2023-12-012024-11-302024-11-30false04527662Russell Young (IFA) 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Russell Young (IFA) Limited

Registered Number
04527662
(England and Wales)

Unaudited Financial Statements for the Year ended
30 November 2024

Russell Young (IFA) Limited
Company Information
for the year from 1 December 2023 to 30 November 2024

Director

Russell Norman Young

Company Secretary

Jill Wood

Registered Address

18 Front Street
Low Pittington
Durham
DH6 1BQ

Registered Number

04527662 (England and Wales)
Russell Young (IFA) Limited
Statement of Financial Position
30 November 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Tangible assets3-451
-451
Current assets
Debtors521,01918,152
Cash at bank and on hand3,213106,907
24,232125,059
Creditors amounts falling due within one year6(1,535)(9,592)
Net current assets (liabilities)22,697115,467
Total assets less current liabilities22,697115,918
Net assets22,697115,918
Capital and reserves
Called up share capital66
Profit and loss account22,691115,912
Shareholders' funds22,697115,918
The financial statements were approved and authorised for issue by the Director on 6 March 2025, and are signed on its behalf by:
Russell Norman Young
Director
Registered Company No. 04527662
Russell Young (IFA) Limited
Notes to the Financial Statements
for the year ended 30 November 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.
Statement of compliance
The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the financial reporting standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Functional and presentation currency
The financial statements are presented in sterling and this is the functional currency of the company.
Judgements and key sources of estimation uncertainty
Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. There are no key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.
Turnover policy
Turnover represents the amount of commission and fees earned in the year.
Employee benefits
Contributions to defined contribution plans are expensed in the period to which they relate.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
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.
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided on all tangible fixed assets as follows

Straight line (years)
Plant and machinery3
Trade and other debtors
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, less any impairment losses for bad and doubtful debts.
Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less. Bank overdrafts are disclosed separately. For the purpose of the cash flow statement, bank overdrafts form an integral part of the company's cash management and are included as a component of cash and cash equivalents.
Trade and other creditors
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.
Government grants or assistance
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received. A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
2.Average number of employees

20242023
Average number of employees during the year21
3.Tangible fixed assets

Plant & machinery

Total

££
Cost or valuation
At 01 December 233,1373,137
At 30 November 243,1373,137
Depreciation and impairment
At 01 December 232,6862,686
Charge for year451451
At 30 November 243,1373,137
Net book value
At 30 November 24--
At 30 November 23451451
4.Impairment of tangible fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
5.Debtors: amounts due within one year

2024

2023

££
Other debtors21,01918,152
Total21,01918,152
6.Creditors: amounts due within one year

2024

2023

££
Trade creditors / trade payables535-
Taxation and social security-7,582
Accrued liabilities and deferred income1,0002,010
Total1,5359,592
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.Directors advances, credits and guarantees
Included within other debtors falling due within one year is £12,394 (2023 - £18,152) being the amount owed by the director. The net amount repaid during the year was £5,788. The total loan amount was repaid within nine months of the financial year. The loans were charged the official rate of interest were applicable and repayable on demand.