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REGISTERED NUMBER: 08558900 (England and Wales)













Unaudited Financial Statements

for the Year Ended 31 March 2024

for

Youngs Cars Ltd

Youngs Cars Ltd (Registered number: 08558900)






Contents of the Financial Statements
for the Year Ended 31 March 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Youngs Cars Ltd

Company Information
for the Year Ended 31 March 2024







DIRECTOR: M R Young





REGISTERED OFFICE: T/A Heneage Cars
Railway street
Grimsby
N E Lincolnshire
DN32 7BN





REGISTERED NUMBER: 08558900 (England and Wales)

Youngs Cars Ltd (Registered number: 08558900)

Balance Sheet
31 March 2024

31.3.24 31.3.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 40,427 42,479

CURRENT ASSETS
Stocks 133,784 121,409
Debtors 5 2,961 488
Cash at bank and in hand 12,330 61,596
149,075 183,493
CREDITORS
Amounts falling due within one year 6 51,075 54,991
NET CURRENT ASSETS 98,000 128,502
TOTAL ASSETS LESS CURRENT
LIABILITIES

138,427

170,981

CREDITORS
Amounts falling due after more than one
year

7

(24,939

)

(29,335

)

PROVISIONS FOR LIABILITIES (7,681 ) (8,071 )
NET ASSETS 105,807 133,575

CAPITAL AND RESERVES
Called up share capital 1 1
Retained earnings 8 105,806 133,574
SHAREHOLDERS' FUNDS 105,807 133,575

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 22 March 2025 and were signed by:





M R Young - Director


Youngs Cars Ltd (Registered number: 08558900)

Notes to the Financial Statements
for the Year Ended 31 March 2024

1. STATUTORY INFORMATION

Youngs Cars Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to property - the period of the lease
Plant and machinery - 20% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2023 - 3 ) .

Youngs Cars Ltd (Registered number: 08558900)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

4. TANGIBLE FIXED ASSETS
Improvements
to Plant and Computer
property machinery equipment Totals
£    £    £    £   
COST
At 1 April 2023 40,046 7,272 315 47,633
Additions - 227 - 227
At 31 March 2024 40,046 7,499 315 47,860
DEPRECIATION
At 1 April 2023 534 4,616 4 5,154
Charge for year 1,602 573 104 2,279
At 31 March 2024 2,136 5,189 108 7,433
NET BOOK VALUE
At 31 March 2024 37,910 2,310 207 40,427
At 31 March 2023 39,512 2,656 311 42,479

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Tax 2,473 -
Prepayments 488 488
2,961 488

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Bank loans and overdrafts 5,218 5,218
Trade creditors 1 2
Tax - 2,473
Social security and other taxes 884 726
Net wages creditor 600 600
VAT 5,826 5,787
Directors' loan accounts 37,446 37,506
Accrued expenses 1,100 2,679
51,075 54,991

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31.3.24 31.3.23
£    £   
Bank loans - 1-2 years 5,218 5,218
Bank loans - 2-5 years 19,721 24,117
24,939 29,335

8. RESERVES
Retained
earnings
£   

At 1 April 2023 133,574
Deficit for the year (27,768 )
At 31 March 2024 105,806

Youngs Cars Ltd (Registered number: 08558900)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

9. CONTINGENT LIABILITIES

As far as the director is aware he has not entered into any contracts which could give rise to a contingent liability.

10. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

As at 31st March 2024, the director is owed £ 37,446 by the company, this amount being shown as directors loan account in the creditors due within one year note to the accounts.

11. ULTIMATE CONTROLLING PARTY

The controlling party is M R Young.