Caseware UK (AP4) 2023.0.135 2023.0.135 2024-03-312024-03-3113false132023-04-01Sale of motor vehiclestruetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 01098312 2023-04-01 2024-03-31 01098312 2022-04-01 2023-03-31 01098312 2024-03-31 01098312 2023-03-31 01098312 c:Director1 2023-04-01 2024-03-31 01098312 c:Director1 2024-03-31 01098312 c:Director3 2023-04-01 2024-03-31 01098312 c:Director3 2024-03-31 01098312 c:Director3 2023-03-31 01098312 c:Director4 2023-04-01 2024-03-31 01098312 d:Buildings 2023-04-01 2024-03-31 01098312 d:Buildings 2024-03-31 01098312 d:Buildings 2023-03-31 01098312 d:Buildings d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 01098312 d:LandBuildings 2024-03-31 01098312 d:LandBuildings 2023-03-31 01098312 d:PlantMachinery 2023-04-01 2024-03-31 01098312 d:PlantMachinery 2024-03-31 01098312 d:PlantMachinery 2023-03-31 01098312 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 01098312 d:MotorVehicles 2023-04-01 2024-03-31 01098312 d:FurnitureFittings 2023-04-01 2024-03-31 01098312 d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 01098312 d:FreeholdInvestmentProperty 2024-03-31 01098312 d:FreeholdInvestmentProperty 2023-03-31 01098312 d:CurrentFinancialInstruments 2024-03-31 01098312 d:CurrentFinancialInstruments 2023-03-31 01098312 d:Non-currentFinancialInstruments 2024-03-31 01098312 d:Non-currentFinancialInstruments 2023-03-31 01098312 d:CurrentFinancialInstruments d:WithinOneYear 2024-03-31 01098312 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 01098312 d:Non-currentFinancialInstruments d:AfterOneYear 2024-03-31 01098312 d:Non-currentFinancialInstruments d:AfterOneYear 2023-03-31 01098312 d:ShareCapital 2024-03-31 01098312 d:ShareCapital 2023-03-31 01098312 d:RevaluationReserve 2024-03-31 01098312 d:RevaluationReserve 2023-03-31 01098312 d:InvestmentPropertiesRevaluationReserve 2024-03-31 01098312 d:InvestmentPropertiesRevaluationReserve 2023-03-31 01098312 d:RetainedEarningsAccumulatedLosses 2024-03-31 01098312 d:RetainedEarningsAccumulatedLosses 2023-03-31 01098312 c:FRS102 2023-04-01 2024-03-31 01098312 c:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 01098312 c:FullAccounts 2023-04-01 2024-03-31 01098312 c:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 01098312 6 2023-04-01 2024-03-31 iso4217:GBP xbrli:pure

Registered number: 01098312










YOUNG & PARTNERS (MOTORS) LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2024

 
YOUNG & PARTNERS (MOTORS) LIMITED
REGISTERED NUMBER: 01098312

BALANCE SHEET
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible fixed assets
  
943,192
950,835

Investments
 7 
1,000
1,000

Investment property
 8 
375,000
375,000

  
1,319,192
1,326,835

Current assets
  

Stocks
  
242,088
352,344

Debtors: amounts falling due after more than one year
 9 
105,473
136,728

Debtors: amounts falling due within one year
 9 
581,879
556,030

Bank and cash balances
  
25,644
3,412

  
955,084
1,048,514

Creditors: amounts falling due within one year
 10 
(250,705)
(298,821)

Net current assets
  
 
 
704,379
 
 
749,693

Total assets less current liabilities
  
2,023,571
2,076,528

Creditors: amounts falling due after more than one year
 11 
(105,473)
(136,728)

Provisions for liabilities
  

Deferred tax
  
(43,621)
(45,708)

  
 
 
(43,621)
 
 
(45,708)

Net assets
  
1,874,477
1,894,092


Capital and reserves
  

Called up share capital 
  
4,400
4,400

Revaluation reserve
  
561,042
561,042

Investment property reserve
  
200,157
200,157

Profit and loss account
  
1,108,878
1,128,493

  
1,874,477
1,894,092


Page 1

 
YOUNG & PARTNERS (MOTORS) LIMITED
REGISTERED NUMBER: 01098312
    
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




Mrs S Lowe
Director

Date: 30 December 2024

The notes on pages 3 to 11 form part of these financial statements.

Page 2

 
YOUNG & PARTNERS (MOTORS) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

Young & Partners (Motors) Limited is a private company limited by shares registered in England and Wales. The address of the company's registered office is Five Wents Garage, Sutton Road, Langley, Maidstone, Kent, ME17 3LU.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).

The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £1. 

The following principal accounting policies have been applied:

 
2.2

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Vehicle sales are recognised when the contract is signed and workshop sales when the work is completed and approved by the customer.

