26 false false false false false false false false false false true false false false false false false No description of principal activity 2023-06-01 Sage Accounts Production Advanced 2023 - FRS102_2023 xbrli:pure xbrli:shares iso4217:GBP 04352595 2023-06-01 2024-05-31 04352595 2024-05-31 04352595 2023-05-31 04352595 2022-06-01 2023-05-31 04352595 2023-05-31 04352595 2022-05-31 04352595 core:PlantMachinery 2023-06-01 2024-05-31 04352595 core:FurnitureFittings 2023-06-01 2024-05-31 04352595 core:MotorVehicles 2023-06-01 2024-05-31 04352595 bus:Director1 2023-06-01 2024-05-31 04352595 core:PlantMachinery 2023-05-31 04352595 core:FurnitureFittings 2023-05-31 04352595 core:MotorVehicles 2023-05-31 04352595 core:PlantMachinery 2024-05-31 04352595 core:FurnitureFittings 2024-05-31 04352595 core:MotorVehicles 2024-05-31 04352595 core:WithinOneYear 2024-05-31 04352595 core:WithinOneYear 2023-05-31 04352595 core:ShareCapital 2024-05-31 04352595 core:ShareCapital 2023-05-31 04352595 core:RetainedEarningsAccumulatedLosses 2024-05-31 04352595 core:RetainedEarningsAccumulatedLosses 2023-05-31 04352595 core:BetweenOneFiveYears 2024-05-31 04352595 core:BetweenOneFiveYears 2023-05-31 04352595 core:PlantMachinery 2023-05-31 04352595 core:FurnitureFittings 2023-05-31 04352595 core:MotorVehicles 2023-05-31 04352595 bus:SmallEntities 2023-06-01 2024-05-31 04352595 bus:AuditExemptWithAccountantsReport 2023-06-01 2024-05-31 04352595 bus:SmallCompaniesRegimeForAccounts 2023-06-01 2024-05-31 04352595 bus:PrivateLimitedCompanyLtd 2023-06-01 2024-05-31 04352595 bus:FullAccounts 2023-06-01 2024-05-31 04352595 core:Non-standardPPEClass1ComponentTotalPropertyPlantEquipment 2023-06-01 2024-05-31 04352595 core:Buildings 2023-06-01 2024-05-31 04352595 core:Non-standardPPEClass1ComponentTotalPropertyPlantEquipment 2023-05-31 04352595 core:Buildings 2023-05-31 04352595 core:Non-standardPPEClass1ComponentTotalPropertyPlantEquipment 2024-05-31 04352595 core:Buildings 2024-05-31
COMPANY REGISTRATION NUMBER: 04352595
David Youngs Limited
Unaudited financial statements
For the year ended
31 May 2024
David Youngs Limited
Statement of financial position
31 May 2024
2024
2023
Note
£
£
£
£
Fixed assets
Tangible assets
5
73,396
80,400
Current assets
Stocks
312,454
309,625
Debtors
6
5,833
8,461
Cash at bank and in hand
191,469
175,976
---------
---------
509,756
494,062
Prepayments and accrued income
7,733
1,116
Creditors: Amounts falling due within one year
7
( 316,178)
( 316,352)
---------
---------
Net current assets
201,311
178,826
---------
---------
Total assets less current liabilities
274,707
259,226
Provisions
Taxation including deferred tax
( 3,956)
( 5,031)
Accruals and deferred income
( 9,115)
( 5,429)
---------
---------
Net assets
261,636
248,766
---------
---------
Capital and reserves
Called up share capital
1,000
1,000
Profit and loss account
260,636
247,766
---------
---------
Shareholders funds
261,636
248,766
---------
---------
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 income and retained earnings has not been delivered.
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.
Directors' 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
David Youngs Limited
Statement of financial position (continued)
31 May 2024
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 B J Youngs
Director
Company registration number: 04352595
David Youngs 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 and Wales. The address of the registered office is Rose Centre Retail Park, Norwich Road, North Walsham, Norfolk, NR28 0DR, United Kingdom.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis.
Revenue recognition
Revenue from the sale of goods is recognised at the point of sale when the significant risks and rewards of ownership of the goods have transferred to the buyer.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. 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 is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
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:
Plant and machinery
-
25% reducing balance
Fixtures and fittings
-
15% reducing balance
Motor vehicles
-
25% reducing balance
PolyTunnel
-
10% straight line
Property Improvements
-
5% reducing balance
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 stock to its present location and condition.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.
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 as a finance cost in profit or loss in the period in which it arises.
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 as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of employees during the year was 26 (2023: 24 ).
5. Tangible assets
Plant and machinery
Fixtures and fittings
Motor vehicles
PolyTunnel
Property Improvements
Total
£
£
£
£
£
£
Cost
At 1 June 2023
70,088
102,767
42,544
51,181
115,766
382,346
Additions
528
528
-------
---------
-------
-------
---------
---------
At 31 May 2024
70,088
103,295
42,544
51,181
115,766
382,874
-------
---------
-------
-------
---------
---------
Depreciation
At 1 June 2023
68,018
76,036
40,806
51,181
65,905
301,946
Charge for the year
515
4,089
434
2,494
7,532
-------
---------
-------
-------
---------
---------
At 31 May 2024
68,533
80,125
41,240
51,181
68,399
309,478
-------
---------
-------
-------
---------
---------
Carrying amount
At 31 May 2024
1,555
23,170
1,304
47,367
73,396
-------
---------
-------
-------
---------
---------
At 31 May 2023
2,070
26,731
1,738
49,861
80,400
-------
---------
-------
-------
---------
---------
6. Debtors
2024
2023
£
£
Trade debtors
2,154
3,454
Other debtors
3,679
5,007
------
------
5,833
8,461
------
------
7. Creditors: Amounts falling due within one year
2024
2023
£
£
Trade creditors
127,233
105,352
Social security and other taxes
42,656
54,430
Other creditors
146,289
156,570
---------
---------
316,178
316,352
---------
---------
8. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2024
2023
£
£
Not later than 1 year
50,400
50,400
Later than 1 year and not later than 5 years
100,800
151,200
---------
---------
151,200
201,600
---------
---------