IRIS Accounts Production v24.2.0.383 03221856 Board of Directors 31.3.24 1.4.23 31.3.24 31.3.24 hotel services. true true true false true true false false false true false Ordinary A shares 0.50000 Ordinary B shares 0.50000 Ordinary C shares 0.50000 Ordinary D shares 0.50000 Ordinary E shares 0.50000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pure032218562023-03-31032218562024-03-31032218562023-04-012024-03-31032218562022-03-31032218562022-04-012023-03-31032218562023-03-3103221856ns16:EnglandWales2023-04-012024-03-3103221856ns15:PoundSterling2023-04-012024-03-3103221856ns11:Director12023-04-012024-03-3103221856ns11:Consolidated2024-03-3103221856ns11:ConsolidatedGroupCompanyAccounts2023-04-012024-03-3103221856ns11:PrivateLimitedCompanyLtd2023-04-012024-03-3103221856ns11:FRS102ns11:Consolidated2023-04-012024-03-3103221856ns11:Auditedns11:Consolidated2023-04-012024-03-3103221856ns11:LargeMedium-sizedCompaniesRegimeForDirectorsReport2023-04-012024-03-3103221856ns11:LargeMedium-sizedCompaniesRegimeForAccounts2023-04-012024-03-3103221856ns11:Consolidatedns11:LargeMedium-sizedCompaniesRegimeForDirectorsReport2023-04-012024-03-3103221856ns11:LargeMedium-sizedCompaniesRegimeForAccountsns11:Consolidated2023-04-012024-03-3103221856ns11:FullAccounts2023-04-012024-03-3103221856ns6:Subsidiary12023-04-012024-03-3103221856ns11:OrdinaryShareClass12023-04-012024-03-3103221856ns11:OrdinaryShareClass22023-04-012024-03-3103221856ns11:OrdinaryShareClass32023-04-012024-03-3103221856ns11:OrdinaryShareClass42023-04-012024-03-3103221856ns11:OrdinaryShareClass52023-04-012024-03-3103221856ns11:Consolidated2023-04-012024-03-3103221856ns11:Director22023-04-012024-03-3103221856ns11:CompanySecretary12023-04-012024-03-3103221856ns11:RegisteredOffice2023-04-012024-03-3103221856ns11:Consolidated2022-04-012023-03-3103221856ns6:CurrentFinancialInstruments2024-03-3103221856ns6:CurrentFinancialInstruments2023-03-3103221856ns6:ShareCapital2024-03-3103221856ns6:ShareCapital2023-03-3103221856ns6:CapitalRedemptionReserve2024-03-3103221856ns6:CapitalRedemptionReserve2023-03-3103221856ns6:ShareCapital2022-03-3103221856ns6:RetainedEarningsAccumulatedLosses2022-03-3103221856ns6:CapitalRedemptionReserve2022-03-3103221856ns6:RetainedEarningsAccumulatedLosses2022-04-012023-03-3103221856ns6:CapitalRedemptionReserve2022-04-012023-03-3103221856ns6:RetainedEarningsAccumulatedLosses2023-04-012024-03-3103221856ns6:CapitalRedemptionReserve2023-04-012024-03-3103221856ns6:OwnedOrFreeholdAssetsns6:LandBuildings2023-04-012024-03-3103221856ns6:PlantMachinery2023-04-012024-03-3103221856ns6:MotorVehicles2023-04-012024-03-3103221856ns6:CostValuation2023-03-31032218561ns6:Subsidiary12023-04-012024-03-3103221856ns6:WithinOneYearns6:CurrentFinancialInstruments2024-03-3103221856ns6:WithinOneYearns6:CurrentFinancialInstruments2023-03-3103221856ns11:OrdinaryShareClass12024-03-3103221856ns11:OrdinaryShareClass22024-03-3103221856ns11:OrdinaryShareClass32024-03-3103221856ns11:OrdinaryShareClass42024-03-3103221856ns11:OrdinaryShareClass52024-03-3103221856ns6:RetainedEarningsAccumulatedLosses2023-03-3103221856ns6:CapitalRedemptionReserve2023-03-3103221856ns6:RetainedEarningsAccumulatedLosses2024-03-31
REGISTERED NUMBER: 03221856 (England and Wales)












YOUNGMIGHT LIMITED

GROUP STRATEGIC REPORT, DIRECTORS' REPORT AND

AUDITED

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024






YOUNGMIGHT LIMITED (REGISTERED NUMBER: 03221856)

CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024










Page

Company Information 1

Group Strategic Report 2

Directors' Report 3

Independent Auditors' Report 5

Consolidated Statement of Comprehensive Income 8

Consolidated Balance Sheet 9

Company Balance Sheet 10

Consolidated Statement of Changes in Equity 11

Company Statement of Changes in Equity 12

Consolidated Cash Flow Statement 13

Notes to the Consolidated Cash Flow Statement 14

Notes to the Consolidated Financial Statements 15


YOUNGMIGHT LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2024







Directors: Mr G G Atkinson
Mrs E A Atkinson



Secretary: Miss D Robinson



Registered office: Dalton House
9 Dalton Square
LANCASTER
LA1 1WD



Business address: Ambleside Salutation Hotel
Lake Road
AMBLESIDE
LA22 9BX



Registered number: 03221856 (England and Wales)



Auditors: Xeinadin Audit Limited
Accountants and Statutory Auditors
Dalton House
9 Dalton Square
LANCASTER
LA1 1WD



Bankers: National Westminster Bank Plc
2 High Street
WINDERMERE
LA23 1AF



Accountants: Xeinadin
Dalton House
9 Dalton Square
LANCASTER
LA1 1WD

YOUNGMIGHT LIMITED (REGISTERED NUMBER: 03221856)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2024


The directors present their strategic report of the company and the group for the year ended 31 March 2024.

Review of business
The principal activity of the group is the operation of a hotel.

The financial statements show that the group's turnover for the year was £3,756,580 compared to £3,598,497 in the previous year, the directors are pleased with the increase in turnover as the hotel served no hot food for 7 weeks due to a kitchen fire. As a result of the fire 16 rooms were unavailable over the busy Easter weekend. The ongoing war in Ukraine and inflation on food and energy costs continues to impact the operating profit, despite this the operating profit has increased to £98,699 compared to £25,802 last year. Wages costs have increased due to the cost of living crisis.

Principal risks and uncertainties
The director considers the following to be the principal risks faced by the group:

- The continuing economic uncertainty due to inflation and interest rates;
- The impact of the cost of living crisis on customers disposable income;
- The impact of the increased National Minimum wage from April 2024;

Increasing inflation rates have a negative impact on individuals disposable income and therefore the hospitality and leisure industry could suffer as a result.

The director doesn't believe that cashflow imposes a risk as it is the group's policy to ensure that forecast funding requirements can be met with available committed facilities.

Key performance indicators
The directors monitor the progress of the business based on the following KPI's:

2024 2023
Average occupancy 73.8% 89.9%
Average rate per room £162 £145

On behalf of the board:





Mr G G Atkinson - Director


16 August 2024

YOUNGMIGHT LIMITED (REGISTERED NUMBER: 03221856)

DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2024


The directors present their report with the financial statements of the company and the group for the year ended 31 March 2024.

Dividends
The total distribution of dividends for the year ended 31 March 2024 is £60,275.

The directors recommend that no final dividend be paid on any class of shares.

Future developments
Incorporated within Principal Risks and Uncertainties in the Strategic Report.

Directors
The directors shown below have held office during the whole of the period from 1 April 2023 to the date of this report.

Mr G G Atkinson
Mrs E A Atkinson

Statement of directors' responsibilities
The directors are responsible for preparing the Group Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Statement as to disclosure of information to auditors
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

YOUNGMIGHT LIMITED (REGISTERED NUMBER: 03221856)

DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2024


Auditors
The auditors, Xeinadin Audit Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

On behalf of the board:



Mr G G Atkinson - Director


16 August 2024

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF
YOUNGMIGHT LIMITED


Opinion
We have audited the financial statements of Youngmight Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2024 which comprise the Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the group's and of the parent company affairs as at 31 March 2024 and of the group's profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Directors' Report, but does not include the financial statements and our Auditors' Report thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Group Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Group Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF
YOUNGMIGHT LIMITED


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Directors' Report.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF
YOUNGMIGHT LIMITED


Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

· enquiries are made of management and those charged with governance as to whether there is any knowledge of actual, suspected, or alleged fraud, whether there is any known non-compliance with laws or regulations, and whether the company has been subject to any litigation or any legal claims.
· audit work over the risk of management override of controls is undertaken. This includes testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias.
· analytical reviews are performed on the financial statements at all stages of the audit by comparison to prior years, budgets and expectations to ensure the reasonableness of the figures therein.
· third party confirmation is obtained from the company's bankers to confirm bank balances, loan facilities and security held.
· detailed audit testing is undertaken in specific areas to ensure that income and expenditure is correctly recorded and is a genuine income or expense of the company.
· enquiries are made of entity staff in tax and compliance functions to identify any instances of non-compliance with laws and regulations.
· financial statement disclosures are reviewed and tested to supporting documentation to assess compliance with applicable laws and regulations.


Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.

Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Stuart Hinnigan F.C.A. C.T.A. (Senior Statutory Auditor)
for and on behalf of Xeinadin Audit Limited
Accountants and Statutory Auditors
Dalton House
9 Dalton Square
LANCASTER
LA1 1WD

20 August 2024

YOUNGMIGHT LIMITED (REGISTERED NUMBER: 03221856)

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2024

2024 2023
Notes £    £   

Turnover 3 3,756,580 3,598,497

Cost of sales 655,592 597,144
Gross profit 3,100,988 3,001,353

Administrative expenses 3,073,023 2,975,551
27,965 25,802

Other operating income 4 70,734 -
Operating profit 6 98,699 25,802

Interest receivable and similar income 1,186 3,787
Profit before taxation 99,885 29,589

Tax on profit 9 49,834 120,379
Profit/(loss) for the financial year 50,051 (90,790 )

Other comprehensive income - -
Total comprehensive income for the year 50,051 (90,790 )

Profit/(loss) attributable to:
Owners of the parent 50,051 (90,790 )

Total comprehensive income attributable to:
Owners of the parent 50,051 (90,790 )

YOUNGMIGHT LIMITED (REGISTERED NUMBER: 03221856)

CONSOLIDATED BALANCE SHEET
31 MARCH 2024

2024 2023
Notes £    £    £    £   
Fixed assets
Tangible assets 12 7,989,643 8,114,672
Investments 13 - -
7,989,643 8,114,672

Current assets
Stocks 14 37,468 34,795
Debtors 15 173,538 158,895
Cash at bank and in hand 351,495 242,194
562,501 435,884
Creditors
Amounts falling due within one year 16 2,202,739 2,202,542
Net current liabilities (1,640,238 ) (1,766,658 )
Total assets less current liabilities 6,349,405 6,348,014

Provisions for liabilities 17 395,301 383,686
Net assets 5,954,104 5,964,328

Capital and reserves
Called up share capital 18 9,800 9,800
Revaluation reserve 19 2,272,896 2,272,896
Capital redemption reserve 19 9,980 9,980
Retained earnings 19 3,661,428 3,671,652
Shareholders' funds 5,954,104 5,964,328

The financial statements were approved by the Board of Directors and authorised for issue on 16 August 2024 and were signed on its behalf by:





Mr G G Atkinson - Director


YOUNGMIGHT LIMITED (REGISTERED NUMBER: 03221856)

COMPANY BALANCE SHEET
31 MARCH 2024

2024 2023
Notes £    £    £    £   
Fixed assets
Tangible assets 12 - -
Investments 13 338,430 338,430
338,430 338,430

Current assets
Debtors 15 4,676,673 4,592,448
Cash at bank 100,209 105,368
4,776,882 4,697,816
Creditors
Amounts falling due within one year 16 1,304,423 1,211,969
Net current assets 3,472,459 3,485,847
Total assets less current liabilities 3,810,889 3,824,277

Capital and reserves
Called up share capital 18 9,800 9,800
Capital redemption reserve 9,980 9,980
Retained earnings 3,791,109 3,804,497
Shareholders' funds 3,810,889 3,824,277

Company's profit for the financial year 46,889 73,312

The financial statements were approved by the Board of Directors and authorised for issue on 16 August 2024 and were signed on its behalf by:





Mr G G Atkinson - Director


YOUNGMIGHT LIMITED (REGISTERED NUMBER: 03221856)

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024

Called up Capital
share Retained Revaluation redemption Total
capital earnings reserve reserve equity
£    £    £    £    £   
Balance at 1 April 2022 9,800 3,837,142 2,272,896 9,980 6,129,818

Changes in equity
Dividends - (74,700 ) - - (74,700 )
Total comprehensive income - (90,790 ) - - (90,790 )
Balance at 31 March 2023 9,800 3,671,652 2,272,896 9,980 5,964,328

