REGISTERED NUMBER: 03221856 (England and Wales)

YOUNGMIGHT LIMITED

GROUP STRATEGIC REPORT, DIRECTORS' REPORT AND

AUDITED

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

Page

Company Information

1

Group Strategic Report

2

Directors' Report

3

Independent Auditors' Report

5

Consolidated Statement of Income and Retained Earnings

8

Consolidated Balance Sheet

9

Company Balance Sheet

10

Consolidated Cash Flow Statement

11

Notes to the Consolidated Cash Flow Statement

12

Notes to the Consolidated Financial Statements

13

Directors:

Mr G G Atkinson

Mrs E A Atkinson

Mr C Wilson

Secretary:

Miss D Robinson

Registered office:

Dalton House

9 Dalton Square

LANCASTER

LA1 1WD

Business address:

Blelham

Old Lake Road

AMBLESIDE

LA22 0DP

Registered number:

03221856 (England and Wales)

Auditors:

Xeinadin Audit Limited

Accountants and Statutory Auditors

Dalton House

9 Dalton Square

LANCASTER

LA1 1WD

Bankers:

National Westminster Bank Plc

2 High Street

WINDERMERE

LA23 1AF

Accountants:

Xeinadin

Dalton House

9 Dalton Square

LANCASTER

LA1 1WD

The directors present their strategic report of the company and the group for the year ended 31 March 2025.

Review of business

The principal activity of the group is the operation of a hotel.

The financial statements show that the group's turnover for the year was £4,221,792 compared to £3,756,580 in the previous year, the directors are pleased with the increase in turnover deriving from additional premium rooms available for a full year. Despite this, operating profit has decreased to of £(69,591) compared to £98,700 last year.

Principal risks and uncertainties

The director considers the following to be the principal risks faced by the group:

- The continuing economic uncertainty due to inflation and interest rates;

- The impact of the cost of living crisis on customers disposable income;

- The ongoing impact of the increased National Minimum wage from April 2025;

- The impact of increased National Insurance rates and reduced thresholds;

The high cost of living has a negative impact on individuals disposable income and therefore the hospitality and leisure industry could suffer as a result.

The directors don't believe that cashflow imposes a risk as it is the group's policy to ensure that forecast funding requirements can be met with available committed facilities.

Key performance indicators

The directors monitor the progress of the business based on the following KPI's:

2025

2024

Average occupancy

72.7%

73.8%

Based on rooms available

70

64

Average rate per room

£170

£162

On behalf of the board:

Mr G G Atkinson - Director

3 June 2025

The directors present their report with the financial statements of the company and the group for the year ended 31 March 2025.

Dividends

The total distribution of dividends for the year ended 31 March 2024 is £60,275.

The directors recommend that no final dividend be paid on any class of shares.

Future developments

Incorporated within Principal Risks and Uncertainties in the Strategic Report.

Directors

The directors shown below have held office during the whole of the period from 1 April 2024 to the date of this report.

Mr G G Atkinson

Mrs E A Atkinson

Other changes in directors holding office are as follows:

Mr C Wilson - appointed 13 September 2024

Statement of directors' responsibilities

The directors are responsible for preparing the Group Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

-	select suitable accounting policies and then apply them consistently;

-	make judgements and accounting estimates that are reasonable and prudent;

-	prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Statement as to disclosure of information to auditors

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

Auditors

The auditors, Xeinadin Audit Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

On behalf of the board:

Mr G G Atkinson - Director

3 June 2025

Opinion

We have audited the financial statements of Youngmight Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2025 which comprise the Consolidated Statement of Income and Retained Earnings, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

-	give a true and fair view of the state of the group's and of the parent company affairs as at 31 March 2025 and of the group's profit for the year then ended;

-	have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

-	have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Directors' Report, but does not include the financial statements and our Auditors' Report thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

-	the information given in the Group Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Group Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Directors' Report.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

-	adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

-	the parent company financial statements are not in agreement with the accounting records and returns; or

-	certain disclosures of directors' remuneration specified by law are not made; or

-	we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

· enquiries are made of management and those charged with governance as to whether there is any knowledge of actual, suspected, or alleged fraud, whether there is any known non-compliance with laws or regulations, and whether the company has been subject to any litigation or any legal claims.

· audit work over the risk of management override of controls is undertaken. This includes testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias.

