Walter Young Ltd NI010712 false 2023-07-01 2024-06-30 2024-06-30 The principal activity of the company is continues to be that of dealing in and repair of motor vehicles Digita Accounts Production Advanced 6.30.9574.0 true true NI010712 2023-07-01 2024-06-30 NI010712 2024-06-30 NI010712 bus:OrdinaryShareClass1 2024-06-30 NI010712 core:CurrentFinancialInstruments 2024-06-30 NI010712 core:CurrentFinancialInstruments core:WithinOneYear 2024-06-30 NI010712 core:Non-currentFinancialInstruments core:AfterOneYear 2024-06-30 NI010712 core:LandBuildings 2024-06-30 NI010712 core:MotorVehicles 2024-06-30 NI010712 core:OtherPropertyPlantEquipment 2024-06-30 NI010712 bus:SmallEntities 2023-07-01 2024-06-30 NI010712 bus:AuditExemptWithAccountantsReport 2023-07-01 2024-06-30 NI010712 bus:FilletedAccounts 2023-07-01 2024-06-30 NI010712 bus:SmallCompaniesRegimeForAccounts 2023-07-01 2024-06-30 NI010712 bus:RegisteredOffice 2023-07-01 2024-06-30 NI010712 bus:Director5 2023-07-01 2024-06-30 NI010712 bus:OrdinaryShareClass1 2023-07-01 2024-06-30 NI010712 bus:PrivateLimitedCompanyLtd 2023-07-01 2024-06-30 NI010712 core:Buildings 2023-07-01 2024-06-30 NI010712 core:LandBuildings 2023-07-01 2024-06-30 NI010712 core:MotorVehicles 2023-07-01 2024-06-30 NI010712 core:OtherPropertyPlantEquipment 2023-07-01 2024-06-30 NI010712 core:PlantMachinery 2023-07-01 2024-06-30 NI010712 countries:NorthernIreland 2023-07-01 2024-06-30 NI010712 2023-06-30 NI010712 core:LandBuildings 2023-06-30 NI010712 core:MotorVehicles 2023-06-30 NI010712 core:OtherPropertyPlantEquipment 2023-06-30 NI010712 2022-07-01 2023-06-30 NI010712 2023-06-30 NI010712 bus:OrdinaryShareClass1 2023-06-30 NI010712 core:CurrentFinancialInstruments 2023-06-30 NI010712 core:CurrentFinancialInstruments core:WithinOneYear 2023-06-30 NI010712 core:Non-currentFinancialInstruments core:AfterOneYear 2023-06-30 NI010712 core:LandBuildings 2023-06-30 NI010712 core:MotorVehicles 2023-06-30 NI010712 core:OtherPropertyPlantEquipment 2023-06-30 iso4217:GBP xbrli:pure xbrli:shares

Registration number: NI010712

Walter Young Ltd

Unaudited Filleted Financial Statements

for the Year Ended 30 June 2024

 

Walter Young Ltd

(Registration number: NI010712)
Balance Sheet as at 30 June 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

83,506

83,865

Current assets

 

Stocks

5

224,313

145,109

Debtors

6

48,724

40,764

Cash at bank and in hand

 

6,137

9,235

 

279,174

195,108

Creditors: Amounts falling due within one year

7

(291,675)

(177,946)

Net current (liabilities)/assets

 

(12,501)

17,162

Total assets less current liabilities

 

71,005

101,027

Creditors: Amounts falling due after more than one year

7

(11,670)

(20,787)

Net assets

 

59,335

80,240

Capital and reserves

 

Called up share capital

9

50,000

50,000

Retained earnings

9,335

30,240

Shareholders' funds

 

59,335

80,240

For the financial year ending 30 June 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 accounts for the year in question in accordance with section 476; and

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

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

 

Walter Young Ltd

(Registration number: NI010712)
Balance Sheet as at 30 June 2024

Approved and authorised by the Board on 27 June 2025 and signed on its behalf by:
 

..............................................
Mr Mark David Young
Director

   
     
 

Walter Young Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

1

General information

The company is a private company limited by share capital, incorporated in Northern Ireland.

The address of its registered office is: 51 Main Street, Broughshane, Ballymena, BT42 4JP.

These financial statements were authorised for issue by the Board on 27 June 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The Company has reported a loss in the year which has resulted in a net current liability position. The Directors were aware that improvements were necessary, and since the year end have reviewed and implemented a number of measures to boost revenues and operating profitability. They are encouraged by the performance since the balance sheet date and are confident that results will continue to improve for the foreseeable future.

Revenue recognition

Turnover, which excludes value added tax and trade discounts, is measured at the fair value of consideration received or receivable and represents the invoiced value of goods and services supplied. Turnover from the sale of goods is recognised when the Company has completed its performance obligations under the terms of the sale which is typically upon goods delivery and at which the point the risks and rewards associated with the ownership of the goods have passed to the purchaser. Turnover from the rendering of services is recognised on completion of the work, at which point the Company has earned entitlement to the consideration.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

 

Walter Young Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Property Alterations

2.5% per annum straight line basis

Equipment and fittings

20% per annum reducing balance basis

Motor vehicles

15% per annum straight line basis

Short-term debtors and creditors

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the income statement in operating expenses.

Stock

Stocks and work in progress are valued at the lower of cost and net realisable value with provision made for obsolete and slow-moving items. Net realisable value is calculated as expected selling price, less costs to completion. Cost is based on purchase price including related delivery and conversion costs. Raw material stock is valued on a ‘first-in, first-out’ basis.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Pension scheme

The Company pension scheme is a defined contribution insured scheme operated by a life assurance company and is available to all staff. The assets of the scheme are held separately from those of the Company in an independently administered fund. The premiums payable by the Company are charged in the accounts in the year in which they are paid.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 9 (2023 - 7).

 

Walter Young Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

4

Tangible assets

Property Alterations
£

Plant and equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 July 2023

184,286

377,580

16,995

578,861

Additions

-

10,907

-

10,907

Disposals

-

(4,889)

(16,995)

(21,884)

At 30 June 2024

184,286

383,598

-

567,884

Depreciation

At 1 July 2023

132,534

345,467

16,995

494,996

Charge for the year

753

8,127

-

8,880

Eliminated on disposal

-

(2,503)

(16,995)

(19,498)

At 30 June 2024

133,287

351,091

-

484,378

Carrying amount

At 30 June 2024

50,999

32,507

-

83,506

At 30 June 2023

51,752

32,113

-

83,865

5

Stocks

2024
£

2023
£

Stock of goods for resale

224,313

145,109

 

Walter Young Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

6

Debtors

2024
£

2023
£

Trade debtors

44,497

38,939

Prepayments

4,227

1,825

 

48,724

40,764

7

Creditors: due within one year

2024
£

2023
£

Bank loan

10,000

10,000

Trade creditors

198,808

93,397

Taxation and social security

35,521

10,578

Accruals

6,346

3,971

Other creditors

41,000

60,000

291,675

177,946

8

Creditors: due after more than one year

2024
£

2023
£

Bank loan

11,670

20,787

9

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary shares of £1 each

50,000

50,000

50,000

50,000