Changes in equity
Dividends - (60,275 ) - - (60,275 )
Total comprehensive income - 50,051 - - 50,051
Balance at 31 March 2024 9,800 3,661,428 2,272,896 9,980 5,954,104

YOUNGMIGHT LIMITED (REGISTERED NUMBER: 03221856)

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024

Called up Capital
share Retained redemption Total
capital earnings reserve equity
£    £    £    £   
Balance at 1 April 2022 9,800 3,805,885 9,980 3,825,665

Changes in equity
Dividends - (74,700 ) - (74,700 )
Total comprehensive income - 73,312 - 73,312
Balance at 31 March 2023 9,800 3,804,497 9,980 3,824,277

Changes in equity
Dividends - (60,275 ) - (60,275 )
Total comprehensive income - 46,889 - 46,889
Balance at 31 March 2024 9,800 3,791,111 9,980 3,810,891

YOUNGMIGHT LIMITED (REGISTERED NUMBER: 03221856)

CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 MARCH 2024

2024 2023
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 407,380 (527,188 )
Tax paid (417 ) 40
Net cash from operating activities 406,963 (527,148 )

Cash flows from investing activities
Purchase of tangible fixed assets (209,861 ) (272,398 )
Sale of tangible fixed assets 64,645 -
Interest received 1,186 3,787
Net cash from investing activities (144,030 ) (268,611 )

Cash flows from financing activities
Amount introduced by directors 60,860 146,342
Amount withdrawn by directors (154,217 ) (36,201 )
Equity dividends paid (60,275 ) (74,700 )
Net cash from financing activities (153,632 ) 35,441

Increase/(decrease) in cash and cash equivalents 109,301 (760,318 )
Cash and cash equivalents at beginning of
year

2

242,194

1,002,512

Cash and cash equivalents at end of year 2 351,495 242,194

YOUNGMIGHT LIMITED (REGISTERED NUMBER: 03221856)

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 MARCH 2024


1. Reconciliation of profit before taxation to cash generated from operations
2024 2023
£    £   
Profit before taxation 99,885 29,589
Depreciation charges 323,932 302,781
(Profit)/loss on disposal of fixed assets (53,687 ) 8,519
Finance income (1,186 ) (3,787 )
368,944 337,102
Increase in stocks (2,673 ) (24,555 )
(Increase)/decrease in trade and other debtors (14,643 ) 67,840
Increase/(decrease) in trade and other creditors 55,752 (907,575 )
Cash generated from operations 407,380 (527,188 )

2. Cash and cash equivalents

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 March 2024
31/3/24 1/4/23
£    £   
Cash and cash equivalents 351,495 242,194
Year ended 31 March 2023
31/3/23 1/4/22
£    £   
Cash and cash equivalents 242,194 1,002,512


3. Analysis of changes in net funds

At 1/4/23 Cash flow At 31/3/24
£    £    £   
Net cash
Cash at bank and in hand 242,194 109,301 351,495
242,194 109,301 351,495
Total 242,194 109,301 351,495

YOUNGMIGHT LIMITED (REGISTERED NUMBER: 03221856)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024


1. Statutory information

Youngmight Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

2. Accounting policies

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

There are net current liabilities at the balance sheet date, due to a balance owed to a company owned by one of the directors. The director is happy to continue his support to the group and therefore the accounts have been prepared on the going concern basis.

Significant judgements and estimates
When preparing the financial statements, the directors are required to make judgements, estimates and
assumptions about the carrying value of assets, liabilities, income and expenses.The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The Group does not have any key assumptions concerning the future, or other key sources of estimation uncertainty in the reporting period that may have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.

No judgements have been made in applying the Group's accounting policies in the preparation of the financial statements, other than those involving estimation.

Turnover
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable, for goods and services provided in the normal course of business, net of discounts, rebates, value added tax and other sales taxes.

Turnover is recognised at a point in time when a performance obligation is satisfied by transferring a good or service to the customer.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 2% Straight line
Plant and machinery - 33% Straight line, 20% Straight line and 10% Straight line
Motor vehicles - 25% Reducing balance

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell, after making due allowance for obsolete and slow moving items.


YOUNGMIGHT LIMITED (REGISTERED NUMBER: 03221856)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


2. Accounting policies - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

3. Turnover

The turnover and profit before taxation are attributable to the one principal activity of the group.