· analytical reviews are performed on the financial statements at all stages of the audit by comparison to prior years, budgets and expectations to ensure the reasonableness of the figures therein.

· online review of company's bank to confirm bank balances, loan facilities and security held.

· detailed audit testing is undertaken in specific areas to ensure that income and expenditure is correctly recorded and is a genuine income or expense of the company.

· enquiries are made of entity staff in tax and compliance functions to identify any instances of non-compliance with laws and regulations.

· financial statement disclosures are reviewed and tested to supporting documentation to assess compliance with applicable laws and regulations.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Stuart Hinnigan F.C.A. C.T.A. (Senior Statutory Auditor)

for and on behalf of Xeinadin Audit Limited

Accountants and Statutory Auditors

Dalton House

9 Dalton Square

LANCASTER

LA1 1WD

3 June 2025

Turnover

3

4,221,792

3,756,580

Cost of sales

713,370

655,592

Gross profit

3,508,422

3,100,988

Administrative expenses

3,453,166

3,073,022

55,256

27,966

Other operating income

4

14,335

70,734

Operating profit

6

69,591

98,700

Interest receivable and similar income

811

1,186

70,402

99,886

Interest payable and similar expenses

9

167

-

Profit before taxation

70,235

99,886

Tax on profit

10

51,607

49,834

Profit for the financial year

18,628

50,052

Retained earnings at beginning of year

3,661,428

3,671,652

Dividends

12

(84,500

)

(60,275

)

Retained earnings for the group at end of year

3,595,556

3,661,429

Profit attributable to:

Owners of the parent

18,628

50,052

Fixed assets

Tangible assets

13

7,789,168

7,989,644

Investments

14

-

-

7,789,168

7,989,644

Current assets

Stocks

15

49,548

37,468

Debtors

16

103,525

173,538

Cash at bank and in hand

467,530

351,495

620,603

562,501

Creditors

Amounts falling due within one year

17

2,135,856

2,202,739

Net current liabilities

(1,515,253

)

(1,640,238

)

Total assets less current liabilities

6,273,915

6,349,406

Provisions for liabilities

18

385,683

395,301

Net assets

5,888,232

5,954,105

Capital and reserves

Called up share capital

19

9,800

9,800

Revaluation reserve

20

2,272,896

2,272,896

Capital redemption reserve

20

9,980

9,980

Retained earnings

20

3,595,556

3,661,429

Shareholders' funds

5,888,232

5,954,105

The financial statements were approved by the Board of Directors and authorised for issue on 3 June 2025 and were signed on its behalf by:

Mr G G Atkinson - Director

Fixed assets

Tangible assets

13

3,225

-

Investments

14

338,430

338,430

341,655

338,430

Current assets

Debtors

16

4,632,392

4,676,673

Cash at bank

100,151

100,209

4,732,543

4,776,882

Creditors

Amounts falling due within one year

17

1,273,463

1,304,423

Net current assets

3,459,080

3,472,459

Total assets less current liabilities

3,800,735

3,810,889

Capital and reserves

Called up share capital

19

9,800

9,800

Capital redemption reserve

9,980

9,980

Retained earnings

3,780,955

3,791,109

Shareholders' funds

3,800,735

3,810,889

Company's profit for the financial year

74,346

46,889

The financial statements were approved by the Board of Directors and authorised for issue on 3 June 2025 and were signed on its behalf by:

Mr G G Atkinson - Director

Cash flows from operating activities

Cash generated from operations

1

374,649

407,381

Interest paid

(167

)

-

Tax paid

(38,219

)

(417

)

Net cash from operating activities

336,263

406,964

Cash flows from investing activities

Purchase of tangible fixed assets

(123,547

)

(209,862

)

Sale of tangible fixed assets

4,300

64,645

Interest received

811

1,186

Net cash from investing activities

(118,436

)

(144,031

)

Cash flows from financing activities

Amount introduced by directors

17,517

60,860

Amount withdrawn by directors

(34,809

)

(154,217

)

Equity dividends paid

(84,500

)

(60,275

)

Net cash from financing activities

(101,792

)

(153,632

)

