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01/04/2023
31/03/2024
2024-03-31
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No description of principal activities is disclosed
2023-04-01
Sage Accounts Production 23.0 - FRS102_2023
xbrli:pure
xbrli:shares
iso4217:GBP
NI646522
2023-04-01
2024-03-31
NI646522
2024-03-31
NI646522
2023-03-31
NI646522
2022-04-01
2023-03-31
NI646522
2023-03-31
NI646522
2022-03-31
NI646522
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2023-04-01
2024-03-31
NI646522
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2023-04-01
2024-03-31
NI646522
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2023-04-01
2024-03-31
NI646522
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2023-04-01
2024-03-31
NI646522
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2024-03-31
NI646522
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2023-03-31
NI646522
core:RetainedEarningsAccumulatedLosses
2022-04-01
2023-03-31
NI646522
core:RetainedEarningsAccumulatedLosses
2023-04-01
2024-03-31
NI646522
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2024-03-31
NI646522
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NI646522
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2024-03-31
NI646522
core:RetainedEarningsAccumulatedLosses
2023-03-31
NI646522
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2022-03-31
NI646522
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NI646522
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NI646522
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2024-03-31
NI646522
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2023-03-31
NI646522
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core:Non-currentFinancialInstruments
2023-03-31
NI646522
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core:Non-currentFinancialInstruments
2024-03-31
NI646522
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2023-03-31
NI646522
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NI646522
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NI646522
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NI646522
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2024-03-31
NI646522
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2024-03-31
NI646522
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2023-04-01
2024-03-31
Company registration number:
NI646522
YOUNGE LTD
Unaudited filleted financial statements
31 March 2024
YOUNGE LTD
Contents
Directors and other information
Director's report
Statement of financial position
Statement of changes in equity
Notes to the financial statements
YOUNGE LTD
Directors and other information
|
|
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|
Director |
Mr Raymond Younge |
|
|
|
|
|
|
|
Company number |
NI646522 |
|
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|
|
|
|
|
Registered office |
Unit C6 Knockmore Hill Business Park |
|
|
9 Ferguson Drive |
|
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Lisburn |
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Antrim |
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BT28 2EX |
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Business address |
Unit C6 Knockmore Hill Business Park |
|
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9 Ferguson Drive |
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Lisburn |
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Antrim |
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BT28 2EX |
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Bankers |
HSBC UK |
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Belfast Royal Avenue |
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25-29 Royal Avenue |
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Belfast |
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|
BT1 1FB |
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YOUNGE LTD
Director's report
Year ended 31 March 2024
The director presents his report and the unaudited financial statements of the company for the year ended 31 March 2024.
Director
The director who served the company during the year was as follows:
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on
20 September 2024
and signed on behalf of the board by:
Mr Raymond Younge
Director
YOUNGE LTD
Statement of financial position
31 March 2024
|
|
|
2024 |
|
|
|
2023 |
|
|
|
|
Note |
£ |
|
£ |
|
£ |
|
£ |
|
|
|
|
|
|
|
|
|
|
Fixed assets |
|
|
|
|
|
|
|
|
|
Investments |
|
4 |
- |
|
|
|
294,508 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
|
|
- |
|
|
|
294,508 |
|
|
|
|
|
|
|
|
|
|
Current assets |
|
|
|
|
|
|
|
|
|
Stocks |
|
5 |
- |
|
|
|
61,697 |
|
|
Debtors |
|
6 |
418,194 |
|
|
|
245,000 |
|
|
Cash at bank and in hand |
|
|
251,603 |
|
|
|
3,852 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
669,797 |
|
|
|
310,549 |
|
|
Creditors: amounts falling due |
|
|
|
|
|
|
|
|
|
within one year |
