Yungs Brothers Limited 02417321 false 2022-12-01 2023-11-30 2023-11-30 The principal activity of the company is that of property investment and letting. Digita Accounts Production Advanced 6.30.9574.0 true 02417321 2022-12-01 2023-11-30 02417321 2023-11-30 02417321 core:CurrentFinancialInstruments 2023-11-30 02417321 core:CurrentFinancialInstruments core:WithinOneYear 2023-11-30 02417321 bus:SmallEntities 2022-12-01 2023-11-30 02417321 bus:AuditExemptWithAccountantsReport 2022-12-01 2023-11-30 02417321 bus:FullAccounts 2022-12-01 2023-11-30 02417321 bus:SmallCompaniesRegimeForAccounts 2022-12-01 2023-11-30 02417321 bus:Director3 2022-12-01 2023-11-30 02417321 bus:PrivateLimitedCompanyLtd 2022-12-01 2023-11-30 02417321 countries:EnglandWales 2022-12-01 2023-11-30 02417321 2022-11-30 02417321 2021-12-01 2022-11-30 02417321 2022-11-30 02417321 core:CurrentFinancialInstruments 2022-11-30 02417321 core:CurrentFinancialInstruments core:WithinOneYear 2022-11-30 iso4217:GBP xbrli:pure

Registration number: 02417321

Yungs Brothers Limited

Unaudited Financial Statements

for the Year Ended 30 November 2023

 

Yungs Brothers Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 5

 

Yungs Brothers Limited

(Registration number: 02417321)
Balance Sheet as at 30 November 2023

Note

2023
£

2022
£

Fixed assets

 

Investment property

3

1,100,000

1,060,000

Current assets

 

Debtors

4

1,222

3,299

Cash at bank and in hand

 

94,612

95,676

 

95,834

98,975

Creditors: Amounts falling due within one year

5

(31,398)

(32,373)

Net current assets

 

64,436

66,602

Total assets less current liabilities

 

1,164,436

1,126,602

Provisions for liabilities

(65,772)

(55,772)

Net assets

 

1,098,664

1,070,830

Capital and reserves

 

Called up share capital

6

6

Other reserves

591,077

561,077

Retained earnings

507,581

509,747

Shareholders' funds

 

1,098,664

1,070,830

 

Yungs Brothers Limited

(Registration number: 02417321)
Balance Sheet as at 30 November 2023

For the financial year ending 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

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

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

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

Approved and authorised by the Board on 28 August 2024 and signed on its behalf by:
 

.........................................
Y S Li
Director

   
     
 

Yungs Brothers Limited

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

1

Accounting policies

Statement of compliance

These financial statements were prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

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

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by the directors. The directors use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

 

Yungs Brothers Limited

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

Financial instruments

Classification
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the income statement.
 

2

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2022 - 3).

3

Investment properties

2023
£

At 1 December 2022

1,060,000

Fair value adjustments

40,000

At 30 November 2023

1,100,000

The investment properties class of fixed assets was revalued on 30 November 2023 by Y S Li who is internal to the company. The basis of this valuation was open market. This class of assets has a current value of £1,100,000 (2022 - £1,060.000) and a carrying amount at historical cost of £443,152 (2022- £443,152). The depreciation on this historical cost is £nil (2022- £nil).

4

Debtors

Current

2023
£

2022
£

Trade debtors

-

2,902

Prepayments

126

270

Other debtors

1,096

127

 

1,222

3,299

 

Yungs Brothers Limited

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

5

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

950

2,640

Taxation and social security

15,566

11,724

Accruals and deferred income

2,364

2,293

Other creditors

12,518

15,716

31,398

32,373