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Company Registration No. 1929266 (England and Wales)
Ron Young (Motors) Limited Unaudited accounts for the year ended 31 August 2023
Ron Young (Motors) Limited Unaudited accounts Contents
Page
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Ron Young (Motors) Limited Company Information for the year ended 31 August 2023
Director
R F Young
Secretary
Mr Sarmecanic
Company Number
1929266 (England and Wales)
Registered Office
1 West Street Lewes East Sussex BN7 2NZ
Accountants
Maxwell-Gumbleton & Co. 1 West Street Lewes East Sussex BN7 2NZ
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Ron Young (Motors) Limited Statement of financial position as at 31 August 2023
2023 
2022 
Notes
£ 
£ 
Fixed assets
Tangible assets
35,158 
21,080 
Current assets
Inventories
10,735 
13,310 
Debtors
20,398 
24,435 
Cash at bank and in hand
501,869 
395,298 
533,002 
433,043 
Creditors: amounts falling due within one year
(99,765)
(80,966)
Net current assets
433,237 
352,077 
Total assets less current liabilities
468,395 
373,157 
Provisions for liabilities
Deferred tax
(8,790)
(4,006)
Net assets
459,605 
369,151 
Capital and reserves
Called up share capital
1,000 
1,000 
Share premium
20,750 
20,750 
Profit and loss account
437,855 
347,401 
Shareholders' funds
459,605 
369,151 
For the year ending 31 August 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered 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 profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 12 February 2024 and were signed on its behalf by
R F Young Director Company Registration No. 1929266
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Ron Young (Motors) Limited Notes to the Accounts for the year ended 31 August 2023
1
Statutory information
Ron Young (Motors) Limited is a private company, limited by shares, registered in England and Wales, registration number 1929266. The registered office is 1 West Street, Lewes, East Sussex, BN7 2NZ.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
3
Accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. 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 and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
20% reducing balance
Motor vehicles
25% reducing balance
Inventories
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
Deferred taxation
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.
Pension costs
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
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Ron Young (Motors) Limited Notes to the Accounts for the year ended 31 August 2023
4
Tangible fixed assets
Plant & machinery 
Motor vehicles 
Total 
£ 
£ 
£ 
Cost or valuation
At cost 
At cost 
At 1 September 2022
130,489 
13,307 
143,796 
Additions
18,917 
- 
18,917 
At 31 August 2023
149,406 
13,307 
162,713 
Depreciation
At 1 September 2022
109,817 
12,899 
122,716 
Charge for the year
4,737 
102 
4,839 
At 31 August 2023
114,554 
13,001 
127,555 
Net book value
At 31 August 2023
34,852 
306 
35,158 
At 31 August 2022
20,672 
408 
21,080 
5
Debtors
2023 
2022 
£ 
£ 
Amounts falling due within one year
Trade debtors
5,656 
7,866 
Accrued income and prepayments
14,576 
15,818 
Other debtors
166 
751 
20,398 
24,435 
6
Creditors: amounts falling due within one year
2023 
2022 
£ 
£ 
Trade creditors
53,284 
39,412 
Taxes and social security
37,848 
32,368 
Other creditors
899 
1,452 
Loans from directors
6,184 
6,184 
Accruals
1,550 
1,550 
99,765 
80,966 
7
Share capital
2023 
2022 
£ 
£ 
Allotted, called up and fully paid:
1,000 Ordinary shares of £1 each
1,000 
1,000 
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Ron Young (Motors) Limited Notes to the Accounts for the year ended 31 August 2023
8
Operating lease commitments
2023 
2022 
£ 
£ 
At 31 August 2023 the company had the following future minimum lease payments under non-cancellable operating leases for each of the following periods:
Not later than one year
35,668 
35,668 
Later than one year and not later than five years
70,359 
106,027 
106,027 
141,695 
9
Average number of employees
During the year the average number of employees was 8 (2022: 8).
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