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Youngs RPS Limited

Registered Number
08979919
(England and Wales)

Unaudited Financial Statements for the Year ended
31 May 2024

Youngs RPS Limited
Company Information
for the year from 1 June 2023 to 31 May 2024

Directors

Mr M A Blake
Mr G C S Bruce
Mr C R Raine
Mr J F Turnbull

Registered Address

Myenza Building
Priestpopple
Hexham
NE46 1PS

Registered Number

08979919 (England and Wales)
Youngs RPS Limited
Statement of Financial Position
31 May 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Tangible assets444,02656,107
44,02656,107
Current assets
Debtors5796,980902,324
Current asset investments11,89211,892
Cash at bank and on hand184,319208,132
993,1911,122,348
Creditors amounts falling due within one year6(410,168)(571,138)
Net current assets (liabilities)583,023551,210
Total assets less current liabilities627,049607,317
Creditors amounts falling due after one year7(83,124)(20,000)
Provisions for liabilities8(8,700)(10,942)
Net assets535,225576,375
Capital and reserves
Called up share capital80,004120,006
Other reserves80,00440,002
Profit and loss account375,217416,367
Shareholders' funds535,225576,375
The financial statements were approved and authorised for issue by the Board of Directors on 10 December 2024, and are signed on its behalf by:
Mr G C S Bruce
Director
Registered Company No. 08979919
Youngs RPS Limited
Notes to the Financial Statements
for the year ended 31 May 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Basis of preparation
The financial statements have been prepared under the historical cost convention on a going concern basis 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.
Functional and presentation currency
The financial statements are presented in sterling and this is the functional currency of the company.
Turnover policy
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and/or the rendering of services. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Employee benefits
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 obligation. Contributions to defined contribution plans are expensed in the period to which they relate. Amounts not paid are shown in accruals in the Statement of financial position. The assets of the plan are held separately from the company in independently administered funds.
Current taxation
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
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Intangible assets
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.
Tangible fixed assets and depreciation
Depreciation is charged so as to allocate the cost of asset less their residual value over their estimated useful lives, on a reducing balance basis The asset's 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 profit or loss. Depreciation is provided on the following basis: Land and Buildings is charged at remaining lease term.

Reducing balance (%)
Fixtures and fittings25
Office Equipment25
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value where the difference between cost and fair value is material. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the Income Statement
Financial instruments
The Company enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
2.Average number of employees

20242023
Average number of employees during the year4955
3.Intangible assets

Goodwill

Total

££
Cost or valuation
At 01 June 23356,000356,000
At 31 May 24356,000356,000
Amortisation and impairment
At 01 June 23356,000356,000
At 31 May 24356,000356,000
Net book value
At 31 May 24--
At 31 May 23--
4.Tangible fixed assets

Land & buildings

Fixtures & fittings

Office Equipment

Total

££££
Cost or valuation
At 01 June 2339,70624,961192,413257,080
Additions--2,8212,821
At 31 May 2439,70624,961195,234259,901
Depreciation and impairment
At 01 June 2338,15222,266140,555200,973
Charge for year1,20567413,02314,902
At 31 May 2439,35722,940153,578215,875
Net book value
At 31 May 243492,02141,65644,026
At 31 May 231,5542,69551,85856,107
5.Debtors: amounts due within one year

2024

2023

££
Trade debtors / trade receivables495,119492,283
Other debtors18,60377,273
Prepayments and accrued income283,258332,768
Total796,980902,324
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
6.Creditors: amounts due within one year

2024

2023

££
Trade creditors / trade payables35,09180,121
Bank borrowings and overdrafts31,28210,000
Taxation and social security243,179264,865
Other creditors74,537189,209
Accrued liabilities and deferred income26,07926,943
Total410,168571,138
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
7.Creditors: amounts due after one year

2024

2023

££
Bank borrowings and overdrafts83,12420,000
Total83,12420,000
8.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 of the settlement can be made.

2024

2023

££
Net deferred tax liability (asset)8,70010,942
Total8,70010,942
9.Pension commitments
The pension cost charge represents contributions payable by the company to the fund and amounted to £10,726 (2023 - £11,689).
10.Other commitments
At 31 May 2024 the company had future minimum lease payments under non-cancellable operating leases of £1,579 (2023 - £17,502).
11.Related party transactions
At the balance sheet date £55,091 (2023 - £72,874) was owed by the company to Wentworth Place LLP, a partnership in which some of the directors of Youngs RPS Limited are designated members. At the balance sheet date the company was owed £18,602 (2023 - £17,047) from Stanton Mortimer Limited, a company in which some of the directors of Youngs RPS Limited are directors and shareholders. At the balance sheet date the company was owed £54,529 (2023 - £54,529) from YCS (Hexham) Limited, a company in which some of the directors of Youngs RPS Limited are directors and shareholders.