Increase in cash and cash equivalents

116,035

109,301

Cash and cash equivalents at beginning of year

2

351,495

242,194

Cash and cash equivalents at end of year

2

467,530

351,495

1.	Reconciliation of profit before taxation to cash generated from operations

2025

2024

£

£

Profit before taxation

70,235

99,886

Depreciation charges

319,974

323,932

Profit on disposal of fixed assets

(251

)

(53,687

)

Finance costs

167

-

Finance income

(811

)

(1,186

)

389,314

368,945

Increase in stocks

(12,080

)

(2,673

)

Decrease/(increase) in trade and other debtors

70,013

(14,643

)

(Decrease)/increase in trade and other creditors

(72,598

)

55,752

Cash generated from operations

374,649

407,381

2.	Cash and cash equivalents

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 March 2025

31/3/25

1/4/24

£

£

Cash and cash equivalents

467,530

351,495

Year ended 31 March 2024

31/3/24

1/4/23

£

£

Cash and cash equivalents

351,495

242,194

3.	Analysis of changes in net funds

At 1/4/24

Cash flow

At 31/3/25

£

£

£

Net cash

Cash at bank and in hand

351,495

116,035

467,530

351,495

116,035

467,530

Total

351,495

116,035

467,530

1.	Statutory information

Youngmight Limited 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 General 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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

There are net current liabilities at the balance sheet date, due to a balance owed to a company owned by one of the directors. The director is happy to continue his support to the group and therefore the accounts have been prepared on the going concern basis.

Significant judgements and estimates

When preparing the financial statements, the directors are required to make judgements, estimates and

assumptions about the carrying value of assets, liabilities, income and expenses.The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The Group does not have any key assumptions concerning the future, or other key sources of estimation uncertainty in the reporting period that may have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.

No judgements have been made in applying the Group's accounting policies in the preparation of the financial statements, other than those involving estimation.

Turnover

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable, for goods and services provided in the normal course of business, net of discounts, rebates, value added tax and other sales taxes.

Turnover is recognised at a point in time when a performance obligation is satisfied by transferring a good or service to the customer.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Freehold property

-

2% Straight line

Plant and machinery

-

33% Straight line, 20% Straight line and 10% Straight line

Motor vehicles

-

25% Reducing balance

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell, 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 Consolidated Statement of Comprehensive Income, 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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

3.

Turnover

The turnover and profit before taxation are attributable to the one principal activity of the group.

4.	Other operating income

2025

2024

£

£

Other income

14,335

70,734

Other income includes the balance received for loss of earnings as a result of the kitchen fire in April 2023.

5.	Employees and directors

2025

2024

£

£

Wages and salaries

1,554,080

1,395,566

Social security costs

136,819

120,593

Other pension costs

92,236

26,108

1,783,135

1,542,267

The average number of employees during the year was as follows:

2025

2024

Management and administration

13

13

Front of house

53

52

66

65

2025

2024

£

£

Directors' remuneration

-

-

Directors' pension contributions to money purchase schemes

63,258

-

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes

1

-

6.	Operating profit

The operating profit is stated after charging/(crediting):

2025

2024

£

£

Hire of plant and machinery

111

801

Depreciation - owned assets

319,974

323,932

Profit on disposal of fixed assets

(251

)

(53,687

)

Foreign exchange differences

3,391

3,875

7.	Auditors' remuneration

2025

2024

£

£

Fees payable to the company's auditors for the audit of the company's financial statements

6,300

6,000

Auditors' remuneration for non audit work

6,837

7,719

8.	Exceptional items

2025

2024

£

£

Exceptional items

(100,000

)

(100,995

)

This represents full and final compensation paid to an employee for life changing injuries as the result of a work related incident.

9.

Interest payable and similar expenses

2025

2024

£

£

Other interest payable

167

-

10.

Taxation

Analysis of the tax charge

The tax charge on the profit for the year was as follows:

2025

2024

£

£

Current tax:

UK corporation tax

61,225

38,219

Deferred tax

(9,618

)

11,615

Tax on profit

51,607

49,834

Reconciliation of total tax charge included in profit and loss

The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2025

2024

£

£

Profit before tax

70,235

99,886

Profit multiplied by the standard rate of corporation tax in the UK of 25 % (2024 - 25 %)

17,559

24,972

Effects of:

Expenses not deductible for tax purposes

34,048

24,862

previously disallowed

utilised

Total tax charge

51,607

49,834

11.	Individual statement of comprehensive income

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.