REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Period 1 October 2022 to 30 March 2024 |
for |
M R YOUNG & SONS (RURAL) LIMITED |
REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Period 1 October 2022 to 30 March 2024 |
for |
M R YOUNG & SONS (RURAL) LIMITED |
M R YOUNG & SONS (RURAL) LIMITED (REGISTERED NUMBER: 08044299) |
Contents of the Financial Statements |
for the period 1 October 2022 to 30 March 2024 |
Page |
Company Information | 1 |
Chartered Accountants' Report | 2 |
Balance Sheet | 3 |
Notes to the Financial Statements | 5 |
M R YOUNG & SONS (RURAL) LIMITED |
Company Information |
for the period 1 October 2022 to 30 March 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
11 Laura Place |
Bath |
BA2 4BL |
Chartered Accountants' Report to the Board of Directors |
on the Unaudited Financial Statements of |
M R Young & Sons (Rural) Limited |
The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies. |
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of M R Young & Sons (Rural) Limited for the period ended 30 March 2024 which comprise the Income Statement, Balance Sheet, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us. |
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance. |
This report is made solely to the Board of Directors of M R Young & Sons (Rural) Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of M R Young & Sons (Rural) Limited and state those matters that we have agreed to state to the Board of Directors of M R Young & Sons (Rural) Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than M R Young & Sons (Rural) Limited and its Board of Directors, as a body, for our work or for this report. |
It is your duty to ensure that M R Young & Sons (Rural) Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of M R Young & Sons (Rural) Limited. You consider that M R Young & Sons (Rural) Limited is exempt from the statutory audit requirement for the period. |
We have not been instructed to carry out an audit or a review of the financial statements of M R Young & Sons (Rural) Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements. |
Chartered Accountants |
11 Laura Place |
Bath |
BA2 4BL |
M R YOUNG & SONS (RURAL) LIMITED (REGISTERED NUMBER: 08044299) |
Balance Sheet |
30 March 2024 |
2024 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investments | 5 |
Investment property | 6 |
CURRENT ASSETS |
Stocks |
Debtors | 7 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 8 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES | 9 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Share premium |
Revaluation reserve | 10 |
Other reserves |
Retained earnings |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
M R YOUNG & SONS (RURAL) LIMITED (REGISTERED NUMBER: 08044299) |
Balance Sheet - continued |
30 March 2024 |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
M R YOUNG & SONS (RURAL) LIMITED (REGISTERED NUMBER: 08044299) |
Notes to the Financial Statements |
for the period 1 October 2022 to 30 March 2024 |
1. | STATUTORY INFORMATION |
M R Young & Sons (Rural) Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes, recognised when earned. |
Tangible fixed assets |
Freehold property | - |
Plant and machinery | - |
Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
Investment property |
Investment property is measured at fair value. |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Taxation |
Taxation for the period comprises current and deferred tax. Tax is recognised in the Income Statement, 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 period 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. |
M R YOUNG & SONS (RURAL) LIMITED (REGISTERED NUMBER: 08044299) |
Notes to the Financial Statements - continued |
for the period 1 October 2022 to 30 March 2024 |
2. | ACCOUNTING POLICIES - continued |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the period was |
4. | TANGIBLE FIXED ASSETS |
Freehold | Plant and |
property | machinery | Totals |
£ | £ | £ |
COST |
At 1 October 2022 |
and 30 March 2024 |
DEPRECIATION |
At 1 October 2022 |
Charge for period |
At 30 March 2024 |
NET BOOK VALUE |
At 30 March 2024 |
At 30 September 2022 |
5. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertaking |
£ |
COST |
At 1 October 2022 |
and 30 March 2024 |
NET BOOK VALUE |
At 30 March 2024 |
At 30 September 2022 |
6. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 October 2022 |
Disposals | ( |
) |
Revaluations | 2,475 |
At 30 March 2024 |
NET BOOK VALUE |
At 30 March 2024 |
At 30 September 2022 |
M R YOUNG & SONS (RURAL) LIMITED (REGISTERED NUMBER: 08044299) |
Notes to the Financial Statements - continued |
for the period 1 October 2022 to 30 March 2024 |
6. | INVESTMENT PROPERTY - continued |
The investment property was revalued during 2017 by qualified surveyors, on an open market basis.The directors have elected not to revalue the property during the current year, as they believe this value remains representative at the balance sheet date.The value as at 30 September 2022 has not been assessed by a qualified external valuer. |
7. | DEBTORS |
2024 | 2022 |
£ | £ |
Amounts falling due within one year: |
Trade debtors |
Other debtors |
Amounts falling due after more than one year: |
Other debtors |
Aggregate amounts |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2022 |
£ | £ |
Trade creditors |
Taxation and social security |
Other creditors |
9. | PROVISIONS FOR LIABILITIES |
2024 | 2022 |
£ | £ |
Deferred tax |
Accelerated capital allowances | ( |
) |
Deferred tax | 188,904 | 8,519 |
188,904 | 6,974 |
Deferred |
tax |
£ |
Balance at 1 October 2022 |
Accelerated capital allowances | (6,095 | ) |
Revaluation | 188,025 |
Balance at 30 March 2024 |
M R YOUNG & SONS (RURAL) LIMITED (REGISTERED NUMBER: 08044299) |
Notes to the Financial Statements - continued |
for the period 1 October 2022 to 30 March 2024 |
10. | RESERVES |
Revaluation |
reserve |
£ |
At 1 October 2022 |
No description | (187,556 | ) |
At 30 March 2024 |
11. | CRITICAL ACCOUNTING ESTIMATES AND UNCERTAINTIES |
The directors have assessed there to be no change in the valuation of investment property. No other significant judgements or key assumptions have had to be made by the directors in preparing these financial statements. |