Company registration number 03359504 (England and Wales)
MURRAYOUNG LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
PAGES FOR FILING WITH REGISTRAR
MURRAYOUNG LIMITED
COMPANY INFORMATION
Directors
A P Smart
S N Murray
Secretary
S N Murray
Company number
03359504
Registered office
15 Home Farm
Luton Hoo Estate
Bedfordshire
LU1 3TD
MURRAYOUNG LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
MURRAYOUNG LIMITED
BALANCE SHEET
AS AT
30 APRIL 2024
30 April 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
55,030
64,639
Tangible assets
5
16,450
22,723
Current assets
Debtors
444,471
506,436
Cash at bank and in hand
122,745
87,213
567,216
593,649
Creditors: amounts falling due within one year
(173,495)
(125,955)
Net current assets
393,721
467,694
Total assets less current liabilities
465,201
555,056
Provisions for liabilities
(385)
(1,672)
Net assets
464,816
553,384
MURRAYOUNG LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 APRIL 2024
30 April 2024
2024
2023
Notes
£
£
£
£
- 2 -
Capital and reserves
Called up share capital
1,000
1,000
Profit and loss reserves
463,816
552,384
Total equity
464,816
553,384

In accordance with section 444 of the Companies Act 2006, all of the members of the company have consented to the preparation of abridged financial statements pursuant to paragraph 1A of Schedule 1 to the Small Companies and Groups (Accounts and Directors’ Report) Regulations (SI 2008/409)(b).

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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 members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

The financial statements were approved by the board of directors and authorised for issue on 30 January 2025 and are signed on its behalf by:
A P Smart
S N Murray
Director
Director
Company Registration No. 03359504
MURRAYOUNG LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
- 3 -
1
Accounting policies
Company information

murraYoung Limited is a private company limited by shares incorporated in England and Wales. The registered office is 15 Home Farm, Luton Hoo Estate, Bedfordshire, LU1 3TD.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

At the balance sheet date of 30 April 2024, the company had made a profit for the period and had net assets of £true464,816.

 

The directors forecast a profit for the years ended 30 April 2025 and 30 April 2026. Management accounts to 31 October 2024 indicate that turnover and profitability are in line with expectation.

 

As a result, and taking into account current trading levels, the directors believe that the company will be able to continue in business and meet it's liabilities as they fall due for a period of at least twelve months from the date of approval of the financial statements.

1.3
Turnover

Turnover represents the total value of work done, excluding value added tax, for accountancy services rendered during the year.

Revenue from contracts for the provision of professional services is recognised by reference to chargeable time recorded. Chargeable time billed during the year is recognised as income at it's billed value and chargeable time unbilled at the period end is recognised as income at it's estimated recoverable amount based on previous billing experience.

1.4
Intangible fixed assets - goodwill

Acquired goodwill is written off over its estimated useful economic life.

1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Office furniture and fittings
25% reducing balance
Computer equipment
25% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

MURRAYOUNG LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 4 -
1.6
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

Recoverable amount is the fair value less costs to sell .

 

If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss.

1.7
Financial instruments

The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities in the accounts. Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities recognised on this basis in the balance sheet include trade and other debtors, cash and bank balances and trade, taxation and other creditors.

 

All basic financial instruments are initially measured at transaction price and then carried at that amount less any provision for impairment, where relevant.

1.8
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.9
Taxation

The tax expense represents the sum of the tax currently payable.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax assets are recognised to the extent that it is probable that they will be recovered against future taxable profits. Such assets are not recognised if the timing difference arises from goodwill.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the asset is realised. Deferred tax is charged or credited in the profit and loss account.

1.10
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

MURRAYOUNG LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 5 -
1.11
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.12
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

 

In preparing these accounts the director has given consideration to the effect on assets and liabilities at the balance sheet date. In respect of goodwill, plant and machinery, impairment and the depreciation policy were considered with no changes or adjustments necessary. Other assets have been reviewed at the year end and where appropriate provision made for impairment.

 

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
8
8
MURRAYOUNG LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 6 -
4
Intangible fixed assets
Total
£
Cost
At 1 May 2023 and 30 April 2024
403,739
Amortisation and impairment
At 1 May 2023
339,100
Amortisation charged for the year
9,609
At 30 April 2024
348,709
Carrying amount
At 30 April 2024
55,030
At 30 April 2023
64,639
MURRAYOUNG LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 7 -
5
Tangible fixed assets
Total
£
Cost
At 1 May 2023
37,864
Additions
227
At 30 April 2024
38,091
Depreciation and impairment
At 1 May 2023
15,142
Depreciation charged in the year
6,499
At 30 April 2024
21,641
Carrying amount
At 30 April 2024
16,450
At 30 April 2023
22,723
6
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2024
2023
£
£
236,630
270,507
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