|
7 |
(
57,312) |
|
|
|
(
42,839) |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
Net current assets |
|
|
|
|
612,485 |
|
|
|
267,710 |
|
|
|
|
|
_______ |
|
|
|
_______ |
Total assets less current liabilities |
|
|
|
|
612,485 |
|
|
|
562,218 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
_______ |
|
|
|
_______ |
Net assets |
|
|
|
|
612,485 |
|
|
|
562,218 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
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|
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Capital and reserves |
|
|
|
|
|
|
|
|
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Called up share capital |
|
8 |
|
|
100 |
|
|
|
100 |
Profit and loss account |
|
|
|
|
612,385 |
|
|
|
562,118 |
|
|
|
|
|
_______ |
|
|
|
_______ |
Shareholder funds |
|
|
|
|
612,485 |
|
|
|
562,218 |
|
|
|
|
|
_______ |
|
|
|
_______ |
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|
For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
-
The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
-
The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the
board of directors
and authorised for issue on
20 September 2024
, and are signed on behalf of the board by:
Mr Raymond Younge
Director
Company registration number:
NI646522
YOUNGE LTD
Statement of changes in equity
Year ended 31 March 2024
|
|
Called up share capital |
|
Profit and loss account |
Total |
|
|
|
|
|
|
|
£ |
|
£ |
£ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
At 1 April 2022 |
|
100 |
|
544,309 |
544,409 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Profit for the year |
|
|
|
17,809 |
17,809 |
|
|
|
|
|
|
|
_______ |
|
_______ |
_______ |
|
|
|
|
|
Total comprehensive income for the year |
|
- |
|
17,809 |
17,809 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
_______ |
|
_______ |
_______ |
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|
|
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|
At 31 March 2023 and 1 April 2023 |
|
100 |
|
562,118 |
562,218 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Profit for the year |
|
|
|
50,267 |
50,267 |
|
|
|
|
|
|
|
_______ |
|
_______ |
_______ |
|
|
|
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|
Total comprehensive income for the year |
|
- |
|
50,267 |
50,267 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
_______ |
|
_______ |
_______ |
|
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|
At 31 March 2024 |
|
100 |
|
612,385 |
612,485 |
|
|
|
|
|
|
|
_______ |
|
_______ |
_______ |
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YOUNGE LTD
Notes to the financial statements
Year ended 31 March 2024
1.
General information
The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is Unit C6 Knockmore Hill Business Park, 9 Ferguson Drive, Lisburn, Antrim, BT28 2EX.
2.
Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Fixed asset investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4.
Investments
|
|
Other investments other than loans |
Total |
|
|
|
|
|
|
£ |
£ |
|
|
|
|
|
Cost |
|
|
|
|
|
|
|
At 1 April 2023 |
294,508 |
294,508 |
|
|
|
|
|
Disposals |
(
294,508) |
(
294,508) |
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
At 31 March 2024 |
- |
- |
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
Impairment |
|
|
|
|
|
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|
At 1 April 2023 and 31 March 2024 |
- |
- |
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
Carrying amount |
|
|
|
|
|
|
|
At 31 March 2024 |
- |
- |
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
At 31 March 2023 |
294,508 |
294,508 |
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
|
|
|
|
|
|
|
5.
Stocks
|
|
|
2024 |
2023 |
|
|
|
£ |
£ |
|
Work in progress |
|
- |
61,697 |
|
|
|
_______ |
_______ |
|
|
|
|
|
Work in progress consists of construction development costs to date on an unfinished project.
6.
Debtors
|
|
|
2024 |
2023 |
|
|
|
£ |
£ |
|
Other debtors |
|
418,194 |
245,000 |
|
|
|
_______ |
_______ |
|
|
|
|
|
7.
Creditors: amounts falling due within one year
|
|
|
2024 |
2023 |
|
|
|
£ |
£ |
|
Bank loans and overdrafts |
|
18,621 |
26,564 |
|
Corporation tax |
|
18,259 |
4,178 |
|
Social security and other taxes |
|
11,400 |
1,508 |
|
Other creditors |
|
9,032 |
10,589 |
|
|
|
_______ |
_______ |
|
|
|
57,312 |
42,839 |
|
|
|
_______ |
_______ |
|
|
|
|
|
8.
Called up share capital
Issued, called up and fully paid
|
|
|
2024 |
|
|
|
2023 |
|
|
|
|
|
No |
|
£ |
|
No |
|
£ |
|
Ordinary Shares shares of £
1.00 each |
|
100 |
|
100 |
|
100 |
|
100 |
|
|
|
_______ |
|
_______ |
|
_______ |
|
_______ |
|
|
|
|
|
|
|
|
|
|
9.
Related party transactions
During the year a related party paid expenses on behalf of Younge Ltd totalling £9,032 which were recharged at the year end and remain outstanding at 31st March 2024. The director of the company is the controlling inidividual of this related party by virtue of his shareholding.