 
2.3

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 3

 
YOUNG & PARTNERS (MOTORS) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)


2.3
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the following bases:

Depreciation is provided on the following basis:

Freehold property
-
2%
on cost
Motor vehicles
-
at varying rates on cost
Fixtures and fittings
-
25%
on reducing balance

Freehold land is not depreciated.
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of comprehensive income.
The carrying value of property shown at valuation is reviewed annually by the directors and adjusted as necessary, based on comparable properties. Any changes in valuation are recognised in the Statement of comprehensive income.

 
2.4

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.5

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.6

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.7

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Page 4

 
YOUNG & PARTNERS (MOTORS) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.8

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.9

Current and deferred taxation

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

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

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.10

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.11

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

Page 5

 
YOUNG & PARTNERS (MOTORS) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.12

Going concern

The Directors are of the opinion that the company's financial statements should be prepared on a going concern basis on the grounds that current and future sources of funding or support will be more than adequate for the company's needs. They have considered a period of twelve months from the date of approval of the financial statements.

 
2.13

Investment property

Investment property is carried at fair value determined annually by the directors and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

 
2.14

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Balance sheet.


3.


Judgements in applying accounting policies and key sources of estimation uncertainty

No significant judgments or estimates have had to be made by the directors when preparing these financial statements, other than in relation to the value of the trading premises and the investment property. This is based on a formal valuation undertaken in December 2017 and the directors do not consider that any material change has occurred since that date.


4.


Employees

The average monthly number of employees, including directors, during the year was 13 (2023 - 13).


5.


Taxation

The tax credit in the profit and loss of £3,420 (2023: £2,355) includes £1,800 (2023: £879) for tax losses surrendered to the subsidiary company.






Page 6

 
YOUNG & PARTNERS (MOTORS) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

6.


Tangible fixed assets





Freehold property
Equipment and vehicles
Total

£
£
£



Cost or valuation


At 1 April 2023
950,000
105,433
1,055,433


Additions
3,300
372
3,672



At 31 March 2024

953,300
105,805
1,059,105



Depreciation


At 1 April 2023
30,400
74,198
104,598


Charge for the year on owned assets
7,600
3,715
11,315



At 31 March 2024

38,000
77,913
115,913



Net book value



At 31 March 2024
915,300
27,892
943,192



At 31 March 2023
919,600
31,235
950,835




The net book value of land and buildings may be further analysed as follows:


2024
2023
£
£

Freehold
915,300
919,600

915,300
919,600


The 2024 valuations were made by the Directors , on an open market value for existing use basis.
The freehold land and buildings class of fixed assets was previously revalued in December 2017 by Mr M Canniford FRICS, of Porters Intrinsic Ltd, who is external to the company. The basis of this valuation was market value.  
This class of assets has a current value of £915,300 (2023 - £919,600) and a carrying amount at historical cost of £497,116 (2023 - £497,116). The depreciation on this historical cost is £130,209 (2023 - £120,328). 

Page 7

 
YOUNG & PARTNERS (MOTORS) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

7.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 April 2023
1,000



At 31 March 2024
1,000





8.


Investment property


Freehold investment property

£



Valuation


At 1 April 2023
375,000



At 31 March 2024
375,000




Page 8

 
YOUNG & PARTNERS (MOTORS) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

9.


Debtors

2024
2023
£
£

Due after more than one year

Amounts owed by group undertakings
105,473
136,728

105,473
136,728


2024
2023
£
£

Due within one year

Trade debtors
7,722
10,115

Amounts owed by group undertakings
532,053
508,746

Other debtors
1,917
2,115

Prepayments and accrued income
40,187
35,054

581,879
556,030


The amounts owed to the company by its subsidiary is unsecured.
Interest of £11,516 (2023 : £8,593) was received in respect of these loans.

Page 9

 
YOUNG & PARTNERS (MOTORS) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

10.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank overdrafts
-
32,680

Bank loans
30,812
29,070

Trade creditors
46,882
46,872

Other taxation and social security
31,833
27,952

Other creditors
126,119
148,085

Accruals and deferred income
15,059
14,162

250,705
298,821


The following liabilities were secured:

2024
2023
£
£



Bank loans
136,285
165,798

136,285
165,798

Details of security provided:

A charge exists over the company's freehold property to provide security for the bank borrowings of the company and its subsidiaries.


11.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
105,473
136,728

105,473
136,728



12.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company  in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £3,986 (2023 - £3,520). Contributions totalling £826 (2023 - £773) were payable to the fund at the balance sheet date and are included in creditors.

Page 10

 
YOUNG & PARTNERS (MOTORS) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

13.


Transactions with directors

During the year a loan of £550 was made to Mr S Young. No interest is payable in respect of this loan. At the year end date the balance owed to the company was £550 (2023  £927).
During the year a loan of £1,065 was made to Mr P Young. No interest is payable in respect of this loan. At the year end date the balance owed to the company was £374 (2023 - £456).

Page 11