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Company registration number: 04770279
Youngs Fish Limited
Unaudited filleted financial statements
31 May 2024
Youngs Fish Limited
Contents
Directors and other information
Accountant's report
Statement of financial position
Statement of changes in equity
Notes to the financial statements
Youngs Fish Limited
Directors and other information
Director Mr M Young
Secretary Mrs L Young
Company number 04770279
Registered office Unit 2 The Rutherford Centre, Dunlop Road
Hadleigh Road Industrial Estate
Ipswich
Suffolk
IP2 0UG
Business address Linden House
The Street
Freston
Ipswich
IP9 1AH
Accountant Simon Emmerson
Deeks & King
Unit 2 The Rutherford Centre, Dunlop Road
Hadleigh Road Industrial Estate
Ipswich, Suffolk
IP2 0UG
Bankers HSBC
12 Tavern Street
Ipswich
IP1 3AZ
Youngs Fish Limited
Accountants report to the director on the preparation of the
unaudited statutory financial statements of Youngs Fish Limited
Year ended 31 May 2024
As described on the statement of financial position, the director of the company is responsible for the preparation of the financial statements for the year ended 31 May 2024 which comprise the statement of financial position, statement of changes in equity and related notes.
You consider that the company is exempt from an audit under the Companies Act 2006. In accordance with your instructions I have compiled these unaudited financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to me.
Simon Emmerson
Deeks & King
Unit 2 The Rutherford Centre, Dunlop Road
Hadleigh Road Industrial Estate
Ipswich, Suffolk
IP2 0UG
26 February 2025
Youngs Fish Limited
Statement of financial position
31 May 2024
2024 2023
Note £ £ £ £
Fixed assets
Intangible assets 5 40,000 40,000
Tangible assets 6 149,169 137,463
_______ _______
189,169 177,463
Current assets
Stocks 200 200
Debtors 7 23,834 8,521
Cash at bank and in hand 7,834 6,682
_______ _______
31,868 15,403
Creditors: amounts falling due
within one year 8 ( 137,200) ( 96,792)
_______ _______
Net current liabilities ( 105,332) ( 81,389)
_______ _______
Total assets less current liabilities 83,837 96,074
Creditors: amounts falling due
after more than one year 9 ( 33,669) ( 38,917)
_______ _______
Net assets 50,168 57,157
_______ _______
Capital and reserves
Called up share capital 3 3
Profit and loss account 50,165 57,154
_______ _______
Shareholders funds 50,168 57,157
_______ _______
For the year ending 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's 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 director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
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.
These financial statements were approved by the board of directors and authorised for issue on 26 February 2025 , and are signed on behalf of the board by:
Mr M Young
Director
Company registration number: 04770279
Youngs Fish Limited
Statement of changes in equity
Year ended 31 May 2024
Called up share capital Profit and loss account Total
£ £ £
At 1 June 2022 3 72,741 72,744
Profit/(loss) for the year ( 587) ( 587)
_______ _______ _______
Total comprehensive income for the year - ( 587) ( 587)
Dividends paid and payable ( 15,000) ( 15,000)
_______ _______ _______
Total investments by and distributions to owners - ( 15,000) ( 15,000)
_______ _______ _______
At 31 May 2023 and 1 June 2023 3 57,154 57,157
Profit/(loss) for the year 65,911 65,911
_______ _______ _______
Total comprehensive income for the year - 65,911 65,911
Dividends paid and payable ( 72,900) ( 72,900)
_______ _______ _______
Total investments by and distributions to owners - ( 72,900) ( 72,900)
_______ _______ _______
At 31 May 2024 3 50,165 50,168
_______ _______ _______
Youngs Fish Limited
Notes to the financial statements
Year ended 31 May 2024
1. General information
The company is a private company limited by shares, registered in England. The address of the registered office is Unit 2 The Rutherford Centre, Dunlop Road, Hadleigh Road Industrial Estate, Ipswich, Suffolk, IP2 0UG.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and 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 profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Tangible assets
tangible assets are initially recorded at cost, and are 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 capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. 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 capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
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:
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
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 stocks to their present location and condition.
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 in finance costs 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 Nil (2023: Nil).
5. Intangible assets
Goodwill Total
£ £
Cost
At 1 June 2023 and 31 May 2024 40,000 40,000
_______ _______
Amortisation
At 1 June 2023 and 31 May 2024 - -
_______ _______
Carrying amount
At 31 May 2024 40,000 40,000
_______ _______
At 31 May 2023 40,000 40,000
_______ _______
6. Tangible assets
Fixtures, fittings and equipment Motor vehicles Total
£ £ £
Cost
At 1 June 2023 87,903 250,106 338,009
Additions 432 53,655 54,087
Disposals - ( 22,000) ( 22,000)
_______ _______ _______
At 31 May 2024 88,335 281,761 370,096
_______ _______ _______
Depreciation
At 1 June 2023 47,510 153,037 200,547
Charge for the year 8,121 12,259 20,380
_______ _______ _______
At 31 May 2024 55,631 165,296 220,927
_______ _______ _______
Carrying amount
At 31 May 2024 32,704 116,465 149,169
_______ _______ _______
At 31 May 2023 40,393 97,069 137,462
_______ _______ _______
7. Debtors
2024 2023
£ £
Trade debtors 20,633 4,774
Other debtors 3,201 3,747
_______ _______
23,834 8,521
_______ _______
8. Creditors: amounts falling due within one year
2024 2023
£ £
Trade creditors 77,667 25,869
Corporation tax 4,062 -
Other creditors 55,471 70,923
_______ _______
137,200 96,792
_______ _______
9. Creditors: amounts falling due after more than one year
2024 2023
£ £
Trade creditors 33,669 38,917
_______ _______
10. Directors advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
2024
Balance brought forward Advances /(credits) to the director Amounts repaid Balance o/standing
£ £ £ £
Mr M Young ( 642) 85,276 ( 84,748) ( 114)
_______ _______ _______ _______
2023
Balance brought forward Advances /(credits) to the director Amounts repaid Balance o/standing
£ £ £ £
Mr M Young ( 1,015) 22,511 ( 22,138) ( 642)
_______ _______ _______ _______