4. Other operating income
2024 2023
£    £   
Other income 70,734 -

In April 2023 the Hotel had a fire in the kitchen. As a result the kitchen was closed for refurbishment for 7 weeks and 16 rooms were made unavailable. Other income includes insurance proceeds for loss of earnings due to the fire.

5. Employees and directors
2024 2023
£    £   
Wages and salaries 1,395,566 1,318,437
Social security costs 120,593 112,927
Other pension costs 26,108 25,347
1,542,267 1,456,711

YOUNGMIGHT LIMITED (REGISTERED NUMBER: 03221856)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


5. Employees and directors - continued

The average number of employees during the year was as follows:
2024 2023

Management and administration 13 13
Front of house 52 58
65 71

2024 2023
£    £   
Directors' remuneration - -

6. Operating profit

The operating profit is stated after charging/(crediting):

2024 2023
£    £   
Hire of plant and machinery 801 1,500
Depreciation - owned assets 323,932 302,781
(Profit)/loss on disposal of fixed assets (53,687 ) 8,519
Foreign exchange differences 3,875 (19 )

7. Auditors' remuneration
2024 2023
£    £   
Fees payable to the company's auditors for the audit of the company's
financial statements

6,000

5,000
Auditors' remuneration for non audit work 7,718 6,646

8. Exceptional items
2024 2023
£    £   
Exceptional items (100,995 ) -

This represents compensation payable to an employee for life changing injuries as the result of a work related incident.

YOUNGMIGHT LIMITED (REGISTERED NUMBER: 03221856)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


9. Taxation

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2024 2023
£    £   
Current tax:
UK corporation tax 38,219 377

Deferred tax 11,615 120,002
Tax on profit 49,834 120,379

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2024 2023
£    £   
Profit before tax 99,885 29,589
Profit multiplied by the standard rate of corporation tax in the UK of 25 %
(2023 - 25 %)

24,971

7,397

Effects of:
Expenses not deductible for tax purposes 24,863 38,727
Adjustments to tax charge in respect of previous periods - (40 )
Effect of changes in tax rate - 83,136
previously disallowed
Super deduction - (8,560 )

Losses brought forward utilised - (281 )
Total tax charge 49,834 120,379

10. Individual statement of comprehensive income

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.


YOUNGMIGHT LIMITED (REGISTERED NUMBER: 03221856)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


11. Dividends
2024 2023
£    £   
Ordinary A shares shares of 50p each
Interim 17,675 19,450
Ordinary C shares shares of 50p each
Interim 29,600 31,250
Ordinary D shares shares of 50p each
Interim 1,000 2,000
Ordinary E shares shares of 50p each
Interim 1,000 2,000
Ordinary F shares shares of 50p each
Interim 1,000 2,000
Ordinary G shares shares of 50p each
Interim 1,000 2,000
Ordinary H shares shares of 50p each
Interim 1,000 2,000
Ordinary I shares shares of 50p each
Interim 2,000 2,000
Ordinary J shares shares of 50p each
Interim 2,000 2,000
Ordinary K Shares shares of 50p each
Interim 1,000 2,000
Ordinary L Shares shares of 50p each
Interim 1,000 2,000
Ordinary M Shares shares of 50p each
Interim - 2,000
Ordinary N Shares shares of 50p each
Interim 1,000 2,000
Ordinary O Shares shares of 50p each
Interim 1,000 2,000
60,275 74,700

YOUNGMIGHT LIMITED (REGISTERED NUMBER: 03221856)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


12. Tangible fixed assets

Group
Freehold Plant and Motor
property machinery vehicles Totals
£    £    £    £   
Cost
At 1 April 2023 8,917,037 2,213,297 66,287 11,196,621
Additions 21,489 188,372 - 209,861
Disposals - (57,041 ) - (57,041 )
At 31 March 2024 8,938,526 2,344,628 66,287 11,349,441
Depreciation
At 1 April 2023 1,092,320 1,933,881 55,748 3,081,949
Charge for year 178,783 142,513 2,636 323,932
Eliminated on disposal - (46,083 ) - (46,083 )
At 31 March 2024 1,271,103 2,030,311 58,384 3,359,798
Net book value
At 31 March 2024 7,667,423 314,317 7,903 7,989,643
At 31 March 2023 7,824,717 279,416 10,539 8,114,672

