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Registration number: NI006685

Youngs Broughshane Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 June 2024

 

Youngs Broughshane Limited

(Registration number: NI006685)
Balance Sheet as at 30 June 2024

Note

2024
£

2023
£

Fixed assets

 

Investment property

4

285,895

285,895

Current assets

 

Debtors

6

-

58,599

Cash at bank and in hand

 

110

2,672

 

110

61,271

Creditors: Amounts falling due within one year

7

(12,289)

(1,810)

Net current (liabilities)/assets

 

(12,179)

59,461

Net assets

 

273,716

345,356

Capital and reserves

 

Called up share capital

8

63,950

63,950

Revaluation reserve

68,323

68,323

Other reserves

25,939

25,939

Retained earnings

115,504

187,144

Shareholders' funds

 

273,716

345,356

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.

Director's 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 director acknowledges her 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 director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 27 June 2025
 

.........................................
Mrs Carol Denise Young
Director

 

Youngs Broughshane Limited

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 director 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.

Group accounts not prepared

The company is part of a small group. The company can take advantage of the exemption provided by Section 398 of the Companies Act 2006 and has not prepared group accounts..

Revenue recognition

Rental income is recognised on a straight-line basis over the lease term. The aggregate cost of lease incentives are initially held on the balance sheet and released to the profit and loss account on a straight-line basis over the lease term.

Tax

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Investment property

Investment properties are initially measured at cost. Cost comprises the purchase price and any directly attributable expenditure including fees, taxes and other transaction costs. Direct costs initially incurred in arranging a lease are included in the cost of the property and subsequently expensed over the lease term. Investment properties are measured at fair value at each reporting date with any changes in fair value recognised in the profit and loss account.

 

Youngs Broughshane Limited

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

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

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.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2023 - 1).

4

Investment properties

2024
£

At 1 July 2023

285,895

At 30 June 2024

285,895

 

Youngs Broughshane Limited

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

5

Investments

Subsidiaries

£

Cost or valuation

At 1 July 2023

50,000

Provision

At 1 July 2023

50,000

Carrying amount

At 30 June 2024

-

The company purchased the entire share capital of Walter Young Limited on 1st August 2013. Walter Young Limited is a company incorporated in Northern Ireland with a year end coterminous with that of its parent. Its principal activity is that of dealing in and servicing motor vehicles.

6

Debtors

2024
£

2023
£

Other debtors

-

58,599

 

-

58,599

7

Creditors

2024
£

2023
£

Other creditors

12,289

1,810

8

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary shares of £1 each

63,950

63,950

63,950

63,950