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 |
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: |
Secretary: |
Registered office: |
Business address: |
Registered number: |
Auditors: |
Accountants and Statutory Auditors |
Dalton House |
9 Dalton Square |
LANCASTER |
LA1 1WD |
Bankers: | National Westminster Bank Plc |
2 High Street |
WINDERMERE |
LA23 1AF |
Accountants: |
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: |
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. |
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: |
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. |
for and on behalf of |
Accountants and Statutory Auditors |
Dalton House |
9 Dalton Square |
LANCASTER |
LA1 1WD |
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 | ( |
) |
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 |
Current assets |
Debtors | 15 |
Cash at bank |
Creditors |
Amounts falling due within one year | 16 |
Net current assets |
Total assets less current liabilities |
Capital and reserves |
Called up share capital | 18 |
Capital redemption reserve |
Retained earnings | 3,791,109 | 3,804,497 |
Shareholders' funds |
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 |
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 |
Changes in equity |
Dividends | - | ( |
) | - | ( |
) |
Total comprehensive income | - |
Balance at 31 March 2023 | 9,800 | 3,804,497 | 3,824,277 |
Changes in equity |
Dividends | - | ( |
) | - | ( |
) |
Total comprehensive income | - |
Balance at 31 March 2024 | 9,800 | 3,791,111 | 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 |
2. | Accounting policies |
Basis of preparing the financial statements |
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 |
Freehold property | - |
Plant and machinery | - |
Motor vehicles | - |
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 |
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 |
Net book value |
At 31 March 2024 |
At 31 March 2023 |
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 |
Registered office: Dalton House, 9 Dalton Square, Lancaster, LA1 1WD |
Nature of business: |
% |
Class of shares: | holding |
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 | - | - |
Other debtors | 140,629 | 115,958 |
Prepayments | 26,151 | 30,669 |
173,538 | 158,895 |
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 |
Directors' current accounts | 17,293 | 110,650 | - | - |
Accruals | 573,081 | 554,501 |
2,202,739 | 2,202,542 |
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: | £ | £ |
Ordinary A shares | 50p | 4,500 | 4,500 |
Ordinary B shares | 50p | 4,400 | 4,400 |
Ordinary C shares | 50p | 500 | 500 |
Ordinary D shares | 50p | 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 | 3,814,475 |
Profit for the year |
Dividends | ( |
) | ( |
) |
At 31 March 2024 | 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 |