On transition to FRS 102 revalued property, measured at fair value, was transferred at deemed cost. The historical cost of Freehold property is £6,413,086 (2023 - £6,391,596), accumulated depreciation £867,031 (2023 - £738,757) and net book value £5,546,055 (2023 - £5,652,839)

13. Fixed asset investments

Company
Shares in
group
undertakings
£   
Cost
At 1 April 2023
and 31 March 2024 338,430
Net book value
At 31 March 2024 338,430
At 31 March 2023 338,430

YOUNGMIGHT LIMITED (REGISTERED NUMBER: 03221856)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


13. Fixed asset investments - continued

The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiary

Codecrest Limited
Registered office: Dalton House, 9 Dalton Square, Lancaster, LA1 1WD
Nature of business: Hotel
%
Class of shares: holding
Ordinary 100.00


14. Stocks

Group
2024 2023
£    £   
Stocks 37,468 34,795

15. Debtors: amounts falling due within one year

Group Company
2024 2023 2024 2023
£    £    £    £   
Trade debtors 6,758 12,268 - -
Amounts owed by group undertakings - - 4,646,673 4,562,448
Other debtors 140,629 115,958 30,000 30,000
Prepayments 26,151 30,669 - -
173,538 158,895 4,676,673 4,592,448

16. Creditors: amounts falling due within one year

Group Company
2024 2023 2024 2023
£    £    £    £   
Trade creditors 83,640 173,563 - -
Tax 38,219 417 - -
Social security and other taxes 29,941 28,843 - -
VAT 145,448 113,430 - -
Other creditors 1,315,117 1,221,138 1,304,423 1,211,969
Directors' current accounts 17,293 110,650 - -
Accruals 573,081 554,501 - -
2,202,739 2,202,542 1,304,423 1,211,969

YOUNGMIGHT LIMITED (REGISTERED NUMBER: 03221856)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


17. Provisions for liabilities

Group
2024 2023
£    £   
Deferred tax 395,301 383,686

Group
Deferred
tax
£   
Balance at 1 April 2023 383,686
Provided during year 11,615
Balance at 31 March 2024 395,301

18. Called up share capital

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
9,000 Ordinary A shares 50p 4,500 4,500
8,800 Ordinary B shares 50p 4,400 4,400
1,000 Ordinary C shares 50p 500 500
100 Ordinary D shares 50p 50 50
50 Ordinary E shares 50p 25 25
100 Ordinary F shares 50p 50 50
100 Ordinary G shares 50p 50 50
100 Ordinary H shares 50p 50 50
150 Ordinary I shares 50p 75 75
150 Ordinary J shares 50p 75 75
10 Ordinary K Shares 50p 5 5
10 Ordinary L Shares 50p 5 5
10 Ordinary M Shares 50p 5 5
10 Ordinary N Shares 50p 5 5
10 Ordinary O Shares 50p 5 5
9,800 9,800

Ordinary shares have the following rights, preferences and restrictions:
Each share entitles the holder to vote, to dividends and to capital distribution arising from the winding up of the company.

YOUNGMIGHT LIMITED (REGISTERED NUMBER: 03221856)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


19. Reserves

Group
Capital
Retained Revaluation redemption
earnings reserve reserve Totals
£    £    £    £   

At 1 April 2023 3,671,652 2,272,896 9,980 5,954,528
Profit for the year 50,051 50,051
Dividends (60,275 ) (60,275 )
At 31 March 2024 3,661,428 2,272,896 9,980 5,944,304

Company
Capital
Retained redemption
earnings reserve Totals
£    £    £   

At 1 April 2023 3,804,495 9,980 3,814,475
Profit for the year 46,889 46,889
Dividends (60,275 ) (60,275 )
At 31 March 2024 3,791,109 9,980 3,801,089


20. Pension commitments

The group operates a defined contribution pension scheme. Contributions totalling £5,792 (2023 - £6,623) were payable to the scheme at the end of the year and are included in other creditors.

The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £26,108 (2023 - £25,347).

21. Financial guarantee

The bank holds an intercompany guarantee dated 4 March 1997 between the company and its subsidiary, Codecrest Limited. The group had no liabilities with the bank at the balance sheet date.

22. Related party disclosures

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements.

YOUNGMIGHT LIMITED (REGISTERED NUMBER: 03221856)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


22. Related party disclosures - continued

Other related parties
2024 2023
£    £   
Transfers 92,454 (845,060 )
Amount due to related party 1,304,423 1,211,969