YOUNG TECHNICIANS CIC

Company limited by guarantee

Company Registration Number:
10861049 (England and Wales)

Unaudited statutory accounts for the year ended 31 July 2024

Period of accounts

Start date: 1 August 2023

End date: 31 July 2024

YOUNG TECHNICIANS CIC

Contents of the Financial Statements

for the Period Ended 31 July 2024

Profit and loss
Balance sheet
Additional notes
Balance sheet notes
Community Interest Report

YOUNG TECHNICIANS CIC

Profit And Loss Account

for the Period Ended 31 July 2024

2024 2023


£

£
Turnover: 341,344 384,969
Cost of sales: ( 49,083 ) ( 85,870 )
Gross profit(or loss): 292,261 299,099
Administrative expenses: ( 277,629 ) ( 306,960 )
Operating profit(or loss): 14,632 (7,861)
Interest receivable and similar income: 4 10
Interest payable and similar charges: ( 9,754 )
Profit(or loss) before tax: 4,882 (7,851)
Tax: ( 2,349 ) ( 2 )
Profit(or loss) for the financial year: 2,533 (7,853)

YOUNG TECHNICIANS CIC

Balance sheet

As at 31 July 2024

Notes 2024 2023


£

£
Fixed assets
Tangible assets: 3 52,015 64,478
Total fixed assets: 52,015 64,478
Current assets
Debtors: 4 46,239 3,313
Cash at bank and in hand: 13,115 22,107
Total current assets: 59,354 25,420
Creditors: amounts falling due within one year: 5 ( 24,065 ) ( 6,782 )
Net current assets (liabilities): 35,289 18,638
Total assets less current liabilities: 87,304 83,116
Creditors: amounts falling due after more than one year: 6 ( 22,208 ) ( 20,553 )
Total net assets (liabilities): 65,096 62,563
Members' funds
Profit and loss account: 65,096 62,563
Total members' funds: 65,096 62,563

The notes form part of these financial statements

YOUNG TECHNICIANS CIC

Balance sheet statements

For the year ending 31 July 2024 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

This report was approved by the board of directors on 3 April 2025
and signed on behalf of the board by:

Name: Giuseppe Soccio
Status: Director

The notes form part of these financial statements

YOUNG TECHNICIANS CIC

Notes to the Financial Statements

for the Period Ended 31 July 2024

  • 1. Accounting policies

    Basis of measurement and preparation

    These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

    Tangible fixed assets depreciation policy

    Assets are depreciation on the reducing balance basis at a rate of 20%

YOUNG TECHNICIANS CIC

Notes to the Financial Statements

for the Period Ended 31 July 2024

  • 2. Employees

    2024 2023
    Average number of employees during the period 12 15

YOUNG TECHNICIANS CIC

Notes to the Financial Statements

for the Period Ended 31 July 2024

3. Tangible assets

Land & buildings Plant & machinery Fixtures & fittings Office equipment Motor vehicles Total
Cost £ £ £ £ £ £
At 1 August 2023 102,890 2,800 105,690
Additions 540 540
Disposals
Revaluations
Transfers
At 31 July 2024 103,430 2,800 106,230
Depreciation
At 1 August 2023 40,204 1,008 41,212
Charge for year 12,645 358 13,003
On disposals
Other adjustments
At 31 July 2024 52,849 1,366 54,215
Net book value
At 31 July 2024 50,581 1,434 52,015
At 31 July 2023 62,686 1,792 64,478

YOUNG TECHNICIANS CIC

Notes to the Financial Statements

for the Period Ended 31 July 2024

4. Debtors

2024 2023
£ £
Prepayments and accrued income 2,100
Other debtors 44,139 3,313
Total 46,239 3,313

YOUNG TECHNICIANS CIC

Notes to the Financial Statements

for the Period Ended 31 July 2024

5. Creditors: amounts falling due within one year note

2024 2023
£ £
Taxation and social security 3,374 6,782
Accruals and deferred income 15,468
Other creditors 5,223
Total 24,065 6,782

YOUNG TECHNICIANS CIC

Notes to the Financial Statements

for the Period Ended 31 July 2024

6. Creditors: amounts falling due after more than one year note

2024 2023
£ £
Bank loans and overdrafts 22,208 20,553
Total 22,208 20,553

COMMUNITY INTEREST ANNUAL REPORT

YOUNG TECHNICIANS CIC

Company Number: 10861049 (England and Wales)

Year Ending: 31 July 2024

Company activities and impact

The CIC continued to grow over and in the second half of the year has changed the directorship and moved to a more stable model moving forward. The CIC has developed the AEP side of the business and this is now an important part of the business. After school classes have been developed and more students are now attending these classes. It our intention to grow into an Academy in our own right with our very own building to deliver sessions which are more inclusive to any student across the county.

Consultation with stakeholders

Stakeholder included schools, local authorities and parents for our AEP provision, we are constantly working with these parties to ensure that the students needs are met and they can develop to meet their potential. With the creative arts sector we continue to work with our patrons to develop our business model. Parents are always consulted on a way forward and we work closely with the local community on various projects.

Directors' remuneration

The directors remuneration for year, as listed within the accounts is £40,000.

Transfer of assets

No transfer of assets other than for full consideration

This report was approved by the board of directors on
3 April 2025

And signed on behalf of the board by:
Name: Giuseppe Soccio
Status: Director