Registration number:
Walter Young Ltd
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 |
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Tangible assets |
|
|
|
Current assets |
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Stocks |
|
|
|
Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
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Creditors: Amounts falling due within one year |
( |
( |
|
Net current (liabilities)/assets |
( |
|
|
Total assets less current liabilities |
|
|
|
Creditors: Amounts falling due after more than one year |
( |
( |
|
Net assets |
|
|
|
Capital and reserves |
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Called up share capital |
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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
Walter Young Ltd
(Registration number: NI010712)
Balance Sheet as at 30 June 2024
Approved and authorised by the
.............................................. |
Walter Young Ltd
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024
General information |
The company is a private company limited by share capital, incorporated in Northern Ireland.
The address of its registered office is:
These financial statements were authorised for issue by the
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.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Walter Young Ltd
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024
Tangible assets |
Property Alterations |
Plant and equipment |
Motor vehicles |
Total |
|
Cost or valuation |
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At 1 July 2023 |
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|
|
|
Additions |
- |
|
- |
|
Disposals |
- |
( |
( |
( |
At 30 June 2024 |
|
|
- |
|
Depreciation |
||||
At 1 July 2023 |
|
|
|
|
Charge for the year |
|
|
- |
|
Eliminated on disposal |
- |
( |
( |
( |
At 30 June 2024 |
|
|
- |
|
Carrying amount |
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At 30 June 2024 |
|
|
- |
|
At 30 June 2023 |
|
|
- |
|
Stocks |
2024 |
2023 |
|
Stock of goods for resale |
|
|
Walter Young Ltd
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024
Debtors |
2024 |
2023 |
|
Trade debtors |
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|
Prepayments |
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|
|
|
Creditors: due within one year |
2024 |
2023 |
|
Bank loan |
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Trade creditors |
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Taxation and social security |
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Accruals |
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Other creditors |
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|
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Creditors: due after more than one year |
2024 |
2023 |
|
Bank loan |
|
|
Share capital |
Allotted, called up and fully paid shares
2024 |
2023 |
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No. |
£ |
No. |
£ |
|
|
|
50,000 |
|
50,000 |