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COMPANY REGISTRATION NUMBER: 2216355
YOUNG BROTHERS TRANSPORT LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
31 March 2024
YOUNG BROTHERS TRANSPORT LIMITED
FINANCIAL STATEMENTS
YEAR ENDED 31 MARCH 2024
Contents
Pages
Officers and professional advisers
1
Statement of financial position
2 to 3
Notes to the financial statements
4 to 8
YOUNG BROTHERS TRANSPORT LIMITED
OFFICERS AND PROFESSIONAL ADVISERS
The board of directors
Mr J S Young
Mr J A Young
Registered office
East Kent International Freight
Terminal
Hernhill
Faversham
Kent
United Kingdom
ME13 9EN
Accountants
Opass Billings Wilson & Honey LLP
Chartered Certified Accountants
Numeric House
98 Station Road
Sidcup
Kent
DA15 7BY
Bankers
Barclays Bank plc
167 High Street
Bromley
Kent
BR1 1NJ
YOUNG BROTHERS TRANSPORT LIMITED
STATEMENT OF FINANCIAL POSITION
31 March 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
5
707,767
518,668
Investments
6
10,000
10,000
---------
---------
717,767
528,668
Current assets
Stocks
15,920
12,200
Debtors
7
1,524,664
1,158,460
Cash at bank and in hand
1,524,173
1,543,400
------------
------------
3,064,757
2,714,060
Creditors: amounts falling due within one year
8
783,248
693,705
------------
------------
Net current assets
2,281,509
2,020,355
------------
------------
Total assets less current liabilities
2,999,276
2,549,023
Provisions
Taxation including deferred tax
153,415
119,487
------------
------------
Net assets
2,845,861
2,429,536
------------
------------
Capital and reserves
Called up share capital
9
5
5
Profit and loss account
2,845,856
2,429,531
------------
------------
Shareholders funds
2,845,861
2,429,536
------------
------------
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.
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.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
YOUNG BROTHERS TRANSPORT LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
31 March 2024
These financial statements were approved by the board of directors and authorised for issue on 21 October 2024 , and are signed on behalf of the board by:
Mr J S Young
Director
Company registration number: 2216355
YOUNG BROTHERS TRANSPORT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 MARCH 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is East Kent International Freight, Terminal, Hernhill, Faversham, Kent, ME13 9EN, United Kingdom.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the 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 the statement of comprehensive income. The financial statements are prepared in sterling, which is the functional currency of the entity.
Debtors
Debtors are initially recorded at fair value and are assessed for impairment at each year end. If any impairments exist the debtors are remeasured to the present value of the expected future cash inflows.
Creditors
Creditors are initially recorded at fair value and are then remeasured to the present value of the expected future cash outflows.
Statement of cash flows
The company has taken advantage of the small companies exemptions and not prepared a statement of cash flows.
Judgements and key sources of estimation uncertainty
There are no significant estimates or assumptions made that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax 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 equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in statement of comprehensive income. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in statement of comprehensive income.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures & Fittings
-
20% reducing balance
Motor Vehicles
-
20% reducing balance
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 statement of comprehensive income.
Impairment of fixed assets
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. For the purposes of impairment testing, 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 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 stock to its present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in statement of comprehensive income unless the provision was originally recognised as part of the cost of an asset.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either 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 .
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 as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 31 (2023: 35 ).
5. Tangible assets
Fixtures and fittings
Motor vehicles
Total
£
£
£
Cost
At 1 April 2023
132,474
1,144,931
1,277,405
Additions
11,346
329,330
340,676
Disposals
( 34,794)
( 34,794)
---------
------------
------------
At 31 March 2024
143,820
1,439,467
1,583,287
---------
------------
------------
Depreciation
At 1 April 2023
90,668
668,069
758,737
Charge for the year
10,630
122,910
133,540
Disposals
( 16,757)
( 16,757)
---------
------------
------------
At 31 March 2024
101,298
774,222
875,520
---------
------------
------------
Carrying amount
At 31 March 2024
42,522
665,245
707,767
---------
------------
------------
At 31 March 2023
41,806
476,862
518,668
---------
------------
------------
6. Investments
Shares in participating interests
£
Cost
At 1 April 2023 and 31 March 2024
10,000
--------
Impairment
At 1 April 2023 and 31 March 2024
--------
Carrying amount
At 31 March 2024
10,000
--------
At 31 March 2023
10,000
--------
7. Debtors
2024
2023
£
£
Trade debtors
1,252,186
1,087,106
Other debtors
272,478
71,354
------------
------------
1,524,664
1,158,460
------------
------------
8. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
444,636
505,346
Corporation tax
228,807
99,106
Social security and other taxes
100,004
76,914
Other creditors
9,801
12,339
---------
---------
783,248
693,705
---------
---------
9. Called up share capital
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary A Shares shares of £ 1 each
2
2
2
2
Ordinary B Shares shares of £ 1 each
1
1
1
1
Ordinary C Shares shares of £ 1 each
1
1
1
1
Ordinary D Shares shares of £ 1 each
1
1
1
1
----
----
----
----
5
5
5
5
----
----
----
----