the Accounts
for the year ended 30 September 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).
Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the forseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
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.
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:
Plant and machinery over 5 years
Motor vehicles over 5 years
Fixtures, fittings, tools and equipment over 5 years
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
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.
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 16 18
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 October 2022 51,545 189,752 241,297
Additions 5,014 51,981 56,995
Disposals - (105,877) (105,877)
At 30 September 2023 56,559 135,856 192,415
Depreciation
At 1 October 2022 42,684 104,755 147,439
Charge for the year 4,944 27,171 32,115
On disposals - (71,205) (71,205)
At 30 September 2023 47,628 60,721 108,349
Net book value
At 30 September 2023 8,931 75,135 84,066
At 30 September 2022 8,861 84,997 93,858
4 Investments
Investments in
subsidiary
undertakings
£
Cost
At 1 October 2022 200
At 30 September 2023 200
5 Debtors 2023 2022
£ £
Trade debtors 207,130 307,487
Amounts owed by group undertakings and undertakings in which the company has a participating interest 121,125 120,525
Other debtors 19,558 30,729
347,813 458,741
6 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 10,000 10,000
Obligations under finance lease and hire purchase contracts 29,129 29,127
Trade creditors 44,683 214,312
Taxation and social security costs 63,687 59,317
Other creditors 6,888 4,231
154,387 316,987
7 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 17,500 27,500
Obligations under finance lease and hire purchase contracts 24,474 48,249
41,974 75,749
8 Other financial commitments 2023 2022
£ £
Total future minimum payments under non-cancellable operating leases 372,751 367,595
9 Related party transactions
Young Contracting Company (Midlands) Limited
The company owns 100% of the share capital of Young Contracting Company (Midlands) Limited.
Amount due from Young Contracting Company (Midlands) Limited 121,125 120,525
Transactions with directors
Dividends of £113,000 were paid to the directors during the year.
At 30 September 2023 the company owed the directors £385. These loans are interest free and repayable on demand.
10 Controlling party
The company is controlled by Mr N I Caswell, a director and shareholder of the company.
11 Other information
Young Contracting Company (Holdings) Limited is a private company limited by shares and incorporated in England. Its registered office is:
Radnor House
Radnor Street
Hockley
Birmingham
B18 5HP
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